Rocket Lab USA, Inc.
Built from real-time financials, refreshed daily. For a full Analyst Grade with bull/bear case, price targets, and qualitative risk analysis, generate a RKLB research report →
Range $83 – $135
Price Chart
About the company
Headquartered in Long Beach, California, Rocket Lab USA, Inc. is a prominent aerospace firm established in 2006. This company delivers a comprehensive suite of space-related services and hardware, primarily catering to the space and defense industries.
- CEO
- Sir Peter Beck
- IPO
- 2020
- Employees
- 2,600
- HQ
- Long Beach, CA, US
AI snapshot
Six angles, distilled from the data.
The stock remains in a long-term corrective regime, still below its 200-day average of 79.47 and 50-day average of 74.92. It has rebounded from the 52-week low of 37.57, but the 52-week high at 151 still marks a wide overhead supply zone, so the setup is recovery-first rather than trend-confirmed.
Street sentiment stays constructive, with a Buy consensus and a 112.44 average target versus the current tape. Recent action has been mostly reaffirmations and fresh initiations, including Berenberg at 83 and Cantor at 122, which keeps the target band wide but still tilted higher.
The company has beaten EPS in 4 of the last 8 quarters, including the latest print at -0.06 versus -0.07 expected. Next-year EPS is still modeled negative at -0.0754, so shareholders should watch for margin progress and whether revenue growth can keep narrowing losses.
Recent insider flow leans clearly negative, with 11 sells and no open-market buys. The largest activity came from the CFO and other officers, while the director gift and M-Exempt entries are non-discretionary noise; the discretionary signal is still net selling.
Revenue growth is strong at 62% year over year, but profitability remains under pressure with a -24.6% operating margin and -21.5% net margin. The balance sheet is a strength, with $1.02 billion in cash and equivalents against $254.0 million of total debt, leaving net cash of $762.6 million.
Rocket Lab stands out for launch-plus-space-systems breadth, which gives it more operating leverage than a pure-launch peer set. The tradeoff is valuation: at a negative earnings base and a 379.3 billion market cap, it still screens as a premium growth name rather than a cash-flow story.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $35.87B
- P/E
- -223.76
- Fwd P/E
- 221.29
- PEG
- -4.42
- P/S
- 46.63
- P/B
- 11.17
- EV/EBITDA
- -277.30
- Div Yield
- 0.00%
- Gross Margin
- 37.26%
- Op Margin
- -29.06%
- Net Margin
- -21.51%
- ROE
- -7.56%
- ROIC
- -5.27%
Latest fiscal year · YoY change
- Revenue
- $601.80M+38.0%
- Gross Profit
- $207.18M+78.4%
- Op Income
- $-228,838,000
- Net Income
- $-198,209,000-4.2%
- EPS
- $-0.37+2.6%
- OCF Growth
- -238.6%
- FCF Growth
- -177.5%
- 52W High
- $151.00
- 52W Low
- $37.57
- 50D MA
- $73.84
- 200D MA
- $79.69
- Beta
- 2.61
- RSI (14)
- 35
- Avg Volume
- 22.13M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Rocket Lab posted record Q2 revenue, raised its strategic profile with major new contract wins and acquisitions, and said Neutron is still tracking toward first flight despite elevated cash burn.· August 10, 2026
- Q2 revenue hit a record $234 million, up 62% year over year and 16.8% sequentially.
- Space Systems led growth at $189.5 million, while Launch Services was $44.6 million and mixed lower because of revenue timing in HASTE versus Electron.
- Backlog ended at about $2.36 billion, with management citing more than $1 billion of new contracts signed across Q2 and post-quarter.
- Rocket Lab announced or closed several strategic moves: Mynaric and Motiv closed, and it is pursuing Iridium to add space applications and recurring revenue.
- Neutron development remains on track for Q4 2026 pad delivery, but management said the first launch window is narrowing and cash needs stay elevated.
Second-quarter 2026 revenue was a record $234 million, up 62% year over year and 16.8% sequentially. Space Systems revenue was $189.5 million, up 38.6% sequentially, and Launch Services revenue was $44.6 million, down 30% sequentially due to mix and accounting timing. GAAP gross margin was 36.1% and non-GAAP gross margin was 41.5%, both above guidance; GAAP EPS was a loss of $0.08 per share versus a loss of $0.07 in Q1. GAAP operating cash flow was a use of $84.1 million, non-GAAP free cash flow was a use of $110.1 million, and cash, cash equivalents, restricted cash and marketable securities ended at roughly $2.4 billion. Backlog ended Q2 at about $2.36 billion, with about 45.5% expected to convert to revenue within 12 months. For Q3 2026, management guided revenue to $250 million to $265 million, GAAP gross margin to 29% to 31%, non-GAAP gross margin to 35% to 37%, GAAP operating expenses to $143 million to $149 million, non-GAAP operating expenses to $121 million to $127 million, adjusted EBITDA loss to $17 million to $23 million, and net interest income to $21 million.
Peter Beck framed the quarter as an inflection point for Rocket Lab’s transition from launch-and-hardware into a broader space applications platform. He emphasized the strategic logic of the pending Iridium acquisition, saying it would combine launch, satellite manufacturing and a real space applications business with recurring revenue and rare spectrum. He was upbeat about demand, contract wins, and Neutron progress, but also stressed that the company is balancing speed to first flight with the need to reach flight 10 quickly and avoid requalification work.
Adam Spice focused on the financial quality of the quarter and the tradeoffs behind the numbers. He highlighted that revenue, gross margin and adjusted EBITDA all beat guidance, while Space Systems growth and backlog strength provided diversification beyond the inherently lumpy launch business. He also noted elevated cash use from Neutron tail production, infrastructure, and Mynaric supply chain replenishment, but said the quarter ended with roughly $2.4 billion in liquidity after $1.08 billion from the ATM equity offering, and that the company remains in a strong position to fund organic growth and acquisitions.
Analysts focused heavily on Neutron cadence, pricing, and whether demand will surge after first flight. Management said the key milestone is not just flight 1 but getting to flight 10 quickly, reiterated a 1, 3, 5 ramp concept, and said it sees more upside than downside on launch ASPs, including Neutron’s $50 million to $55 million target. Questions on Iridium centered on how Rocket Lab will accelerate growth and what the combination unlocks; management said the deal adds mission-critical constellation capability, strengthens its government and commercial toolkit, and opens up growth in PNT, IoT, direct-to-device, and other services. Analysts also asked about GHOST, HASTE pricing, and free cash flow; management said GHOST was customer-driven for mobile launch needs, HASTE pricing should stay consistent and could improve with rising demand, and free cash flow should remain pressured until after Neutron’s first successful test flight.
Rocket Lab is showing strong commercial momentum, with record quarterly revenue, a backlog of about $2.36 billion, and more than $1 billion of new contracts signed across the quarter and post-quarter period. Management also sees a larger strategic opportunity ahead through Iridium, which it says would add recurring applications revenue, spectrum, and a self-launching, vertically integrated business model.
The main risk remains execution on Neutron, where management said the window for an end-of-year launch is narrowing and cash burn will stay elevated through development, tail production and infrastructure buildout. The business also remains mix-sensitive, with launch revenue moving around based on accounting timing and Space Systems margins expected to fluctuate by product mix, while the Iridium deal is still pending and not expected to close until mid-2027.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 93.1%
- Shares Outstanding
- 578.87M
- Float Shares
- 539.07M
of shares held by institutions
944 13F filers
Buy/sell ratio 0.04. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 47.42M | ▲ 5.61M |
| Blackrock, Inc. | 40.58M | ▲ 2.59M |
| Vanguard Portfolio Management LLC | 27.12M | ▲ 1.38M |
| Vanguard Capital Management LLC | 25.30M | ▲ 1.01M |
| Invesco Ltd. | 18.34M | ▲ 14.75M |
| State Street Corp | 14.44M | ▲ 517.32K |
| Jpmorgan Chase & Co | 13.81M | ▲ 3.13M |
| Geode Capital Management, LLC | 10.50M | ▼ 67.65K |
| Baillie Gifford & Co | 10.38M | ▼ 8.04M |
| Capital World Investors | 7.37M | ▲ 128.33K |
| Morgan Stanley | 6.90M | ▲ 1.51M |
| Goldman Sachs Group Inc | 5.56M | ▲ 3.00M |
Held by 1,144 ETFs
Biggest fund positions in RKLB by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Sep 2, 26 | Spice Adam C. | other | 140,157 |
| Sep 2, 26 | Spice Adam C. | other | 140,157 |
| Sep 2, 26 | Spice Adam C. | sell | 67,257 |
| Sep 2, 26 | Spice Adam C. | sell | 72,900 |
| Aug 31, 26 | Saintil Merline | other | 261,903 |
| Aug 31, 26 | Saintil Merline | other | 261,903 |
| Aug 27, 26 | Klein Frank | sell | 15,300 |
| Aug 27, 26 | Klein Frank | sell | 19,800 |
| Aug 27, 26 | Klein Frank | sell | 458 |
| Aug 27, 26 | Kampani Arjun | sell | 4,600 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our RKLB coverage
Recent articles, reports, and earnings notes.

