Rocket Lab Corporation (RKLB) — Company Research

Last Updated: 2026-05-09

Rocket Lab Corporation (NASDAQ: RKLB) is the only U.S. public pure-play small-launch operator with a regular orbital cadence — and after this week's Q1 2026 results, it is rapidly becoming a space-systems prime as well. The stock closed Friday at $105.47, up roughly 34% on the day on the back of record Q1 revenue, raised Q2 guidance and a backlog that pushed past $2.2 billion. The shares now trade at the very top of their 52-week range ($20.89–$105.62) and the market capitalisation has reached $61.04 billion. The numbers below are drawn from the company's FY2025 10-K (filed 26 February 2026), the FY2025 P&L pulled from EDGAR XBRL, the most recent quarterly tape, and the press release / 8-K cycle that accompanied this week's Q1 2026 print.

1. Company Snapshot

| Field | Value | |---|---| | Company | Rocket Lab Corporation | | Ticker | RKLB (NASDAQ) | | Sector / Industry | Industrials / Aerospace & Defense | | Market cap | $61.04 billion | | Enterprise value | $59.80 billion | | Revenue (FY2025) | $601.8 million | | Employees | 2,600 (FY2025 10-K, as of 31 Dec 2025) | | CEO / Founder | Sir Peter Beck | | Headquarters | 3881 McGowen Street, Long Beach, California | | Website | https://rocketlabcorp.com | | Country of incorporation | United States (Delaware) | | Fiscal year end | 31 December | | Currency | USD | | Share price (2026-05-09) | $105.47 | | Shares outstanding | 578.75 million | | CIK | 0001819994 |

Per the FY2025 10-K (Item 1, filed 2026-02-26): Rocket Lab USA, Inc. completed a holding-company reorganisation on 23 May 2025, becoming a wholly owned subsidiary of Rocket Lab Corporation; common stock converted one-for-one. Rocket Lab USA itself was the surviving entity from the August 2021 SPAC merger with Vector Acquisition Corporation.

2. Bull Case vs Bear Case

Bull case - Revenue accelerating: FY2025 revenue grew 38% to $601.8 million, on top of 78% growth in FY2024; Q1 2026 came in at $200.35 million per recent_news (+63.5% YoY versus the JSON-recorded Q1 2025 of $122.6 million). - Backlog has ballooned: per the FY2025 10-K (Item 7, filed 2026-02-26): backlog rose from $1,067.0 million at year-end 2024 to $1,847.3 million at year-end 2025; recent_news reports it has now passed $2.20 billion after the largest launch contract in company history was signed alongside Q1 2026 results. - A genuine end-to-end space prime is emerging: per the FY2025 10-K (Item 1, filed 2026-02-26): the company has flight hardware on more than 1,800 missions through GEOST and earlier acquisitions, and the SDA Tranche 3 satellite award (signed 17 Dec 2025) carries a base value of $806 million plus $10 million in options. - Operating leverage is starting to show: gross margin expanded from 26.6% in FY2024 to 34.4% in FY2025; per the FY2025 10-K (Item 7, filed 2026-02-26): cost per launch fell from $7.0 million in 2023 to $5.7 million in 2024 to $4.8 million in 2025 while revenue per launch climbed from $7.1 million to $8.5 million over the same period. - Liquidity is now substantial: $828.7 million of cash and cash equivalents at year-end 2025 versus $271.0 million a year earlier; current ratio is 4.08x.

