Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Rocket Lab has become one of the more unusual stories in the booming commercial space market.</li><li>Its shares fell roughly 46% over three months following the enthusiasm and subsequent selloff around SpaceX’s June IPO, even though Rocket Lab’s operating performance continued to improve.</li><li>Second-quarter revenue reached a record $234 million, up 62% year over year, while the company ended the period with $2.36 billion in backlog and continued signing major government and commercial contracts.</li></ul>

Rocket Lab has become one of the more unusual stories in the booming commercial space market.Its shares fell roughly 46% over three months following the enthusiasm and subsequent selloff around SpaceX’s June IPO, even though Rocket Lab’s operating performance continued to improve.Second-quarter revenue reached a record $234 million, up 62% year over year, while the company ended the period with $2.36 billion in backlog and continued signing major government and commercial contracts.

Rocket Lab’s 46% Collapse Hides A Much Bigger Space Story!

<ul><li>Rocket Lab Corporation reported its second-quarter 2026 financial results, reflecting significant revenue growth driven by both its Launch Services and Space Systems segments.</li><li>The company achieved a record $234 million in revenue for Q2, marking a 62% increase year-over-year and a sequential 16.8% rise.</li><li>This performance was fueled primarily by a 38.6% increase in the Space Systems segment, reaching $189.5 million, supported by increased satellite manufacturing contributions and initial revenue from the Mynaric acquisition.</li></ul>

Rocket Lab Corporation reported its second-quarter 2026 financial results, reflecting significant revenue growth driven by both its Launch Services and Space Systems segments.The company achieved a record $234 million in revenue for Q2, marking a 62% increase year-over-year and a sequential 16.8% rise.This performance was fueled primarily by a 38.6% increase in the Space Systems segment, reaching $189.5 million, supported by increased satellite manufacturing contributions and initial revenue from the Mynaric acquisition.

Rocket Lab’s Iridium Acquisition: Can It Reshape The Space Value Chain?

Financial sector veteran, KT Capital Group

Fern Wang

Financial sector veteran

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>
Market Euphoria and Investment Challenges: Trump’s re-election has fueled excitement in the stock market, especially for Elon Musk-linked companies, but investing in SpaceX remains difficult due to its private status.  </li>
<li>
Proxy Stocks: Investors can access SpaceX indirectly through proxy stocks like Rocket Lab (RKLB) or funds such as Destiny Tech100 Inc. (DXYZ) and the ARK Venture Fund (ARKVX). </li>
<li>
Valuation Concerns on DXYZ: Despite DXYZ’s significant outperformance compared to other proxies, its rapidly expanded market cap/fair value multiple raises concerns about overvaluation and stock price sustainability.</li>
</ul>



Market Euphoria and Investment Challenges: Trump’s re-election has fueled excitement in the stock market, especially for Elon Musk-linked companies, but investing in SpaceX remains difficult due to its private status.  

Proxy Stocks: Investors can access SpaceX indirectly through proxy stocks like Rocket Lab (RKLB) or funds such as Destiny Tech100 Inc. (DXYZ) and the ARK Venture Fund (ARKVX). 

Valuation Concerns on DXYZ: Despite DXYZ’s significant outperformance compared to other proxies, its rapidly expanded market cap/fair value multiple raises concerns about overvaluation and stock price sustainability.


<ul><li>Rocket Lab has moved into the center of space industry dealmaking after announcing a definitive agreement to acquire Iridium (NASDAQ:IRDM), a transaction that could reshape its long-term business model.</li><li>The proposed deal values Iridium at roughly $8 billion in enterprise value, with shareholders set to receive $54 per share through a cash-and-stock structure.</li><li>For Rocket Lab, the timing is notable.</li></ul>

Rocket Lab has moved into the center of space industry dealmaking after announcing a definitive agreement to acquire Iridium (NASDAQ:IRDM), a transaction that could reshape its long-term business model.The proposed deal values Iridium at roughly $8 billion in enterprise value, with shareholders set to receive $54 per share through a cash-and-stock structure.For Rocket Lab, the timing is notable.

Can Rocket Lab Be The Next SpaceX?: The $8 Billion Iridium Could Change Everything!

