⚡What does Rocket Lab do, in 30 seconds?
Rocket Lab launches spacecraft of up to 300 kg on its small Electron rocket, and it builds spacecraft and spacecraft parts 1. It sold $0.6bn ✓ in FY2025, but it lost money: net income was -$0.2bn ✓. Space Systems made up 67% ✓ of sales and Launch Services 33% ✓. Its larger rocket, Neutron, had not flown as of October 14, 2026 2627.
📱What does Rocket Lab sell?
Rocket Lab sells space systems and rocket launches, its two business lines 12. In FY2025, Space Systems brought in 67% ✓ of sales and Launch Services 33% ✓.
Space Systems
Parts for spacecraft, such as composite structures, reaction wheels, star trackers, radios, separation systems, solar power products, control software, batteries and optical systems 1. Rocket Lab also designs, builds and operates complete spacecraft 1. Its optical systems business in Tucson, Arizona, builds sensor payloads for national security space missions such as missile warning and tracking 21. Space Systems brought in $0.4bn ✓ in FY2025. Its backlog was $1,415.8 million at June 30, 2026 45. Rocket Lab has built up this business through acquisitions, including GEOST in August 2025, Mynaric in April 2026 and Motiv Space Systems in May 2026 15.
👥 Commercial companies, aerospace prime contractors and government customers 1. On December 19, 2025, Rocket Lab announced an $816 million prime contract from the U.S. Space Development Agency to design and build 18 satellites, its largest single contract to that date 6.
Launch Services
Electron is Rocket Lab's small orbital rocket, which carries spacecraft of up to 300 kg to low Earth orbit 1. HASTE is a suborbital test rocket based on Electron, used for hypersonic and suborbital technology testing 2. Rocket Lab launched 16 Electron vehicles in 2024, 21 in 2025 and 12 in the first six months of 2026 5. Its 98th Electron launch, on October 23, 2026, was its 19th launch of 2026 7. Launch Services brought in $0.2bn ✓ in FY2025. Its backlog was $940.2 million at June 30, 2026 45. Neutron is a larger two-stage rocket still in development, expected to carry about 13,000 kg to low Earth orbit in its reusable form 2.
👥 The U.S. Department of War, NASA, DARPA, the National Reconnaissance Office and commercial spacecraft operators such as BlackSky, Canon, Kinéis, Capella Space, Planet, OHB Group and Synspective 2.
How the mix has shifted
Where the customers are
The United States brought in 79% ✓ of Rocket Lab's sales in FY2025. Japan added 11% ✓, Canada 3% ✓ and the rest of the world 7% ✓.
💸How does Rocket Lab make money?
FY2023, FY2024, FY2025: Rocket Lab's costs were bigger than its sales, so those years have no money map.
Rocket Lab lost money in FY2025, because its costs were bigger than its sales. It sold $0.6bn ✓ of space systems and launches. Making and delivering them cost $0.4bn ✓. That left gross profit of $0.2bn ✓, the money kept after paying for what was sold.
Next come the costs of running and growing the company. Research and development took $0.3bn ✓, and selling and admin took $0.2bn ✓. These costs were bigger than the gross profit, so operating profit was -$0.2bn ✓, a loss. Items outside the main business added $2.9m ✓. Income tax was -$28m ✓, a credit rather than a cost. Net income was -$0.2bn ✓. Rocket Lab reported a net loss of $198.2 million for 2025 25.
Put simply, out of every $100 of sales, making the products took $66 ✓. Research took $45 ✓, and selling and admin $27 ✓. Other income and the tax credit added back $5 ✓. So for every $100 of sales, Rocket Lab lost about $33 ✓.
Out of every $100 customers paid in FY2025…
Costs were bigger than sales plus other income, gains and a tax credit (+$5), so the slices above add up to more than $100: the loss was $33 for every $100.
📈How is Rocket Lab doing?
Rocket Lab's sales have grown fast, but it lost money in every fiscal year from FY2020 to FY2025. Net income was -$0.1bn ✓ in FY2020, -$0.1bn ✓ in FY2021 and -$0.1bn ✓ in FY2022. It was -$0.2bn ✓ in FY2023, -$0.2bn ✓ in FY2024 and -$0.2bn ✓ in FY2025. In its annual report for 2025, Rocket Lab said it expects net losses for at least the next 12 months 25.