Bear case - Still unprofitable at every line: FY2025 operating loss of $228.8 million (-38.0% margin) widened from the FY2024 loss of $189.8 million; net loss was $198.2 million; FY2025 free cash flow was -$321.8 million. - Valuation is extreme on every disclosed metric: P/S of 101.4x trailing revenue, EV/Revenue of 99.4x, P/B of 35.5x. There is no trailing P/E because the company is loss-making, and the yfinance forward P/E of 18,247 implies forward EPS only marginally above zero. - Neutron, the medium-lift vehicle that underwrites the long-term thesis, is delayed: per the FY2025 10-K (Item 7, filed 2026-02-26): a first-stage tank failed during qualification testing in January 2026, pushing first launch to Q4 2026 with management explicitly flagging that "risk and uncertainty remains." - Heavy ongoing capital intensity: capex was $156.3 million in FY2025, R&D was $270.7 million (up 55% YoY), and management told the 10-K that further development could "require more research, development and capital expenditures than we currently anticipate." - Heavy insider selling in early 2026: the CFO sold 1,365,665 shares for $103.1 million on 5 Jan 2026, and CEO Peter Beck, COO Frank Klein, GC Arjun Kampani and director Merline Saintil all transacted at multi-million-dollar dollar values in January–March 2026 (the data extract does not disclose whether these were 10b5-1 or discretionary). - Customer concentration in U.S. government work: the Department of War, NASA, DARPA and NRO are recurring named customers, and per the FY2025 10-K (Item 1, filed 2026-02-26): U.S. government contracts may be terminated for convenience or default at the customer's discretion.

3. What Does This Company Actually Do?

Rocket Lab builds and launches small rockets, builds satellites and satellite components, and increasingly operates as a national-security space prime. Per the FY2025 10-K (Item 1, filed 2026-02-26): the business reports two segments — Launch Services and Space Systems.

Per the FY2025 10-K (Item 7, filed 2026-02-26): FY2025 revenue split was:

| Segment | FY2025 revenue | % of total | YoY growth | |---|---|---|---| | Space Systems | $402.8 million | 66.9% | +30% | | Launch Services | $199.0 million | 33.1% | +59% | | Total | $601.8 million | 100% | +38% |

(Components sum: 402.8 + 199.0 = 601.8 = 100% of disclosed revenue; 66.9% + 33.1% = 100%.)

Launch Services. Per the FY2025 10-K (Item 1, filed 2026-02-26): Electron is a fully carbon-composite small-class launch vehicle propelled by ten 3D-printed, electric-turbopump Rutherford engines; it can place up to 300 kg into low-Earth orbit. Through 31 December 2025, Electron had flown 75 successful missions and delivered over 200 spacecraft to orbit; the filing notes 77 successful missions through 26 February 2026, the date of the filing. Electron was the second-most-frequently-launched orbital rocket in 2025. The company also operates HASTE, a suborbital testbed derived from Electron used for U.S. hypersonic testing.

Space Systems. Per the FY2025 10-K (Item 1, filed 2026-02-26): the company sells reaction wheels, star trackers, radios, separation systems (motorised lightband and CSD dispensers), high-voltage space-grade batteries, solar cells / Coverglass Interconnected Cells / solar arrays, optical systems and command-and-control software, alongside complete spacecraft (the Photon family), constellation management and ground services. The acquisition history that built this segment is — Sinclair Interplanetary (April 2020), Advanced Solutions, Incorporated (October 2021), Planetary Systems Corporation (November 2021), SolAero Technologies Corp (January 2022) and GEOST (August 2025). The company has flight hardware on over 1,800 missions to date. The Albuquerque, New Mexico facility produces solar cells through to integrated arrays; the Tucson, Arizona facility produces electro-optical and infrared (EO/IR) sensor payloads for national-security space missions.

4. The Business Model

Rocket Lab's revenue mix is built on long-term, mostly fixed-price contracts. Per the FY2025 10-K (Item 7, filed 2026-02-26): revenues are recognised either at point-in-time (typically launch milestones) or over-time (cost-incurred / cost-to-complete percentage of completion for spacecraft programmes). Margins compound as launch cadence and satellite manufacturing volumes increase against a fixed manufacturing footprint.

Per the FY2025 10-K (Item 7, filed 2026-02-26): in FY2025 the company built approximately 24 Electron launch vehicles (versus 14 in FY2024 and 11 in FY2023) and flew 21 missions (versus 16 in FY2024 and 10 in FY2023). Revenue per launch averaged $8.5 million in FY2025, up from $7.8 million in FY2024 and $7.1 million in FY2023; cost per launch dropped from $7.0 million in FY2023 to $5.7 million in FY2024 and $4.8 million in FY2025, attributed to "efficiencies of scale."