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>There are 5 additions and 5 deletions expected in Nasdaq100 at the June 2026 review following the new methodology.</li>
<li>
<a href="https://www.smartkarma.com/entities/rocket-lab-usa-inc" target="_blank" data-smartkarma-citation="entities:37023:1" rel="noopener">Rocket Lab (RKLB US)</a> is forecasted to become eligible after the June 2026 review following its recent listing transfer from the Nasdaq Capital Market to Nasdaq Global Market.</li>
<li>
<a href="https://www.smartkarma.com/entities/flex-ltd" target="_blank" data-smartkarma-citation="entities:36680:1" rel="noopener">Flex (FLEX US)</a> is projected to be a high-impact addition to Nasdaq100 combined with its expected S&amp;P500 inclusion in June 2026.</li>
</ul>


There are 5 additions and 5 deletions expected in Nasdaq100 at the June 2026 review following the new methodology.

Rocket Lab (RKLB US) is forecasted to become eligible after the June 2026 review following its recent listing transfer from the Nasdaq Capital Market to Nasdaq Global Market.

Flex (FLEX US) is projected to be a high-impact addition to Nasdaq100 combined with its expected S&amp;P500 inclusion in June 2026.


Rocket Lab (RKLB US): Delayed Launch Into Nasdaq100 After 10 Expected Changes in Jun26

United States

Rocket Lab USA, Inc. operates as a space systems company. The Company manufactures spacecraft and satellite components, as well as satellite launch and on-orbit management services. Rocket Lab USA serves customers in the United States.

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Rocket Lab USA (RKLB US)

Rocket Lab’s 46% Collapse Hides A Much Bigger Space Story!

Rocket Lab has become one of the more unusual stories in the booming commercial space market. Its shares fell roughly 46% over three months...

Baptista Research

Rocket Lab’s Iridium Acquisition: Can It Reshape The Space Value Chain?

Rocket Lab Corporation reported its second-quarter 2026 financial results, reflecting significant revenue growth driven by both its Launch...

Baptista Research

Destiny XYZ Is Destined to Crash

Investors excited about SpaceX's potential through proxy stocks like RKLB and DXYZ, but valuation concerns linger over DXYZ's market cap.

Fern Wang

Can Rocket Lab Be The Next SpaceX?: The $8 Billion Iridium Could Change Everything!

Rocket Lab has moved into the center of space industry dealmaking after announcing a definitive agreement to acquire Iridium (NASDAQ:IRDM), a...

Baptista Research

Rocket Lab (RKLB US): Delayed Launch Into Nasdaq100 After 10 Expected Changes in Jun26

From the methodology footnote it was derived that Nasdaq-affiliated exchanges exclude the Nasdaq Capital Market where RKLB traded until May26 so...

Dimitris Ioannidis

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Rocket Lab’s 46% Collapse Hides A Much Bigger Space Story!

Rocket Lab has become one of the more unusual stories in the booming commercial space market. Its shares fell roughly 46% over three months...

Baptista Research

Rocket Lab’s Iridium Acquisition: Can It Reshape The Space Value Chain?

Rocket Lab Corporation reported its second-quarter 2026 financial results, reflecting significant revenue growth driven by both its Launch...

Baptista Research

Destiny XYZ Is Destined to Crash

​Investors excited about SpaceX's potential through proxy stocks like RKLB and DXYZ, but valuation concerns linger over DXYZ's market cap.

Fern Wang

Can Rocket Lab Be The Next SpaceX?: The $8 Billion Iridium Could Change Everything!

Rocket Lab has moved into the center of space industry dealmaking after announcing a definitive agreement to acquire Iridium (NASDAQ:IRDM), a...

Baptista Research

Rocket Lab (RKLB US): Delayed Launch Into Nasdaq100 After 10 Expected Changes in Jun26

From the methodology footnote it was derived that Nasdaq-affiliated exchanges exclude the Nasdaq Capital Market where RKLB traded until May26 so...

Dimitris Ioannidis

Investors excited about SpaceX's potential through proxy stocks like RKLB and DXYZ, but valuation concerns linger over DXYZ's market cap.