Launch & space systems
Rocket Lab
A small-launch (Electron) and medium reusable-launch (Neutron) and space-systems firm. 21 launches in 2025 (100% success), Q3 revenue $155M (+48%). An $816M Space Development Agency award (18 satellites, Tranche 3) among $450M+ in new contracts. A Western launch and satellite alternative to SpaceX.
RKLB Updated Jul 12, 2026 5 AI consumers· 1 recurring
Per the valuechain.wiki graph, Rocket Lab is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 4 companies within two hops; the links are backed by 9 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Q3 revenue $155M (+48%)
- Customer concentration · $816M SDA (18 satellites); 21 launches/yr.
- Segments · Launch (Electron/Neutron) · Space systems/satellites
Revenue from
- US government · defense (launch · satellites) High confidence· Order value ~$816M · 2025 · SDA Tranche 3 satellite contract
Launch and satellites to US government (SDA); $816M for 18 satellites. - Commercial satellite operators (launch · systems) High confidence· Revenue ~$155M · 2025 · Q3 revenue (+48%)
Electron launch and satellite systems to commercial operators. - MDA Space High confidence· Contract value $143M · 2022~ · Initial value of 17-bus subcontract (SOCC ordered separately, value undisclosed)
Rocket Lab won a 17-spacecraft-bus order (initial $143M, its largest bus award) from MDA, prime for Globalstar's satellites, also supplying SolAero solar panels/structures and the Satellite Operations Control Center.Confirms EN IoT Now Published Nov 15, 2022: Rocket Lab selected by MDA to deliver Satellite Operations Control Center for Globalstar constellationConfirms EN SpaceNews Published Feb 24, 2022: Globalstar selects MDA and Rocket Lab for new satellitesConfirms EN U.S. SEC (EDGAR) Published Feb 24, 2022: Rocket Lab Selected by MDA to Design and Build Spacecraft for Globalstar (Form 8-K Exhibit 99.1) - BlackSky Technology High confidence· cumulative launches 17 launches · 2019~2026 · Cumulative dedicated Electron launches for BlackSky
Rocket Lab is BlackSky's most prolific launch partner: 17 cumulative dedicated Electron launches since 2019 (including 5 contracted for Gen-3 in 2023 and 4 more in February 2026), carrying the Gen-3 constellation deployment. Contract values undisclosed.Confirms EN Satellite Evolution Published Feb 27, 2026: Rocket Lab secures latest multi-launch contract with BlackSky for 4x dedicated Electron MissionsConfirms KO Sankyung Today Published Feb 19, 2025: Rocket Lab successfully launches Electron carrying BlackSky's Gen-3 satellite
Pays to
- Redwire Medium confidence
Sources satellite solar arrays/structures from Redwire. - Propulsion · composites · components (undisclosed) Low confidence
Engines, composites and avionics. - Capacity expansion · launch sites (undisclosed) Low confidence
Neutron launch site (LC-3) and capacity.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Globalstar | lead2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +31.2 |
| MDA Space | lead1 | · | -32.6 | +80 | +156.3 | -9.8 | +80.8 |
| BlackSky Technology | lead1 | -57.1 | -65.7 | -9.1 | -3.7 | +73.8 | +33.4 |
| Rocket Lab | node | +21.5 | -69.3 | +46.7 | +360.6 | +173.9 | +16.2 |
| Redwire | benef1 | · | -70.7 | +43.9 | +477.5 | -53.8 | +33.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
A space firm combining small (Electron) and medium reusable (Neutron) launch with satellite systems, its edge the scarce position as a Western launch/satellite alternative to SpaceX. The thesis is vertical expansion — from launch (21 in 2025, 100% success) into satellite bus, solar and systems manufacturing, with government awards like the $816M SDA deal (18 satellites) giving revenue visibility. Risks are executing Neutron's development and ramp and still-negative earnings, and in graph terms deployment demand from operators like BlackSky, AST and MDA transmits into Rocket Lab launch and bus orders (with Redwire solar a procurement cost line).
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 2 · Sell 0 · Avg. target $102 · Price $81.59 (07-11) · Upside +25%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Bank of America · Ronald Epstein | Buy | $115 | Jun 30, 2026 | Report ↗ |
| Cantor Fitzgerald · Andres Sheppard | Overweight | $96 | Jun 30, 2026 | Report ↗ |
| KeyBanc Capital Markets · Michael Leshock | Overweight | $135 | Jun 15, 2026 | Report ↗ |
| BTIG Research · Andre Madrid | Hold | — | May 12, 2026 | Report ↗ |
| Wells Fargo · David Strauss | Equal Weight | $60 | Apr 1, 2026 | Report ↗ |
Raised the target from $105 to $115 on rising Electron cadence, the Neutron ramp and satellite-systems expansion, keeping Buy.
Analyses covering this node
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- The launch-tier paradox: even rocket companies are SpaceX customers Jul 4, 2026
- The satcom re-rating: from Starlink fear to sovereignty and D2D demand Jul 3, 2026
- Many clocks: the information a single average erases Jun 23, 2026