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Rocket Lab Corporation (RKLB) perpetual futures
RKLB perpetual futures on 25 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade RKLBUSDT.
Rocket Lab USA, Inc. is a US aerospace firm providing orbital launch services, spacecraft manufacturing, and on-orbit management, including the Electron rocket and Photon satellites.
$59.34-0.6%NASDAQ closed
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venue perp mark · Bitget (RKLB/USDT)
Auto: highest-volume live perp venueOpen in TradingView
Trading data
Perpetual market activity
25/25 live markets
Trading data
Perpetual market activity
Venues
25
Live markets
25/25
24h volume
$16.7MCoverage: 20/25 marketsExchange-reported volume: $23.3M
Open interest
$21.2MCoverage: 23/25 markets
Best liquidity
$2.7M
Gate.io
Tightest spread
+1.7 bps
XT.com
Highest volume
$6.6M
Bitget
Settlement mix
USDT · 18/25
Perp/spot vol.
0.02x
Spot volume $776.5M
OI / float
+0.06%
Float $35B
Spot performance
1D-3.96%
5D+13.29%
1M+11.37%
6M-50.69%
YTD-11.80%
1Y+42.07%
Venue matrix
25 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Bitget | Trade | RKLB/USDT | Trading | $59.31 | 0.0% APR 0.000% every 8h | +1.7 bps | $2M | $6.6M | $3.5M | USDT | 20x | |
 Binance | Trade | RKLB/USDT | Trading | $59.31 | 0.0% APR 0.000% every 8h | +3.4 bps | $728.8K | $5M | $5.1M | USDT | - | |
 Hyperliquid HIP-3 | Trade | xyz:RKLB | Trading | $59.24 | -86.6% APR -0.00988% every 1h | +1.9 bps | - | $1.4M | $4.4M | USDC | 10x | |
 Gate.io | Trade | RKLB/USDT | Trading | $59.34 | 0.0% APR 0.000% every 8h | +5.1 bps | $2.7M | $861.1K | $969.5K | USDT | 75x | |
 OKX | Trade | RKLB/USDT | Trading | $59.31 | 0.0% APR 0.000% every 8h | +5.1 bps | $206K | $824.8K | $2.1M | USDT | 20x | |
 KuCoin | Trade | RKLB/USDT | Trading | $59.32 | 0.0% APR 0.000% every 8h | +13.5 bps | $18.3K | $776.9K | $993.8K | USDT | 20x | |
 Bybit | Trade | RKLB/USDT | Trading | $59.29 | 0.0% APR 0.000% every 8h | +5.1 bps | $151.4K | $452.6K | $1.8M | USDT | 25x | |
 Phemex | Trade | RKLB / USDT | Trading | $59.31 | 0.0% APR 0.000% every 8h | +5.1 bps | $72.4K | $345.3K | $1.5M | USDT | 10x | |
 MEXC | Trade | RKLB/USDT | Trading | $59.35 | 0.0% APR 0.000% every 8h | +15.2 bps | $2.5M | $127.3K | $423.1K | USDT | 50x | |
 Bitunix | Trade | RKLB/USDT | Trading | $59.31 | -5.1% APR -0.00467% every 8h | +1.7 bps | $2.6M | $104K | $22.3K | USDT | 20x | |
 Variational | Trade | RKLB/USDC | Trading | $59.30 | 0.0% APR 0.000% every 8h | +6.3 bps | no public depth feed | $72.4K | $100.4K | USDC | - | |
 Aster | Trade | RKLBUSDT | Trading | $59.38 | 0.0% APR 0.000% every 8h | +80.8 bps | $183.2K | $54.7K | $22.8K | USDT | - | |
 Deribit | Trade | RKLB/USDC | Trading | $59.29 | +2.8% APR +0.00252% every 8h | +11.8 bps | $192.1K | $33.3K | $11K | USDC | 10x | |
 XT.com | Trade | RKLB/USDT | Trading | $59.28 | +11.0% APR +0.010% every 8h | +1.7 bps | $51.6K | $32.9K | - | USDT | 15x | |
 BloFin | Trade | RKLB/USDT | Trading | $59.30 | -0.1% APR -0.00007% every 8h | +5.1 bps | $704.4K | $19.5K | $132.8K | USDT | 20x | |
 HTX | Trade | RKLB/USDT | Trading | $59.24 | 0.0% APR 0.000% every 8h | +11.8 bps | $227.9K | $8.8K | $9.3K | USDT | - | |
 GRVT | Trade | RKLB/USDT | Trading | $59.30 | 0.0% APR 0.000% every 8h | +6.7 bps | $235.3K | $2.9K | $3.2K | USDT | - | |
 Aevo | Trade | RKLB/USDC | Trading | $59.28 | +11.4% APR +0.00130% every 1h | +19.4 bps | $202.9K | $0 | $0 | USDC | 10x | |
 Crypto.com Exchange | Trade | RKLB/USD | Trading | $59.31 | +5.0% APR +0.00057% every 1h | +104.6 bps | $9.9K | $0 | $6.4K | USD | 50x | |
 Extended | Trade | RKLB/USD | Trading | $59.27 | 0.0% APR 0.000% every 1h | +5.7 bps | - | $0 | $3.1K | USD | 10x | |
