Launch · Space Systems · National Security
Rocket Lab
End-to-end space company spanning Electron and HASTE launch, Neutron development, spacecraft, satellite components, mission operations and national-security programs.
RKLB
Nasdaq
Rocket Lab reports two operating segments: Launch Services and Space Systems. Launch Services includes the Electron small orbital rocket, the HASTE suborbital vehicle for hypersonic and missile-defense testing and the Neutron reusable medium-lift vehicle in development. Space Systems designs spacecraft, produces satellite components and payloads and provides mission operations for commercial, civil and national-security customers.
The company has steadily pushed deeper into vertical integration. GEOST added electro-optical payloads, Mynaric added laser communications and Motiv added space robotics and mechanisms. Rocket Lab can now bid across spacecraft design, payloads, components, launch and on-orbit operations. Its pending acquisition of Iridium, if completed, would add an operating communications constellation, coordinated L-band spectrum and recurring satellite-services revenue. Iridium remains a separate company until the transaction closes.
Electron is Rocket Lab's flight-proven small orbital launch vehicle for dedicated commercial, civil and national-security missions. Rocket Lab completed its 94th Electron mission on 02-Sep-2026, its 15th Electron launch of 2026, deploying a Synspective StriX synthetic-aperture-radar satellite. Rocket Lab said another 16 dedicated Synspective Electron missions were booked through the planned constellation buildout before 2030. The company also continues a large dedicated-launch relationship with iQPS, which reached its eighth Electron mission on 06-Aug-2026.
HASTE is the suborbital derivative of Electron used for hypersonic, missile-defense and advanced-technology testing. Rocket Lab has a $190 million agreement for 20 MACH-TB 2.0 HASTE flights and in July 2026 received a separate U.S. Space Force Rocket Systems Launch Program award valued at up to $266 million for 12 suborbital launches with options for up to six additional missions.
GHOST, short for Global Hypersonic & Orbital Spaceport Technology, packages Electron or HASTE launch infrastructure, ground support and range-control systems into standard shipping containers. Rocket Lab says the system can support orbital and suborbital campaigns from deployable locations. Its first installation, Launch Complex 4 at Pacific Spaceport Complex-Alaska in Kodiak, is planned with two pads and an operational suborbital debut in 2027.
Neutron is Rocket Lab's reusable medium-lift vehicle in development for constellations, national-security payloads and larger spacecraft. First-flight hardware is in assembly, integration and testing. Rocket Lab says Stage 1 tank production currently aligns with target delivery of Neutron to Launch Complex 3 in Q4 2026. On the Q2 earnings call, Peter Beck said the window for an end-of-year first launch is narrowing as the company trades schedule against qualification risk and high-cadence production readiness. The written guidance therefore supports a Q4 pad-delivery target, not a guaranteed 2026 launch.
Commercial demand is arriving before first flight. On 10-Aug-2026 Rocket Lab announced a dedicated Neutron launch for Kepler Communications no earlier than 2028 to deploy multiple low-Earth-orbit satellites for optical connectivity, on-orbit computing and hosted payloads.
Space Systems generated $189.5 million of Q2 2026 revenue, about 81% of the company total and up 94% year over year. The portfolio includes spacecraft buses, satellite manufacturing, solar power, separation systems, reaction wheels, star trackers, radios, flight software, propulsion, optical payloads, laser communications and robotics. Rocket Lab is prime on major Space Development Agency and U.S. Space Force programs and is expanding from low-Earth orbit into government geostationary spacecraft.
In August 2026 the U.S. Space Force awarded Rocket Lab a contract valued at up to $397 million under the Space-Based Airborne Moving Target Indicator program. Rocket Lab will develop, launch on Neutron and operate multiple Flatellite spacecraft carrying sensing and low-latency communications capability. The total contract value includes an option for additional Flatellites.
