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Here are 1-2 brief analogies to describe Rocket Lab (RKLB):

• SpaceX for small satellites.
• The Tesla of satellite manufacturing and launch.

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• Launch Services (Electron rocket): Provides dedicated and rideshare launch services to orbit for small satellites using their Electron rocket.
• Satellite Manufacturing (Photon spacecraft): Designs and manufactures the Photon satellite bus, offering customizable spacecraft solutions for various missions.
• Spacecraft Components: Develops and supplies high-performance satellite components, including reaction wheels, star trackers, and power systems, for internal use and external customers.
• Launch Services (Neutron rocket - *under development*): Developing the Neutron medium-lift rocket to provide high-capacity, reusable launch services for larger payloads.

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Major Customers of Rocket Lab (RKLB)

Rocket Lab (RKLB) primarily sells its launch services, spacecraft components, and satellite solutions to other companies and government organizations rather than directly to individuals. Its customer base spans U.S. government agencies, international space organizations, and a variety of commercial satellite operators and technology companies.

Here are some of Rocket Lab's major customers:

• National Aeronautics and Space Administration (NASA): A U.S. government agency that is a key customer for science missions and technology demonstrations. Rocket Lab has launched several high-profile NASA missions, including CAPSTONE, TRACERS, and PREFIRE.
• National Reconnaissance Office (NRO): A U.S. government intelligence agency responsible for designing, building, launching, and maintaining America's intelligence satellites. The NRO is a significant customer for national security space missions, having awarded Rocket Lab numerous launch contracts.
• Space Development Agency (SDA): Part of the U.S. Department of Defense, the SDA is focused on developing and deploying the Proliferated Warfighter Space Architecture. Rocket Lab has secured contracts to provide launch services for SDA missions.
• BlackSky Technology Inc. (Symbol: BKSY): A public company that provides real-time geospatial intelligence and Earth observation data. Rocket Lab has launched multiple satellites for BlackSky's constellation.
• Synspective: A private Japanese Earth observation company that develops and operates a constellation of synthetic aperture radar (SAR) satellites. Rocket Lab has performed multiple dedicated launches for Synspective's StriX constellation.
• Varda Space Industries: A private U.S. company focused on in-space manufacturing and re-entry services. Rocket Lab launched Varda's first in-space factory capsule and re-entry demonstrator.
• Kinéis: A private French satellite operator providing global IoT connectivity services. Rocket Lab has launched satellites to deploy Kinéis's constellation.

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• Safran S.A. (SAF.PA)
• Velo3D, Inc. (VLD)

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Peter Beck, Founder, President, Chief Executive Officer and Chairman of the Board
Peter Beck founded Rocket Lab USA, Inc. in 2006, leading its growth into a global organization that develops and launches advanced rockets, satellites, and spacecraft. Without formal tertiary education, he began his career as an apprentice at Fisher & Paykel Appliances, where he honed his mechanical and design skills. He later worked at Industrial Research Limited, focusing on advanced composite structures and materials. Beck is a self-taught rocket engineer known for his hands-on approach to rocket design and his goal of making space more accessible and affordable. Under his leadership, Rocket Lab has pioneered advanced aerospace manufacturing techniques, including 3D-printed rocket engines. Rocket Lab went public on the Nasdaq in 2021. In 2024, Beck was made a Knight Companion of the New Zealand Order of Merit for his services to the aerospace industry, business, and education.

Adam Spice, Chief Financial Officer
Adam Spice has served as Rocket Lab's Chief Financial Officer since May 2018, also holding the titles of Secretary and Treasurer. Prior to joining Rocket Lab, he was Vice President and Chief Financial Officer at MaxLinear, Inc., a provider of radio frequency, analog, and mixed-signal integrated circuits, from January 2011 to May 2018. From October 2009 to November 2010, Mr. Spice served as the Chief Financial Officer of Symwave Corporation, a venture-backed fabless semiconductor company, until its acquisition by Standard Microsystems Corporation (SMSC). His career also includes various financial and operational executive roles at Broadcom Corporation from 2000 to 2009 and a finance manager position at Intel from 1996 to 2000. Mr. Spice has overseen over 50 strategic acquisitions and investment transactions totaling approximately $7 billion. In September 2025, he joined the Board of Directors of Proprio, an AI-powered surgical technology company, which is a high-growth, deep technology company.

