Rocket Lab (NASDAQ: RKLB) stock jumped 3.5% through 9:45 a.m. ET Monday after announcing its latest first: For the first time ever, the company launched two rockets, from two separate launch pads in two different hemispheres, within a 24-hour period.

As the company pointed out, this set “a new company record for fastest launch turnaround.” It also raised Rocket Lab’s launch cadence for the year (so far) to 14 launches — 40% better than the 10 launches accomplished in 2023.

And 2024 isn’t over yet!

Rocket Lab is on SpaceX’s heels

Rocket Lab didn’t mention that SpaceX accomplished a similar feat almost exactly three years ago in December 2021, when it followed up one Vandenberg launch with a second out of Cape Canaveral, also within 24 hours. Not two different hemispheres, exactly (because SpaceX only launches from U.S. sites), but at least two different coasts.

The hemispheric distinction has a qualitative difference. SpaceX may dominate the space launch business in the U.S., but Rocket Lab having launch pads in proximity to both U.S. and Asian customers gives the company toeholds in both markets, and perhaps an advantage in the Asian market that SpaceX lacks.

And don’t forget that Rocket Lab was founded in 2006 — four years later than SpaceX. It just accomplished this particular first only three years after SpaceX, so Rocket Lab is gaining a bit on its gigantic rival.

Is Rocket Lab stock a buy?

Admittedly, I still have reservations about Rocket Lab stock’s valuation. Priced at 31.5 times sales currently (and currently unprofitable) after its five times run-up this year, I struggle to call Rocket Lab stock any kind of “bargain.” Still, one thing Rocket Lab has in its favor from an investor’s perspective: It’s a publicly traded company, and SpaceX is not.

If you want to invest in a leading space rocket company, you can definitely buy a few shares of Rocket Lab. But SpaceX, not so much.

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Rich Smith has positions in Rocket Lab USA. The Motley Fool recommends Rocket Lab USA. The Motley Fool has a disclosure policy.