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Companies · RKLB

RKLB Reported this cycle

Rocket Lab

Long Beach, CA Founded 2006 Defense & Aerospace

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Latest analysis

Updated Oct 14, 2026

Rocket Lab delays Neutron inaugural launch to 2027 amid development and manufacturing refinements.

Rocket Lab announced on October 14, 2026, that its Neutron medium-lift reusable rocket's first launch will shift into 2027, previously targeted for 2026. The company is progressing through key manufacturing and testing milestones and incorporating process improvements, with further updates expected as development continues. This represents a material delay to a flagship program that has been central to long-term growth strategy.

Tone: cautious

Revenue

$601.8M

RKLB 10-K · FY 2025

Employees

2,600

Revenue FY2024

$436.2M

Founded

2006

Profile

RKLB 10-K Item 1 · Feb 26, 2026

Rocket Lab is an end-to-end space company that designs, manufactures and launches small orbital rockets, spacecraft and spacecraft components for commercial and government customers. The company operates two primary business segments — Launch Services and Space Systems — supported by multiple launch complexes and a deeply vertically integrated manufacturing base. It is developing Neutron, a medium-lift reusable launch vehicle, to expand its addressable market beyond the small spacecraft segment.

Read filing description ↓

Rocket Lab is an end-to-end space company with an established track record of mission success. We deliver reliable launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, optical systems and other spacecraft and on-orbit management solutions that make it faster, easier and more affordable to access space. We provide customers with frequent, reliable and cost-effective access to orbit with Electron, a fully carbon composite launch vehicle powered by Rutherford, our electric turbopump 3D printed engines. Since our first Electron launch in 2017 through December 31, 2025, we have delivered over 200 spacecraft to orbit across 75 successful missions for commercial and government customers, including the United States Department of War, NASA, DARPA, the NRO, and a number of domestic and international commercial spacecraft operators. In 2025, Electron was the second most frequently launched orbital rocket. Consistent with our endeavor to provide end-to-end space solutions for our customers, Rocket Lab has expanded beyond launch services into space systems, delivering spacecraft design services, spacecraft components, spacecraft manufacturing, optical systems and other spacecraft and on-orbit management solutions. Our space systems business utilizes our launch services, merchant spacecraft components, spacecraft design services, our family of spacecraft products, partnerships with global ground network service providers, as well as our own ground station network, and on-orbit constellation management capabilities to provide customers complete solutions that encompass design, build, launch and on-orbit operations. We are also developing Neutron, a medium-lift reusable launch vehicle anticipated to carry approximately 13,000 kg to low Earth orbit, tailored for large constellation deployments, interplanetary missions and potentially human spaceflight.

Primary products

  • Electron (orbital small launch vehicle)
  • Neutron (medium-lift launch vehicle, in development)
  • HASTE (Hypersonic Accelerator Suborbital Test Electron)
  • Photon (spacecraft platform)
  • Reaction wheels
  • Star trackers

Business segments

Launch Services Space Systems

End markets

Commercial spacecraft operators U.S. Department of War NASA Defense Advanced Research Projects Agency National Reconnaissance Office Civil government Aerospace prime contractors

Geographies

United States New Zealand Canada

Named customers

United States Department of War NASA Defense Advanced Research Projects Agency (DARPA) National Reconnaissance Office (NRO) Blacksky Holdings Canon Kineis Capella Space

We derive a substantial amount of our revenues from only a few of our customers. A loss of, or default by, one or more of these major customers, or a material adverse change in any such customer's business or financial condition, could materially reduce our future revenues and contracted backlog.

Named competitors

Northrop Grumman SpaceX United Launch Alliance Lockheed Martin Corporation The Boeing Company Firefly Blue Origin Airbus
“We believe that we compete favorably across these factors.” Competitive position, as stated in the filing

Revenue commentary · FY 2025

Total revenues grew from $436.2 million in 2024 to $601.8 million in 2025, driven by growth in both product and service revenues across Launch Services and Space Systems.

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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.

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