Rocket Lab
What matters nowUpdated 7 h ago
- The most material recent development is the agreement, announced June 29, 2026, to buy satellite operator Iridium in a deal valued at about $8.0 billion in enterprise value; each Iridium share is valued at $54 in notional terms, paid as $27.00 in cash plus Rocket Lab stock, and closing is expected in mid-2027 1.
- The cash portion is backed by a 364-day, $3.6 billion bridge term loan committed on June 28 2, and in Q2 the company sold 8.15 million shares under its at-the-market programs for $1.07 billion net of costs 3.
- Q2 2026 revenue reached a record $234.1 million, up 62% from a year earlier 4; trailing revenue is $769.1 million (up 52.5% year on year), with a 37.3% gross margin, a -29.1% operating margin and trailing free cash flow of -$371.1 million as of June 30, 2026.
- The stock fell 5.28% on Oct 12 and 5.08% on Oct 8 and rose 10.49% on Sep 21; the pooled 24/7 venue price is $63.55, down 2.72% from the previous close of $65.32, with a market cap of about $38.0 billion and a price-to-sales ratio of 49.4.
- Insiders sold 4.25 million shares worth $389.8 million over the last 180 days across 24 sales, 17 of them under planned trading arrangements, and bought none.
- Next: Q3 2026 results are expected on Nov 10, 2026 (not confirmed), and the first Neutron launch is targeted for Q4 2026. Polymarket puts the odds of RKLB hitting $76 in October at 21%, $80 at 11.5%, and dipping to $60 at 61%. The September CPI report is due Oct 14, 2026.
Rocket Lab investor relations, press release (June 29, 2026) · Jun 29
SEC EDGAR, Rocket Lab Form 10-Q for the quarter ended June 30, 2026 · Jun 28
SEC EDGAR, Rocket Lab Form 10-Q for the quarter ended June 30, 2026 · Jun 30
SEC EDGAR · Aug 10
Rocket Lab builds and launches small and medium rockets and builds spacecraft. Its launch business flies the Electron and HASTE rockets, and its Space Systems business makes satellite components and complete spacecraft for government and commercial customers. Revenue hit a record $234.1 million in Q2 2026, up 62% from a year earlier, and the backlog reached $2.36 billion. The company is still spending heavily on Neutron, a medium-lift rocket whose first launch is now targeted for Q4 2026, and it agreed in June 2026 to buy satellite operator Iridium in a deal valued at about $8 billion.
How it makes money
Rocket Lab earns most of its money from Space Systems, which builds spacecraft and components under multi-year government and commercial contracts, and from launch services that sell Electron rides on dedicated or shared missions and HASTE suborbital flights for defense customers. Revenue is recognized as contracts are delivered, and the company reports a large backlog of contracted work. Its Neutron rocket and the planned Iridium acquisition are investments that do not yet produce meaningful revenue.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Electron and HASTE launch services
Flying routinely: 21 missions in 2025 with no failures, and Launch Services revenue of $44.6M in Q2 2026.
Space Systems
Growing fast: Space Systems revenue nearly doubled in Q2 2026, and the company's $816M SDA Tracking Layer contract is in its backlog.
Mynaric laser communications
Acquired in April 2026. It supplies laser communication terminals for the SDA satellites Rocket Lab builds.
GEOST payloads
Acquired in August 2025. It builds electro-optical and infrared payloads for defense and intelligence satellites.
Latest newsAll news →
Rocket Lab signs 20-launch Electron deal with Synspective, its largest commercial Electron contract
Rocket Lab signed a multi-year agreement with Synspective for 20 Electron launches carrying StriX radar satellites from Launch Complex 1 in New Zealand.
Iridium shareholders approve Rocket Lab merger; deal expected to close mid-2027
Iridium Communications shareholders adopted the merger agreement with Rocket Lab at a special meeting on September 24, 2026.
Electron launches 96th mission, the 12th StriX satellite for Synspective
Rocket Lab's Electron launched its 96th mission, Owl By The Dozen, from Launch Complex 1 in New Zealand on September 19, 2026 local time.
Electron launches 94th mission, deploying Synspective StriX radar satellite
Rocket Lab's Electron launched its 94th mission, named Owl Around The World, from Launch Complex 1 in New Zealand on September 3, 2026 local time.
Electron launches 93rd mission, deploying an iQPS radar satellite
Rocket Lab's Electron launched its 93rd mission from Launch Complex 1 in New Zealand on August 21, 2026 local time, deploying an iQPS QPS-SAR radar satellite into a 575 km low Earth orbit.
