The rocket industry has changed: Blue Origin is the true "next SpaceX".

Core Plot

Bezos and Musk, this pair of “space rivals,” have been secretly competing for over a decade, and this year there has finally been a dramatic twist — Blue Origin's New Glenn rocket successfully landed at sea.

What does this mean? The entire world now has two companies that master the hardcore skill of “reusable orbital rockets”: SpaceX and Blue Origin. Ten years ago, it was exclusively SpaceX that had a monopoly, while Bezos's company could only engage in suborbital tourism (New Shepard), but now it has finally caught up.

Why is this matter so important

Reusable rockets = reduce costs = monopoly pricing power.

SpaceX has reduced the launch price to below $70 million by reusing the Falcon 9, while still making a profit. This has left other rocket companies with basically no way to survive. At the same time, SpaceX has leveraged this advantage to cheaply build Starlink, leading to a boom in the satellite internet business.

After Blue Origin's New Glenn goes to space, the rules of the game may need to change.

There is a third company in pursuit.

Here’s a plot twist: Rocket Lab (stock code RKLB) is also developing its own reusable rocket, Neutron. Interestingly, the two Mars rovers carried by the New Glenn launch last week were built by Rocket Lab—but the two companies pretended to not know each other on Twitter, with Rocket Lab only mentioning NASA and Berkeley, while Blue Origin only boasted about its payload, without mentioning each other.

Insiders understand: they are competing for the title of “the second SpaceX.”

Now Blue Origin has won this round. However, Rocket Lab is not far behind - it is expected to launch Neutron for the first time in Q1 2026, and then will pursue ocean landings.

Investment Perspective

SpaceX is a private company, and retail investors can't buy in. However, Rocket Lab is a publicly traded company, making it “the only investable option among the three reusable rockets.” If Neutron can launch and land successfully as planned, the story could be quite remarkable.

Big Picture

The United States currently monopolizes the high-end rocket market. SpaceX is still far ahead (having completed over 500 launches), but the entry of Blue Origin has broken the monopoly. The space competition is about to heat up.