• Spaceflight Industries' rocket launch services business is disrupting the industry's model 'entirely,' Morgan Stanley said in a note to investors Friday.
  • The note is the latest in Morgan Stanley's "Space Disruptor Series."
  • Spaceflight packed a record-breaking 64 satellites on a SpaceX rocket in December.
The booster of SpaceX's Falcon 9 rocket lands on the company's barge after launching the Spaceflight SSO-A mission.

The rocket launch business is expensive and risky, and then there are the technical requirements: Launch providers have to ensure a customer's delicate and expensive spacecraft survives the trip to orbit.

But Seattle-based Spaceflight Industries is showing things can be done differently, according to Morgan Stanley analysts Adam Jonas and Armintas Sinkevicius. In a note to investors Friday, they said that the company "is disrupting this model entirely" by applying the ride sharing concept to satellites.