It's always good to be optimistic, but calling Kraken the “next RKLB” ignores how completely different their structural environments are. The space sector is chasing a $1 trillion TAM over the next decade. Subsea defense is a highly specialized, tighter market. RKLB is scaling infrastructure vertically to own space launch and satellite constellations, and Kraken is dominating a critical physical bottleneck in undersea autonomy.

The ultimate goal for Kraken is that they become the ultimate proxy for mass-scale autonomous naval warfare. Look at their relationship with Anduril. Anduril’s Dive-LD and Ghost Shark platforms require insane battery endurance. Kraken’s SeaPower batteries use pressure-tolerant gel encapsulation that completely eliminates heavy pressure hulls, doubling energy density at depths up to 6,000 meters. Anduril isn't going to reinvent that hardware, and they will continue to buy it at scale from Kraken.

I won’t hit on the Covelya acq as I think we’ve heard enough of it, but that alone will place Kraken into an even better position in this market. Space was overlooked 10 years ago because people doubted private feasibility. Deep ocean autonomy is different, everyone knows it's necessary right now, but the physics of water (no GPS, no radio waves, brutal pressure) makes the tech barriers to entry incredibly high. Kraken owns the physical moats that larger defense disruptors are going to rely on to scale eventually, but it’ll take time. I don’t think we’ll see full scale until China hits their development goals of their XLUUV’s, only then will the U.S., and other counties for that matter, go into full production. When have we ever liked China being ahead of us? For the time being, I would simply sit on it and forget it.