Rocket Lab and Iridium signed a definitive agreement in June 2026 under which each Iridium share would receive $27.00 in cash plus Rocket Lab stock under a collar. The transaction values Iridium at approximately $8.0 billion enterprise value and is expected to close in 2027, subject to Iridium shareholder approval, Federal Communications Commission and other regulatory approvals and customary conditions. The U.S. Hart-Scott-Rodino waiting period expired on 12-Aug-2026, FCC transfer applications were filed on 10-Aug-2026, Rocket Lab filed its Form S-4 on 13-Aug-2026, amended it on 24-Aug-2026 and the SEC declared the registration statement effective on 26-Aug-2026. Rocket Lab has a $3.6 billion bridge commitment but intends to replace it with permanent debt and equity financing. Iridium's revenue, network and spectrum are not Rocket Lab operating assets until closing.
| Date | Awarding Body / Customer | Program / Scope | Value | Status |
|---|---|---|---|---|
| Aug 2026 | U.S. Space Force · Space Systems Command | Space Data Network Backbone: two delivery orders for secure optical-communications interoperability work, including a Photon in-orbit demonstration targeted for 2027 | $12M combined | Awarded |
| Aug 2026 | U.S. Space Force · NITE-STAR | Onboarded to the NSTTC Innovative Technology & Engineering – Space Test and Range IDIQ; eligible to compete for future task orders | $981M program ceiling* | IDIQ awardee |
| Aug 2026 | Viasat / U.S. Space Force PTS-G | Lightning-GEO satellite bus for Viasat's Swarm 1 Protected Tactical SATCOM-Global spacecraft | Undisclosed | Subcontracted |
| Aug 2026 | U.S. Space Force · PAE Space-Based Sensing and Targeting | SB-AMTI: multiple Flatellites, Neutron launch and mission operations; option for additional spacecraft included | Up to $397M | Awarded |
| Jul 2026 | U.S. Space Force · Space Systems Command | Rocket Systems Launch Program: 12 HASTE suborbital launches with options for up to six more | Up to $266M | Awarded |
| Q2 2026 | U.S. Space Force + second customer | Two contracts for three geostationary spacecraft, including two U.S. government space-domain-awareness satellites and operations | More than $160M combined | Awarded |
| May 2026 | Anduril Industries | Three HASTE hypersonic test launches from Virginia | $30M | Booked |
| Mar 2026 | Kratos-led MACH-TB 2.0 / U.S. government | 20 HASTE hypersonic test flights over four years | $190M | Active |
| Dec 2025 | Space Development Agency | Tranche 3 Tracking Layer: 18 missile-warning and tracking spacecraft | $806M base + up to $10.45M options | Active |
| 2024 | Space Development Agency | Tranche 2 Transport Layer-Beta: 18 data-transport satellites | $489M base + $26M incentives/options | Active |
Rocket Lab reported record Q2 2026 revenue of $234.1 million, up 62% from $144.5 million a year earlier and 16.8% sequentially from Q1. GAAP gross profit was $84.6 million for a 36.1% GAAP gross margin. Non-GAAP gross margin was 41.5%. The company reported a $57.5 million operating loss, a $49.3 million net loss and a basic and diluted loss of $0.08 per share.
The mix is increasingly Space Systems-heavy. Space Systems produced $189.5 million of Q2 revenue, up 94% year over year, driven by spacecraft manufacturing growth and acquisitions. Launch Services produced $44.6 million, down 4% year over year primarily because of revenue-recognition timing. Two of the six Electron-family missions completed in the quarter were HASTE missions with revenue recognized over time and partly recognized in earlier quarters.
Backlog reached a record $2.3559 billion at 30-Jun-2026, up from $1.8473 billion at 31-Dec-2025. Space Systems represented $1.4158 billion and Launch Services $940.2 million. Rocket Lab's backlog excludes customer options that have not been exercised, and launch and spacecraft contracts can include customer termination rights. Management also said Q2 plus post-quarter activity secured more than $437 million of new launch contracts across Electron, HASTE and Neutron, taking the launch backlog above 90 missions.
