RocketLab merging with Vector
March 2, 2021
By Chris Forrester
New Zealand (and Los Angeles)-based RocketLab is to merge itself with a SPAC (Special Purchase Acquisition Company) called Vector and which will eventually list on the NASDAQ exchange (as RKLB).
RocketLab launches rockets from New Zealand. Founded in 2006 by Peter Beck the company has also built a launch facility at Wallops Island, Virginia, US. To date, RocketLab has launched 97 satellites on 18 of its existing ‘Electron’ rockets.
A new rocket has also been unveiled, called ‘Neutron’, a 40 metre vehicle which is designed to carry up to 8 tonnes into orbit and thus is much more powerful than the company’s existing ‘Electron’ rocket. RocketLab says it is working on making Electron partly reusable.
RocketLab says that, with Neutron, it will mean that it can launch 98 percent of all satellites planned to be launched through 2029. Neutron is planned to debut in in 2024 and could include missions to the International Space Station.
Merging with Vector values RocketLab at some $4.1 billion when the deal closes. “This milestone accelerates Rocket Lab’s ability to unlock the full potential of space through our launch and spacecraft platforms and catalyses our ambition to create a new multi-billion-dollar business vertical in space applications,” Rocket Lab CEO Peter Beck said in a news release.
Investors in the business include BlackRock, Vector Capital and Neuberger Berman.
Recent revenues include a modest $13.5 million in 2018; $48 million in 2019 and a estimated $33 million for 2020. It is forecasting revenues of $915 million by 2027.