Frank Klein, Chief Operations Officer
Frank Klein serves as the Chief Operations Officer at Rocket Lab.

Shaun O'Donnell, Chief Engineer - Special Projects
Shaun O'Donnell is an accomplished Chief Engineer with over a decade of dedication to Rocket Lab, where he has held multiple leadership roles including Executive Vice President of Operations and Vice President of Global Operations. His expertise spans embedded systems, project management, and systems engineering. Prior to Rocket Lab, he worked with a startup designing electronics for GPS-based systems and founded Novitas Technology Development, a specialist electronics company.

Arjun Kampani, Senior Vice President, General Counsel and Corporate Secretary
Arjun Kampani holds the position of Senior Vice President, General Counsel, and Corporate Secretary at Rocket Lab.

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• Launch Vehicle Failures, Manufacturing Delays, and Operational Disruptions: As a rocket launch service provider, Rocket Lab faces inherent risks associated with the design, manufacturing, and operation of its launch vehicles, such as the Electron rocket. Failures during launch, damage or destruction of vehicles during pre-launch operations, or significant manufacturing delays can materially and adversely affect the company's operations, revenue, and reputation.

• Successful Development and Execution of the Neutron Rocket Program: A significant portion of Rocket Lab's future growth and market share is tied to the successful development, testing, and commercialization of its Neutron medium-lift launch vehicle. Any delays, technical challenges, cost overruns, or failures in the Neutron program could severely impact the company's ability to compete in the evolving space launch market, particularly for large constellation deployments and more complex missions.

• Intense Competition and Potential Market Saturation: The space launch industry, especially in the medium-lift category that Neutron aims to address, is becoming increasingly competitive. Rocket Lab faces strong competition from established players like SpaceX, as well as emerging companies such as Relativity Space and potentially Blue Origin. This competitive landscape could lead to pricing pressures, reduced market share, and the commoditization of launch services, which could adversely affect Rocket Lab's financial performance and profitability.

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One clear emerging threat to Rocket Lab (RKLB) is the accelerating competition in the small-to-medium lift launch market from companies that have recently demonstrated orbital capability and are scaling up their operations. A prime example is Firefly Aerospace with its Alpha rocket.

Firefly Aerospace's Alpha rocket has successfully reached orbit and is positioned to compete directly for small to medium satellite launch contracts. Alpha can deliver approximately 1,170 kg to low Earth orbit, which is significantly more capacity than Rocket Lab's Electron rocket (~300 kg). This places Alpha in a segment that can serve customers needing more payload mass than Electron offers, but who still desire a dedicated or highly tailored launch that is smaller than a Falcon 9 rideshare.

Furthermore, Firefly Aerospace is actively pursuing reusability for its Alpha rocket, a strategy also being developed by Rocket Lab for both Electron and its upcoming Neutron rocket. If Firefly can establish a consistent track record of reliability and achieve cost-effective reusability for Alpha launches before or more efficiently than Rocket Lab, it could directly threaten Rocket Lab's market share and pricing power in the evolving small-to-medium lift launch sector.

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Rocket Lab (RKLB) operates in several key markets, with the company identifying its total addressable market (TAM) to reach $1 trillion globally by 2030. This overarching market is segmented across its primary products and services:

• Launch Services: The addressable market for Rocket Lab's launch services, which include its Electron rocket for small satellites and the upcoming Neutron rocket for medium-lift missions, is projected to reach $208 billion globally by 2030.
• Space Systems: This category encompasses Rocket Lab's offerings such as Photon spacecraft platforms, satellite components (including star trackers, reaction wheels, solar cells, satellite radios, and separation systems), and flight and ground software. The addressable market for these space systems is estimated to comprise $448 billion globally by 2030.
• Space Applications: Rocket Lab also identifies an addressable market for space applications, which it expects to be $320 billion globally by 2030.

