RKLB · Rocket Lab Corp
Price & Indicators
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AI Brief
TL;DR.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
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our published analysis of this company-
Research ThesisRocket Lab's $2.2B backlog makes the bull case bigger than Neutron
Rocket Lab's record Q1 and $2.2B backlog show the bull case no longer rests on Neutron alone. The proposed Iridium merger could add a recurring-services engine, while financing, dilution and execution remain the price of that upside.
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Research ThesisRocket Lab: Backlog is converting, but the $39B market cap is paying for a Neutron debut the company has yet to validate
Rocket Lab enters Q2 2026 with record backlog of $2,219.8M and guided revenue of $225.0M–$240.0M, yet the stock trades at -55.2% from its $150.23 high on a $39.0B market cap against $679.6M of trailing revenue — a gap the equity-funded growth model and the un-flown Neutron debut have to close.
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from its earnings releases, calls, and filings| Metric | Latest | Period | YoY |
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| Backlog | 2.2B | first quarter 2026 | — |
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| new Electron and HASTE contracts signed in Q1 | 31 | Q1 2026 | — |
| total launch manifest | 70 | first quarter 2026 | — |
| Non-GAAP Gross margin non-GAAP | 41.9% | Q3 2025 | — |
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| Adjusted EBITDA non-GAAP | -$27,584K | Q2 2025 | — |
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| Non-GAAP Gross profit non-GAAP | $53,381K | Q2 2025 | — |
| Cost per launch | $5.7M | the three months ended March 31, 2025 filing | -6.6% |
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| Revenue value per launch | $7.1M | the three months ended March 31, 2025 filing | — |
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| Backlog related to launch services | $386.3M | fiscal 2024 filing | — |
| Backlog related to space systems | $680.7M | fiscal 2024 filing | — |
| Electron launches | 16 | Full Year 2024 | — |
| launch vehicles built | 11 | the year ended December 31, 2023 filing | — |
| Non-GAAP Gross margin (high estimate) non-GAAP | 33.2% | Three Months Ended December 31, 2023 | — |
| Electron mission success rate | 100% | Full Year 2022 | — |
Figures exactly as the company stated them · click a metric with a to chart its history · period links open the stating document · "call" marks figures stated on the earnings call, "filing" figures stated in the 10-K/10-Q · YoY needs the prior-year figure on file
Versus peers
Aerospace & Defense — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
RKLB
this stock
Rocket Lab Corp
|
$43.30B | +7.3% | +15.9% | — | 7.9% |
|
SPCX
Space Exploration Technologies Corp
|
$1.43T | — | — | — | 1.3% |
|
GE
General Electric Co
|
$395.54B | +24.1% | +18.5% | 44.9 | 1.4% |
|
RTX
RTX Corp
|
$299.90B | +22.1% | +17.1% | 39.2 | 1.3% |
|
EADSF
Airbus SE/ADR
|
$197.51B | +8.7% | — | — | 0.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| RKLB | +27.7% | -10.2% | +7.5% | +15.2% | +7.3% |
| SPY | +5.5% | +3.3% | +11.3% | +3.1% | +12.9% |
| vs SPY | +22.2% | -13.5% | -3.8% | +12.2% | -5.6% |