Rocket Lab CEO Peter Beck poses with one of the company's rockets at company headquarters. (Phil Walter/Getty Images)
Vector Acquisition Corp., a blank-check company launched by Vector Capital, has agreed to acquire space launch company Rocket Lab and take it public, becoming the latest SPAC to enter the space sector.
- The deal values the combined company at $4.1 billion, nearly triple the $1.4 billion valuation Rocket Lab held in 2018 with a $140 million funding round, according to PitchBook data, which was led by Future Fund and supported by Bessemer Venture Partners, Khosla Ventures and others.
- The merger provides Rocket Lab with $750 million in cash, including $470 million from a PIPE round led by Vector Capital, BlackRock and Neuberger Berman.
- Shares of Vector Acquisition Corp. soared 36% to $13.95 each. Upon the deal closing, the company will be named Rocket Lab USA and trade on the Nasdaq under the symbol "RKLB."
- The Rocket Lab news comes after a pair of space SPAC deals last month. Blank-check company Holicity agreed to acquire space rocket maker Astra, valuing the business at $2.1 billion. And Osprey Technology Acquisition agreed to purchase satellite operator BlackSky.
Rocket Lab also unveiled a reusable launch vehicle dubbed Neutron, which is larger than its Electron vehicle and is expected to debut in 2024; it will reportedly compete with SpaceX's Falcon 9.