 Vest | Trade | RKLB/USDC | Trading | $59.93 | +5.0% APR +0.00057% every 1h | +405.5 bps | $0 | - | - | USDC | 25x | |
 BingX | Trade | RKLB-USDT | Trading | $59.31 | +5.5% APR +0.00500% every 8h | +1.7 bps | $1.1M | $2.3M⚠ | $562.5 | USDT | - | |
 Deepcoin | Trade | RKLB/USDT | Trading | $59.29 | - | +1.7 bps | $366.6K | $1.7M⚠ | $1.2K | USDT | 25x | |
 LBank | Trade | RKLB/USDT | Trading | $59.31 | 0.0% APR 0.000% every 8h | +1.7 bps | $1.4M | $1.7M⚠ | $26.8K | USDT | 50x | |
 Ourbit | Trade | RKLB/USDT | Trading | $59.30 | 0.0% APR 0.000% every 8h | +1.7 bps | $2.6M | $890.8K⚠ | $107.4K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| RKLBBbStocks | $59.26 | -0.14% | $1.8M | $2.9M | BNB Smart Chain (BEP20) |
| RKLBonOndo GM | $59.24 | -0.16% | $268k | $1.8M | Solana · Ethereum · BNB Smart Chain (BEP20) |
| rRKLBTokenized | $59.41 | +0.11% | $62k | $746k | Arbitrum |
| RKLBRobinhood | $61.54 | +3.71% | $451 | $73k | Robinhood Chain |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 uniswapDEX · robinhood | RKLB/USDG ↗ | $61.54 | $451 | $18k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 20 of 25 venues absorb $10k · Typical cost: +8.8 bps – +23.4 bps
No fresh book data: Crypto.com Exchange, Hyperliquid HIP-3, Variational, Extended, Vest
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
RKLBTightest spread
RKLBHighest volume
RKLBFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-02-25
Revenue est. $282M · Updated 5h ago
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid59.7
Ask60.49
Volume13,308,687
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-0.29$981.3M+63%9
FY 2027-0.01$1.4B+39%11
FY 20280.21$1.8B+35%6
FY 20290.51$2.3B+23%3
FY 20300.95$3B+32%2
Q1 2027-0.02$283M+41%2
Source: FMP · Consensus
Company events
62027-02-25EarningsActual - / Estimate -0.01-
2026-11-09Earnings · After market closeActual -0.12 / Estimate -0.0658Miss
2026-08-10Earnings · After market closeActual -0.08 / Estimate -0.0583Miss
2026-05-07EarningsActual -0.02 / Estimate -0.0671Beat
2026-02-26EarningsActual -0.09 / Estimate -0.0988Beat
2025-11-10EarningsActual 0.01 / Estimate -0.0988Beat
Peer comparison
Similar listed perpsRevenue mix
Latest annualSpace SystemsProduct$310.8M
Launch ServicesProduct$125.4M
UNITED STATESGeographic$268.3M
CANADAGeographic$104.4M
Rest Of WorldGeographic$32.8M
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $100.75 |
| 12-month target range (low – high) | $58 – $132 |
| Ratings in the provider's consensus | 23 |
Price targets as of 2026-11-15
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 5 | 13 | 4 | 0 | 0 |
| Oct 2026 | 5 | 13 | 4 | 0 | 0 |
| Sep 2026 | 4 | 12 | 4 | 0 | 0 |
| Aug 2026 | 3 | 11 | 4 | 0 | 0 |
| Jul 2026 | 3 | 11 | 4 | 0 | 0 |
| Jun 2026 | 3 | 12 | 4 | 0 | 0 |
| May 2026 | 3 | 11 | 5 | 0 | 0 |
| Apr 2026 | 3 | 9 | 6 | 0 | 0 |
| Mar 2026 | 2 | 8 | 6 | 0 | 0 |
| Feb 2026 | 2 | 8 | 5 | 0 | 0 |
| Jan 2026 | 2 | 9 | 6 | 0 | 0 |
| Dec 2025 | 1 | 8 | 5 | 0 | 0 |
Ownership
Institutional · 2026-Q3Free float93.4%590.5M shares
Shares outstanding632M shares
Institutional43.1%947 investors
Investor count change-278
Reference market activity
RKLB-PERPDay range (Nov 13)$59.76$64.46
52 week$37.57$151
Spot volume13.1M
Average volume-
Price performance
111D-4.0%
5D+13.3%
1M+11.4%
3M-23.3%
6M-50.7%
YTD-11.8%
1Y+42.1%
3Y+1,298.4%
5Y+330.6%
10Y+531.5%
MAX+531.5%
Insider activity
FY2026 Q4Acquisitions2 transactions280,314 shares
Dispositions15 transactions571,554 shares
Purchases0Ratio 0.13
Sales13
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Director Nina Armagno sold 10,926 Rocket Lab (RKLB) common shares in 5 open-market sales on 2026-11-02 at $51.3092-$55.01, leaving 100,496 shares owned.