Rocket Lab (RKLB): Neutron Execution vs. Rich Valuation
Rocket Lab has strong revenue growth, a $2.36B backlog, and a credible move into integrated space systems, but the stock already prices in a lot of success. Neutron execution and continued losses keep the rating at Hold.

Ursa Major Technologies Is Going Public via SPAC — Here’s the Setup
Ursa Major Technologies, an aerospace and defense propulsion company focused on hypersonics, solid rocket motors, and space mobility, is going public via merger with Bleichroeder Acquisition Corp. III (Nasdaq: BCCQ). The deal values Ursa Major at a $1.5 billion enterprise value, but shareholders should watch redemption risk and dilution closely before the close.

Beyond SpaceX, Revealed: What Stock Is Jon “Dr. J.” Najarian Teasing in The Market Rebel Report?
Jon “Dr. J.” Najarian’s The Market Rebel Report pitches “Beyond SpaceX: Elon’s Next Millionaire Maker.” We identify the company and test its orbital-AI claims against the filings.
Want a deeper read on RKLB?
Generate a full analyst-grade report — bull/bear case, price targets, valuation depth, and a complete financial breakdown.
Iridium: A Merger-Arb Hold At Current Levels
seekingalpha.com · Sep 10
Where Will Rocket Lab Stock Be by This Time Next Year?
fool.com · Sep 10
Rocket Lab $200 Potential: Powerful Drivers Behind a New Push
fool.com · Sep 10
SpaceX Sinks 5% as $47.2B Insider Share Unlock Hits the Tape, AST SpaceMobile Drops 4%, Rocket Lab Slips 2%
247wallst.com · Sep 9
Rocket Lab Corporation (RKLB) Down 17.7% Since Last Earnings Report: Can It Rebound?
zacks.com · Sep 9
Rocket Lab: The Market Is Still Wrong About It
seekingalpha.com · Sep 9
Rocket Lab Stock Climbs. Yet Neutron Launch Date Remains Out of Reach
gurufocus.com · Sep 9
Rocket Lab stock is down 56% from its yearly high: Is this a buying opportunity?
invezz.com · Sep 9
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed September 8, 2026 · Live quote · Not investment advice