Rocket Lab Trades at 59 Times Revenue With Neutron Still Unflown

Rocket Lab trades at a premium 59x revenue valuation based on $45 billion market cap against $769 million trailing revenue. While the company reports record quarterly revenue, backlog, and major contracts, it remains unprofitable with significant losses. The valuation heavily depends on the Neutron rocket, which has never flown and may slip from its Q4 2026 target into 2027. The analyst suggests waiting to see Neutron successfully launch before considering the stock reasonably valued.