Rocket Lab CFO Adam Spice exercised 140,157 stock options at $1.09 into common stock, then sold the same 140,157 shares in five open-market sales at $51.28–$54.78.
Rocket Lab CFO Adam C. Spice exercised 140,157 employee stock options at $1.09, converting them into 140,157 common shares, then sold all 140,157 shares in three open-market sales at $70.28-$71.79.
CFO Adam C. Spice exercised options to acquire 140,157 common shares at $1.09 and then sold 140,157 shares at prices between $62.26 and $62.97.
Director Merline Saintil gifted 261,903 common shares of Rocket Lab on 2026-08-31, reducing her direct ownership to 2,482 shares.
Rocket Lab COO Frank Klein sold 35,100 common shares in two open-market sales on Aug 27, 2026, at $66.251–$66.8576 per share, leaving 926,195 shares owned.
Filings
62 · Latest SEC filings2026-11-034Insider transaction report (Form 4)
Director Nina Armagno sold 10,926 Rocket Lab (RKLB) common shares in 5 open-market sales on 2026-11-02 at $51.3092-$55.01, leaving 100,496 shares owned.
2026-11-034Insider transaction report (Form 4)
Rocket Lab CFO Adam Spice exercised 140,157 stock options at $1.09 into common stock, then sold the same 140,157 shares in five open-market sales at $51.28–$54.78.
2026-10-024Insider transaction report (Form 4)
Rocket Lab CFO Adam C. Spice exercised 140,157 employee stock options at $1.09, converting them into 140,157 common shares, then sold all 140,157 shares in three open-market sales at $70.28-$71.79.
2026-09-044Insider transaction report (Form 4)
CFO Adam C. Spice exercised options to acquire 140,157 common shares at $1.09 and then sold 140,157 shares at prices between $62.26 and $62.97.
2026-09-024Insider transaction report (Form 4)
Director Merline Saintil gifted 261,903 common shares of Rocket Lab on 2026-08-31, reducing her direct ownership to 2,482 shares.
2026-08-284Insider transaction report (Form 4)
Rocket Lab COO Frank Klein sold 35,100 common shares in two open-market sales on Aug 27, 2026, at $66.251–$66.8576 per share, leaving 926,195 shares owned.
2026-08-284Insider transaction report (Form 4)
Rocket Lab VP & General Counsel Arjun Kampani reported 2 open-market sales of common stock totaling 6,034 shares at $66.50-$67.16 on Aug 27, 2026.
2026-08-264Insider transaction report (Form 4)
Rocket Lab's SVP & General Counsel sold a total of 7,754 common shares on Aug 24, 2026, at prices ranging from $69.53 to $71.17.
2026-08-264Insider transaction report (Form 4)
Rocket Lab VP Ricupati Agostino sold 669 common shares on Aug 24, 2026, in 3 open-market transactions at $69.53–$71.17.
2026-08-264Insider transaction report (Form 4)
Rocket Lab officer Clevenger Marvin Bradford sold 15,051 common shares in 3 open-market sales on Aug 24, 2026 at $69.53-$71.17, leaving 458,924 shares owned.
2026-08-264Insider transaction report (Form 4)
Rocket Lab CFO Adam Spice sold 9,677 common shares on 2026-08-24 at prices ranging from $69.5345 to $71.17, per Form 4 filed 2026-08-26.
2026-08-264Insider transaction report (Form 4)
Rocket Lab COO Frank Klein sold a total of 45,692 common shares across three open-market transactions on Aug 24, 2026, at prices ranging from $69.53 to $71.17.
