Long Beach, California, May 8, 2026, 11:03 PDT
Shares of Rocket Lab jumped Friday, with the launch-and-space-systems company posting its first-ever $200 million quarter and bumping up its near-term sales forecast. The firm also revealed a record order backlog. The stock climbed roughly 28% to $100.78 in recent trading.
Timing is crucial here. Rocket Lab wants to shift from simply launching small satellites to a broader business—selling rockets, spacecraft, and other space gear—right as the U.S. ramps up demand for missile defense, hypersonic testing, and robust satellite networks.
Rocket Lab posted a 63.5% jump in revenue for the March quarter, reaching $200.3 million compared to the previous year. The company also trimmed its net loss to $45.0 million, or 7 cents per share, versus $60.6 million, or 12 cents, last year. Gross profit finished at $76.5 million, more than double what it was a year ago.
Space Systems pulled in $136.6 million in revenue, CFO Adam Spice said on the call. Launch Services brought in $63.7 million. Backlog landed at roughly $2.2 billion—58.5% tied to space systems, 41.5% launch. Of that, the company expects to recognize about 36% as revenue within the next year.
Rocket Lab has inked what it describes as its largest launch contract to date, landing a secretive client’s order for five Neutron and three Electron launches scheduled from 2026 through 2029. With this new deal, the company’s launch manifest now tops 70 missions, outstripping Rocket Lab’s previous HASTE block-buy milestone of $190 million.
Neutron sits at the core here. The rocket—reusable, medium-lift—fills a gap above Electron, designed to haul larger payloads. Rocket Lab is putting Neutron forward as a rival for constellation projects and national-security launches, sectors where SpaceX’s Falcon 9 still sets the standard. “The space industry needs more launch capacity,” said Peter Beck, founder and CEO of Rocket Lab. MarketWatch
Defense is now a second growth engine. Rocket Lab landed a $30 million deal from Anduril Industries for three HASTE hypersonic test flights in Virginia, targeting the first launch in under a year. Hypersonic tech—anything Mach 5 or above. Beck called HASTE a package of “speed, affordability, and reliable hypersonic technology testing.” Rocket Lab Corporation
Rocket Lab and Raytheon landed spots to showcase advanced tech for the U.S. Space Force’s Space Based Interceptor program, which sits under the Golden Dome missile-defense initiative. “A national security priority,” is how Rocket Lab USA president Brad Clevenger put the next wave of missile defense. Rocket Lab
That guidance fueled the rally. Rocket Lab projected second-quarter revenue between $225 million and $240 million, topping the $205 million figure analysts had penciled in, according to Barron’s. The company also sees an adjusted EBITDA loss ranging from $20 million to $26 million. EBITDA stands for earnings before interest, taxes, depreciation and amortization, with “adjusted” figures stripping out certain non-cash and one-off items. Barron’s
Analyst sentiment skewed upbeat, but price targets weren’t in sync. Cantor Fitzgerald’s Andres Sheppard stuck with his Buy call, keeping the $96 target, Barron’s noted. Investor’s Business Daily highlighted Roth Capital bumping its price target up to $100 from $90 post-earnings.
Execution remains a big risk. Rocket Lab flagged several potential snags in its filing: Neutron delays, launch pad bottlenecks, shifting government priorities or funding, and complications from its latest acquisitions could all weigh on performance. The company also cautioned that more trouble with Neutron might push R&D and capital costs above current projections.
Right now, investors are ponying up for the backlog, the defense angle, and whatever Neutron might deliver—even though the rocket hasn’t launched yet. Rocket Lab’s war chest isn’t empty: as of March 31, the company reported $1.2 billion in cash and equivalents, plus $271.3 million in marketable securities. The real hurdle? Turning that order book into consistent revenue, and doing it without another schedule slip.