Sales rose in all 5 ✓ years from FY2021 to FY2025. They reached $0.6bn ✓ in FY2025, up 38.0% ✓, after 78.3% ✓ in FY2024. FY2025 includes GEOST from August 2025, when Rocket Lab closed that purchase 2537. Gross margin went from 21.0% ✓ in FY2023 to 34.4% ✓ in FY2025. Operating margin went from -72.7% ✓ to -38.0% ✓ over the same years. Free cash flow was -$0.3bn ✓ in FY2025.
In the four quarters to June 30, 2026, sales were $0.8bn ✓, up 52.5% ✓ on the four quarters before. Operating margin was -29.1% ✓, net income was -$0.2bn ✓ and free cash flow was -$0.4bn ✓. Those four quarters include Mynaric from April 2026 3839. They also include Motiv Space Systems from May 2026 3829. Revenue in the second quarter of 2026 was a company record of $234 million, up 62% from a year earlier 40.
Backlog was $2,355.9 million at June 30, 2026 45. It was $1,847.3 million at December 31, 2025 12. Rocket Lab expected about 45% of the June 2026 backlog to become revenue within 12 months 45. In its results of August 10, 2026, it put its launch backlog at more than 90 launches across Electron, HASTE and Neutron 40.
Neutron's schedule has moved. On January 21, 2026, a Neutron Stage 1 tank ruptured during a pressure test, and Rocket Lab reported no significant damage to the test structure or facilities 41. In its annual report filed February 26, 2026, Rocket Lab targeted a first launch in the fourth quarter of 2026 12. Its quarterly report filed August 10, 2026, said the window for an end-of-year first launch was narrowing 5. On October 14, 2026, Rocket Lab said the first launch had moved into 2027 2627.
📝 The report card
Rocket Lab earns top marks for growth and its balance sheet, and the lowest marks for profit, cash and steadiness. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Rocket Lab (orange) and its 5 peers land; further right is better.
Growth
Rocket Lab's sales grew 41.8% ✓ a year over the three fiscal years to FY2025, which earns an A ✓. Firefly Aerospace grew 70.1% ✓ a year, also an A ✓. Lockheed Martin grew 4.4% ✓, a D ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Rocket Lab's operating margin was -46.5% ✓, which earns an F ✓. The loss shrank as a share of sales, from -72.7% ✓ in FY2023 to -43.5% ✓ in FY2024 and -38.0% ✓ in FY2025. Lockheed Martin's figure is 10.9% ✓, a C ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Rocket Lab's free cash flow was -46.1% ✓ of sales, an F ✓. It spent more cash than it brought in each year: free cash flow was -$0.2bn ✓ in FY2023, -$0.1bn ✓ in FY2024 and -$0.3bn ✓ in FY2025. Lockheed Martin's figure is 8.6% ✓, a D ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2025, Rocket Lab's cash and investments minus its borrowings (leases and stakes in other companies not counted) equalled 157.0% ✓ of a year's sales, an A ✓. That net cash was $0.9bn ✓. At June 30, 2026, it had $2.4bn ✓ of cash and investments. Lockheed Martin's net cash figure is -23.4% ✓, a D ✓.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Rocket Lab's yearly growth swung a lot over the five fiscal years to FY2025. Standard deviation measures how far each year's growth sits from the average. It was 87.6% ✓, which earns an F ✓. In the latest three of those years, sales grew 15.9% ✓ in FY2023, 78.3% ✓ in FY2024 and 38.0% ✓ in FY2025.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Rocket Lab compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
6 years at a glance
Where the cash goes
Rocket Lab's free cash flow added up to -$0.9bn ✓ from FY2020 to FY2025. Rocket Lab spent $30m ✓ on share buybacks in FY2021. In September 2026, Rocket Lab completed a $1.944 billion share sale to fund cash payments for Iridium and cancelled its $3.6 billion bridge loan facility 31.
🧮Ratios 101: what are Rocket Lab's key financial ratios?
