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A colleague asked a surprising question recently.

“How can I buy SpaceX?? I’m willing to pay any price.”

He’s a pretty savvy investor, too. So I was surprised to hear him say he’ll pay any price.

Unfortunately, SpaceX is a private company and therefore off-limits to most investors.

There is another option, however.

It’s a little-known stock nicknamed “Mini-SpaceX.”

Introducing Rocket Lab USA, Inc. (RKLB).

Rocket Lab is a space and aerospace company focused on providing reliable and cost-effective launch services, satellite manufacturing, and mission solutions for both commercial and government customers.

Nearly identical to SpaceX’s business.

Here’s a simplified overview of Rocket Lab’s main areas of business:

Launch Services: Imagine a small company that makes weather satellites that need to get into space.

Larger rockets (like SpaceX's Falcon 9) often carry many satellites at once, making it harder for a smaller satellite to get a launch slot and to pick an exact orbit.

Rocket Lab’s Electron rocket specializes in launching small satellites and can do so on a more flexible schedule, allowing this weather satellite to get into space quickly and into a precise orbit.

Satellite Services and Spacecraft Manufacturing: Suppose a research organization wants to observe climate changes on Earth, but they don’t have the time or resources to build their own satellite.

Rocket Lab’s Photon platform is a pre-designed satellite that can be customized with the specific equipment the research organization needs. This way, the organization can focus on its research and let Rocket Lab handle building and launching the satellite.

End-to-End Mission Solutions: Suppose a government agency wants to monitor wildfires from space.

Rocket Lab can handle the entire process. They’ll design the satellite, launch it, and keep it running while providing the data back to the agency.

This "end-to-end" service means that the agency doesn’t need to manage any space-related technology or operations.

Future Developments and Expansion: Rocket Lab is building a larger rocket called Neutron. This rocket will be able to carry heavier payloads, making it suitable for launching larger satellites or even cargo to the Moon.

So, if a company wants to send equipment to Mars in the future, Rocket Lab’s Neutron could make it possible.

Rocket Lab’s Neutron will compete with SpaceX’s Falcon 9 rocket. And because Rocket Lab is just a $9 billion company, a fraction of SpaceX’s recent $200 billion valuation, the company has rightfully earned the nickname “Mini-SpaceX.”

The company announced third quarter earnings earlier this week.

Sales were $105 million – up 55% from a year earlier – when Wall Street was looking for just $103 million, according to FactSet.

Looking ahead, Rocket Lab now expects to generate sales of $125 million to $135 million in the fourth quarter, while Wall Street was looking for $122 million.

Most importantly, the company’s backlog grew 80% year-on-year to $1.05 billion at the end of September. That’s a solid clip of growth that should only increase as space becomes more accessible and as Rocket Labs’ product offerings increase.

Remember, it’s this future growth that matters when picking stocks.

Rocket Lab’s stock spiked 55% on the heels of this announcement but has since come back down to earth, which is why I write to you today.

I am extremely bullish on the prospects of Rocket Lab and believe this pullback – after a strong earnings report – is a great time to begin building a long-term position.

Unfortunately for us (and my colleague), we can’t invest directly into SpaceX…

But Rocket Labs offers an excellent public-market equivalent.

Its business prospects are just as massive. It trades at a fraction of the valuation. And we can purchase shares well off its recent highs – straight from our brokerage accounts.