RKLB · Rocket Lab USA (in-space thrusters leg)
Space launch & satellite systems (commercial + defense)
RKLB·Space launch & satellite systems (commercial + defense)
Rocket Lab USA (in-space thrusters leg)

Rocket Lab USA (in-space thrusters leg)

ConvictionStrong

Two segments: Launch Services (Electron small-lift; Neutron medium-lift coming) and Space Systems (satellite buses/Photon, plus components — thrusters, reaction wheels, star trackers, solar, separation systems, radios, laser comms). Mix of fixed-price launch contracts, multi-year milestone-based prime/sub spacecraft programs, and high-volume component sales; Space Systems was ~68% of Q1 FY26 revenue. Strategy is to move up to an end-to-end 'own the constellation' model (build + launch + operate).

Revenuefact
$200.3M Q1 FY26Q1 ended Mar 31 2026); $602M FY2025
Rev growthfact
+63.5% YoY Q1 FY26+38% YoY FY2025
Gross marginfact
38.2% GAAP / 43.0% non-GAAPQ1 FY26
Op margin
~-28% GAAPGAAP opex $132.5M vs $76.5M gross profit → ~$56M operating loss on $200.3M rev), Q1 FY26 (fact/derived
Capex intensity
~13.5%capex $27.1M / revenue $200.3M, Q1 FY26 — fact/derived
Market cap
~$46.7Bprice ~$83.31, Jun 25 2026 — fact

Price · 1-year trend

real · weekly
$81+128% 1yUSD
52-week range
$35 – $143
52w lowas of 2026-06-25 · Yahoo Finance52w high
Across the boards

The thesis on this name

opportunityStrong

Space / launch economics

Full context
opportunityModerate

Space / launch economics

Full context
position · longStrong

Space / launch economics

Full context
book · long

Space / launch economics

Full context
The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Rocket Lab USA (in-space thrusters leg)

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

  • Income statement & margin structure
  • SWOT, moats & dependency map
  • Supplier–customer ecosystem graph
  • Signals, trends & valuation range
See plans
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence
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