Peter Beck's Rocket Lab Fell 30% in a Month While Revenue Grew 63%

Rocket Lab (RKLB) dropped approximately 30% over the past month despite posting record first-quarter revenue of $200 million, up 63% year-over-year. The disconnect between operational performance and share price reflects investor concern over the company's negative free cash flow, which hit $77 million in the quarter.

CEO Peter Beck's vertically integrated manufacturing approach—building everything from launch vehicles to satellite components in-house—positions the company to capture more value across the space supply chain. The model requires heavy upfront capital expenditure, pressuring near-term cash generation even as top-line growth accelerates.

The 30% pullback comes as the broader space sector faces valuation scrutiny, with investors rotating away from capital-intensive growth names. Rocket Lab's ability to scale revenue at a 63% clip suggests demand for its Electron launch vehicle and space systems division remains robust, but the cash burn rate is testing investor patience in a higher-rate environment.