Ratios put Rocket Lab's numbers and its peers' numbers on the same scale. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Rocket Lab's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 Rocket Lab kept 34.4% ✓ of FY2025 sales as gross profit, up from 21.0% ✓ in FY2023. The peer median is 10.2% ✓.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Operating margin was -38.0% ✓ in FY2025, against -72.7% ✓ in FY2023 and a -41.5% ✓ peer median.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Net margin was -32.9% ✓ in FY2025, against -74.6% ✓ in FY2023 and a -39.7% ✓ peer median.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE was -11.5% ✓ in FY2025 because Rocket Lab made a loss, against a 1.9% ✓ peer median. Shareholders' equity was $1.7bn ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA was -8.5% ✓ in FY2025, against an -11.0% ✓ peer median. Total assets were $2.3bn ✓.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 In FY2025, Rocket Lab's sales were 0.3x ✓ the value of everything it owns. The peer median is 0.3x ✓.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Rocket Lab held 147 ✓ days of inventory in FY2025, above the peer median of 42 ✓ days.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 At the end of FY2025, Rocket Lab had $1.4bn ✓ of short-term assets against $0.3bn ✓ of bills due within a year, a ratio of 4.1x ✓. The peer median is 1.6x ✓.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 At the end of FY2025, Rocket Lab had $0.2bn ✓ of debt against $1.7bn ✓ of equity, a ratio of 0.1x ✓. The peer median is 0.6x ✓.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Rocket Lab's main business made an operating loss in FY2025, so it earned nothing to cover $26m ✓ of interest, and the ratio is -8.6x ✓. Lockheed Martin's is 6.9x ✓.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 Rocket Lab spent 45.0% ✓ of sales on R&D in FY2025, above the 4.3% ✓ peer median.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay was 11.8% ✓ of sales in FY2025, above the 4.1% ✓ peer median.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Rocket Lab's competitors?
Rocket Lab says its competition comes from launch providers, companies planning launch vehicles, spacecraft makers and spacecraft component suppliers 14. It says many of its competitors are larger and have substantially greater resources 25.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Rocket Lab (RKLB, FY2025) | Small rockets, spacecraft and spacecraft parts 12 | $0.6bn | 41.8% | -38.0% | -53.5% |
| Intuitive Machines (LUNR, FY2025) | Intuitive Machines names Rocket Lab among the competitors of Lanteris, the satellite maker it bought on January 13, 2026, for national security and defense satellite work 613 | $0.2bn | 34.7% | -41.5% | -26.6% |
| Redwire (RDW, FY2025) | Spacecraft components: both sell solar power products and star trackers, and each names the other as a competitor 11415 | $0.3bn | 27.8% | -68.5% | -56.9% |
| Firefly Aerospace (FLY, FY2025) | Small-rocket launches: Electron carries up to 300 kg to low Earth orbit and Firefly's Alpha is in the 1,000 kg class 11416 | $0.2bn | 70.1% | -163.1% | -148.7% |
| Lockheed Martin (LMT, FY2025) | Both build satellites for the U.S. Space Development Agency; United Launch Alliance, a Lockheed Martin and Boeing joint venture, is a launch rival 14171819 | $75.0bn | 4.4% | 10.3% | 9.2% |
| Northrop Grumman (NOC, FY2025) | Launch vehicles and spacecraft; Northrop Grumman Space Systems was 13% of Rocket Lab's 2023 revenue 14171820 | $42.0bn | 4.7% | 10.8% | 7.9% |
Rocket Lab's annual report also lists SpaceX, United Launch Alliance, Blue Origin and Russian, Indian, Chinese, European and Japanese launch providers among its launch competitors 14. Rocket Lab says some foreign competitors get government financial support, which can add pressure on pricing 25.
🧭Rocket Lab SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Electron was the second most frequently launched orbital rocket in 2025, according to Rocket Lab 2.
- Rocket Lab's 21 Electron missions in 2025 were an annual launch record for the company, with 100% mission success 24.
- Rocket Lab had flight hardware on over 1,800 missions as of December 31, 2025 1.
- Rocket Lab had $2.4bn ✓ of cash and investments at June 30, 2026.
🩹 Weaknesses
- Rocket Lab reported net losses of $198.2 million in 2025, $190.2 million in 2024 and $182.6 million in 2023 25.
- Free cash flow was -$0.3bn ✓ in FY2025, or -53.5% ✓ of sales.
- One government customer made up 28% of revenue in 2025 and 42% in the six months ended June 30, 2026 174.
- The top five customers made up about 49% of 2025 revenue, and the top five backlog customers about 77% of backlog at December 31, 2025 25.
