Another day, another contract win for Rocket Lab USA (RKLB 0.80%). Investors are taking notice, lifting shares of the space start-up as much as 6% on Thursday afternoon before closing up 3.2%.

A big week for contracts

Rocket Lab is one of a handful of young space stocks trying to elbow in on a business traditionally controlled by a handful of large incumbents. Much of that potential business comes from the U.S. government, which has been trying to lessen its reliance on defense primes and increase innovation.

It's been a good week for Rocket Lab on the contract front. On Monday, the company announced a U.S. Space Force contract valued at $14.5 million. Just days later, Rocket Lab announced that Space Force had also selected it for a separate $32 million award for a tactically responsive space mission.

The latest award calls for Rocket Lab to design, build, and launch a satellite capable of conducting an in-space rendezvous proximity operation to respond to and neutralize in-orbit threats.

"The ability to design, build, launch and operate a spacecraft within one streamlined team is rare and will deliver unparalleled speed and value to the nation," Rocket Lab CEO Peter Beck said in a statement.

Is Rocket Lab stock a buy after its big Space Force win?

Two wins totaling more than $46 million make for a great week for a company that did just $244.59 million in sales in the last 12 months. However, it is important to note that the revenue will come in over time, with this latest mission not being targeted to launch until 2025, for example.

The more important win here is credibility. For all the talk of the potential for commercial space operations, the U.S. government remains an important customer. Establishing itself as a reliable partner with Space Force should open doors for Rocket Lab, both inside and outside of Washington.

Rocket Lab, like all young space companies, remains a high risk/high potential reward investment. But the company is steadily moving in the right direction, and investors have every reason to be excited about the possibilities.