Gross margin trajectory mirrors the cadence story. Per the FY2025 10-K (Item 7, filed 2026-02-26): cost of revenues was 65.6% of revenue in FY2025 versus 73.4% in FY2024 and 79.0% in FY2023, lifting gross margin from 21.0% to 26.6% to 34.4%. Operating expenses, however, are still climbing in absolute dollars — R&D was $270.7 million in FY2025 (up 55% YoY, primarily Neutron and the spacecraft / components portfolio), and SG&A was $165.3 million (up 26%, citing acquisition pipeline and headcount). Net result: an FY2025 operating loss of $228.8 million on $601.8 million of revenue, an operating margin of -38.0%.

Vertical integration and sole-source exposure. Per the FY2025 10-K (Item 1, filed 2026-02-26): Rocket Lab manufactures Rutherford and the Neutron-class Archimedes engine in-house in Long Beach; composite tanks, kick stages and avionics are built in Auckland, New Zealand; solar cells in Albuquerque, New Mexico; optical payloads in Tucson, Arizona. The 10-K acknowledges that "in some cases we also purchase various inputs and services from a sole source" and manages that risk via buffer stock on long-lead items.

Government revenue and regulatory dependency. Customer disclosures repeatedly highlight the U.S. Department of War (DoW), NASA, DARPA and NRO. The dollar split of government versus commercial revenue is not disclosed in this report's source data — the 10-K narrative cites government customers extensively but does not isolate a percentage of revenue from federal contracts. Per the FY2025 10-K (Item 1, filed 2026-02-26): the U.S. government may terminate contracts for convenience or default; convenience terminations generally allow recovery of incurred costs and profit thereon, default terminations could result in payment only for work accepted and may carry penalties.

There are no dividends and no buybacks of consequence: dividends_paid is null in every annual period in the dataset, and stock_buybacks is null or zero in every year except 2021 (when -$30.4 million of buybacks was recorded prior to the SPAC).

5. Financial Health

Five-year annual trends (US$ millions, fiscal year ended 31 December):

| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |---|---|---|---|---|---| | Revenue | n/d | 211.0 | 244.6 | 436.2 | 601.8 | | Revenue growth YoY | n/d | n/d | +15.9% | +78.3% | +38.0% | | Gross profit | n/d | 19.0 | 51.4 | 116.1 | 207.2 | | Operating income | (102.1) | (135.2) | (177.9) | (189.8) | (228.8) | | Net income | n/d | (135.9) | (182.6) | (190.2) | (198.2) | | Diluted EPS ($) | (0.56) | (0.29) | (0.38) | (0.38) | n/d | | Operating cash flow | n/d | (106.5) | (98.9) | (48.9) | (165.5) | | Capex | n/d | (42.4) | (54.7) | (67.1) | (156.3) | | Free cash flow | n/d | (149.0) | (153.6) | (116.0) | (321.8) | | Cash & equivalents | n/d | 242.5 | 162.5 | 271.0 | 828.7 | | Total debt | n/d | 152.8 | 176.7 | 468.4 | 254.0 | | Total equity | n/d | 673.2 | 554.5 | 382.5 | 1,721.9 | | Shares diluted (m) | 209.9 | 466.2 | 481.8 | 495.9 | n/d |

Notes: "n/d" indicates not disclosed in this report's source data (FY2021 income-statement detail is not in the current dataset; FY2025 EPS / share count are not populated in the JSON, although per the FY2025 10-K (Item 7, filed 2026-02-26): the FY2025 net loss is $198.2 million, matching the JSON). The FY2024 to FY2025 jump in total equity ($382.5m → $1,721.9m) and reduction in total debt ($468.4m → $254.0m) reflects the year's capital raises and convertible activity; per the FY2025 10-K (Item 7, filed 2026-02-26): FY2025 funding sources also included ATM equity offerings and the GEOST acquisition, while FY2025 included a $5.9 million loss on extinguishment of debt.

