SpaceX just filed for what could be the largest initial public offering (IPO) in history at a $2 trillion valuation. When it hits the market, it will undoubtedly be the hottest space stock around. So how does it compare with the much smaller Rocket Lab (RKLB +2.24%), the market’s current hot commodity? Both want to dominate the space economy over the next decade. Who will?

SpaceX vs. Rocket Lab: How the numbers stack up

SpaceX generated roughly $18.5 billion in revenue in 2025, with Starlink alone pulling in more than $10 billion. The combined company, which now includes xAI and X (formerly Twitter), generated roughly $8 billion in EBITDA.

Rocket Lab has a market cap of $37 billion. It posted $602 million in revenue in 2025, up 38% year over year. The company says it has a $1.85 billion backlog, but it’s still operating in the red, with a negative EBITDA.

Here’s how the numbers stack up.

Company	Revenue	EBITDA	Market Capitalization	Price to Sales Ratio (P/S)
SpaceX	$18.5 billion	$8.0 billion	$2.0 trillion	108
Rocket Lab	$602.0 million	($185.5 million)	$40.6 billion	67

Which space stock is the better buy?

While these companies are competitors, their businesses diverge considerably. Rocket Lab is more of a pure-play space stock, while SpaceX includes an artificial intelligence arm, a social media platform, and still more.

At this point, there’s no question that SpaceX dominates. That’s unlikely to change materially over the next decade. That being said, Rocket Lab’s upcoming Neutron rocket will better compete with SpaceX’s larger offerings at a lower cost.

Rocket Lab stock is far from cheap, to be sure, but it’s half the price of SpaceX and has more space to grow. That’s why I think, between the two, it’s the better choice.