2026-08-184Insider transaction report (Form 4)
Rocket Lab CFO Adam Spice gifted 30,000 shares of common stock.
2026-07-084Insider transaction report (Form 4)
Rocket Lab CEO and director Peter Beck sold 3,275,779 common shares in 24 open-market transactions on July 6-7, 2026, at prices from $81.5895 to $101.5698.
2026-06-184Insider transaction report (Form 4)
Rocket Lab SVP & General Counsel Arjun Kampani sold 88,000 common shares at $107.98, leaving 264,705 shares owned afterward.
2026-06-054Insider transaction report (Form 4)
Rocket Lab VP Corp Controller & CAO Agostino Ricupati received a grant of 27,532 shares of common stock on 2026-06-03, an award rather than an open-market purchase. Post-transaction he owned 27,532 shares.
2026-06-053Initial insider ownership statement (Form 3)
Agostino Ricupati filed an initial ownership statement (Form 3) as an officer of Rocket Lab, reporting no shares of common stock owned as of 2026-06-03.
2026-06-054Insider transaction report (Form 4)
Rocket Lab CFO Adam C. Spice received an award grant of 275,319 shares of common stock on 2026-06-03, bringing his total ownership to 1,195,644 shares.
2026-06-054Insider transaction report (Form 4)
Director Alexander R. Slusky sold 40,000 shares of Rocket Lab common stock at $123.60 per share, leaving 334,675 shares owned afterward.
2026-06-024Insider transaction report (Form 4)
Rocket Lab CFO Adam Spice gifted a total of 125,448 common shares across two gift transactions and separately received 62,724 shares via gift; no cash was exchanged in these transfers.
2026-06-024Insider transaction report (Form 4)
Director Frank Edward H. gifted 91,373 shares of Rocket Lab common stock on 2026-05-29, with the same number of shares recorded as received under a related holding.
2026-06-014Insider transaction report (Form 4)
President Marvin Bradford Clevenger sold 3,500 shares of Rocket Lab common stock at $146.67 each on May 28, 2026. He retained 473,975 shares.
2026-06-014Insider transaction report (Form 4)
Director Alexander R. Slusky sold a total of 60,000 shares of Rocket Lab common stock on May 28, 2026, at prices between $149.10 and $150.00.
2026-06-014Insider transaction report (Form 4)
Chief Operations Officer Frank Klein sold 36,860 common shares of Rocket Lab across 8 open-market transactions on May 28, 2026, at prices ranging from $143.05 to $149.99.
2026-06-014Insider transaction report (Form 4)
On May 28, 2026, the reporting person sold 23,804 common shares in 8 transactions at prices ranging from $143.146 to $150.26.
2026-05-284Insider transaction report (Form 4)
Rocket Lab SVP & General Counsel Arjun Kampani sold 98,668 shares of common stock on May 26-27, 2026, at prices from $139.41 to $150.00.
2026-05-284Insider transaction report (Form 4)
COO Frank Klein sold 44,390 common shares of Rocket Lab Corporation in 6 open-market transactions on May 26, 2026, at prices between $139.41 and $144.13, reducing holdings to 1,043,847 shares.
2026-05-284Insider transaction report (Form 4)
CEO Peter Beck converted 5,000,000 shares of Series A Convertible Preferred Stock into the same number of common shares, at no cash cost.
2026-05-284Insider transaction report (Form 4)
President Marvin Bradford Clevenger sold 15,549 shares of Rocket Lab common stock on 2026-05-26 at prices ranging from $139.41 to $144.13.
2026-05-284Insider transaction report (Form 4)
CFO Adam C. Spice sold 62,744 shares of Rocket Lab common stock on May 26, 2026, in 6 open-market transactions at prices from $139.41 to $144.13.
2026-05-224Insider transaction report (Form 4)
Director Merline Saintil received an award of 2,482 common shares of Rocket Lab Corporation.
2026-05-224Insider transaction report (Form 4)
Director Possenriede Kenneth R received an award of 2,482 common shares of Rocket Lab Corporation.
2026-05-224Insider transaction report (Form 4)
Director Alexander R. Slusky received a grant of 2,482 common shares of Rocket Lab (RKLB) on 2026-05-20, with no cost, raising his total holdings to 61,331 shares.
2026-05-224Insider transaction report (Form 4)
Director Jon A Olson received a grant of 2,482 common shares of Rocket Lab (RKLB) on 2026-05-20. He now holds 348,112 shares.
2026-05-224Insider transaction report (Form 4)
Director Frank Edward H. acquired 2,482 common shares of Rocket Lab via a compensation award on May 20, 2026, at no cost, increasing holdings to 144,986.