Last five quarters (US$ millions):

| Quarter | Revenue | Gross profit | Gross margin | Operating loss | Net loss | Diluted EPS ($) | Free cash flow | |---|---|---|---|---|---|---|---| | Q4 2024 | 132.4 | 36.8 | 27.8% | (51.5) | (52.3) | (0.10) | (23.9) | | Q1 2025 | 122.6 | 35.2 | 28.8% | (59.2) | (60.6) | (0.12) | (82.9) | | Q2 2025 | 144.5 | 46.4 | 32.1% | (59.6) | (66.4) | (0.13) | (55.3) | | Q3 2025 | 155.1 | 57.3 | 36.9% | (59.0) | (18.3) | (0.03) | (69.4) | | Q4 2025 | 179.7 | 68.2 | 38.0% | (51.0) | (52.9) | (0.09) | (114.2) |

Per recent_news (8 May 2026 8-K-driven press cycle reporting Q1 FY2026 results): Q1 2026 revenue was $200.35 million (+63.5% YoY) with the net loss narrowing to $45.02 million, and Q2 2026 revenue guidance was set at $225–240 million. Q1 2026 detail is not yet in the structured financials_quarterly array of this report's source data.

Liquidity and obligations. Per the FY2025 10-K (Item 7, filed 2026-02-26): the company held $828.7 million of cash and cash equivalents and $270.2 million of marketable securities at year-end 2025; total minimum lease payments were $151.0 million, of which $17.9 million is due within twelve months; and management states cash, marketable securities and customer payments will be sufficient for working-capital and capex needs for at least the next twelve months. Debt-to-equity (JSON-sourced) is 0.15x; long-term debt was $154.1 million at year-end 2025.

6. Valuation & Market Data

| Metric | Value | As of | |---|---|---| | Share price | $105.47 | 2026-05-09 | | Previous close | $78.58 | 2026-05-08 | | Day range | $85.87 – $105.61 | 2026-05-09 | | 52-week high | $105.62 | (from JSON; date n/d in source) | | 52-week low | $20.885 | (from JSON; date n/d in source) | | Volume (day) | 76,022,604 | 2026-05-09 | | Avg 10-day volume | 24,110,910 | – | | Market cap | $61.04 billion | 2026-05-09 | | Enterprise value | $59.80 billion | 2026-05-09 | | Shares outstanding | 578,750,990 | – | | Float | 539,135,485 | – | | Beta (5y) | 2.313 | – | | Trailing P/E | n/a (loss-making) | – | | Forward P/E (yfinance) | 18,247.4 | – | | P/B | 35.45x | – | | P/S (trailing) | 101.43x | – | | EV/Revenue | 99.36x | – | | EV/EBITDA proxy | -261.30x (operating-loss-based; D&A unavailable) | – | | FCF yield | -0.53% | – | | Gross margin | 34.43% | FY2025 | | Operating margin | -38.03% | FY2025 | | Net margin | -32.94% | FY2025 | | ROE | -11.51% | FY2025 | | ROA | -8.53% | FY2025 | | Debt/Equity | 0.1475 | FY2025 | | Current ratio | 4.08x | FY2025 | | Dividend yield | none | – |

Short interest, days-to-cover and put/call ratio are not disclosed in this report's source data.

7. What Are They Building / What's Coming?

Neutron. Per the FY2025 10-K (Item 1, filed 2026-02-26): Neutron is a 43-metre, 5.5-metre-fairing two-stage medium-lift vehicle with a reusable first stage designed to return-to-launch-site or land on an ocean platform; payload capacity is approximately 13,000 kg to LEO in reusable configuration, and it is intended to support large constellation deployment, interplanetary missions and (eventually) human spaceflight. It is propelled by the in-house Archimedes engine. Per the FY2025 10-K (Item 7, filed 2026-02-26): qualification testing of major Neutron flight hardware — fairing, second stage and thrust structure — was complete and moving into final integration as of the filing; however, an unanticipated first-stage tank failure during qualification testing in January 2026 has pushed the first launch target to Q4 2026, with management explicitly noting that "risk and uncertainty remains in the complex development cycle of a new launch vehicle."

Launch Complex 3. Per the FY2025 10-K (Item 1, filed 2026-02-26): LC-3 is being built at the Mid-Atlantic Regional Spaceport within NASA Wallops Flight Facility in Virginia, dedicated to Neutron, with current rights through 15 February 2034, and is currently licensed for two missions per year with potential for more pending assessment.

