LUNR vs RKLB: How Intuitive Machines and Rocket Lab Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. LUNR and RKLB share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined LUNR and RKLB exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Intuitive Machines (LUNR) is a space-exploration company focused on lunar access and infrastructure. It is best known for its Nova-C lunar lander, which made a notable soft landing on the Moon, the first by a commercial company. The business is built around NASA's Commercial Lunar Payload Services program and related government contracts, delivering payloads to the lunar surface and pursuing adjacent opportunities in lunar data relay and communications, orbital services, and space infrastructure. Revenue is largely contract-driven and lumpy, tied to specific missions and government funding, and the company is not consistently profitable. Intuitive Machines went public in 2023 via a SPAC merger and is headquartered in Houston, Texas. It is a small, speculative space stock whose value depends on winning and successfully executing missions, on the pace of NASA's Artemis and lunar programs, and on broader government and commercial demand for cislunar services. Mission risk is high, and outcomes can swing sharply on the success or failure of individual landings.

Full LUNR guide

Rocket Lab (RKLB) is a space company that builds rockets and spacecraft and provides end-to-end space services. Its established business is the Electron, a small orbital launch vehicle that is one of the most frequently flown small rockets in the world, carrying satellites for commercial, government, and defense customers. Rocket Lab is developing Neutron, a larger, partly reusable medium-lift rocket intended to compete for bigger payloads and constellation deployments, directly targeting the market SpaceX dominates.

Full RKLB guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• LUNR drivers: Lunar lander franchise; Cislunar infrastructure ambitions.
• RKLB drivers: Neutron medium-lift rocket; Space Systems growth.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Space missions carry high technical risk; a single failed landing or anomaly can damage the stock and future contract prospects, and not every mission succeeds fully. For RKLB, rocket Lab is not yet consistently profitable and invests heavily in Neutron, so cash burn and capital needs are real until that program generates revenue.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick LUNR if you believe its drivers more; RKLB if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the LUNR and RKLB guides.

LUNR. Intuitive Machines is difficult to value on earnings because results are lumpy and tied to specific missions and contract awards. The stock trades on the credibility of its lunar franchise, the pace of NASA's lunar programs, and the option value of cislunar infrastructure. Multiples swing sharply with mission news and funding. Treat any LUNR valuation as speculative and scenario-driven, and verify the latest revenue, backlog, and cash position.

RKLB. Rocket Lab trades as a high-growth space name valued on its Space Systems revenue and the future option value of Neutron rather than current profits. The premium price-to-sales multiple reflects the launch-plus-systems opportunity and defense tailwinds, balanced against losses and Neutron execution risk. Valuation is highly sensitive to Neutron milestones and launch cadence.

Headline figures (approximate, early 2026): LUNR shows revenue (ttm) ~$200 to 400 million, lumpy and contract-driven (verify), profitability Not consistently profitable; mission-dependent, free cash flow Variable; often negative around mission investment, backlog Driven by NASA CLPS and related contract awards (verify latest); RKLB shows revenue (ttm) ~$500 million, revenue growth Strong double-digit, gross margin Positive and improving, operating margin Negative (investing in Neutron).

LUNR and RKLB are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined LUNR and RKLB exposure against your real portfolio. It is not an investment adviser.