Iridium acquisition (pending): On June 28, 2026, Rocket Lab entered a definitive merger agreement to acquire Iridium Communications for $54/share in cash and stock (~$8.0B enterprise value). Each Iridium share converts to $27 cash plus a variable Rocket Lab share stake (exchange ratio 0.24-0.40 depending on stock price). The deal requires over $3.0B in cash for share payments, Iridium debt repayment, and fees, plus ~$1.8B to refinance Iridium term loans; a $3.6B senior secured bridge facility (Deutsche Bank, Wells Fargo) was committed. Closing is expected in 2027, subject to Iridium stockholder vote, HSR antitrust clearance, FCC consent, and foreign investment/telecom approvals in Chile, France, Spain, Switzerland, UAE, and potentially Australia, New Zealand, UK, and Canada.
Neutron development: During Q2 2026 the company reported progress in integration and readiness of first-flight hardware, Archimedes engine testing, and second-stage and reusable fairing advancement. Stage 1 tank production is aligned with a target delivery of Neutron to the launch pad in Q4 2026. Management stated the end-of-year launch window is narrowing and that exact first-launch timing depends on first-stage qualification and other critical tests later in 2026, while the company is balancing flight one with readiness for full-scale production and high-cadence launches.
Space Systems acquisitions: Mynaric AG closed April 14, 2026 (~$160.8M in common stock), adding laser optical communications technology and Rocket Lab's first European operating footprint. Motiv Space Systems closed May 26, 2026 ($40M cash plus up to $20M stock earnout), bringing in-house solar array drive assemblies, precision mechanisms, and Mars-proven robotics for planetary and national-security missions. Combined with the August 2025 GEOST acquisition, these deals deepen vertical integration in spacecraft components and address supply-chain constraints for satellite constellation operators.
Electron operations and backlog: Six Electron missions were completed in Q2 2026 (two were HASTE hypersonic suborbital test launches recognized over time); 12 launches were completed in H1 2026 versus 10 in H1 2025, and roughly 11 Electron vehicles were built in H1. Revenue per launch rose to $9.1M in Q2 (vs. $7.9M a year earlier) while cost per launch fell to $4.4M (vs. $5.0M). Q2 total revenue was $234.1M (+62% YoY), driven by Space Systems growth of $91.6M (+94%) from satellite manufacturing and acquisitions, partially offset by a 4% decline in launch revenue due to HASTE over-time recognition timing. Remaining backlog grew to $2,355.9M (from $1,847.3M at year-end), comprising $1,415.8M Space Systems and $940.2M Launch Services, with approximately 45% expected to be recognized within 12 months.
New U.S. Space Force contracts (post-quarter): On July 21, 2026, Rocket Lab signed an agreement to execute 12 suborbital launches supporting missile defense programs, with options for up to six additional launches (total potential value $266M). On July 30, 2026, it entered a separate agreement to design, manufacture, launch, and operate Flatellite satellites for the Space-Based Airborne Moving Target Indicator program (total potential value $397M including options). Both contracts were disclosed as recent developments in the Q2 10-Q.
(Filed on May 7, 2026)
+63.5%
38.2%
$1.2B
Neutron medium-lift launch vehicle development: Q1 2026 milestones included ongoing integration and readiness of first-flight hardware, continued Archimedes engine qualification, and advancement of the second stage and reusable fairing systems. Management states Neutron is 'on track for its debut launch later this year' (FY2026) but cautions that risk and uncertainty remain in the development cycle that could impact the targeted timeline.
Electron operations and revenue growth: Rocket Lab launched six Electron vehicles in Q1 2026 (vs. five in Q1 2025), bringing the cumulative total to 81 successful Electron missions delivering over 200 spacecraft through March 31, 2026. Total Q1 revenue rose 63% YoY to $200.3M, with launch services revenue up 79% to $63.7M and space systems revenue up 57% to $136.7M. Revenue per launch increased to $9.3M from $7.1M; cost per launch declined to $5.4M from $5.7M. Remaining backlog grew to $2,219.8M from $1,847.3M at year-end 2025.
