Rocket Lab USA (in-space thrusters leg)
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).
The thesis on this name
State of Space & Launch
State of Space & Launch
State of Space & Launch
State of Space & Launch
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-26. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
Margins & balance sheet — FY’25
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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