Rocket Lab reports fiscal Q2 2026 results: revenue $234.1M, up 62% from a year earlier
Rocket Lab filed a Form 8-K with the SEC on Aug 10, 2026, 4:08 PM ET, reporting an event dated Aug 10, 2026.
Products & businesses
Electron and HASTE launch services
Flying routinely: 21 missions in 2025 with no failures, and Launch Services revenue of $44.6M in Q2 2026.
Space Systems
Growing fast: Space Systems revenue nearly doubled in Q2 2026, and the company's $816M SDA Tracking Layer contract is in its backlog.
Mynaric laser communications
Acquired in April 2026. It supplies laser communication terminals for the SDA satellites Rocket Lab builds.
GEOST payloads
Acquired in August 2025. It builds electro-optical and infrared payloads for defense and intelligence satellites.
What it's building next
Neutron
First launch targeted for Q4 2026, after a January 2026 tank rupture pushed the schedule back.
Next: Stage 1 fuel tank ruptured during a water loading test · 2026-01-21
Iridium satellite network (pending acquisition)
Iridium stockholders approved the merger in September 2026. Closing is expected in mid-2027, subject to regulatory approvals.
Next: Expected closing of the Iridium acquisition · 2027-06-30
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Launch Services Electron and HASTE launches for commercial, government and defense customers, sold as dedicated missions or shared rideshare flights. Launch Services revenue was roughly flat to down in Q2 2026, while Space Systems carried most of the growth. | $199.0M | 33.0% | |
| Space Systems Spacecraft components, complete satellites and spacecraft manufacturing for government and commercial customers, including the Space Development Agency tracking satellites. This is now the larger of the two segments and drives most of the backlog. | $402.8M | 67.0% |
Fiscal FY2025 · from the annual report
Valuation & fundamentals
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q2 FY2026 2026-06-30 | Q1 FY2026 2026-03-31 | Q4 FY2025 2025-12-31 | Q3 FY2025 2025-09-30 | Q2 FY2025 2025-06-30 | Q1 FY2025 2025-03-31 | Q4 FY2024 2024-12-31 | Q3 FY2024 2024-09-30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $769.1M | $234.1M +62% | $200.3M +63% | $179.7Md +36% | $155.1M +48% | $144.5M +36% | $122.6M +32% | $132.4Md +121% | $104.8M +55% |
| Gross profit | $286.6M | $84.6M +82% | $76.5M +117% | $68.2Md +85% | $57.3M +105% | $46.4M +71% | $35.2M +46% | $36.8Md +138% | $28.0M +87% |
| Operating income | −$223.5M | −$57.5M | −$56.0M | −$51.0Md | −$59.0M | −$59.6M | −$59.2M | −$51.5Md | −$51.9M |
| Net income | −$165.5M | −$49.3M | −$45.0M | −$52.9Md | −$18.3M | −$66.4M | −$60.6M | −$52.3Md | −$51.9M |
| EPS (diluted) | $-0.27 | $-0.08 | $-0.07 | $-0.09d | $-0.03 | $-0.13 | $-0.12 | $-0.10d | $-0.10 |
| Operating cash flow | −$222.5M | −$84.1Md | −$50.3M | −$64.5Md | −$23.5Md | −$23.2Md | −$54.2M | −$2.4Md | −$30.9Md |
| Capital expenditure | $148.7M | $26.0Md -19% | $27.1M -6% | $49.7Md +130% | $45.9Md +317% | $32.0Md +109% | $28.7M +50% | $21.6Md +107% | $11.0Md -48% |
| Cash & equivalents | $2.13B | $2.13B | $1.21B | $828.7M | $807.9M | $564.1M | $303.1M | $271.0M | $292.5M |
| Total debt | $13.1M | $13.1M | $36.9M | $152.4M | $347.0M | $346.5M | $345.9M | $345.4M | $61.2M |
| Shares outstanding | 598.2M | 598.2M | 575.8M | 543.6M | 496.2M | 479.3M | 460.5M | 504.5M | 499.7M |
| Metric | FY2025 2025-12-31 | FY2024 2024-12-31 | FY2023 2023-12-31 | FY2022 2022-12-31 |
|---|---|---|---|---|
| Revenue | $601.8M +38% | $436.2M +78% | $244.6M +16% | $211.0M |
| Cost of revenue | $394.6M +23% | $320.1M +66% | $193.2M +1% | $192.0M |
| Gross profit | $207.2M +78% | $116.1M +126% | $51.4M +171% | $19.0M |