Liquidity is much larger, but the source matters. Cash and cash equivalents were $2.129 billion at 30-Jun-2026, with another $258.1 million of current and non-current marketable securities. Rocket Lab used $134.4 million of operating cash in the first half while raising $1.5129 billion net through at-the-market common-stock offerings. Common shares outstanding increased from 543.6 million at 31-Dec-2025 to 598.2 million at 30-Jun-2026.
Rocket Lab guided Q3 2026 revenue to $250 million-$265 million, which would establish another quarterly revenue record at the midpoint. Guidance calls for 29%-31% GAAP gross margin, 35%-37% non-GAAP gross margin, $143 million-$149 million of GAAP operating expense and an adjusted EBITDA loss of $17 million-$23 million. The lower margin guide reflects product mix within Space Systems while ongoing Neutron work remains a major spending driver.
Rocket Lab's Q2 numbers remove much of the demand question and replace it with an execution question. The company has record revenue, record backlog and expanding national-security work. Its harder problem is delivering several large spacecraft programs, scaling HASTE, qualifying Neutron and integrating acquisitions at the same time without allowing schedule pressure, cash burn or dilution to outrun operating gains.
Space Systems is now the economic center of Rocket Lab. It supplied about 81% of Q2 revenue and 60% of quarter-end backlog. That makes Rocket Lab less dependent on individual launch timing, but it also exposes the company to spacecraft manufacturing execution, program mix and acquisition integration. Mynaric contributed $13.2 million of Q2 revenue and a $13.2 million operating loss during its partial quarter of ownership, while Motiv contributed $1.4 million of revenue and a $0.2 million operating loss.
Neutron is the largest organic step-change. The program is moving through final flight-hardware assembly and qualification work, and management says Stage 1 production aligns with delivery to the pad in Q4 2026. The Q2 call added an important caveat: the end-of-year launch window is narrowing. Management described the trade as one between first-flight timing and reducing risk so the vehicle can scale into repeatable production. That is different from announcing a new failure or design crisis, but it makes a 2026 first launch less certain than the older profile implied.
Demand is not waiting for first flight. Neutron is booked for commercial constellation missions, the Air Force Research Laboratory's re-entry work and the Space Force SB-AMTI program. The Kepler mission announced on earnings day adds another dedicated commercial customer. If Neutron reaches operational cadence, Rocket Lab can capture launch revenue from spacecraft programs it already builds. If qualification slips materially, the same vertical integration becomes a schedule dependency.
The balance sheet gives management room to execute, but that cushion was largely financed through equity. Rocket Lab raised $1.5129 billion net through at-the-market offerings in the first half while using $134.4 million of operating cash. The company also has a pending approximately $8.0 billion Iridium transaction. Since Q2, the HSR waiting period has expired, the S-4 has become effective and Rocket Lab has carried forward up to $1.944 billion of ATM capacity to help fund cash consideration and reduce bridge commitments. Investors therefore need to separate operating momentum from capital-market capacity when assessing the durability of the growth model.
For Q3, the clean scorecard is $250 million-$265 million of revenue, 29%-31% GAAP gross margin and an adjusted EBITDA loss of $17 million-$23 million. Beyond the quarter, the highest-value signals are Neutron qualification and pad integration, conversion of the $2.36 billion backlog, performance on SB-AMTI and SDA programs, HASTE/GHOST execution and the Iridium regulatory and financing process.
Rocket Lab's strongest defensible advantage is the combination of flight-proven launch, spacecraft manufacturing, mission operations and internally produced satellite subsystems. VICTUS HAZE demonstrated the operational value of that integration by combining a Rocket Lab spacecraft, Electron launch and on-orbit operations under one responsive mission architecture.
The SB-AMTI award pushes the model further: Rocket Lab is contracted to build Flatellites, launch them on Neutron and operate them. Space Development Agency production awards add scale and national-security program heritage. Mynaric, GEOST and Motiv deepen internal capability in laser communications, optical payloads and robotics. That can reduce supplier dependencies and lets Rocket Lab bid for a larger share of each mission's value.
Electron and HASTE also provide recurring flight data and launch operations experience that most spacecraft manufacturers do not possess. GHOST extends that launch infrastructure into a deployable format that could matter for missile-defense testing and allied sovereign launch demand if the 2027 Kodiak debut proves the concept.
