RKLB
Rocket Lab Corporation
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Rocket Lab Corporation.
Rocket Lab USA, Inc. provides launch services and space-systems products. It operates the Electron small-lift rocket and is developing the larger Neutron vehicle, and it designs and manufactures satellites, spacecraft components, solar power products, and related services for commercial and government customers.
Coverage
Rocket Lab Terminated Its $3.6bn Bridge and Paid for Iridium With 4.90% Dilution.
The $3.6bn bridge we priced at $285.7m a year terminated on 15 September. Rocket Lab's equity programme closed at 29.3m shares, 4.90% dilution.
Peter Beck's $350 Million Napkin Has to Beat Thales, Not SpaceX
Peter Beck says Rocket Lab could have built Iridium's constellation for $350m. Launch was 17% of that $3bn programme; the satellites alone cost $2.3bn.
Raymond James Sees $300m of Iridium Cash Flow at Rocket Lab. The Debt That Buys It Costs $285.7m a Year.
Raymond James initiated Rocket Lab at $80, crediting about $300m of Iridium free cash flow. The $3.6bn bridge that buys it costs $285.7m a year.
Rocket Lab Values Iridium's Spectrum at $3.32B—More Than the Entire Constellation.
Rocket Lab's merger filing marks Iridium's spectrum at $3.32B — 43.7% of the price, 1.72x the constellation, and more than Iridium's pre-leak market value.
Rocket Lab Is Buying $884 Million of Iridium Revenue at 9x Sales. Its Own Enterprise Value Sits at 58x.
Rocket Lab is paying 9.0x sales for Iridium — revenue 115% of its own — with stock valued at 57.6x. The collar moves the mix only between 4.0% and 6.6%.
Iridium Deal Clears Antitrust; S-4 and FCC Applications Filed
The Hart-Scott-Rodino waiting period expired on 12 August, the Form S-4 was filed, and Rocket Lab and Iridium applied to the FCC to transfer Iridium's licences. Rocket Lab also opened a $1.94bn equity distribution agreement to start replacing the $3.6bn bridge.
Where the revenue goes next
Latest: $234M (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | $62M |
| 2023Q3 | $68M |
| 2023Q4 | $60M |
| 2024Q1 | $93M |
| 2024Q2 | $106M |
| 2024Q3 | $105M |
| 2024Q4 | $132M |
| 2025Q1 | $123M |
| 2025Q2 | $144M |
| 2025Q3 | $155M |
| 2025Q4 | $180M |
| 2026Q1 | $200M |
| 2026Q2 | $234M |
Latest: −$0.08 (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | −$0.10 |
| 2023Q3 | −$0.08 |
| 2023Q4 | −$0.10 |
| 2024Q1 | −$0.09 |
| 2024Q2 | −$0.08 |
| 2024Q3 | −$0.10 |
| 2024Q4 | −$0.10 |
| 2025Q1 | −$0.12 |
| 2025Q2 | −$0.13 |
| 2025Q3 | −$0.03 |
| 2025Q4 | −$0.09 |
| 2026Q1 | −$0.07 |
| 2026Q2 | −$0.08 |
Latest: n/m (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | n/m |
| 2024Q2 | n/m |
| 2024Q3 | n/m |
| 2024Q4 | n/m |
| 2025Q1 | n/m |
| 2025Q2 | n/m |
| 2025Q3 | n/m |
| 2025Q4 | n/m |
| 2026Q1 | n/m |
| 2026Q2 | n/m |
Latest: −$110M (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | −$17M |
| 2023Q3 | −$46M |
| 2023Q4 | −$53M |
| 2024Q1 | −$22M |
| 2024Q2 | −$28M |
| 2024Q3 | −$42M |
| 2024Q4 | −$24M |
| 2025Q1 | −$83M |
| 2025Q2 | −$55M |
| 2025Q3 | −$69M |
| 2025Q4 | −$114M |
| 2026Q1 | −$77M |
| 2026Q2 | −$110M |
Latest: 598M (2026Q2)
| Period | Value |
|---|---|
| 2021Q4 | 449M |
| 2022Q2 | 465M |
| 2022Q3 | 470M |
| 2022Q4 | 473M |
| 2023Q1 | 476M |
| 2023Q2 | 480M |
| 2023Q3 | 484M |
| 2023Q4 | 486M |
| 2024Q1 | 490M |
| 2024Q2 | 494M |
| 2024Q3 | 498M |
| 2024Q4 | 500M |
| 2025Q1 | 506M |
| 2025Q2 | 515M |
| 2025Q3 | 529M |
| 2025Q4 | 534M |
| 2026Q1 | 605M |
| 2026Q2 | 598M |
Latest: −$741M (2026Q2)
| Period | Value |
|---|---|
| 2023Q2 | −$17M |
| 2023Q3 | −$63M |
| 2023Q4 | −$116M |
| 2024Q1 | −$137M |
| 2024Q2 | −$166M |
| 2024Q3 | −$208M |
| 2024Q4 | −$231M |
| 2025Q1 | −$314M |
| 2025Q2 | −$370M |
| 2025Q3 | −$439M |
| 2025Q4 | −$553M |
| 2026Q1 | −$631M |
| 2026Q2 | −$741M |
Latest earnings
Next report: Nov 10, 2026 (Q3 2026)
Company History
Peter Beck starts Rocket Lab in Auckland; the company later redomiciles to the United States with Long Beach, California as headquarters.
'It's Business Time' makes Electron an operational small-lift launcher, the first from a private New Zealand launch site.
The SPAC business combination closes in August 2021 and the company begins trading as RKLB, with Neutron announced as the medium-lift follow-on.
Rocket Lab recovers a first stage in mid-air, the practical start of the reusability programme Beck had once ruled out.
Satellite and component work, expanded by the SolAero and Planetary Systems acquisitions, becomes the larger revenue segment and the reason the company describes itself as end-to-end.
The acquisition of Geost adds electro-optical and infrared payloads, and Rocket Lab begins winning prime contracts rather than component work on US defence programmes.
A cash-and-stock deal announced on 29 June values Iridium at $54.00 a share and roughly $8.0 billion of enterprise value, and would give Rocket Lab an operating constellation, L-band spectrum and 2.55 million subscribers.
Key Players
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Funds we follow holding RKLB
By latest reported 13F position value. Market value at quarter-end, not cost basis.
