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Rocket Lab USA Stock Soars After Successful Launch of Kinéis IoT Satellites
Shares of Rocket Lab USA ( RKLB ) surged nearly 10% intraday Monday after the company successfully launched five satellites for French Internet of Things (IoT) firm Kinéis over the weekend.
The "IOT 4 You and Me" mission successfully deployed five satellites to low Earth orbit after liftoff from a launch complex in New Zealand Sunday morning. It was the fourth mission in a five-launch deal with the French company to deploy its entire IoT constellation, Rocket Lab said.
"That's four launches done and one still to go for Kinéis, then we’ll have deployed their entire constellation in less than a year," Rocket Lab founder and CEO Peter Beck said. "It's not uncommon for constellation operators to wait longer than that for their first launch, let alone have a full constellation deployed and operating."
Rocket Lab USA shares jumped more than 9% in recent trading to $29.94. They have soared nearly 600% over the past 12 months.
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