TLDR
- Rocket Lab Q2 revenue rose 62% year over year to a record $234 million, beating the $231 million estimate.
- Stifel reiterated its Buy rating on Rocket Lab and maintained a $132 price target for RKLB shares.
- Rocket Lab’s backlog increased 137% year over year to a record $2.36 billion in the second quarter.
- RKLB added 26 Electron and HASTE missions, taking its total launch backlog above 90 missions.
- Rocket Lab expects Neutron to reach the launch pad in Q4 2026, while its first-flight timing remains uncertain.
Stifel reiterated its Buy rating on Rocket Lab (NASDAQ: RKLB) with a $132 price target after the space company reported second-quarter revenue and margins above expectations. Analyst Erik Rasmussen pointed to growing launch demand, a record backlog, and expansion across defense and space systems as key factors behind the rating.
Source: KnockOutStocks
Rocket Lab reported Q2 2026 revenue of $234 million, up 62% from a year earlier and above the $231 million estimate. The company posted a loss of $0.08 per share, compared with an expected loss of $0.07, while non-GAAP gross margin reached 41.5%. Its backlog climbed 137% year over year to a record $2.36 billion.
Rocket Lab Backlog Reaches $2.36 Billion
Rocket Lab added 26 new Electron and HASTE missions during the quarter, taking its total launch backlog above 90 missions. The company also added about $800 million in bookings after the quarter ended, bringing new contracts secured across launch and space systems in Q3 to more than $1 billion.
Space Systems generated most of Rocket Lab’s second-quarter revenue as work tied to Space Development Agency programs increased. The division accounted for about 81% of total revenue, while new defense awards expanded the company’s work across government and national security programs.
Rocket Lab expects third-quarter revenue between $250 million and $265 million, above the $239 million estimate. However, the company forecasts a third-quarter adjusted EBITDA loss of $17 million to $23 million and GAAP gross margin between 29% and 31%.
Stifel said Rocket Lab delivered a “beat and raise,” with second-quarter revenue, margins and EBITDA exceeding expectations. The firm maintained its positive rating despite continued cash spending as Rocket Lab develops Neutron and expands other parts of its business.
Neutron Timeline Shifts Toward Q4 Pad Delivery
Rocket Lab expects its Neutron medium-lift rocket to reach the launch pad during the fourth quarter of 2026. The company previously targeted the rocket’s first flight during that period, leaving uncertainty over whether an inaugural launch will still happen before year-end.
CEO Peter Beck acknowledged that “the window for an end-of-year launch is narrowing” as the company works through remaining development milestones. Management reported progress across Neutron’s hardware, Archimedes engines and vehicle integration during the second quarter, while preparations for pad operations continue.
Neutron forms a major part of Rocket Lab’s plan to compete for larger commercial, civil and national security missions. The company has already secured customers, including Kepler Communications for multiple satellite launches scheduled for 2028.
Stifel said Neutron remains on schedule for pad delivery in Q4 2026. The analyst’s assessment focuses on the pad-delivery target rather than confirming that the rocket’s first flight will take place during the same quarter.
GHOST and Iridium Deal Expand Rocket Lab’s Business
Rocket Lab also introduced GHOST, or Global Hypersonic & Orbital Spaceport Technology, a containerized system designed to support Electron and HASTE launches from different locations worldwide. The system packages rockets, launch equipment, ground support and range-control infrastructure into standard shipping containers.
GHOST’s first deployment will be at the Pacific Spaceport Complex in Kodiak, Alaska, where Rocket Lab plans to establish two pads. The company expects the system to conduct its first suborbital mission from Alaska in 2027, expanding Rocket Lab’s launch network to six pads across two hemispheres.
Rocket Lab’s planned acquisition of Iridium also forms part of its expansion into space-based communications and applications. Stifel cited the planned deal, GHOST and growing defense exposure among the programs supporting its long-term view of the company.
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