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Rocket Lab (RKLB) is expected to drive future revenue growth over the next 2-3 years through several key areas:

1. Expansion of Space Systems Segment: The Space Systems segment is a significant and growing revenue generator for Rocket Lab. This growth is fueled by strong demand for satellite manufacturing, components, and comprehensive space solutions, particularly through large government contracts such as those with the Space Development Agency (SDA). Strategic acquisitions, like that of Geost, further bolster Rocket Lab's capabilities and presence in satellite communications and defense sectors.
2. Increased Electron Launch Cadence and Higher Average Selling Prices (ASPs): Rocket Lab continues to demonstrate a steady and increasing launch cadence for its Electron rocket, securing numerous multi-launch agreements with both government and commercial clients. Alongside the increased frequency, the company has also benefited from a rising average selling price for its Electron launch services.
3. Introduction and Ramp-up of Neutron Rocket: The development and anticipated operational readiness of the Neutron medium-lift rocket are critical catalysts for substantial future revenue growth. Scheduled for its first launch in Q1 2026, Neutron is designed to enter the lucrative medium-lift market, enabling Rocket Lab to compete for larger satellite constellation deployment missions and potentially higher revenue per launch.
4. Strong and Expanding Backlog: Rocket Lab consistently maintains a robust and growing backlog of contracts across both its launch services and space systems segments. This substantial backlog, which reached $1.05 billion by the end of Q3 2024 and $1.1 billion in Q3 2025, provides a solid foundation for future revenue recognition, with a significant portion expected to convert to revenue within the next 12 months.
5. Increased Government and National Security Space Contracts: Rocket Lab's vertically integrated capabilities, spanning satellite design, manufacturing, launch, and on-orbit operations, position it uniquely to secure larger and more complex national security and defense contracts. The company has already demonstrated success in this area with significant awards, such as the contract to build 18 satellites for the SDA, which contribute substantially to its backlog and future revenue streams.

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Share Repurchases

• Rocket Lab has not reported any share repurchases over the last 3-5 years.

Share Issuance

• Rocket Lab went public on August 25, 2021, through a SPAC merger with Vector Acquisition Corporation, resulting in $777 million in gross cash.
• The company established an at-the-market (ATM) stock offering program, authorizing the sale of up to $750 million in shares in September 2025. This replaced a previous $500 million agreement, under which $396.6 million in shares had already been sold.
• As of September 30, 2025, Rocket Lab had raised $865.5 million year-to-date from ATM equity offerings.

Inbound Investments

• Rocket Lab raised $120 million in a Post IPO funding round on February 20, 2024.
• In August 2025, Rocket Lab received a $23.9 million award from the U.S. Department of Commerce as part of the CHIPS and Science Act, intended to expand semiconductor manufacturing capacity.
• The company reported over $1 billion in liquidity at the close of Q3 2025, bolstered by its recent at-the-market offering program.

Outbound Investments

• Rocket Lab acquired Sinclair Interplanetary in April 2020. In 2021, the company acquired Advanced Solutions Inc (ASI) for $40 million, and Planetary Systems Corporation (PSC) for $81.4 million. They also acquired SolAero Holdings in January 2022 for $80 million.
• In March 2025, Rocket Lab acquired Mynaric, a developer of satellite communication systems.
• The acquisition of Geost, an electro-optical and infrared sensor maker, was completed on August 12, 2025, for up to $325 million through a cash-plus-equity transaction. These acquisitions primarily serve vertical integration to enhance supply chain and reduce costs.

Capital Expenditures

• Capital expenditures were $55 million in 2023, with an expectation of $169 million in 2024 and $200 million in 2025.
• The primary focus of these capital expenditures is the expansion phase, including the development of the Neutron launch vehicle and scaling up manufacturing, as well as expanding semiconductor manufacturing capacity.
• Purchases of property, plant, and equipment were approximately $32 million in Q2 2025.