Is launch the only moat for a rocket company? Rocket Lab & SpaceX both revealed that once you master launch, that’s just the start. For global domination, Rocket Lab multiplied their business by also manufacturing components for the entire industry.. "People focus on the rocket because it's the big firework in the sky & everyone gets emotional, & it's very cool. It's hard to get emotional about a reaction wheel, or a star tracker, or a little component that goes into a spacecraft." "The reality is, launch is a huge moat. But all of these spacecraft components are huge moats as well." "It doesn't matter how much capital you've got, if you turn up tomorrow & say, 'I want to build 1,000 satellites,' good luck. It's just not happening." "We saw that to get to this end-to-end space company, we needed to own all the components that go into the spacecraft so we could literally build any spacecraft we want." @Peter_J_Beck