MDA spacecraft bus delivery delay: Rocket Lab disclosed that projected delivery dates for certain deliverables under its 2022 MDA Corporation contract for 17 spacecraft buses will be later than originally set, citing supply chain delays. MDA is potentially entitled to claim liquidated damages; the company is similarly entitled to claim liquidated damages against contributing suppliers. The net amount of any actual damages could not be determined at filing.
Mynaric acquisition completed April 14, 2026 (subsequent event): Rocket Lab acquired 100% of Mynaric AG (Germany) for aggregate consideration of approximately $155.3M, consisting of nominal cash and 2,277,002 shares of common stock. The acquisition adds high-performing laser optical communications technology, addresses a supply chain constraint for satellite constellation operators, and establishes Rocket Lab's first European footprint. Initial accounting was in progress as of the filing date.
Motiv Space Systems acquisition agreed May 6, 2026 (subsequent event): Rocket Lab entered an Equity Purchase Agreement to acquire all outstanding equity of Motiv for $40M cash (subject to closing adjustments) plus up to $20M in post-closing earnout payments in common stock. The deal is described as addressing a vertical integration gap by bringing in-house solar array drive assemblies (SADAs), precision mechanisms, and Mars-proven robotics capability for planetary and national security missions.
CEO RSU cancellation and capital reallocation: On March 30, 2026, Sir Peter Beck voluntarily forfeited and cancelled all unvested RSUs representing 392,155 shares, generating a one-time $11.2M stock-based compensation charge in Q1 SG&A. The filing states the cancelled equity capital will be redirected toward company priorities and strategic R&D initiatives; no future stock-based compensation expense is expected on these cancelled awards.
(Filed on February 26, 2026)
+35.7%
38.0%
$828.7M
On December 17, 2025, Rocket Lab signed a contract with the Space Development Agency to design, manufacture, and provide operations and sustainment for 18 Tracking Layer Tranche 3 satellites under the Proliferated Warfighter Space Architecture, with total potential value of $816 million ($806M base plus $10M in options). Work began immediately and final satellite delivery for launch is expected in 2029.
A Neutron Stage 1 tank rupture during a hydrostatic pressure qualification test on January 21, 2026 (disclosed as a subsequent event) pushed the vehicle's first-launch target to Q4 2026. Prior to the failure, the fairing, second stage, and thrust structure had completed successful qualification and entered final integration and test; the company cautioned that 'risk and uncertainty remains' in the development timeline.
The U.S. federal government shutdown beginning October 1, 2025 disrupted Q4 operations: it delayed anticipated contract awards and payments, slowed State Department processing of foreign launch licenses and employee visas, triggered furloughs of civilian employees on U.S. missions, and reduced workforce at the Wallops launch complex. The shutdown also contributed to a push-out of forecasted GEOST revenues, lowering the fair value of the acquisition's contingent-consideration earnout.
Annual context (full-year 2025, not Q4-only): Rocket Lab completed 21 Electron launches (vs. 16 in 2024) and built approximately 24 Electron vehicles (vs. ~14 in 2024); Electron was the second most frequently launched orbital rocket of the year, bringing cumulative totals to 75 successful missions and over 200 spacecraft deployed. Year-end backlog rose to $1,847.3M from $1,067.0M a year earlier ($1,371.7M space systems; $475.6M launch services), driven by the SDA Tranche 3 award and the GEOST acquisition. Revenue per launch increased to $8.5M (2024: $7.8M) while cost per launch fell to $4.8M (2024: $5.7M).
In November 2025, Rocket Lab's twin Photon spacecraft (Blue and Gold) were deployed into orbit as part of NASA's ESCAPADE mission. Separately, the company disclosed that projected delivery dates under the MDA Corporation contract for 17 spacecraft buses (signed February 2022) will slip beyond original schedules due to supply-chain delays, potentially exposing Rocket Lab to customer liquidated-damages claims while the company retains the right to seek damages from contributing suppliers.