| Research & development | $270.7M +55% | $174.4M +46% | $119.1M +83% | $65.2M |
| Operating income | −$228.8M | −$189.8M | −$177.9M | −$135.2M |
| EBIT | −$228.8M | −$189.8M | −$177.9M | −$135.2M |
| Depreciation & amortization | $43.9M +31% | $33.7M +13% | $29.7M -1% | $29.9M |
| Interest expense | $26.5M +1% | $26.2M +49% | $17.5M | — |
| Income tax | −$27.7M -3724% | $764.0K -79% | $3.6M +22% | $3.0M |
| Net income | −$198.2M | −$190.2M | −$182.6M | −$135.9M |
| EPS (diluted) | $-0.37 | $-0.38 | $-0.38 | $-0.29 |
| Diluted shares (weighted) | 530.7M | 495.9M | 481.8M | 466.2M |
| Operating cash flow | −$165.5M | −$48.9M | −$98.9M | −$106.5M |
| Capital expenditure | $156.3M +133% | $67.1M +23% | $54.7M +29% | $42.4M |
| Cash & equivalents | $828.7M | $271.0M | $162.5M | $242.5M |
| Long-term debt (incl. current portion) | $152.4M | $345.4M | $0 | $100.0M |
| Total debt | $152.4M | $345.4M | $0 | $102.9Md |
| Total assets | $2.32B | $1.18B | $941.2M | $989.1M |
| Total liabilities | $602.6M | $801.9M | $386.7M | $315.9M |
| Shareholders' equity | $1.72B | $382.5M | $554.5M | $673.2M |
| Shares outstanding | 543.6M | 504.5M | 488.9M | 475.4M |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
Rocket Lab signs 20-launch Electron deal with Synspective, its largest commercial Electron contract
Rocket Lab signed a multi-year agreement with Synspective for 20 Electron launches carrying StriX radar satellites from Launch Complex 1 in New Zealand.
Iridium shareholders approve Rocket Lab merger; deal expected to close mid-2027
Iridium Communications shareholders adopted the merger agreement with Rocket Lab at a special meeting on September 24, 2026.
Electron launches 96th mission, the 12th StriX satellite for Synspective
Rocket Lab's Electron launched its 96th mission, Owl By The Dozen, from Launch Complex 1 in New Zealand on September 19, 2026 local time.
Electron launches 94th mission, deploying Synspective StriX radar satellite
Rocket Lab's Electron launched its 94th mission, named Owl Around The World, from Launch Complex 1 in New Zealand on September 3, 2026 local time.
Electron launches 93rd mission, deploying an iQPS radar satellite
Rocket Lab's Electron launched its 93rd mission from Launch Complex 1 in New Zealand on August 21, 2026 local time, deploying an iQPS QPS-SAR radar satellite into a 575 km low Earth orbit.
Rocket Lab reports fiscal Q2 2026 results: revenue $234.1M, up 62% from a year earlier
Rocket Lab filed a Form 8-K with the SEC on Aug 10, 2026, 4:08 PM ET, reporting an event dated Aug 10, 2026.
Rocket Lab says the window for a 2026 Neutron debut is narrowing
In its filing ahead of the Q2 2026 earnings call, Rocket Lab said the window for an end-of-year Neutron launch is narrowing and that the debut could slip into 2027.
Rocket Lab introduces GHOST launch system, first site in Kodiak, Alaska
Rocket Lab introduced GHOST, a globally deployable launch system, with its first site at Launch Complex 4 at the Pacific Spaceport Complex in Kodiak, Alaska.
CEO Peter Beck's trust sells 3.28M Rocket Lab shares for about $286M under a 10b5-1 plan
Form 4 filings show Peter Beck's Equatorial Trust sold 3,275,779 Rocket Lab shares on July 6, 7 and 8, 2026, at prices from about $81.59 to $101.57.
Rocket Lab sells 8.15M shares in Q2 ATM for $1.07B net
From April through June 2026 Rocket Lab sold 8,152,223 shares under its at-the-market programs for $1.07 billion net of costs.
Rocket Lab agrees to buy Iridium in about $8B cash-and-stock deal
Rocket Lab agreed to acquire satellite operator Iridium Communications, a deal valued at about $8.0 billion in enterprise value, announced June 29, 2026 under a merger agreement dated June 28.
