Rocket Lab: Neutron Decides $80B

RKLB stock at $145: $2.2B backlog, Neutron risk & $86B valuation

Rocket Lab USA (NASDAQ: RKLB 0.00%↑ ) is a space infrastructure company in a high-growth phase. Its business spans small- and medium-lift rocket launches (Electron, HASTE, and the in-development Neutron) as well as space systems (satellites, components, and propulsion). In Q1 2026, the company reported record revenue of $200.3 million, up 63.5% year-over-year, with a GAAP gross margin of 38.2%. Backlog reached $2.2 billion, up 20% sequentially and approximately 108% year-over-year. Following an ATM equity offering, total available liquidity exceeded $2 billion. The current market capitalization is approximately $83–86 billion, implying a price-to-sales ratio of roughly 138x, with the stock trading in the $140–150 range.

Business

Rocket Lab’s competitive advantage rests on two pillars.

First, launch services. The Electron rocket has completed 87 launches with an industry-leading success rate and is the world’s second-most-active launch provider. It offers dedicated small-satellite missions with high frequency and rapid response—contracts can reach launch within 12 months, far faster than traditional defense procurement cycles. The HASTE vehicle specializes in hypersonic testing and maintains a 100% success rate. It has secured orders from the U.S. Department of Defense and commercial defense firms such as Anduril Industries, accounting for nearly one-third of the company’s 70+ launch backlog. Neutron is a reusable medium-lift rocket that has not yet flown, but commercial orders already extend into 2029 and beyond, including a record confidential customer contract for five Neutron and three Electron launches.