Rocket Lab’s CEO and founder, Peter Beck, expressed enthusiasm about the continued partnership with Kinéis, noting that the company successfully deployed 15 satellites for the IoT constellation last year and is eager to keep momentum going in 2025.

Shares of Rocket Lab USA ( RKLB 28.44%) are flying on Tuesday. The stock is up 28.3% as of 2 p.m. ET but was up as much as 31.8% earlier in the day. The leap comes as the S&P 500 and the Nasdaq Composite gained 0.9% and 0.6%, respectively.

Rocket Lab shares climbed 6.5% following a bullish update from Citi analysts, who increased their price target for the aerospace manufacturer to $35, setting a new Street high. The revised target reflects Citi's confidence in Rocket Lab's growth trajectory,

Rocket Lab’s backlog expanded 80% YoY, with ~50% expected to convert to revenue within 12 months. Read why I maintain my buy rating for RKLB stock.