Company Profile
Founding
Rocket Lab (ticker: RKLB) was founded in 2006 and is headquartered in Long Beach, California. Founded in 2006 by New Zealand engineer Peter Beck, it established its headquarters in California in 2013 and has a wholly-owned subsidiary in New Zealand.
Main Services
Rocket Lab’s primary business is the development of small rockets and providing commercial rocket launch services. It is a well-known space manufacturer and small satellite launch service provider.
Rocket Lab provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; constellation management services; and the design and manufacture of small and medium-sized rockets.
The company also designs, manufactures, and sells Electron, a small orbital launch vehicle for small spacecraft launch services, and develops neutron launch vehicles for large constellation deployments, interplanetary missions, and potential manned spaceflight.
Initial Public Offering
Rocket Lab began trading on the Nasdaq Stock Exchange on August 25, 2021, following its merger with Vector Acquisition through a SPAC.
Major Clients
In February 2020, NASA selected Rocket Lab to launch the CAPSTONE satellite using its Electron rocket and deploy it to lunar orbit aboard the Photon spacecraft platform.
In January 2024, Rocket Lab became the prime contractor for the US Space Force’s (USSF) $515 million military satellite program, its largest contract to date.
In March 2026, Rocket Lab signed a $190 million contract with the US Department of War to conduct a series of hypersonic test flights using its HASTE launch vehicle.
On April 22, 2026, the company launched eight satellites into orbit for the Japan Aerospace Exploration Agency (JAXA)—its second mission specifically for JAXA in recent months.
Main Competitors
Rocket Lab’s main competitors include Firefly Aerospace (ticker: FLY), SpaceX, and Blue Origin.
Operating Performance
2025 Performance
Rocket Lab was not profitable until 2025, but its full-year revenue reached $602 million, a year-over-year increase of 38%. The company reported a net loss per share of $0.09 in the fourth quarter. However, its overall gross margin reached 34.4%. Its order backlog was $1.85 billion, a year-over-year increase of 73%. It remained unprofitable, with negative EBITDA; it expects to become profitable this year, or at worst next year.
Overall performance is above average
In 2025, the company acquired Geost, LLC, a rapidly growing manufacturer of low-cost, high-performance optical systems founded in 2004. Geost primarily provides optical systems for critical national security space missions and serves a national security space customer base.
Rocket Lab’s launch services and satellite platform business, particularly the successful maiden launch of its Neutron II medium-lift launch vehicle last year, demonstrates the competitiveness of its commercial launch and satellite system components business. The stock price is expected to perform well from 2025 to early 2026.
100% Launch Success Rate
The company operates efficiently, successfully completing 21 launches last year with a 100% success rate. This helped it secure an $816 million contract from the U.S. Space Development Agency (SDA). Its space systems business (including satellites and other spacecraft) now accounts for approximately 67% of its revenue. Rocket Lab has positioned itself as a company providing comprehensive space solutions.
Neutron Launch Vehicle
Satellite-related revenue accounts for 85% of the company’s total revenue, and the company supplies satellite components to SpaceX. Investors should pay close attention to the most important factors: the launch schedule of the Neutron medium-lift launch vehicle, scheduled for release at the end of this year, and the efficiency of large satellite platform contract execution.
Its most significant growth driver is yet to be launched. The upcoming Neutron medium-lift launch vehicle will allow Rocket Lab to directly compete with SpaceX’s flagship Falcon 9 rocket, at a cost approximately $15 million less per launch.
Capital Market Performance
Valuation
Rocket Lab has a market capitalization of $49 billion and a price-to-sales ratio of 74, with a gross margin of 31.66%. By conventional standards, this represents a premium.
Investment Risks
Such a high valuation multiple indicates that the company needs near-perfect performance. The upcoming milestone is the launch of the Neutron rocket, a more powerful platform that will more directly challenge SpaceX’s Falcon 9. Launch is expected later in 2026. Any delays could trigger a sharp drop in the stock price.
Rocket Lab’s valuation also needs careful examination. Over the past 52 weeks, Rocket Lab’s stock price has fluctuated between $20.23 and $99.58, highlighting the stock’s inherent volatility. Assuming its operational excellence continues, Rocket Lab has significant growth potential.
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