100 'den Dört Lansman: Rocket Lab, Yolculukta İridyum ve Mynaric ile Boğa Yeni Bir Çağrı Aldı

Four Launches From 100: Rocket Lab Gets a Bullish New Call, With Iridium and Mynaric Along for the Ride

Sheryar Siddiq

Mon, September 21, 2026 at 2:51 PM GMT+3 4 min read

Rocket Lab Corporation (NASDAQ:RKLB) is approaching a milestone, and Wall Street recently offered it a new vote of confidence that extends beyond the company's own rockets. Raymond James launched coverage of RKLB on September 11 with an Outperform rating and a $80 price target, implying a roughly 29% increase from current levels, and pointed out specific growth levers that link the launch company's fortunes directly to two other names central to its expansion: Mynaric, which it acquired in April, and Iridium Communications Inc. (NASDAQ:IRDM).

The Launch Milestone

On September 11, Rocket Lab Corporation (NASDAQ:RKLB) successfully completed its 16th Electron mission of 2026, launching an Earth-observation satellite into a 500-kilometer low-Earth orbit for a confidential customer from Launch Complex 1 in New Zealand. Rocket Lab has since completed another Electron mission on September 19, bringing its total to 96 launches, and brings Rocket Lab closer to breaking its annual launch record of 21, set in 2025.

What Raymond James is Betting On

Rocket Lab Corporation (NASDAQ:RKLB), according to analyst Brian Gesuale, is an emerging, vertically integrated space platform that now includes launch, spacecraft, components, payloads, and optical communications, rather than just a rocket company. He projected a path to positive adjusted EBITDA and free cash flow by 2027-2028, potentially outpacing SpaceX in that metric as the company's investment requirements are expected to ease.

Raymond James particularly identified two "significant upside" potential for Rocket Lab Corporation (NASDAQ:RKLB) that go beyond the company's traditional launch business. The first is Neutron, Rocket Lab's medium-lift, reusable rocket that is expected to expand its addressable market in 2027, which the analyst described as the most important trigger in the story; the vehicle is now under testing, with launch pad delivery scheduled for the fourth quarter. The second is Rocket Lab's push into satellite operations and optical communications through two acquisitions: its completed $155.3 million purchase of Mynaric in April 2026, and its pending roughly $8 billion acquisition of Iridium Communications Inc. (NASDAQ:IRDM), which would bring Iridium's operating satellite network, L-band spectrum, and more than 2.55 million billable subscribers.

Upside and Risk

Raymond James was clear that this entails substantial execution risk: the firm highlighted aggressive Street gross-margin assumptions, the complexity of transitioning Neutron from development to commercialization, and the integration risk associated with incorporating both Iridium Communications Inc. (NASDAQ:IRDM) and Mynaric into Rocket Lab's operations. The Iridium deal, which is still seeking regulatory approval, adds size and complexity far beyond what Rocket Lab has previously absorbed.

Institutional Positioning

Rocket Lab Corporation (NASDAQ:RKLB) saw its ownership increase from 43 funds in the first quarter to 52 in the second. Iridium Communications Inc. (NASDAQ:IRDM) witnessed a similar increase, from 31 to 37 funds, indicating that institutional investors were accumulating positions in both shares ahead of this coverage launch and the planned acquisition.

Space Empire or Cash Burn Trap?

The bull case here is that Rocket Lab Corporation (NASDAQ:RKLB) successfully transitions from a small launch provider to a fully integrated space company that owns satellite infrastructure, communications hardware and a medium-lift rocket all at once, a combination that, if successful, would justify Raymond James' "vertically integrated platform" framing. The risk argument is just as concrete: a $8 billion acquisition, a rocket still in testing, and a recently completed purchase that is still being integrated make for a lot of moving parts for a company that has yet to achieve positive free cash flow.

Insider Monkey's Verdict

Investors should pay attention to three key milestones in the coming quarters. First, whether Neutron meets its fourth-quarter launch-pad delivery objective, as any slippage would directly undermine the medium-lift growth story Raymond James identified as the most crucial catalyst in its thesis. Second, whether the Iridium merger receives shareholder and regulatory clearance on time for a mid-2027 completion, given that the roughly $8 billion transaction still requires FCC and other regulatory approvals, including applicable national-security clearances. Third, whether Rocket Lab's margins hold up as it works to integrate two very different businesses into its existing launch business. Combining an established recurring-revenue satellite operator with a hardware manufacturer and a launch provider all under one roof is complex, and any missteps in that integration could delay the path to the positive free cash flow.

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