Rocket Lab USA Inc‘s RKLB stock surged nearly 30% in trading on Wednesday following strong third-quarter results, with CEO Peter Beck highlighting the company’s expanding presence across multiple space sectors during an interview.

What Happened: The space company reported third-quarter revenue of $104.81 million, exceeding analyst expectations and marking a 55% year-over-year increase. Beck emphasized the company’s growing $1.05 billion backlog for their small Electron rocket and confirmed the larger Neutron rocket remains on schedule for its debut launch next year.

“Launch is super important; it’s literally the key to space,” Beck told CNBC’s Morgan Brennan. “But the Space Systems group is what enables us to build infrastructure in orbit.” He noted the division currently has over 40 spacecraft in backlog, ranging from Mars missions to telecommunications and national security projects.

Addressing potential political implications, Beck expressed optimism about space policy under President-elect Donald Trump‘s administration, citing its focus on space, national defense, and efficient contracting. “When space does well, Rocket Lab does well,” he stated.

See Also: SoftBank Is In Profit Once Again Thanks To Indian IPOs: What’s Next For Masayoshi Son?

Why It Matters: The company’s recent performance has been remarkable, with shares up more than 350% over six months. Beck attributed this partly to investors’ growing understanding of Rocket Lab’s position as the second-largest space company behind Elon Musk-led SpaceX, which is valued at over $200 billion compared to Rocket Lab’s sub-5% relative valuation.

Looking ahead, Rocket Lab projects fourth-quarter revenue between $125 million and $135 million, anticipating continued growth through year-end. The company has also secured new contracts, including a multi-launch agreement with a commercial satellite constellation operator and an $8 million award from the U.S. Air Force Research Laboratory.

Price Action: Rocket Lab stock closed at $18.83 on Wednesday, up 28.44% for the day. In after-hours trading, the stock dipped 0.58. Year-to-date, Rocket Lab has surged 254.61%, according to data from Benzinga Pro.

Read Next:

Image Via Shutterstock

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.