Rocket Lab, the space company he founded and is chief executive of, launched on the specialist Nasdaq stock market in the United States in a virtual ceremony.
Thousands of New Zealanders have invested in Rocket Lab, whose shares began trading at $US11.50, slid for a while and recovered to $US10.45 late in the session.
Former Fisher & Paykel apprentice Mr Beck holds about 13.1% of the company, worth around $US676 million ($NZ955 million).
He said the Nasdaq listing would turn more than 100 past and present Rocket Lab staff into millionaires, while more than 180 would hold stock worth about $US500,000.
Running a growing and successful space company was not an easy task. Mr Beck expected his employees to work hard and had said, ‘‘You don’t go to Mars working eight to five, Monday to Friday.’’
Rocket Lab is based in California but has an assembly and development centre in Auckland and a launch pad on the Mahia Peninsula.
It has developed a low-cost rocket, Electron, to put small scale satellites into low Earth orbit. Earlier this week, Mr Beck said some of the launch funds would be used to develop Rocket Lab’s larger, crew-capable Neutron rocket, scheduled for first launch in 2024.
Later this year, as part of a $14 million contract, a smaller Photon rocket will ferry a Nasa satellite into lunar orbit.
Rocket Lab also won a contract with the US space agency to design and build two Photons that will go into orbit around Mars in 2024 to study the red planet’s atmosphere.
A Photon is also slated to go to Venus in 2023.
Space systems only account for a tiny fraction of Rocket Lab’s revenue today, but the company projects the segment will account for about 40% of its revenue, which it has forecast to investors will grow to more than $US1.57 billion by 2027.
‘‘It’s a super exciting time for Rocket Lab, obviously. But I hope this is also somewhat of a symbol for New Zealand tech .’’
New Zealanders should not shy from seeking investment from offshore.
‘‘The benefits to New Zealand go far beyond just the space industry. It is only through our relationships with Silicon Valley that we’ve been able to shine a light on New Zealand technology and attract investors who have the funding, expertise, and networks to support our country’s best ideas and most ambitious entrepreneurs.’’
