Industry estimates suggest that the global space economy, which was valued at $546 billion in 2022, is expected to grow by 41% over the next five years. Here, we'll take a look at penny stock Rocket Lab (RKLB), a private aerospace company that Wall Street analysts predict will skyrocket by the end of 2024.
Founded in 2006, the company has quickly emerged as one of the key players in the rapidly expanding small satellite launch industry. The privately held, Elon Musk-run SpaceX dominates the space economy. Meanwhile, new entrant Rocket Lab is gaining attention for its upcoming next-generation rocket, Neutron, which is expected to compete with SpaceX's Falcon 9.
