Why Rocket Lab Stock Blasted 360.6% Higher in 2024

Had Rocket Lab (NASDAQ: RKLB) stock provided a similar performance to the 47% climb it logged in 2023, investors probably would've been pretty happy. Turns out, however, that shares of the launch services provider fared considerably better and soared into the stratosphere, leaving shareholders downright ecstatic with its performance.

According to data from S&P Global Market Intelligence, Rocket Lab stock soared 360.6% in 2024.

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The fuel for Rocket Lab's rise

Through the first seven months of 2024, shares of Rocket Lab suffered from a significant failure to launch. From the start of the year through July, Rocket Lab stock had dipped more than 5%.

But then things started to heat up in August.

For one, investors celebrated the company's second-quarter 2024 financial results on Aug. 8. In addition to reporting a company record $106 million in quarterly revenue, Rocket Lab reported a backlog of $1.07 billion as of June 30, representing 5% quarter-over-quarter growth.

The stock's upward trajectory extended through September and October, during which it soared about 71%; however, when November rolled around, things really took off. In its third-quarter 2024 financial results, released on Nov. 12, Rocket Lab reported revenue of $104.8 million and a $0.10 loss per share, beating analysts' expectations that it'd book sales of $102.3 million and an $0.11 loss per share. Investors also recognized management's fourth-quarter 2024 revenue forecast of $125 million to $135 million. The guidance is noteworthy since the company reported $60 million in revenue for the same period in 2023. So if Rocket Lab achieves the midpoint of the outlook, it will mean year-over-year sales growth of 117%.

Enthusiasm surrounding the company's Q3 2024 financial report extended through the month, and the stock entered December having achieved a 155% rise in November.

Is it too late for growth investors to take flight with Rocket Lab stock?

While the S&P 500 has dipped about 1% since the start of 2025, shares of Rocket Lab have continued their ascent from 2024 and have risen more than 5%. Investors looking for a great growth opportunity or a compelling space stock, consequently, may be wondering if the time has passed to hitch a ride with Rocket Lab. At this point, it seems there's still the potential for future growth. It's possible that shares won't turn in a repeat performance of 2024; however, Rocket Lab continues to achieve successes that place it on a steady growth trajectory, including new bookings of its Neutron medium-lift rocket.

With its growing backlog and steady revenue growth, investors interested in Rocket Lab stock would be well served to click the buy button now instead of waiting for shares to descend -- something that's not guaranteed to happen.

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Scott Levine has no position in any of the stocks mentioned. The Motley Fool recommends Rocket Lab USA. The Motley Fool has a disclosure policy.