The moat has two major limits. Neutron is not an operating advantage until it completes qualification and begins reliable service. Iridium's network, spectrum, subscribers and recurring service revenue do not become Rocket Lab assets until the acquisition closes. Treating either as an existing capability would overstate the current company.
Neutron execution: Neutron remains in development. Management's Q2 written update targets delivery of Stage 1 hardware to the pad in Q4 2026, while the earnings call said the window for an end-of-year launch is narrowing. Remaining risks include stage testing, final Archimedes qualification, integrated pad tests and production readiness. A slip would delay medium-lift revenue and could affect missions already booked on Neutron.
Program concentration and capacity: Rocket Lab is simultaneously executing Space Development Agency spacecraft, SB-AMTI Flatellites, geostationary satellites, HASTE block buys, GHOST infrastructure and Neutron development. The risk is not merely losing future awards. It is failing to deliver several existing programs on time while expanding factories and supply chains.
Profitability and cash consumption: Rocket Lab lost $49.3 million in Q2 and used $134.4 million of operating cash in the first half. Research and development expense rose 34% in H1, driven in part by Neutron and acquired businesses. Higher revenue does not yet translate into positive GAAP earnings or operating cash flow.
Equity dilution and capital structure: Rocket Lab raised $1.5129 billion net from at-the-market common-stock offerings in H1 2026. Common shares outstanding increased by about 54.6 million between 31-Dec-2025 and 30-Jun-2026. The company also has 7.45 million shares underlying collared forward transactions for which it had received no proceeds through quarter-end.
Acquisition integration: Mynaric contributed $13.2 million of Q2 revenue but a $13.2 million operating loss during Rocket Lab's ownership period in the quarter. Rocket Lab said on the earnings call that it had to replenish Mynaric's supply chain. Motiv is smaller but adds another integration effort. Acquisition benefits therefore depend on operational repair and manufacturing scale, not simply ownership.
Iridium transaction: The approximately $8.0 billion acquisition remains subject to Iridium shareholder approval, Federal Communications Commission consent, other regulatory approvals and closing conditions. The HSR waiting period has expired and the S-4 is effective, but financing remains a major variable. Rocket Lab carries up to $1.944 billion of remaining ATM capacity and is seeking to replace the $3.6 billion bridge commitment with permanent debt and equity sources. The transaction introduces financing, refinancing, dilution and integration risk before Rocket Lab receives any Iridium operating cash flow.
Government exposure and backlog quality: Major programs depend on U.S. appropriations, procurement schedules, technical milestones and exercised options. Rocket Lab's reported backlog excludes unexercised customer options, but contracts can still include termination rights. Announced maximum contract values should not be treated as guaranteed future revenue.
Q3 revenue and margin versus guidance; Neutron Stage 1 delivery to Launch Complex 3 and completion of integrated tests; whether a first Neutron launch remains possible in 2026; first GHOST/Launch Complex 4 mission preparations for 2027; SB-AMTI, GEO and SDA production milestones; backlog conversion; Mynaric margin and supply-chain normalization; Iridium shareholder and regulatory milestones; and execution of the $1.944B replacement ATM, permanent debt financing and Iridium shareholder/FCC milestones.
