Rocket Lab stock jumps 8%, building on strong two-month rally

Rocket Lab stock soared 8% Monday, building on a strong run fueled by space innovation.

Shares of the space infrastructure company have nearly doubled over the last two months following a slew of successful launches and a deal with the European Union.

The stock is up 63% year to date after surging nearly sixfold in 2024.

Last month, Rocket Lab announced a partnership with the European Space Agency to launch satellites for constellation navigation before December.

Rocket Lab also announced the successful launch of its 66th, 67th and 68th Electron rockets in June. The company successfully deployed two rockets from the same site in 48 hours.

Rocket Lab competes with a growing list of companies in a maturing and increasingly competitive space industry with growing demand. Some of the main competitors in the sector include Elon Musk's SpaceX and Firefly Aerospace, which filed its prospectus to go public on Friday.

"For Electron, our little rocket, we've seen increased demand over the last couple of years and we're not just launching single spacecraft — these are generally entire constellations for customers," CEO Peter Beck told CNBC last month.

He said the company is producing a rocket every 15 days.

Beck, a New Zealand-native, founded the company in 2006. Since its debut on the Nasdaq in August 2021 through a merger with a special purpose acquisition company, the Long Beach, California-based company's market value has swelled to more than $19 billion.

WATCH: Rocket Lab CEO Peter Beck: One thing I don't worry about at night is demand