On December 15, 2025, Rocket Lab paid off the entire Trinity Capital equipment-financing agreement ($69.1M including fees and interest) and recognized a $5.9M loss on extinguishment, terminating the facility. The company also reported that convertible-notes holders earned the right to convert between January 1 and March 31, 2026 after the stock traded above 130% of the conversion price; $199.3M of the original $355M notes were converted into 38.9M shares during 2025, leaving $155.7M outstanding at year-end, with a further $117.3M converted in subsequent events through February 20, 2026.
(Filed on November 10, 2025)
+48.0%
37.0%
$807.9M
Rocket Lab closed its acquisition of GEOST LLC on August 12, 2025, for aggregate consideration of approximately $289.6M ($133.7M cash, $137.7M in 3,057,588 common shares at $45.02, and $18.3M contingent earnout tied to 2026-2027 revenue targets, with up to $50M additional potential earnout). GEOST contributed $5.0M in revenue and a $2.1M operating loss in Q3; $146.7M of goodwill was allocated to the Space Systems segment. Separately, on September 25, 2025, Rocket Lab announced a pending acquisition of Mynaric AG (a German optical systems company) for an initial $75M (cash or stock, at Rocket Lab's discretion) plus up to $75M in earnout based on 2025-2027 revenue targets, subject to German Ministry of Foreign Affairs regulatory approval; the transaction had not closed as of the filing date.
Electron completed 4 launch missions in Q3 2025 (versus 3 in Q3 2024) and 14 missions in the nine months ended September 30, 2025 (versus 11 in the prior-year period), with approximately 17 Electron vehicles built through nine months 2025 (versus ~14 for all of 2024). Revenue per launch in Q3 was $10.1M (up from $7.0M in Q3 2024) and cost per launch was $5.9M (up from $5.0M), reflecting changes in customer mix and mission complexity. Total Q3 revenue reached $155.1M, up 48% year-over-year, with Launch Services revenue at $40.9M (+95% YoY) and Space Systems revenue at $114.2M (+36% YoY, driven by spacecraft manufacturing).
Remaining backlog totaled $1,096.0M as of September 30, 2025 (up from $1,067.0M at year-end 2024), comprising $586.3M in Space Systems and $509.7M in Launch Services; approximately 57% is expected to be recognized within 12 months. The increase was attributed to continued bookings and the GEOST acquisition, partially offset by revenue recognized on existing contracts.
Research and development expense increased 48% year-over-year in Q3 to $70.7M (from $47.7M), which the company attributed primarily to Neutron medium-launch-vehicle development progress, increased staffing, and prototype spend for expanded spacecraft and component product lines. The filing states the company has made 'significant progress across Neutron's structures and infrastructure to date, including engine testing and initial production execution,' but provides no updated target date for Neutron's first launch.
The U.S. government shutdown that began October 1, 2025 (after quarter-end) is disclosed as affecting operations: a significant portion of Rocket Lab's revenue derives from U.S. government contracts, and the shutdown has caused delays in anticipated contract awards and payments, State Department licensing for foreign-customer launches, visa processing for foreign personnel, furlough of civilian employees at government-supported missions, and reduced workforce at the Wallops Island facility. The company states a prolonged shutdown could negatively impact its business, financial condition, and operating results. The filing also notes that U.S. tariff changes from early April 2025 have not, to date, materially impacted the business, though certain tariffs remain in effect and could do so in the future.
Subsequent to September 30, 2025, holders of the 4.250% Convertible Senior Notes due 2029 submitted conversion notices for $192.0M of aggregate principal, resulting in the issuance of 37.46M shares of common stock. As of September 30, $355.0M of the notes remained outstanding; the company had also drawn $25.0M under the Trinity equipment financing agreement in March 2025, leaving $68.2M outstanding at a 15.7% effective interest rate.
