Rocket Lab’s Record Backlog and Defense Push Send Shares to New Heights

Rocket Lab has delivered a blockbuster quarter that sent its stock soaring more than 23% on Friday, as the space company’s backlog swelled past $2.2 billion and it unveiled a string of strategic moves in defense and robotics.

The shares hit €83.00, a fresh 52-week high, extending the year-to-date gain to roughly 28%. The rally came after the company reported first-quarter revenue of $200.3 million, a 63.5% surge from a year earlier that easily topped analyst expectations. The Space Systems division led the charge with $136.7 million in sales, while launch services added further heft to the top line.

Backlog doubles on 70-plus missions

The order book has now doubled over the past 12 months to $2.2 billion, underpinned by more than 70 planned missions. A single unnamed customer booked eight launches — five on the upcoming Neutron rocket and three on the workhorse Electron — scheduled between 2026 and 2029. That deal alone represents the largest launch contract in Rocket Lab’s history.

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Defense contracts and a robotics acquisition

Rocket Lab is deepening its footprint in the defense sector. It secured a $30 million contract with Anduril Industries for three hypersonic test flights using the HASTE launch vehicle from Virginia. Separately, the company is collaborating with Raytheon on technologies for space-based intercept systems, with the U.S. Space Force as the ultimate customer.

On the manufacturing front, Rocket Lab is buying Motiv Space Systems, a California-based specialist in drive and robotics systems whose hardware has operated on Mars. The acquisition is expected to close in the second quarter of 2026, and the unit will be rebranded as Rocket Lab Robotics, strengthening the company’s vertical integration of satellite components.

Profitability path and Neutron timeline

Rocket Lab at a turning point? This analysis reveals what investors need to know now.

The company posted a net loss of $45 million for the quarter, though its adjusted EBITDA deficit narrowed significantly. Management is guiding for second-quarter revenue between $225 million and $240 million, well above the consensus estimate of $205 million. Gross margin is expected to land in the 38% to 40% range.

All eyes remain on the maiden flight of the Neutron rocket, still targeted for late 2026. Engine qualification and hardware integration are proceeding on schedule, Rocket Lab said. A successful debut would vault the company into a new weight class of launch vehicles and cement its transition from a small-launch specialist to a broader space systems player.

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