Rocket Lab lines up $3.6B 364-day bridge loan for Iridium cash payment
Rocket Lab obtained a commitment for a 364-day, $3.6 billion senior secured bridge term loan from Deutsche Bank and Wells Fargo, dated June 28, 2026.
Rocket Lab names Agostino Ricupati chief accounting officer
Rocket Lab appointed Agostino Ricupati as Vice President, Corporate Controller and Chief Accounting Officer, effective June 3, 2026.
Rocket Lab acquires Motiv Space Systems for $40M cash plus earnout
Rocket Lab acquired Motiv Space Systems on May 26, 2026 for $40 million in cash plus up to $20 million of stock-based earnout payments.
Rocket Lab enters new equity distribution agreement on May 20
On May 20, 2026 Rocket Lab entered a new equity distribution agreement for its at-the-market program, and it sold shares under that agreement before June 30.
Rocket Lab posts record Q1 revenue of $200.3M and guides Q2 to $225M-$240M
Rocket Lab reported first-quarter 2026 revenue of $200.3 million, up 63.5% from $122.6 million a year earlier, with a record GAAP gross margin of 38.2%.
Rocket Lab completes acquisition of Mynaric laser communications maker
Rocket Lab completed its acquisition of Mynaric AG, the Munich maker of laser optical communication terminals, on April 14, 2026.
Rocket Lab sells 6.36M shares for $450.3M gross under its ATM in Q1
In the first quarter of 2026 Rocket Lab sold 6,358,097 shares under its at-the-market program for $450.3 million gross proceeds, with $5.4 million of issuance costs.
Convertible noteholders convert $118.1M of notes into 23.0M Rocket Lab shares
During the first quarter of 2026 holders converted about $118.1 million of principal on Rocket Lab's convertible senior notes into 23,033,250 common shares.
CEO Peter Beck cuts base salary to $1 and forfeits 392,155 unvested RSUs
Rocket Lab amended the employment agreement of Chairman and CEO Peter Beck on March 30, 2026.
Rocket Lab signs equity distribution agreement for up to $1B of stock
On March 17, 2026 Rocket Lab signed an equity distribution agreement that allows it to sell up to $1 billion of common stock through an at-the-market program.
Rocket Lab reports fiscal Q4 2025 results: revenue $179.7M, up 36% from a year earlier
Rocket Lab filed a Form 8-K with the SEC on Feb 26, 2026, 4:09 PM ET, reporting an event dated Feb 26, 2026.
Rocket Lab discloses $816M Space Development Agency satellite contract
Rocket Lab listed an $816 million prime contract from the Space Development Agency among its fourth-quarter 2025 highlights.
Neutron Stage 1 tank ruptures during hydrostatic pressure test
Rocket Lab disclosed that qualification testing of the Neutron rocket's Stage 1 tank ended in a rupture during a hydrostatic pressure trial.
Rocket Lab reports fiscal Q3 2025 results: revenue $155.1M, up 48% from a year earlier
Rocket Lab filed a Form 8-K with the SEC on Nov 10, 2025, 4:18 PM ET, reporting an event dated Nov 7, 2025.
SEC filings
| Oct 2, 26 | 4 | Form 4: Spice Adam C. (Chief Financial Officer) — option exercise 140,157 sh, open-market sale 140,157 sh | sec.gov ↗ |
| Oct 1, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 15, 26 | 425 | 425: 8-K | sec.gov ↗ |
| Sep 15, 26 | 8-K | 8-K: Regulation FD Disclosure, Other Events (Items 7.01, 8.01) | sec.gov ↗ |
| Sep 4, 26 | 4 | Form 4: Spice Adam C. (Chief Financial Officer) — option exercise 140,157 sh, open-market sale 140,157 sh | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: Saintil Merline (Director) — gift 523,806 sh | sec.gov ↗ |
| Sep 2, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 28, 26 | 4 | Form 4: Klein Frank (Chief Operations Officer) — open-market sale 35,558 sh | sec.gov ↗ |