Space Development Agency Tranche 3. Per the FY2025 10-K (Item 7, filed 2026-02-26): on 17 December 2025 the company entered into an agreement with the U.S. Space Development Agency to design, manufacture and operate 18 satellites under the Proliferated Warfighter Space Architecture's Tracking Layer Tranche 3 programme; total potential value $816 million ($806 million base plus $10 million options), with final delivery for launch expected in 2029.

ESCAPADE. Per the FY2025 10-K (Item 1, filed 2026-02-26): in November 2025, Rocket Lab's twin spacecraft "Blue" and "Gold" were placed in orbit as part of NASA's Escape and Plasma Acceleration and Dynamics Explorers (ESCAPADE) mission.

Recent contract / acquisition activity disclosed in this week's reporting. Per recent_news (8 May 2026 cycle): Rocket Lab secured the largest launch contract in its history (size disclosed contextually in the same news cycle as part of the >$2.2 billion backlog), expanded hypersonic-testing work with Anduril, advanced a Space Force missile-defense programme with Raytheon, and announced an agreement to acquire Motiv Space Systems. Detailed terms of these items beyond what appears in recent_news are not disclosed in this report's source data.

Capabilities map (per the FY2025 10-K, Item 1, filed 2026-02-26): - Two operational launch pads at LC-1, Mahia, New Zealand (capacity: up to 120 launches/year combined). - LC-2 at NASA Wallops, Virginia (licensed for 8 missions/year). - LC-3 at NASA Wallops under construction for Neutron. - Long Beach, California: Rutherford and Archimedes engine and avionics manufacturing, plus spacecraft satellite design and Mission Operations Center. - Auckland, New Zealand: ~200,000 sq ft, four-building complex for composite tanks, fairings, kick stages, vehicle integration and high-voltage battery systems. - Auckland propulsion test site: ~45 km outside Auckland, leased through 2029 (with extensions available through at least 2054). - Albuquerque, New Mexico: ~160,000 sq ft solar-cell-through-array production complex (long-dated leases out to 2050). - Tucson, Arizona: optical systems / EO-IR payloads (leases between 2028 and 2032).

8. Competitive Landscape

Per the FY2025 10-K (Item 1, filed 2026-02-26): Rocket Lab identifies four competitive categories. Specific public market-share percentages were not disclosed in this report's source data, so the table below restates the named competitor set as the company itself characterises it.

| Category | Named competitors (per the FY2025 10-K, Item 1) | |---|---| | Operating dedicated / rideshare launch | Northrop Grumman, SpaceX, United Launch Alliance, Firefly, Blue Origin; established launch providers in Russia, India, China, Europe and Japan | | Reported / planned launch entrants | (not enumerated by name in the filing) | | Spacecraft solutions | Airbus, Lockheed Martin, Boeing, General Atomics, General Dynamics, Maxar Technology, Northrop Grumman, Raytheon Technologies, Thales Alenia Space, Astro Digital, York Space Systems, L3Harris | | Spacecraft components (merchant market) | Ball Aerospace, Raytheon, Collins Aerospace, Bradford Space, Honeywell Aerospace, GOMSpace, Redwire, Beyond Gravity |

Per the FY2025 10-K (Item 1, filed 2026-02-26): "the principal competitive factors in our market include flight heritage and reliability; delivery schedule; ability to customize products to meet specific needs of the customer; performance and technical features; price; and customer experience."

The Mahia / U.S.-NZ bilateral treaty is highlighted in the filing as a structural advantage for LC-1 — it "enables us to use U.S. launch and spacecraft technology for launches at LC-1 that otherwise would not be permitted for launches from foreign soil." Similarly, NASA Category-1 certification under the NASA Launch Services Program is cited as a competitive credential.

9. Leadership and Ownership

Founder-CEO and key executives (titles per the JSON insider transactions table and 10-K Item 1): - Sir Peter Beck — Chief Executive Officer (founder; founded Rocket Lab in 2006) - Adam C. Spice — Chief Financial Officer - Frank Klein — Chief Operating Officer - Arjun E. Kampani — General Counsel - Merline A. Saintil — Director - Jon A. Olson — Director

(Ages of named individuals are not disclosed in this report's source data; tenure dates beyond Beck's 2006 founding are likewise not disclosed.)

