Total Contract Backlog
Dec 2022-Mar 2026
Total Backlog (USD B)
Updated at 2026-Q1
Electron Launches per Year, by Outcome
2017-2025
Updated at 2025-FY
Key Contracts and Programs
| Customer / Program | Announced | Segment | Disclosed Value | Status / Significance |
|---|---|---|---|---|
| Space Development Agency. Tranche 2 Transport Layer-Beta | Jan 2024 | Space Systems | $515M (base $489M + $26M incentives) | Rocket Lab's defense-prime debut: design and build 18 satellites (bus derived from the Globalstar design); first delivery targeted mid-2027 |
| Space Development Agency. Tranche 3 Tracking Layer (MWTD) | Dec 2025 | Space Systems | $805M (firm-fixed OTA) | 18 missile-warning/tracking/defense vehicles; brings total SDA value to over $1.3B; part of the $3.5B four-vendor Tranche 3 award |
| US Space Force. NSSL Phase 3 Lane 1 | Mar 2025 | Launch Services (Neutron) | $5.6B IDIQ ceiling (shared pool) | Five-year ordering period through Jun 2029; Rocket Lab the only publicly traded company on-ramped; task orders awarded as Neutron is certified |
| MDA Space (for Globalstar / Apple constellation) | 2023 | Space Systems | $143M initial; options up to 26 buses + control center | 17 satellite buses for Globalstar's replacement constellation; anchor commercial Space Systems program that seeded the SDA bus design |
| US Space Force. GEO space-domain-awareness satellites | 2024 | Space Systems | $90M | Design and build GEO satellites hosting a USSF space-domain-awareness payload; extends Rocket Lab into geostationary spacecraft |
| Synspective (Japan). StriX SAR constellation | 2024-2025 | Launch Services (Electron) | Undisclosed (2 deals of 10 launches each) | Rocket Lab's largest Electron customer: 21 contracted dedicated launches across 2025-2027; repeat dedicated-small-launch flywheel |
| Kineis (France). IoT constellation | 2021 deal / completed Mar 2025 | Launch Services (Electron) | Undisclosed (5 dedicated launches) | Deployed the full 25-satellite Kineis IoT constellation in under a year; showcase of rapid dedicated-constellation deployment |
| iQPS (Japan). QPS-SAR constellation | 2024-2026 (multiple deals) | Launch Services (Electron) | Undisclosed (multi-launch) | Multi-year partnership expanded to 15 total contracted Electron missions through 2028; another anchor repeat-launch customer |
| Motiv Space Systems (acquisition) | Q1 2026 (definitive agreement) | Space Systems (M&A) | Undisclosed | Adds Mars-proven space robotics, motion control, and precision mechanisms; part of Rocket Lab's components-at-scale and M&A strategy |
Updated at 2026-Q1
Neutron Development Milestones
| Date | Milestone | Status / Significance |
|---|---|---|
| Mar 2021 | Neutron program unveiled | Announced alongside the SPAC merger; reusable medium-lift vehicle (~13t to LEO) to compete with Falcon 9 class |
| 2021-2023 | Design freeze, Archimedes engine + carbon-composite structures development | Switched to a single-stick reusable design with integrated 'Hungry Hippo' fairing; selected Wallops Island, VA (Launch Complex 3) for the US pad |
| Aug 2024 | First Archimedes engine hot fire (NASA Stennis, MS) | Engine reached 102% power on its first full test; anchored the propulsion design ahead of first flight |
| Mar 2025 | On-ramped to USSF NSSL Phase 3 Lane 1 ($5.6B IDIQ) | Five-year ordering period through Jun 2029; Rocket Lab becomes the only publicly traded company eligible to bid the highest-priority US national-security launches |
| 2025 | Archimedes qualification testing + stage and fairing build-out | Continued engine qualification; progress on second stage and reusable fairing systems; first flight slips from mid-2025 to late 2025 |
| Jan 2026 | First-stage carbon-composite tank ruptures in qualification | Hydrostatic-pressure-test failure at Middle River, MD; traced to a hand-layup defect by a contractor; debut pushed to no earlier than Q4 2026 |
| Q1 2026 (as of May 7, 2026) | First-flight hardware integration underway | Per Q1 2026 results: ongoing first-flight hardware readiness, continued Archimedes qualification, second stage and reusable fairing advancing; debut targeted 'later this year' |
| Target: H2 2026 | Neutron debut launch (management target) | First orbital flight from Launch Complex 3, Wallops; tanks to be built via automated fiber placement to eliminate the layup defect. Date is a target, not a commitment |
Updated at 2026-Q1
Annual Revenue by Segment: Launch Services vs Space Systems
2022-2025
Updated at 2025-FY
Rocket Lab in Space
Rocket Lab
$RKLB
Small-launch pioneer (the Electron rocket) now building the larger reusable Neutron, plus a growing Space Systems business making satellites, components, and spacecraft.