2026-05-224Insider transaction report (Form 4)
Director Nina Armagno received a grant of 2,482 common shares of Rocket Lab Corporation, at no cost, on May 20, 2026.
Transcripts
Earnings callsFY2026 Q12026-05-07
Earnings calls
AI summary
positiveRocket Lab delivered its strongest Q1 with record revenue, GAAP gross margins of 38.2%, and record backlog exceeding $2.2 billion across launch and space systems. The company booked 31 Electron/HASTE missions and 5 Neutron contracts in the quarter, surpassing all prior-year bookings. Neutron development remains on track for first launch in late 2026, with significant progress on Stage 1 tank manufacturing, stage separation testing, and landing barge construction.
Key takeaways
- Record Q1 revenue of $200.3M (+63.5% YoY), with Q2 guidance of $225-240M representing 16% sequential growth
- Backlog jumped to $2.2B, up 20% sequentially and 108% YoY, with 70+ Electron launches and largest Neutron contract in company history (5 dedicated flights plus 3 Electrons through 2029)
- Booked record 31 Electron and HASTE launches in Q1, including $190M HASTE contract for 20 missions through Kratos/DoD
- Announced acquisitions of Motiv Space Systems (robotics/mechanisms) and closed Mynaric (optical communications), advancing vertical integration strategy
- Neutron Stage 1 tank AFP composite components in production; stage separation tests cleared at full flight loads; landing barge (ROI) on track for sea trials later in 2026
Financial highlights
- Q1 2026 revenue: $200.3M, up 63.5% YoY and 11.8% sequentially
- GAAP gross margin: 38.2% (above guidance of 34-36%); Non-GAAP gross margin: 43%
- Cash position: $1.48B at quarter-end plus access to $2B+ in liquidity; ATM raised $450.4M in Q1
- Total backlog: $2.2B with launch 41.5% and Space Systems 58.5%; 36% expected to convert to revenue in next 12 months
Guidance
- Q2 2026 revenue guidance: $225-240M (16% sequential growth at midpoint)
- Q2 GAAP gross margin: 33-35%; Non-GAAP gross margin: 38-40%
- Q2 adjusted EBITDA loss: $20-26M; Non-GAAP free cash flow expected to remain at elevated negative levels due to Neutron development
- Neutron first launch targeted for late 2026; Flight 2 landing attempt planned assuming Flight 1 reentry testing successful
Q&A themes
- Neutron pricing maintained in line with commercial rates despite strong demand; customer confidence high with backlog secure for years ahead
- Electron factory designed for 52 launches/year capacity with modest capital needed; no significant constraints to increase cadence
- HASTE hypersonic program could reach 24 launches/year baseline to cover full platform margins, currently tracking 20-25% of manifest mix
- Space Systems business experiencing mix shift toward lower-margin SDA contracts but accretive to operating margins; Mynaric acquisition drag expected near-term but targeting long-term margin parity
Risks
- Neutron is in development with first launch targeted late 2026; multiple testing campaigns ongoing in parallel with execution risk; customer confidence dependent on successful first flight
- Space Systems gross margins pressured by large SDA Tranche 2/3 contracts at lower margins; Mynaric acquisition will temporarily drag margins as business is restructured
- Cash flow remains negative and elevated due to Neutron development, longer-lead procurement for SDA, and inventory buildup; dependent on timing of revenue realization from large contracts
FY2025 Q42026-02-26
Earnings calls
AI summary
positiveRocket Lab posted strong FY2025 results with record revenue of $602M and record quarterly revenue of $180M in Q4, driven by 21 Electron/HASTE launches and major SDA Tranche III contract award worth up to $1B in total value. The company won the largest contract in its history ($816M) to build 18 advanced spacecraft for SDA tracking layer. However, Neutron's first launch was delayed to Q4 2026 following a Stage 1 tank rupture during hydrostatic testing, attributed to a manufacturing defect in the hand-laid tank; the new tank will be produced on the automated fiber placement machine.