- Neutron had not flown as of October 14, 2026 2627.
🚀 Opportunities
- Rocket Lab said the Iridium deal would combine its launch and satellite manufacturing with Iridium's satellite network, spectrum and more than 500 partners 28.
- Rocket Lab signed 31 new Electron and HASTE launch contracts and five dedicated Neutron launches in the first quarter of 2026 29.
- On July 30, 2026, Rocket Lab agreed with the U.S. Space Force to design, build, launch and operate satellites, with a total potential value of $397 million including options 5.
- On July 21, 2026, Rocket Lab agreed with the U.S. Space Force to carry out 12 suborbital launches for missile defense programs, with options for up to six more 5. The contract has a total potential value of $266 million 5.
- Rocket Lab said in May 2026 it was selected to support the Department of War's Space Based Interceptor program, in partnership with Raytheon and others 29.
⚠️ Threats
- Rocket Lab says delays in Neutron development could require more research, development and capital spending than it currently anticipates 5.
- Rocket Lab agreed on June 28, 2026, to buy Iridium 428. Its 10-Q for that quarter said it expected to incur or assume substantial additional debt in connection with the deal 30. In September 2026, it cancelled its $3.6 billion bridge loan facility 31.
- In October 2026, a trade publication reported comments from Rocket Lab's CEO. He said the company had found air pockets between carbon fiber layers in making the Neutron propellant dome, and that it is building a new forward dome 32.
- Rocket Lab says a substantial amount of its backlog for government customers is subject to future government funding levels 25.
- Rocket Lab's launch and spacecraft contracts typically let customers terminate on advance notice by paying a specified termination fee 12.
🏰Does Rocket Lab have a moat?
Why 3?
Rocket Lab has Category 1 certification from the NASA Launch Services Program 2. Electron was the second most frequently launched orbital rocket in 2025, according to Rocket Lab 2. Through June 30, 2026, Electron had 87 successful missions, including suborbital launches 5. The 21 Electron missions in 2025 had 100% mission success 24.
Why 3?
Rocket Lab says follow-on purchases by existing customers show satisfaction and make competitive substitution less likely 5. Three commercial customers signed multi-launch agreements, and loan agreements let them finance certain milestone payments 4. One of the three loan agreements was paid off and terminated in July 2025 4. Rocket Lab had flight hardware on over 1,800 missions as of December 31, 2025 1. But its launch and spacecraft contracts typically let customers terminate on advance notice by paying a specified fee 12.
Why 1?
Rocket Lab describes its customer base as well-defined and consolidated, and it sells launch and space systems through one global business development team 1.
Why 3?
Rocket Lab says it is highly vertically integrated, designing and making many components and subsystems itself and selling many components to other manufacturers 21. Its cost per launch went from $7.0 million in 2023 to $4.8 million in 2025 12. Rocket Lab says running its own launch complex in New Zealand means it shares no pads with other launch providers and controls its schedule, subject to regulatory clearances 2. But it says many of its competitors are larger and have substantially greater resources 25.
Why 3?
A U.S.-New Zealand treaty lets Rocket Lab use U.S. launch and spacecraft technology at its New Zealand complex 2. Rocket Lab calls this an advantage over companies launching from outside the U.S. without such a treaty 2. It protects its technology with patents, trademarks, trade secrets, copyrights and confidentiality agreements 14. It needs FAA launch licences, FCC radio licences, export licences and, for classified programs, security clearances 25.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Rocket Lab; grey dots are peers).
🔭What should you watch next?
A new Neutron launch target
In October 2026, a trade publication reported comments from Rocket Lab's CEO. He said the company plans to give a new launch target once dome and tank testing is finished, expected before and during the first quarter of 2027 32.
GHOST launch system
Rocket Lab says its GHOST launch system is set to make its operational debut with a suborbital launch from Kodiak, Alaska, in 2027 40.
📚Learn the words
❓Frequently asked questions about Rocket Lab
How does Rocket Lab make money?
Rocket Lab makes money by selling space systems and launches. In FY2025, Space Systems brought in $0.4bn ✓ and Launch Services $0.2bn ✓.
Is Rocket Lab profitable?
