Rocket Lab Stock Has Collapsed 57% From Highs. Here's Why I'm Not Buying (Yet).

• Rocket Lab shares fell 57% from highs, now at $38B market cap. • Acquiring Iridium for $8B; developing Neutron rocket. • High valuation; wait for lower price before buying. Rocket Lab shares dropped 57% from recent highs and now trade at a $38B market cap. The company is acquiring Iridium for $8B and developing its larger Neutron rocket, with a $2.3B backlog. Despite ambitious growth plans, it remains unprofitable with negative free cash flow. Trading at 48x sales versus the S&P 500's 3.8x, the stock appears overvalued. The author remains bullish long-term but advises waiting for a much lower entry price.