Top institutional holders (as of 31 Dec 2025):

| Holder | Shares | % held | Reported value | |---|---|---|---| | Vanguard Group Inc | 47,420,192 | 8.24% | $5.00 billion | | BlackRock Inc. | 33,076,329 | 5.74% | $3.49 billion | | Baillie Gifford & Co | 17,851,446 | 3.10% | $1.88 billion | | Capital World Investors | 16,200,726 | 2.81% | $1.71 billion | | State Street Corporation | 12,520,223 | 2.17% | $1.32 billion | | JPMorgan Chase & Co | 9,694,980 | 1.68% | $1.02 billion | | Geode Capital Management, LLC | 9,004,724 | 1.56% | $0.95 billion | | D.E. Shaw & Co. | 6,644,372 | 1.15% | $0.70 billion | | Invesco Ltd. | 5,260,681 | 0.91% | $0.55 billion | | Bank of America Corporation | 5,109,323 | 0.89% | $0.54 billion |

Insider transactions (most recent first):

| Date | Insider | Position | Shares | Reported value | |---|---|---|---|---| | 2026-03-24 | Kampani, Arjun E. | General Counsel | 77,189 | $0 | | 2026-03-20 | Spice, Adam C. | CFO | 1,558 | $0 | | 2026-03-06 | Saintil, Merline A. | Director | 18,126 | $1,360,171 | | 2026-03-04 | Kampani, Arjun E. | General Counsel | 52,472 | $3,707,381 | | 2026-03-04 | Klein, Frank | COO | 81,250 | $5,740,940 | | 2026-03-02 | Spice, Adam C. | CFO | 62,744 | $4,366,349 | | 2026-03-02 | Beck, Peter | CEO | 18,857 | $1,312,257 | | 2026-01-20 | Olson, Jon A. | Director | 15,205 | $1,388,221 | | 2026-01-14 | Saintil, Merline A. | Director | 108,500 | $9,436,680 | | 2026-01-05 | Spice, Adam C. | CFO | 1,365,665 | $103,112,280 |

Buy/sell direction was not present in this report's source data — the "transaction" field in the JSON insider table is empty across all rows. The dollar values disclosed alongside the share counts (notably the CFO's 5 January 2026 transaction at $103.1 million on roughly 1.37 million shares, an implied price near $75 per share consistent with the trading range at that time) are characteristic of dispositions; whether each transaction was executed under a pre-arranged 10b5-1 plan or as a discretionary trade is not disclosed in this report's source data.

10. Risks and Challenges

Neutron timing and execution. Per the FY2025 10-K (Item 7, filed 2026-02-26): "an unanticipated failure during qualification testing of the first stage tank occurred in January 2026" and "Neutron's first launch is now targeted for Q4 2026"; the same section warns that "risk and uncertainty remains in the complex development cycle of a new launch vehicle." Material slippage would directly affect the credibility of the medium-lift constellation strategy and the addressable market expansion the bull case depends on.

Operating losses and cash burn. Per the FY2025 10-K (Item 7, filed 2026-02-26): operating loss widened to $228.8 million in FY2025 and management notes that further Neutron development "may require more research, development and capital expenditures than we currently anticipate." JSON-sourced FY2025 free cash flow was -$321.8 million.

Capital structure and dilution. Per the FY2025 10-K (Item 7, filed 2026-02-26): "we may choose to take advantage of opportunistic capital raising or refinancing transactions" and historical funding has included ATM equity offerings, convertible senior notes and term debt. Diluted share count rose from 466.2 million at year-end 2022 to 495.9 million at year-end 2024 (FY2025 share count is not disclosed in the JSON).

Government-customer concentration and termination risk. Per the FY2025 10-K (Item 1, filed 2026-02-26): U.S. government contracts may be terminated for convenience or default; the SDA Tranche 3 award alone is up to $816 million. Loss or descoping of even a single major programme would disproportionately affect backlog.

