Shares of Rocket Lab (NASDAQ: RKLB) launched over 14.1% this week and hit above $5 a share, according to data from S&P Global Market Intelligence. The space economy upstart recently hit a milestone by launching its 50th Electron rocket as it makes progress to compete with SpaceX in the rocket launch business.

It is still unprofitable, but management has large ambitions to become one of the backbones of the space economy. Here's why Rocket Lab stock was soaring this week.

This week, Rocket Lab successfully launched its small scale Electron Rocket for the 50th time. The company is ramping up launching capacity as it tries to compete with SpaceX and other space economy companies. In fact, the Electron rocket system has hit its 50th launch faster than SpaceX's Falcon 9, doing so in around seven years. Now, with major contracts from government and corporate customers, Rocket Lab is hitting its next leg of growth.

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Source Fool.com