Shares of Rocket Lab USA (NASDAQ: RKLB) are flying on Tuesday. The stock is up 28.3% as of 2 p.m. ET but was up as much as 31.8% earlier in the day. The leap comes as the S&P 500 and the Nasdaq Composite gained 0.

Rocket Lab’s backlog expanded 80% YoY, with ~50% expected to convert to revenue within 12 months. Read why I maintain my buy rating for RKLB stock.

In 2023, Rocket Lab launched 10 times, but in 2024 the New Zealand-U.S. rocket company turned that dial to 16, making for some really easy math: Rocket Lab grew its launch cadence 60%, and thus exceeded SpaceX's 41% growth.

Rocket Lab (Nasdaq: RKLB), a global leader in launch services and space systems, saw its stock jump 28% in Tuesday’s trading following a significant announcement regarding a new agreement with NASA. The space company revealed that it will provide Neutron launch services to NASA under the agency’s existing Venture-Class Acquisition of Dedicated and Rideshare (VADR) contract.

With that in mind, Rocket Lab this week urged NASA to immediately launch an official commercial competition for MSR, and open up the project to competing bids. As Rocket Lab argues, other companies' proposals will probably cost between $5.8 billion and $7.7 billion, and won't be ready to go until at least 2035, maybe as long as 2039.