PB
AS
AR
FK
SO
AK
NA
EF
JO
KP
MS
AS| Filed | Form | Description | Link |
|---|---|---|---|
| 08/28/2026 | Form 4 | Arjun Kampani Rule 10b5-1 sale activity for transactions dated Aug. 27 | View → |
| 08/26/2026 | EFFECT | SEC notice declaring Rocket Lab's Iridium Form S-4 effective | View → |
| 08/24/2026 | S-4/A | Amended Iridium transaction registration statement / proxy statement-prospectus | View → |
| 08/13/2026 | 8-K | Iridium transaction progress: HSR expiration, FCC filings and financing strategy | View → |
| 08/13/2026 | 8-K | Replacement ATM carrying forward up to $1.944B of remaining unsold capacity | View → |
| 08/10/2026 | 10-Q | Q2 2026 quarterly report: $234.1M revenue, $2.36B backlog and $2.13B cash | View → |
| 08/10/2026 | 8-K | Q2 2026 results release and Q3 guidance | View → |
| 06/29/2026 | 8-K | Definitive agreement to acquire Iridium; approximately $8.0B enterprise value | View → |
| 02/26/2026 | 10-K | FY2025 annual report: $601.8M revenue and $198.2M net loss | View → |
A Rule 10b5-1 plan authorizes future transactions under preset conditions. A plan's maximum share count is not a completed sale. Sell-to-cover transactions used for tax withholding are distinct from discretionary sales.
| Date | Insider / Role | Type | Shares | Context |
|---|---|---|---|---|
| 08/27/2026 | Arjun Kampani · SVP, General Counsel | Sale | 6,034 | Automatic sale under a Rule 10b5-1 plan adopted 19-Sep-2025; Form 4 reported 4,600 shares at a weighted average $66.4961 and 1,434 at $67.1579. |
| 08/24/2026 | Adam Spice · CFO | Sell-to-cover | 9,677 | Tax-withholding sale tied to vesting/settlement of restricted stock units under a Rule 10b5-1 election; 1,155,967 direct shares remained after the reported transactions, plus 250,000 held indirectly by trust. |
| 08/24/2026 | Arjun Kampani · SVP, General Counsel | Sell-to-cover | 7,754 | Tax-withholding sale tied to restricted-stock-unit vesting; 256,951 direct shares remained after the reported transactions. |
| 07/06/2026 | Sir Peter Beck · CEO & Chair | Sale | 213,106 | Form 4 transaction by the Equatorial Trust. A related Form 144 proposed up to 5.0M shares under a Rule 10b5-1 plan adopted 27-Mar-2026. |
| 06/03/2026 | Adam Spice · CFO | 10b5-1 plan | Up to 2,522,826 | New trading plan disclosed in the Q2 Form 10-Q. The maximum includes shares issuable from vested options; it is not a completed sale. |
Rocket Lab's 2026 10-K incorporates ownership disclosures by reference to its proxy materials, while current insider transactions are reported under Section 16 on Forms 3, 4 and 5. Because institutional positions change between quarterly 13F reporting dates, this profile does not present stale institutional percentages as live holdings. The authoritative current layer is the SEC filing record.
Rocket Lab was founded in New Zealand in 2006 by Peter Beck and is now headquartered in Long Beach, California. Electron first reached orbit in January 2018. Rocket Lab later expanded from launch into spacecraft and satellite components and became publicly traded through a 2021 business combination.
Its component and spacecraft portfolio grew through acquisitions including Sinclair Interplanetary, Planetary Systems Corporation, Advanced Solutions Inc., SolAero, GEOST, Mynaric and Motiv Space Systems. Mynaric closed on 14-Apr-2026 and added laser optical communications. Motiv closed on 26-May-2026 and added flight-proven space robotics and precision mechanisms. The acquisitions broaden Rocket Lab's ability to supply major spacecraft programs without buying every critical subsystem from outside vendors.
National-security work has become a larger part of the company. Rocket Lab is building Space Development Agency transport and missile-warning spacecraft, operates HASTE for hypersonic and missile-defense testing and completed the VICTUS HAZE responsive-space demonstration for the U.S. Space Force. The August 2026 SB-AMTI award adds a program in which Rocket Lab combines spacecraft, Neutron launch and mission operations. Later in August, Rocket Lab also joined NITE-STAR, received $12 million in Space Data Network delivery orders and was selected by Viasat to provide a Lightning-GEO bus for the Space Force's Protected Tactical SATCOM-Global program.
Rocket Lab formally established Rocket Lab Germany GmbH on 10-Aug-2026. The company says the unit will support potential future scaling of satellite and component manufacturing in Germany, building on Mynaric's Munich footprint, while pursuing sovereign European launch and spacecraft opportunities.