| Aug 28, 26 | 4 | Form 4: Kampani Arjun (SVP & General Counsel) — open-market sale 6,034 sh | sec.gov ↗ |
| Aug 27, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 27, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 27, 26 | EFFECT | EFFECT: Filing | sec.gov ↗ |
| Aug 26, 26 | 4 | Form 4: Spice Adam C. (Chief Financial Officer) — open-market sale 9,677 sh | sec.gov ↗ |
| Aug 26, 26 | 4 | Form 4: Ricupati Agostino (VP Corp Controller & CAO) — open-market sale 669 sh | sec.gov ↗ |
| Aug 26, 26 | 4 | Form 4: Klein Frank (Chief Operations Officer) — open-market sale 45,692 sh | sec.gov ↗ |
| Aug 26, 26 | 4 | Form 4: Kampani Arjun (SVP & General Counsel) — open-market sale 7,754 sh | sec.gov ↗ |
| Aug 26, 26 | 4 | Form 4: Clevenger Marvin Bradford (President, Rocket Lab USA, Inc) — open-market sale 15,051 sh | sec.gov ↗ |
| Aug 26, 26 | 424B3 | 424B3: Filing | sec.gov ↗ |
| Aug 24, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 24, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 24, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 24, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 24, 26 | S-4/A | S-4/A: Filing (amended) | sec.gov ↗ |
| Aug 18, 26 | 4 | Form 4: Spice Adam C. (Chief Financial Officer) — gift 30,000 sh | sec.gov ↗ |
| Aug 13, 26 | 425 | 425: Filing | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-01 | Spice Adam C. Chief Financial Officer | Sale 10b5-1 plan | 140.2K | $70.82 | $9.9M |
| 2026-09-02 | Spice Adam C. Chief Financial Officer | Sale 10b5-1 plan | 140.2K | $62.63 | $8.8M |
| 2026-08-27 | Kampani Arjun SVP & General Counsel | Sale 10b5-1 plan | 6.0K | $66.65 | $402.2K |
| 2026-08-27 | Klein Frank Chief Operations Officer | Sale 10b5-1 plan | 35.6K | $66.61 | $2.4M |
| 2026-08-24 | Clevenger Marvin Bradford President, Rocket Lab USA, Inc | Sale 10b5-1 plan | 15.1K | $69.63 | $1.0M |
| 2026-08-24 | Kampani Arjun SVP & General Counsel | Sale 10b5-1 plan | 7.8K | $69.63 | $539.9K |
| 2026-08-24 | Klein Frank Chief Operations Officer | Sale 10b5-1 plan | 45.7K | $69.63 | $3.2M |
| 2026-08-24 | Ricupati Agostino VP Corp Controller & CAO | Sale | 669 | $69.63 | $46.6K |
| 2026-08-24 | Spice Adam C. Chief Financial Officer | Sale 10b5-1 plan | 9.7K | $69.63 | $673.8K |
| 2026-07-08 | Beck Peter CEO, Director | Sale 10b5-1 plan | 991.0K | $82.86 | $82.1M |
| 2026-07-07 | Beck Peter CEO, Director | Sale 10b5-1 plan | 1.3M | $84.92 | $110.3M |
| 2026-07-06 | Beck Peter CEO, Director | Sale 10b5-1 plan | 986.2K | $95.33 | $94.0M |
| 2026-06-18 | Kampani Arjun SVP & General Counsel | Sale | 88.0K | $107.98 | $9.5M |
| 2026-06-02 | Slusky Alexander R Director | Sale | 40.0K | $123.60 | $4.9M |
| 2026-05-28 | Kampani Arjun SVP & General Counsel | Sale 10b5-1 plan | 23.8K | $147.43 | $3.5M |
| 2026-05-28 | Clevenger Marvin Bradford President, Rocket Lab USA, Inc | Sale | 3.5K | $146.67 | $513.4K |
| 2026-05-28 | Klein Frank Chief Operations Officer | Sale 10b5-1 plan | 36.9K | $147.42 | $5.4M |
| 2026-05-28 | Slusky Alexander R Director | Sale | 60.0K | $149.40 | $9.0M |
| 2026-05-27 | Kampani Arjun SVP & General Counsel | Sale 10b5-1 plan | 70.0K | $145.13 | $10.2M |
| 2026-05-26 | Clevenger Marvin Bradford President, Rocket Lab USA, Inc | Sale | 15.5K | $142.57 | $2.2M |
| 2026-05-26 | Kampani Arjun SVP & General Counsel | Sale 10b5-1 plan | 28.7K | $142.57 | $4.1M |
| 2026-05-26 | Klein Frank Chief Operations Officer | Sale 10b5-1 plan | 44.4K | $142.57 | $6.3M |
| 2026-05-26 | Spice Adam C. Chief Financial Officer | Sale 10b5-1 plan | 62.7K | $142.57 | $8.9M |
| 2026-05-12 | Slusky Alexander R Director | Sale | 100.0K | $118.08 | $11.8M |
| 2026-03-06 | Saintil Merline Director | Sale | 18.1K | $75.04 | $1.4M |