Rocket Lab Corporation (NASDAQ:RKLB) shares are in focus Tuesday as the SpaceX IPO — set to begin trading this Friday, June 12 — continues to pull capital into publicly traded space proxies, with Rocket Lab sitting at the center of that trade.

With SpaceX’s roadshow wrapping up and final pricing expected Thursday night, retail and institutional investors looking for space sector exposure have been piling into names like Rocket Lab, Redwire, AST SpaceMobile and Intuitive Machines. Rocket Lab has been the marquee beneficiary — the stock has surged roughly 370% year to date and hit an all-time high of $151 on May 27 before pulling back. It’s currently trading around $119, still up dramatically from its 52-week low of $25.24. The central debate on Wall Street is whether the SpaceX IPO will lift all space boats further or whether the event itself becomes a “sell the news” moment for sector proxies.

The bull case for Rocket Lab is supported by genuine operational momentum. Q1 2026 revenue hit a record $200.3 million, up 63.5% year over year, with a contracted backlog of $2.2 billion — up 108% year over year and 20% sequentially. The company operates two business segments: launch services, anchored by its workhorse Electron rocket, and space systems, which has grown into the larger of the two. The next-generation Neutron rocket — a medium-class reusable launch vehicle designed to compete more directly with SpaceX’s Falcon 9 — remains the long-term growth catalyst investors are most focused on.

Not everything is clean. Four Rocket Lab insiders sold roughly $18 million worth of stock following the company’s parabolic run, and a Rocket Lab director made a major multi-million dollar share sale on June 5. While insider selling after a 370% run isn’t necessarily alarming, it adds a psychological overhang in a stock already trading well above most analyst price targets. An analyst has also raised the question of whether space proxies like RKLB can remain competitive if SpaceX controls access to orbit — a risk that becomes more relevant as SpaceX goes public and investors can own it directly.