Morgan Stanley's [250% bull case on Rocket Lab](https://www.marketwatch.com/story/rocket-labs-stock-could-surge-250-as-the-company-takes-a-page-out-of-spacexs-book-analyst-says-3b4f8a4f?mod=mw_rss_topstories) is built on the *right* thesis but the market's framing the follow-on trade wrong. Yes, launch cadence + satellite constellation buildout = structurally higher capex for the next 36 months.

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