The space economy is surrounded by a lot of hype. Companies like SpaceX and Amazon are investing billions of dollars to build businesses beyond planet Earth, with some analysts expecting the industry to hit a size of $1 trillion in 2030.

However, a lot of this hype hasn't materialized into stock returns. For example, the Ark Invest Space Exploration and Innovation ETF is off 33% from its peak, even as the broad market inches closer to all-time highs.

Rocket Lab (NASDAQ: RKLB) is one of these ambitious space start-ups trying to propel the industry to new heights (pun intended). It is one of the few companies to successfully launch rockets into orbit, passing even long-running start-up Blue Origin. However, investors have soured on the stock, with shares down close to 80% from all-time highs. Does that now make the stock a buy for investors looking to bet on the space economy?

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Source Fool.com