RKLB
Rocket Lab Corporation
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Rocket Lab Corporation.
Coverage
Rocket Lab Is Buying $884 Million of Iridium Revenue at 9x Sales. Its Own Enterprise Value Sits at 58x.
Iridium's last twelve months of revenue are 115% of Rocket Lab's own, and the $8.0 billion enterprise value works out at 9.0x those sales against the 57.6x the market puts on Rocket Lab. The much-watched $67.50 collar floor turns out to be the small number in the deal: across its entire band the stock consideration moves only between 4.0% and 6.6% of shares.
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.
Q2 2026: Record $234m Revenue, Record $2.36bn Backlog
Revenue up 62% YoY and $34m above the prior record quarter; backlog up 137% YoY. Q3 guided to $250-265m with GAAP gross margin of 29-31% and Neutron targeted to reach the launch pad in Q4 2026.
Beck on CNBC: Iridium Is the Entry Point Into Space Applications
The CEO framed the acquisition as buying spectrum and an operating network rather than competing head-on with Starlink, targeting emergency, defence and safety-of-life services.
Rocket Lab to Acquire Iridium for $54.00 a Share
Cash-and-stock deal at $27.00 cash plus stock on a collared exchange ratio banded $67.50 to $112.50, implying about $8.0bn of enterprise value and backed by a $3.6bn bridge facility. Expected to close mid-2027.
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: -$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: -$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 results
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
The CEO view — 3 podcasts, interviews & articles →
