Is the Rocket Lab rally running on fumes, or is it a rocket-fueled tear? The space stock delivered a stunning 48% year-over-year revenue beat and a massive $1.1 billion backlog, but the delay of its pivotal Neutron rocket to 2026 caused market whiplash. With 12.95% of the float sold short and a perfectly neutral options market split, the $52 stock is now a battleground between stellar execution and a valuation stretched on future promises. We break down what the market’s powerful after-hours reversal is really signaling—and what’s next for investors.