No, Rocket Lab lost money in every fiscal year from FY2020 to FY2025. Net income was -$0.2bn ✓ in FY2025. In its annual report for 2025, Rocket Lab said it expects net losses for at least the next 12 months 25.
Has Neutron flown yet?
Neutron had not flown as of Rocket Lab's October 14, 2026 update, which moved its first launch into 2027 2627. Rocket Lab expects that first launch to occur in 2027 27.
How big is Neutron compared with Electron?
Neutron is designed to carry far more. Electron carries up to 300 kg to low Earth orbit, while Neutron is designed to carry about 13,000 kg in its reusable configuration 1.
How many rockets has Rocket Lab launched?
Rocket Lab's 98th Electron launch took place on October 23, 2026, and it was the company's 19th launch of 2026 7. Through June 30, 2026, Electron had 87 successful missions, including suborbital launches, and had delivered over 250 spacecraft to orbit 5.
Who are Rocket Lab's competitors?
Rocket Lab's launch competitors include SpaceX, United Launch Alliance, Northrop Grumman, Firefly and Blue Origin, according to its annual report 14. In spacecraft components, Rocket Lab and Redwire each name the other as a competitor 11415.
Who founded and runs Rocket Lab?
Peter Beck founded Rocket Lab in 2006 33. Sir Peter Beck has been president and CEO since July 2013, and he is also chairman 33.
What is Rocket Lab's deal with Iridium?
On June 28, 2026, Rocket Lab agreed to buy Iridium Communications, a provider of global voice, data and positioning satellite services, in a cash and stock deal 428. The two companies expect it to close in mid-2027, subject to remaining closing conditions including required regulatory approvals 3134.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [8] [21] [22] [9] [10] [23].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. Which part of Rocket Lab brought in more sales in FY2025?
2. How much can Electron carry to low Earth orbit?
3. What does Rocket Lab call Neutron's fairing?
4. What happened to Rocket Lab's cost per launch from 2023 to 2025?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Rocket Lab Corporation Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-26) — Item 1 Business: Customers, Products and Services, Space Systems, Sales and Business Development (accessed 2026-11-08)
- Rocket Lab Corporation Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-26) — Item 1 Business: Who We Are, Competitive Strengths, Launch Services, launch complexes, manufacturing (accessed 2026-11-08)
- Rocket Lab (RKLB) Form 10-K for fiscal year 2025, filed 2026-02-26 — revenue and cost of sales by product, segment and geography (accessed 2026-11-04)
- Rocket Lab Corporation Form 10-Q for quarter ended June 30, 2026 (filed 2026-08-10) — Notes 1 and 3: Iridium merger agreement, backlog, significant customers, customer financing (accessed 2026-11-08)
- Rocket Lab Corporation Form 10-Q for quarter ended June 30, 2026 (filed 2026-08-10) — Item 2 MD&A: Electron count, Neutron update, recent developments, launch cadence, revenue and cost per launch, backlog (accessed 2026-11-08)
- Rocket Lab press release on Space Development Agency contract, December 19, 2025 (8-K Exhibit 99.1) — Tranche 3 Tracking Layer award, Tranche 2 award, in-house production (accessed 2026-11-08)
- Rocket Lab release on its 98th Electron mission, October 23, 2026 (reprint) — Electron launch number and 2026 launch count (accessed 2026-11-08)
- SEC EDGAR companyfacts: Rocket Lab (RKLB) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Firefly Aerospace Inc. (FLY) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: LOCKHEED MARTIN CORP (LMT) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Rocket Lab (RKLB) — balance sheet at 2026-06-30 (accessed 2026-11-04)
- Rocket Lab Corporation Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-26) — Item 7 MD&A: segments, Neutron update, revenue and cost per launch, backlog (accessed 2026-11-08)
- Intuitive Machines Form 10-K for fiscal year ended December 31, 2025 — Competition: Lanteris competitors; Lanteris acquisition date (accessed 2026-11-08)
- Rocket Lab Corporation Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-26) — Item 1 Business: Competition, Intellectual Property, Human Capital (accessed 2026-11-08)
