Rocket Lab USA Inc.
- Industry
- Aerospace & Defense
- Exchange
- US
- Country
- USA
- IPO date
- Aug 24, 2021
- Employees
- 2,600
- Website
- rocketlabcorp.com
Composite valuation range · conservative $40–$60 / fair $80–$110 / optimistic $150–$200. At $107.24, Within the fair intrinsic-value range.
At publication $113.64 (Jun 9, 2026)
Rocket Lab is the second-largest listed commercial space player after SpaceX, with a vertically integrated stack spanning rocket design, launch, satellites, and payloads. The core thesis rests on Electron small launchers, about 30% of launch services with 21 launches and a 100% success rate in FY2025, plus Space Systems at about 70%, including the SDA USD 816 million 18-satellite contract and the USD 275 million Geost acquisition that moves the company into military payloads. Research rating Watch: FY2025 revenue reached USD 602 million, backlog rose to USD 1.85 billion, and Q1 2026 revenue reached USD 200 million, but the delayed Neutron medium-lift rocket, now pushed to Q4 2026, remains the key valuation turning point.
An evolution from a small-rocket maker into a Launch + Spacecraft + Critical Components + Mission Solutions platform. 2025 revenue was 602 million, with Space Systems at 67%; Q1 2026 revenue reached 200 million at a 38.2% GAAP gross margin, and backlog hit 2.2 billion (+20%). Yet 2025 operating cash flow was -166 million, CapEx 156 million, and free cash flow deeply negative. At $124.77, the diluted market cap of roughly $78 billion sits far above even the optimistic range, leaving no margin of safety. Rating Watch: a genuinely capable space platform priced for a far-off, very large success, with Neutron's mass production and unit economics the decisive variable.
Rocket Lab Corporation, a space company, provides launch services and space systems solutions in the United States, Canada, Japan, and internationally. The company operates through launch services and space systems segments. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, optical systems, and other spacecraft and on-orbit management solutions and constellation management services, as well as designs and manufactures small and medium-class rockets and develops flight and ground software. It also designs, manufactures, and sells Electron, an orbital small launch vehicle for small spacecraft launch services, as well as develops Neutron launch vehicles for large constellation deployments, interplanetary missions, and potentially for human spaceflight. In addition, the company designs and manufactures a range of components and subsystems for its launch vehicles and spacecraft. It serves commercial, aerospace prime contractors, and government customers. Rocket Lab Corporation was formerly known as Rocket Lab USA, Inc. and changed its name to Rocket Lab Corporation in August 2021. The company was founded in 2006 and is headquartered in Long Beach, California.
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
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