If the Market Crashes, This Is the 1 Space Stock I Can't Wait to Buy

If the stock market crashes, one of the first stocks I'll be watching is Rocket Lab (NASDAQ: RKLB). Not because I expect Rocket Lab to hold up particularly well during a crash. Quite the opposite, actually.

You see, high-growth stocks with ambitious expectations can get crushed when investors start dumping risk. And Rocket Lab has reached a valuation where plenty of future growth is already baked into the stock. It's already valued at nearly $40 billion, or roughly 50 times trailing sales, meaning investors are paying a hefty premium for growth that has yet to materialize. But underneath that valuation is a space company that is becoming increasingly difficult to ignore.

Rocket Lab generated a record $234 million in second-quarter revenue, up 62% year over year. Its backlog reached another record at $2.36 billion, up 137%. The company also said it had secured more than $437 million in new launch contracts during the quarter and shortly afterward. That's a very different business from the speculative space start-up Rocket Lab was just a few years ago.

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