Why Rocket Lab USA Shares Are Flying Higher Today

Rocket Lab USA, Inc. RKLB shares are trading higher on Friday premarket after the company successfully launched its 42nd Electron rocket.

The mission was Rocket Lab's 10th Electron launch for the year, surpassing the company's previous annual record of nine launches in 2022. 

For the fifth year in a row, Electron has retained the title of the second most frequently launched U.S. rocket annually.

"Once again, for the fifth year running, Electron is the second most frequently launched U.S. rocket annually and we look forward to building on that record with an even busier year of launches in 2024," said Rocket Lab founder and CEO Peter Beck. 

Also Read: Rocket Lab's FY23 Launch Revenue May Be Hampered By $22.5M Following Recent Satellite Mission Mishap: Analyst Cautions

Rocket Lab also deployed a satellite for Japan-based Earth imaging company the Institute for Q-shu Pioneers of Space, Inc. 

Named after the Japanese God of the Moon, the iQPS-SAR-5 satellite "TSUKUYOMI-I" is a synthetic-aperture radar (SAR) satellite that will collect high-resolution images of Earth.

"It has been a privilege to provide the team at iQPS with a dedicated ride to orbit on an accelerated timeline and we're honored to play a key role in building out their SAR constellation with Electron," Beck added.

Read Next: Rocket Lab Gears Up for Mars: ESCAPADE Mission's Milestone Phase Begins For 2024 Launch

Price Action: RKLB shares are trading higher by 10.06% to $5.69 premarket on the last check Friday.