Shares of Rocket Lab USA (NASDAQ: RKLB) shot up over 15% at one point this week, according to data from S&P Global Market Intelligence. The new rocket launch and space flight company is building on its large ambitions by growing its revenue and backlog for existing launch systems in its second-quarter earnings report. It also announced a progress update for its large Neutron rocket system.

As of this writing at the close on Friday, Aug. 9, the stock price is now over $5. Here's why Rocket Lab stock moved higher this week.

Rocket Lab is the only company outside of SpaceX to reliably launch rockets for commercial customers. It entered the market with a small rocket system called the Electron, which is now hitting launch milestones quicker than any other rocket in history. More frequent launches are key for any rocket company. Successful launches equate to revenue generation, which need to hit a certain threshold to cover the fixed cost of launch and manufacturing facilities.

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Source Fool.com