Supply-chain and sole-source risk. Per the FY2025 10-K (Item 1, filed 2026-02-26): Rocket Lab acknowledges that "in some cases we also purchase various inputs and services from a sole source," with sole-source exposure managed by buffer stock for long-lead items.

Limited operating history and forecast risk. Per the FY2025 10-K (Item 1A, filed 2026-02-26): the company has "a limited operating history in a rapidly evolving industry" and explicitly flags that its ability to forecast future results "is limited and subject to a number of uncertainties."

Competitive dynamics. Per the FY2025 10-K (Item 1, filed 2026-02-26): the named competitor set spans SpaceX, ULA, Blue Origin, Firefly, Northrop Grumman, Lockheed Martin, Boeing, Airbus, Raytheon Technologies, Maxar, Thales Alenia Space, L3Harris, Honeywell, Ball Aerospace, Collins Aerospace, Redwire and others. SpaceX in particular dominates U.S. launch cadence and rideshare pricing.

Foreign-operations and FX exposure. Per the FY2025 10-K (Item 7, filed 2026-02-26): foreign-exchange losses arose primarily from movements in the New Zealand Dollar and Canadian Dollar against the U.S. Dollar; FY2025 FX loss was $0.5 million, immaterial in dollar terms but a recurring line.

Insider activity and signalling. Multiple named officers and directors transacted in early 2026 at multi-million-dollar values; the 10b5-1 status of those transactions is not disclosed in this report's source data, which limits the ability to interpret intent.

Concentration on a single share class. Per the FY2025 10-K (Item 1, filed 2026-02-26): the company also has Series A Convertible Participating Preferred Stock outstanding from the holding-company reorganisation effective 23 May 2025; the precise dilutive impact is not disclosed in this report's source data and should be reviewed in the proxy and footnotes.

11. Recent Developments

Last 48 hours - 2026-05-09 — Q1 record, backlog surge and defense wins flagged: "What Rocket Lab (RKLB)'s Record Q1, Backlog Surge and Defense Wins Mean For Shareholders" (Simply Wall St / Yahoo Finance) — https://finance.yahoo.com/markets/stocks/articles/rocket-lab-rklb-record-q1-071220759.html - 2026-05-09 — Q1 2026 earnings call read-out: "Rocket Lab Q1 Earnings Call Highlights" (MarketBeat) — https://www.marketbeat.com/instant-alerts/rocket-lab-q1-earnings-call-highlights-2026-05-08/?utm_source=yahoofinance&utm_medium=yahoofinance - 2026-05-08 — Stock up ~34% post-print: "Rocket Lab Stock Soars 34% After Earnings Beat. The Space Race Is On." (Barron's) — https://www.barrons.com/articles/rocket-lab-earnings-stock-price-f31d2c9b?siteid=yhoof2&yptr=yahoo - 2026-05-08 — "Rocket Lab Breaks Out On Revenue Beat, Record Launch Contract" (Investor's Business Daily) — https://www.investors.com/news/rocket-lab-earnings-q1-2026-rklb-stock-space-launches-base-buy-point/?src=A00220&yptr=yahoo - 2026-05-08 — "Rocket Lab Stock Is Up 30% Today: Is It Outperforming Other Space Stocks Like Intuitive Machines and Planet Labs?" (24/7 Wall St.) — https://247wallst.com/investing/2026/05/08/rocket-lab-stock-is-up-30-today-is-it-outperforming-other-space-stocks-like-intuitive-machines-and-planet-labs/ - 2026-05-08 — "Rocket Lab Stock Jumps After Biggest-Ever Launch Contract Shocks Market" (GuruFocus / Yahoo Finance) — https://finance.yahoo.com/markets/stocks/articles/rocket-lab-stock-jumps-biggest-182212431.html - 2026-05-08 — "Ready for Launch: Rocket Lab's Path to Profitability" (Zacks / Yahoo Finance) — https://finance.yahoo.com/markets/stocks/articles/ready-launch-rocket-labs-path-163200409.html - 2026-05-08 — "Why Rocket Lab Stock Is No Longer Just A Launch Story" (Trefis) — https://www.trefis.com/articles/598815/why-rocket-lab-stock-is-no-longer-just-a-launch-story/2026-05-08 - 2026-05-08 — "Rocket Lab Hits $200 Million" (GuruFocus / Yahoo Finance) — https://finance.yahoo.com/markets/stocks/articles/rocket-lab-hits-200-million-131036578.html