Key takeaways
- Record annual revenue of $602M (+38% YoY) and Q4 revenue of $180M (+36% YoY); record backlog of $1.85B (+73% YoY)
- Largest contract award in company history: $816M SDA Tranche III award with potential $1B total capture value including subsystem opportunities; combined SDA contracts now exceed $1.3B
- Launched 21 Electron/HASTE missions in 2025 (7 in Q4) as small launch market leader; added 30+ new launches to manifest with diversified customer base
- Neutron first launch delayed to Q4 2026 due to Stage 1 tank manufacturing defect; new tank being built on automated fiber placement machine with design improvements; second stage and other major structures passed qualification
- Announced three strategic acquisitions: Optical Support Inc., Precision Components Limited, and pending Mynaric (German regulatory review ongoing) to vertically integrate optical and manufacturing capabilities
Financial highlights
- FY2025 revenue: $602M (+38% YoY); Q4 2025 revenue: $180M (+36% YoY)
- Record gross margins: Q4 GAAP 38%, non-GAAP 44.3%; FY2025 GAAP 34.4% (+780bps YoY), non-GAAP 39.7% (+770bps YoY)
- Q4 backlog: $1.85B (+73% YoY); 37% expected to convert to revenue within 12 months with 26% from Launch, 74% from Space Systems
- Cash, equivalents and securities: $1.1B at end of Q4; generated $280.6M from at-the-market offering; eliminated indebtedness with retirement of Trinity equipment line
Guidance
- Q1 2026 revenue guidance: $185M-$200M (+57% YoY, +7% QoQ at midpoint)
- Q1 2026 gross margins: GAAP 34-36%, non-GAAP 39-41% (slight sequential decline due to Space Systems mix shift)
- Q1 2026 operating expenses: GAAP $120-126M, non-GAAP $106-112M; adjusted EBITDA loss $21-27M
- Expect Electron/HASTE growth of approximately 20% in 2026; Neutron first launch targeted for Q4 2026; Q1 expected to mark peak Neutron R&D spending with shift to flight inventory throughout 2026
Q&A themes
- Mynaric acquisition still under German regulatory review; no material changes to timeline disclosed; management emphasizes not to believe media speculation
- European market opportunity significant with multiple space nations seeking indigenous capabilities; Rocket Lab positioned as disruptive provider for components through complete systems and launch services
- Space-based data center market emerging but early; Rocket Lab developed space-optimized silicon solar arrays and hybrid solutions to address gigawatt-scale power generation needs at kilometer scale
- SDA Tranche III revenue recognition conservative estimate; actual conversion could accelerate with improved subcontractor delivery performance; vertical integration critical to revenue predictability and program execution
Risks
- Neutron development delayed to Q4 2026; while management confident in tank solution, extended timeline and additional testing create execution risk for revenue contribution and competitive positioning
- Space Systems revenue subject to ASC 606 volatility dependent on subcontractor delivery performance; large multi-year government contracts have low near-term revenue conversion (10% first 12 months), creating revenue linearity challenges
- Mynaric acquisition pending German regulatory approval with uncertain timing; if denied, would impact optical terminal strategy and require alternative sourcing or internal development
FY2025 Q32025-11-10
Earnings calls
AI summary
positiveRocket Lab delivered record-breaking Q3 results with $155 million in revenue and 37% GAAP gross margins, driven by 17 new Electron launch contracts (mostly international) and strong space systems performance. The company is progressing Neutron development with extensive qualification testing, targeting pad arrival in Q1 2026, while maintaining $1.1 billion in backlog and over $1 billion in liquidity following a strategic equity offering.
Key takeaways
- Q3 revenue of $155M (+48% YoY) with 37% GAAP and 41.9% non-GAAP gross margins; Q4 guidance of $171M-$180M with further margin expansion to 37-39% GAAP
- Record launch backlog of 49 Electron missions on contract, including 17 new deals signed in Q3 largely from international space agencies and commercial customers
- Neutron advancing through rigorous qualification and acceptance testing across all major systems; targeting Q1 2026 pad arrival for first launch, contingent on completing Rocket Lab's standard testing program
- Space Systems segment grew 16.7% sequentially to $114.2M; Transport Layer Constellation cleared critical design review for SDA; Escapade Mars mission twin spacecraft integrated and scheduled for launch from Cape Canaveral
- Acquired Geos to strengthen national security payload capabilities; nearly closing Manaruk laser communications acquisition; over $1 billion in dry powder liquidity for M&A pipeline
