Rocket Lab Stock soars on record after a double launch, CHIPS Award and SpaceX Rival Rocket Lab stock hits record high

What you need to know

• Rocket Lab USA shares reached a new record high on Monday after the provider of satellite space services announced two successful launches.
• The company also announced that it had finalized a CHIPS and Sciences Act 2022 award of $23.9 million for the production of compound semiconductors.
• With Monday's gains, the stock has more than quadrupled in value since the start of the year.

Rocket Lab USA, a competitor of SpaceX (RKLB), saw its shares reach a new record Monday after the provider of satellite space services announced two successful launches. The government also finalized the awarding of a multimillion dollar grant.

Rocket Lab says its “Ice AIS Baby” Mission launched from New Zealand on Monday, and five satellites were placed in low Earth orbit by Kineis. Kineis is a France-based operator of the internet of things (IoT). This happened just 22 hours after the company launched a rocket out of its Virginia complex.

Peter Beck, the founder and CEO of the company, said that launching two missions within a short time period showed its commitment. “unprecedented capability in the small launch market.” The company has been involved in 56 successful space missions.

Rocket Lab also announced that it had closed a $23.9-million award from the Department of Commerce, under the CHIPS and Science Act of 2020. The money will go towards increasing the manufacturing capacity of its compound semiconductors in its Albuquerque New Mexico facility.

Rocket Lab shares rose after Monday’s opening bell, before reversing some of their gains later in session. In intraday trading, they were up approximately 3% to $23.94 and their value has more than quadrupled since the beginning of the year.

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