Rocket Lab: Great Business, Terrible Investment?

Everyone loves a rocket launch, but do the numbers land safely? In this episode, we run Rocket Lab (RKLB) through the rigorous "Elephant Gun" valuation framework. We break down why—despite its incredible engineering moat and "SpaceX 2.0" status—the company’s financials trigger almost every red flag in the book. Plus, we debate the one massive counter-thesis: Is the "SpaceX Halo Effect" enough to ignore the cash burn?