Financial highlights
- Q3 2025 revenue: $155 million (48% YoY growth); full-year implied guidance ~$600 million at midpoint
- Q3 gross margins: 37% GAAP, 41.9% non-GAAP; Q4 guidance: 37-39% GAAP, 43-45% non-GAAP
- Total backlog: $1.1 billion (47% launch, 53% space systems); 57% expected to convert to revenue within 12 months
- Cash and equivalents: $1.0+ billion (end of Q3); raised $468.8 million through equity offering in Q3
Guidance
- Q4 2025 revenue guidance: $171-$180 million (12.8% sequential growth at midpoint)
- Neutron first launch targeted for Q1 2026 if all testing validates Rocket Lab standards; subsequent launches follow within 12-month cadence
- Expect ~$360 million cumulative Neutron spending (R&D and CapEx) through exit of 2025; estimated $15 million quarterly labor cost extension with minimal financial impact
- Full-year 2025 gross margins expected to improve to 37-39% in Q4; long-term Electron margin target 45-50%, Neutron at least as good as Electron, space systems mid-40s
Q&A themes
- Electron demand accelerating globally with space agencies (ESA, JAXA) now standardizing on platform; supply chain capacity sufficient with in-house manufacturing at 90%+ and factory designed for 52 rockets/year
- SDA Tranche 3 award (largest in company history) delayed by government shutdown but confidence remains high; Geos acquisition providing expanded national security customer access and mission formulation capability
- Neutron design stable and meeting performance requirements; Archimedes engines under intensive testing (27/7 operations at Stennis); recovery barge ROI progressing with factory acceptance testing passed, ready for flight two
- No plans to speculatively acquire spectrum assets; M&A strategy focused on tuck-ins (Manaruk), platform companies (Geos), and big needle-moving opportunities; consolidation environment favorable with companies approaching Rocket Lab
Risks
- Neutron development timeline extended from original 2025 target to Q1 2026, adding ~$15 million/quarter in labor costs; program cumulative spend now ~$360 million versus original $250-300 million estimate
- Government shutdown impacting SDA program awards and cash flow timing, though large payment received late Q3; continuation of shutdown could affect 2026 SDA Tranche 3 award timing and new contract awards
- Neutron first flight carries execution risk with novel architecture (hungry hippo fairing, suspended second stage, largest flying carbon composite structure); company committed to internal testing standards over schedule, no guidance if finding issues during pad testing
FY2025 Q22025-08-07
Earnings calls
AI summary
positiveRocket Lab delivered record Q2 revenue of $144.5M with 32.1% GAAP gross margin, driven by strong performance across both Launch Services and Space Systems segments. Neutron development is advancing toward an end-of-year launch, with critical infrastructure substantially complete and regulatory approvals progressing. The company is positioning itself as an end-to-end national security provider through planned acquisitions of Geost and Mynaric while maintaining dominant position in small launch with Electron at 69 launches.
Key takeaways
- Record Q2 revenue of $144.5M, 36% YoY growth, exceeding guidance with 32.1% GAAP gross margin expansion
- Neutron program on track for end-of-2025 launch with Stage 2 flight hardware qualified, FCC license granted, and FAA launch license application accepted
- Electron maintains leadership with 5 launches in Q2, on pace for 20+ launches in 2025, with expanding international customer base including European Space Agency
- Space Systems segment revenue of $97.9M with strategic acquisitions of Geost (missile-warning satellites) and Mynaric (optical terminals) to expand end-to-end capabilities
- $1B total backlog with launch representing 41% and Space Systems 59%, with approximately 58% expected to convert to revenue within 12 months
Financial highlights
- Q2 2025 revenue: $144.5M (record, up 36% YoY, above guidance range)
- GAAP gross margin: 32.1% (above 30-32% guidance); Non-GAAP gross margin: 36.9% (above 34-36% guidance)
- Space Systems segment revenue: $97.9M (up 12.5% sequentially); Launch Services revenue: $46.6M (up 31.1% sequentially)
- Operating cash flow: negative $23.2M in Q2 (improved from negative $54.2M in Q1); Cash position: $754M as of Q2 end
Guidance
- Q3 2025 revenue guidance: $145-155M with GAAP gross margin of 35-37% and non-GAAP gross margin of 39-41%
- Q3 2025 GAAP operating expenses: $104-109M; non-GAAP operating expenses: $86-91M
- Q3 2025 adjusted EBITDA loss: $21-23M
- Expect negative non-GAAP free cash flow to remain elevated in Q3 consistent with prior quarters due to Neutron development and production scaling