The combined picture from the 7–9 May 2026 reporting cycle: Q1 2026 revenue $200.35 million (+63.5% YoY), Q1 net loss narrowed to $45.02 million, Q2 2026 revenue guidance set at $225–240 million, contracted backlog above $2.20 billion, the largest launch contract in company history signed, expanded hypersonic testing with Anduril, advancement of a Space Force missile-defense programme with Raytheon, and an agreement to acquire Motiv Space Systems.

Last 6 months (filings-driven, primary sources): - 2026-05-08 — 8-K filed alongside Q1 2026 results (https://www.sec.gov/Archives/edgar/data/1819994/000175392626000799/g085715_8k.htm) - 2026-05-07 — 10-Q for the quarter ended 31 March 2026 filed (https://www.sec.gov/Archives/edgar/data/1819994/000181999426000028/rklb-20260331.htm) and an accompanying 8-K (https://www.sec.gov/Archives/edgar/data/1819994/000181999426000027/rklb-20260507.htm). - 2026-04-14 — 8-K (https://www.sec.gov/Archives/edgar/data/1819994/000175392626000654/g085683_8k.htm). - 2026-04-06 — DEF 14A proxy statement filed (https://www.sec.gov/Archives/edgar/data/1819994/000162828026023922/rklb-20260406.htm). - 2026-03-30, 2026-03-17, 2026-03-12 — additional 8-Ks (https://www.sec.gov/Archives/edgar/data/1819994/000175392626000568/g085462_8k-rocket.htm , https://www.sec.gov/Archives/edgar/data/1819994/000162828026018789/rklb-20260317.htm , https://www.sec.gov/Archives/edgar/data/1819994/000181999426000016/rklb-20260312.htm). - 2026-02-26 — FY2025 10-K filed and a same-day 8-K accompanying earnings (https://www.sec.gov/Archives/edgar/data/1819994/000181999426000013/rklb-20251231.htm , https://www.sec.gov/Archives/edgar/data/1819994/000181999426000012/rklb-20260226.htm). - 2026-01-22 — 8-K (https://www.sec.gov/Archives/edgar/data/1819994/000181999426000004/rklb-20260121.htm). - 2025-12-19 — 8-K (https://www.sec.gov/Archives/edgar/data/1819994/000181999425000024/rklb-20251217.htm) — coincident with the SDA Tranche 3 announcement disclosed in the 10-K MD&A.

12. Key Dates Coming Up

| Event | Date / window | |---|---| | Next earnings (Q2 FY2026) | 2026-08-06 | | Annual meeting (per DEF 14A filed 2026-04-06) | Per the FY2026 proxy filing — date not parsed in this report's source data; see filing at https://www.sec.gov/Archives/edgar/data/1819994/000162828026023922/rklb-20260406.htm | | Neutron first launch (target) | Per the FY2025 10-K (Item 7, filed 2026-02-26): Q4 2026 | | LC-3 at Wallops (Neutron pad) operational | Per the FY2025 10-K (Item 1, filed 2026-02-26): expected in service in 2026 | | SDA Tranche 3 satellite delivery for launch | Per the FY2025 10-K (Item 7, filed 2026-02-26): expected 2029 | | Ex-dividend date | None — Rocket Lab does not pay a dividend | | Dividend payment date | None |

---

Disclaimer. This article is for general information only. It is not investment advice, tax advice, or a recommendation to buy or sell any security. Every figure, ratio, percentage and named event above is sourced from Rocket Lab Corporation's own SEC filings (10-K filed 26 February 2026, 10-Q filed 7 May 2026, accompanying 8-Ks and the DEF 14A filed 6 April 2026) or from primary news sources cited inline. No analyst opinions, price targets or third-party ratings have been included by design. Always read the company's filings directly before making any investment decision.