Rocket Lab’s revenue grew 64 per cent, its backlog hit 2.2 billion dollars, and its stock hit a record. Neutron still has not flown.

Rocket Lab’s first-quarter revenue surged 64% to $200.3 million, exceeding analyst expectations and reaching a record high. The company’s backlog doubled in a year to $2.2 billion, driven by a $816 million Space Development Agency contract for missile defense satellites. Stock prices jumped 30% after-hours, valuing the company at approximately $4.5 billion. The company’s space systems division generated $136.7 million, while launches contributed $63.7 million. Gross margins improved to 38.2%, and net losses narrowed to $45 million from $60.6 million a year earlier. Adjusted EBITDA loss was $11.8 million, signaling potential profitability if revenue growth continues. Rocket Lab signed 31 new Electron and HASTE launch contracts, plus five for Neutron, its medium-lift rocket still awaiting its first flight. A major undisclosed customer also secured a bulk purchase of Neutron and Electron launches. Additionally, Anduril Industries booked $30 million in HASTE hypersonic test flights, marking private-sector demand for suborbital testing. The backlog’s growth explains the $10 billion market cap increase, with government and commercial clients including NASA, Space Force, and GlobalStar. CEO Peter Beck highlighted sustained growth potential, with Q2 guidance of $225–$240 million surpassing Wall Street’s $205 million estimate. Neutron remains critical to Rocket Lab’s future, designed for reusable 13,000 kg low-Earth-orbit payloads. The company’s diversified customer base and vertical integration—spanning satellites, launches, and infrastructure—supports its high valuation.