Q&A themes
- Neutron engine performance on track with Archimedes engine achieving full mission duration testing at 3-4 hot fires per day; reusable vehicle requires expanded qualification for multiple operating environments
- SDA Tranche 3 RFP expected announcement between September-October; potential to be company's largest program by significant margin with similar revenue profile to Tranche 2
- Commercial Electron ASP pricing strength driven by mix of HASTE missions and bulk buys from international sovereign nations; no longer accepting significant discounts on bulk orders
- Space Systems gross margin target of 40-45% achievable with current trajectory; subsystems and platforms currently split evenly but will improve with payload additions; contribution margins very healthy due to limited R&D requirements
Risks
- Neutron launch timeline dependent on parallel completion of multiple critical milestones; management emphasized no arbitrary deadline will override safety and performance requirements, creating schedule execution risk
- Elevated cash consumption expected to continue through 2026 despite first Neutron launch; positive free cash flow unlikely before 2027 in base case, dependent on successful scaling and demand realization
- Neutron gross margin accounting complexity: reusability assumptions, booster amortization across multiple missions, and overhead absorption will create significant margin volatility in early operational phase
FY2025 Q12025-05-08
Earnings calls
FY2024 Q42025-02-27
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.Company data
Company intelligence
Updated: Nov 15, 2026, 04:38 AM UTC
Company data
Company intelligence
Company profile
- Sector
- Industrials
- Industry
- Aerospace & Defense
- Chief executive
- Sir Peter Beck
- Employees
- 2,600
- IPO date
- Nov 24, 2020
- Country
- US
- Exchange
- NASDAQ Capital Market
Altman Z-scorei37.29
Piotroski scorei3/9
Overall ratingiC
Owner earningsi-$66.58M-$0.11 per share
ESG risk ratingiBIndustry rank: 64/100
Rating factors
- Return on equityi
- 1/5
- Return on assetsi
- 1/5
- Debt to equityi
- 5/5
- Price to earningsi
- 1/5
- Price to booki
- 1/5
Company press releases
MISSION SUCCESS: Rocket Lab Launches 97th Electron MissionGlobeNewsWireIridium Stockholders Approve Acquisition by Rocket LabGlobeNewsWireMISSION SUCCESS: Rocket Lab Launches 96th Electron MissionGlobeNewsWireRocket Lab Fully Funds Iridium Acquisition, Including Completion of $1.94 Billion ATMGlobeNewsWireRocket Lab Successfully Launches 16th Electron Mission Of The Year, Solidifies Status as World's Leading Small Launch ProviderGlobeNewsWireRocket Lab Introduces High-Efficiency Solar Cell to Reduce Reliance on Supply-Constrained Critical MineralsGlobeNewsWire
Market cap history
$40.13B-20.6%Aug 2026 – Nov 2026
Latest: $40.13B · 2026-11-13High: $51.68B · 2026-08-17Low: $32.34B · 2026-10-19
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.05% | 18.4M |
| VO | 0.35% | 12.5M |
| QQQ | 0.18% | 12.5M |
| VUG | 0.11% | 6.6M |
| VXF | 0.39% | 5.9M |
| ITA | 3.07% | 5.2M |
| VOT | 0.83% | 4.4M |
| NIW | 1.83% | 3.2M |
| IWP | 1.18% | 3.2M |
| QQQM | 0.18% | 2.7M |
| XAR | 3.39% | 2.6M |
| IWR | 0.3% | 2.3M |
Analyst track record
How the analysts covering RKLB have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 114 | 276 |
| Analysts | 26 | 33 |
| Buy / hold / sell | 89 / 25 / 0 | 210 / 66 / 0 |
| Upgrades / downgrades / initiations | 4 / 1 / 10 | 4 / 2 / 18 |
| Price targets hit / missed | 6 / 91 (6%) | 144 / 99 (59%) |
| Avg. return after a rating (TipRanks) | -32.9% | +174.7% |
| Best / worst call | +10.5% / -52.5% | > +1,000% / -52.5% |
After buy calls on this stock: median 21-day move +5.2% vs S&P 500 +3.2% (n = 201)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Andres SheppardCantor Fitzgerald100% hit rate on this stock · 18 targets measuredBuytarget $111Nov 10, 2026
- Erik RasmussenStifel Nicolaus100% hit rate on this stock · 17 targets measuredBuytarget $132Nov 10, 2026
- Sujeeva De SilvaRoth MKM100% hit rate on this stock · 14 targets measuredBuytarget $100May 8, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 11, 2026 | Kristine LiwagMorgan StanleyNov 11, 2026 | BuyMaintained | $103↗ | article ↗ |
| Nov 10, 2026 | Andre MadridBTIGNov 10, 2026 | HoldMaintained | –↗ | article ↗ |
| Nov 10, 2026 | Alexander PotterPiper SandlerNov 10, 2026 | HoldReiterated | $58.00↗ | article ↗ |
| Nov 10, 2026 | Andres SheppardCantor FitzgeraldNov 10, 2026 | BuyReiterated | $111↗ | article ↗ |
| Nov 10, 2026 | Suji DesilvaRoth MKMNov 10, 2026 | BuyMaintained | $80.00↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 114 ratings
Frequently asked questions
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