- Redwire Corporation Form 10-K for fiscal year ended December 31, 2025 — Competition; solar arrays and star trackers (accessed 2026-11-08)
- Firefly Aerospace Form 10-K for fiscal year ended December 31, 2025 — Alpha and Eclipse launch vehicles, launch record (accessed 2026-11-08)
- Rocket Lab Corporation Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-26) — Note 21: significant customers (accessed 2026-11-08)
- Space Development Agency: awards to build 72 Tracking Layer satellites for Tranche 3, December 19, 2025 — Four vendors, 18 satellites each, approximate contract values (accessed 2026-11-08)
- Lockheed Martin Form 10-K for fiscal year ended December 31, 2025 — Space segment; Space Development Agency programs; United Launch Alliance investment (accessed 2026-11-08)
- Northrop Grumman Form 10-K for fiscal year ended December 31, 2025 — Space Systems segment products; Space Development Agency programs (accessed 2026-11-08)
- SEC EDGAR companyfacts: Intuitive Machines, Inc. (LUNR) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Redwire Corp (RDW) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: NORTHROP GRUMMAN CORP /DE/ (NOC) — annual 10-K facts (accessed 2026-11-04)
- Rocket Lab fourth quarter and full year 2025 results release, February 26, 2026 (8-K Exhibit 99.1) — 2025 launch record, acquisitions, Neutron fairing (accessed 2026-11-08)
- Rocket Lab Corporation Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-26) — Item 1A Risk Factors: history of losses, customer concentration, competition, regulation, acquisitions (accessed 2026-11-08)
- Rocket Lab Corporation Form 8-K dated October 14, 2026 — Item 8.01: Neutron schedule update (accessed 2026-11-08)
- Rocket Lab press release, October 14, 2026 (8-K Exhibit 99.1) — Neutron inaugural launch timing (accessed 2026-11-08)
- Rocket Lab press release on Iridium agreement, June 29, 2026 (8-K Exhibit 99.1) — Iridium agreement and rationale (accessed 2026-11-08)
- Rocket Lab first quarter 2026 results release, May 7, 2026 (8-K Exhibit 99.1) — Q1 2026 highlights: launch contracts, manifest, Motiv, Space Based Interceptor, Gauss (accessed 2026-11-08)
- Rocket Lab Corporation Form 10-Q for quarter ended June 30, 2026 (filed 2026-08-10) — Part II Item 1A Risk Factors: Iridium transaction, additional indebtedness (accessed 2026-11-08)
- Rocket Lab press release on Iridium financing, September 15, 2026 (8-K Exhibit 99.1) — Equity program completion, credit facility, bridge cancellation, expected closing (accessed 2026-11-08)
- Via Satellite: Rocket Lab Neutron debut now delayed to 2027, October 15, 2026 — Cause of the delay, next steps, timing of a new target date (accessed 2026-11-08)
- Rocket Lab Corporation 2026 proxy statement (DEF 14A, filed 2026-04-06) — Director biography: Peter Beck, founding, Atea-1 (accessed 2026-11-08)
- Iridium Communications Form 8-K dated September 24, 2026 — Item 5.07: stockholder vote on the Rocket Lab merger, expected closing (accessed 2026-11-08)
- Rocket Lab Corporation Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-26) — Note 1 and Item 1 Corporate History: headquarters, holding company reorganization, Vector merger (accessed 2026-11-08)
- SEC EDGAR companyfacts: Rocket Lab (RKLB) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
- Rocket Lab third quarter 2025 results release, November 10, 2025 (8-K Exhibit 99.1) — GEOST closing, Launch Complex 3 opening, Neutron schedule (accessed 2026-11-08)
- Rocket Lab Corporation Form 10-Q for quarter ended June 30, 2026 (filed 2026-08-10) — Note 4 Business Combinations: Motiv, Mynaric (accessed 2026-11-08)
- Rocket Lab press release on Mynaric, April 14, 2026 (8-K Exhibit 99.1) — Mynaric acquisition (accessed 2026-11-08)
- Rocket Lab second quarter 2026 results release, August 10, 2026 (8-K Exhibit 99.1) — Q2 2026 highlights, contracts, launch backlog, GHOST, Q3 2026 guidance (accessed 2026-11-08)
- Rocket Lab press release on Neutron test, January 21, 2026 (8-K Exhibit 99.1) — Stage 1 tank rupture during qualification (accessed 2026-11-08)
- Iridium Communications Form 10-Q for quarter ended September 30, 2026 (filed 2026-10-20) — Merger status: antitrust waiting period, stockholder approval (accessed 2026-11-08)