The legacy of Rocketdyne, once a titan in America's rocket industry, has taken a turn as a private equity deal underscores the shifting landscape of space exploration. For those familiar with space history before the rise of billionaire-backed ventures, Rocketdyne was synonymous with American space power, manufacturing nearly all of the nation's large liquid-fueled rocket engines for half a century.

Rocketdyne's engines powered the Saturn V rocket, which propelled astronauts to the Moon, as well as the Space Shuttle, Atlas, Thor, and Delta rockets, and the U.S. military's early ballistic missiles. However, the company's dominance began to wane after the Cold War, marking a significant decline for a company that had been at the forefront of space technology.

Founded in 1955 as a division of North American Aviation, Rocketdyne later became part of Rockwell International before being acquired by Boeing in 1996. From the 1950s through the 1980s, Rocketdyne consistently designed and tested new large rocket engines. However, since then, the company has only developed one large engine design from scratch—the RS-68—which was retired from service in 2024.

The rise of the commercial space industry has further accelerated Rocketdyne's decline, signaling a major shift in the space industry. This transition reflects a broader trend where private companies, backed by significant venture capital, are increasingly taking the lead in space exploration and technology development.