Rocket Lab's Bull Case Under Scrutiny After Winning $816 Million Missile-Defense Deal

Rocket Lab has secured an $816 million contract with the US Space Development Agency to design and manufacture 18 missile-defense satellites. This deal deepens Rocket Lab's role in national security space and advances its shift from a pure launch provider to an integrated space systems company. The contract's multi-year duration and recurring government work reinforce Rocket Lab's investment narrative, but execution risks remain a concern. The stock's price still reflects strong growth expectations, and investors should consider the potential downside.