Rocket Lab still looks ridiculously expensive at 29 times forward sales against SpaceX at 22 times, even after a 65% fall. At 22 times, Rocket Lab would be roughly $38, and SpaceX would still be the pick. SpaceX also has better forward guidance; Rocket Lab's negative adjusted EBITDA makes sales multiples the valuation yardstick. x.com  x.com  x.com  x.com 

Rocket Lab and AST SpaceMobile are not buys because their sales multiples are too high, even after the selloff. Rocket Lab trades at 30x sales after a 14% drawdown, while AST SpaceMobile trades at 138x sales. x.com 

Investors rotating into cheaper stocks with more upside should ultimately benefit Rocket Lab and AST SpaceMobile. Both have already suffered major drawdowns. x.com 

Repeated Neutron delays undermine the premium on Rocket Lab stock when execution keeps slipping. The company does not live or die by Neutron, but 50x sales was unjustified; even at 26x 2027 sales, a legitimate price suggests another 50% decline. x.com  x.com 

Rocket Lab's valuation already more than bakes in space data centers. At a $74B market cap, over 74 times sales, Rocket Lab had better be building more than just data centers in space. This is a call on the price, not on the underlying quality of the business. x.com  x.com 

Rocket Lab's bounce has room to run to $65 after buyers returned following shipment of Neutron's second stage to its Virginia launch site. A break above $65 before November 9 results remains the real test. x.com 

Frequency Electronics now has faster projected three-year growth than Rocket Lab at a much lower forward sales multiple. It trades at 8x next-twelve-month sales for 34% growth, versus Rocket Lab at 25x for 31%, Microchip at 7x for 15%, and L3Harris at 2x for 7%. Nothing else in the space sector comes close except Redwire and Planet Labs, which have shown far less relative strength. x.com 

Rocket Lab is a company worth loving but not a buy at all at these levels, at 85x price-to-sales, worth betting against even as a retail favorite. x.com  x.com 

Rocket Lab should see money flow back once SpaceX's rich valuation corrects. SpaceX's listing day could be sell-the-news, pulling Rocket Lab back to $90-100 at most, but at roughly 90-100x sales it is valued about the same as SpaceX at around 115x. With expected Nasdaq inclusion on June 22 and capital rotating from SpaceX into quality space stocks, a lower-high move toward the $130 target banks just raised is possible. x.com  x.com 

Rocket Lab's valuation of 64x sales is absurd, much like SpaceX's 187x, though markets can stay irrational longer than investors can stay solvent. The figures come from a post the author quotes, in which @BlackPantherCap uses SpaceX's targeted $1.5 trillion IPO valuation to argue Rocket Lab is cheap at a third of that multiple; Scott McNealy, the former Sun Microsystems CEO, would likely roll his eyes at both. x.com