TLDR
- Rocket Lab (RKLB) rose ~2% in pre-market trading Thursday after an 11% drop the prior session.
- The company secured a $190M contract from the U.S. Department of Defense for 20 hypersonic test flights using its HASTE rocket — its largest ever launch contract.
- The deal is part of the MACH-TB 2.0 program, led by Kratos Defense & Security Solutions (KTOS).
- The contract pushes Rocket Lab’s total backlog past $2 billion and adds more than 70 missions to its launch backlog.
- Clear Street analyst Gregory Pendy initiated coverage with a Buy rating and an $88 price target, implying over 25% upside.
Rocket Lab (RKLB) stock bounced 2% in pre-market trading on Thursday, clawing back some ground after an 11% drop in the previous session. Two catalysts drove the move: a record-breaking defense contract and a fresh analyst Buy rating.
The company announced it won a $190 million contract from the U.S. Department of Defense to carry out 20 hypersonic test flights using its HASTE launch vehicle. It’s the largest single launch contract in Rocket Lab’s history.
Rocket Lab $RKLB won a $190 million contract for 20 HASTE hypersonic test flights over four years under the MACH-TB 2.0 program, marking the company’s largest launch deal to date. The first mission is expected within months.
— Wall St Engine (@wallstengine) March 18, 2026
The deal is part of the MACH-TB 2.0 program — the Multi-Service Advanced Capability Hypersonic Test Bed initiative — which is run through the Naval Surface Warfare Center Crane Division. The program is designed to speed up hypersonic flight testing and the development of advanced aerospace technologies for defense use.
Rocket Lab falls under Task Area 1 of the program, which is led by Kratos Defense & Security Solutions (KTOS). The flights will take place over four years, with the first mission expected within months of the contract being signed.
HASTE, which stands for Hypersonic Accelerator Suborbital Test Electron, is a modified version of Rocket Lab’s Electron rocket built specifically for hypersonic missions. The company has been running HASTE flights for the MACH-TB program since 2023, operating at speeds above Mach 5. Rocket Lab says it has a 100% mission success rate across all HASTE launches to date.
CEO Peter Beck called the contract a “proud moment,” pointing to the company’s production capability, rapid launch cadence, and technology as key factors in landing the deal.
Backlog Hits $2 Billion
The contract pushes Rocket Lab’s combined backlog across launch and space systems above $2 billion, and adds more than 70 missions to its launch backlog. The company has already sold 28 new launches in Q1 2026, which is close to the total number it sold in all of 2025.
That’s a pace worth watching. If it holds, 2026 could shape up to be a record sales year before it’s even halfway done.
Clear Street Starts Coverage with Buy
Clear Street analyst Gregory Pendy initiated coverage of RKLB on Thursday with a Buy rating and a price target of $88 — implying more than 25% upside from current levels.
Pendy highlighted Rocket Lab’s vertically integrated model as a competitive advantage and pointed to two main growth drivers: the small-lift Electron rocket and the upcoming medium-lift Neutron rocket.
Neutron, which is reusable and targets a larger payload market, is now expected to launch in Q4 2026 after a manufacturing delay. Pendy sees it opening a much bigger addressable market with higher revenue per launch than Electron.
He also flagged Electron’s launch cadence as a growth lever, forecasting around 52 Electron launches per year by 2030.
On the Space Systems side, Pendy noted that Rocket Lab is winning more prime contracts rather than taking on subcontractor roles — a shift that typically brings better margins and more control.
The broader analyst picture on RKLB is constructive. According to TipRanks, the stock carries a Strong Buy consensus rating based on nine Buy ratings and four Holds over the past three months. The average price target sits at $89.36, suggesting roughly 28.6% upside from current levels.
Rocket Lab has now sold 28 new launches in Q1 2026 alone, approaching its full-year 2025 total.
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