RKLB

Electron Launch Cadence & Reusability

Cluster Description

Sustained commitment to high-frequency, responsive Electron launches while advancing reusability to increase capacity and reduce cost; newer cadence targets and achievements reinforce and update earlier goals.

Commitments

• August 23, 2025: Continue executing an accelerated schedule of Electron launches to meet multi-launch constellation demand (12th mission of 2025; 70th overall).
• August 18, 2025: Execute the “Live, Laugh, Launch” Electron mission to deploy five satellites to a 655 km orbit, underscoring sustained high cadence less than three weeks after the prior mission.
• June 28, 2025: Achieve the fastest launch turnaround between two missions from LC-1 with four launches in June, reinforcing rapid-response capability.
• June 26, 2025: Maintain a high-cadence launch schedule with over 20 launches possible in 2025 to meet customer demand.
• June 24, 2025: Preserve peak operational efficiency with back‑to‑back launches supporting multi‑launch contracts, demonstrating flexible scheduling.
• March 26, 2025: Increase the Electron launch cadence to 20+ missions in 2025 to scale dedicated access to orbit.
• January 22, 2025: Advance Electron reusability by qualifying a recovered first stage tank for potential reflight to boost cadence and throughput.
• November 25, 2024: Demonstrate unprecedented responsiveness with two Electron missions in less than 24 hours, validating on‑demand launch capability.
• November 5, 2024: Reduce contract‑to‑launch timelines to under 10 weeks through standardized rapid production and streamlined integration.

Neutron Rocket: Infrastructure, Debut, and Reuse Ecosystem

Cluster Description

End-to-end buildup of Neutron’s launch, landing, and recovery infrastructure toward an H2 2025 inaugural flight, with post‑debut scaling for national security and commercial constellations; the LC‑3 opening supersedes earlier “on track” statements.

Commitments

• August 18, 2025: Officially open Launch Complex 3 (LC‑3) at Wallops Island for Neutron, superseding earlier “on track to open in Q3 2025” updates.
• August 07, 2025: Host an LC‑3 opening event for retail shareholders on August 28, 2025 to mark facility completion and readiness.
• July 10, 2025: Modify and fit out the ‘Return On Investment’ ocean landing platform for Neutron reuse with vessel delivery expected early 2026, enabling a plan to double annual launch capacity.
• July 10, 2025: Expand recovery infrastructure in Louisiana to support timely delivery and return of Neutron rockets for rapid reuse.
• February 27, 2025: Construct the ‘Return On Investment’ ocean landing platform throughout 2025 for Neutron sea landings with service entry in 2026 (baseline later refined by the July 10, 2025 update).
• May 08, 2025: Fly a Rocket Cargo mission for the U.S. Air Force no earlier than 2026, with Neutron’s inaugural launch expected in H2 2025.
• March 27, 2025: Compete in the NSSL Phase 3 Lane 1 program with a first Neutron launch targeted for H2 2025 and a $5 million capabilities assessment task order.
• January 09, 2025: Provide Neutron launch services under NASA’s VADR contract with a planned debut from mid‑2025 and on‑ramp to OSP‑4.
• November 12, 2024: Fulfill a multi‑launch Neutron agreement with a confidential constellation operator beginning mid‑2026 to deploy an entire constellation.
• November 12, 2024: Advance Neutron’s Archimedes engine via an up‑to‑$8 million USAF digital engineering contract to reduce cost, schedule, and risk.

Defense Spacecraft Programs & Responsive Missions (SDA, VICTUS HAZE)

Cluster Description

Deliver end‑to‑end responsive spacecraft for U.S. national security, with VICTUS HAZE moving from CDR to SIR and SDA T2TL advancing from CDR into production; later milestones supersede earlier design‑phase commitments.

Commitments

• August 07, 2025: Complete the Systems Integration Review for VICTUS HAZE, confirming readiness for final integration and testing as a tactically responsive mission.
• August 07, 2025: Move into production of 18 spacecraft for SDA’s Tranche 2 Transport Layer ($515 million), progressing beyond the July 1, 2025 CDR phase.
• August 07, 2025: Use VICTUS HAZE as a proving ground to demonstrate rapid build, deployment, and RPO operations on tactically relevant timelines.
• July 01, 2025: Complete CDR for SDA T2TL‑Beta and transition to full‑scale production (superseded operationally by the August 07, 2025 production start).
• February 24, 2025: Complete CDR for VICTUS HAZE with 24‑hour launch readiness (superseded by the August 07, 2025 SIR milestone).
• January 22, 2025: Design, build, launch, and operate the VICTUS HAZE spacecraft under a $32 million contract with a hot standby phase for immediate readiness.

Hypersonic Test and Suborbital Services (HASTE)

Cluster Description

Scale affordable, frequent hypersonic flight testing via HASTE under U.S. and U.K. frameworks; 2026 flight timelines and program awards consolidate earlier selections and mission successes.

Commitments

• May 08, 2025: Execute a MACH‑TB 2.0 launch no earlier than Q1 2026 as the first full‑scale flight test under the $1.45 billion program.
• April 23, 2025: Launch a full‑scale hypersonic test for DoD under MACH‑TB 2.0 no earlier than Q1 2026, expanding the test manifest.
• April 14, 2025: Participate in USAF’s $46 billion EWAAC through 2031 and the UK MOD’s ~£1 billion HTCDF, positioning HASTE for rapid hypersonic procurements.
• April 14, 2025: Provide more affordable and frequent hypersonic testing at commercial prices to accelerate technology maturation.
• April 14, 2025: Utilize HASTE (700 kg payload, >7.5 km/s) as the primary suborbital platform for contracted hypersonic tests.
• January 07, 2025: Serve on the Kratos‑led MACH‑TB 2.0 team for a five‑year, $1.45 billion hypersonic test campaign, delivering high‑cadence flights.
• December 09, 2024: Demonstrate mission success for a hypersonic suborbital launch and commit to increasing flight test frequency.

Space Systems Expansion & U.S. Industrial Base (Geost, Semiconductors, Payloads)

Cluster Description

Deepen U.S. manufacturing and payload capabilities for national security by integrating Geost and expanding domestic semiconductors; Aug 12 acquisition close supersedes the May 27 announcement and Aug 7 “imminent” status.

Commitments

• August 22, 2025: Boost U.S. investments to expand semiconductor manufacturing and secure domestic supply chains for space‑grade solar cells and EO sensors supporting national security missions.
• August 22, 2025: Double compound semiconductor and space‑grade solar cell output from 20,000 to nearly 35,000 wafers per month over the next five years.
• August 22, 2025: Provide U.S. manufacturers broad access to domestically produced advanced semiconductor and electro‑optical technologies to strengthen supply chain security.
• August 22, 2025: Expand the ability to rapidly deliver integrated spacecraft systems purpose‑built for U.S. national security missions.
• August 22, 2025: Drive U.S. headcount growth to more than 2,000 employees as part of multi‑state expansion.
• August 12, 2025: Complete the $275 million acquisition of Geost (with up to $50 million in potential earnouts), superseding the May 27, 2025 agreement and the August 7, 2025 “imminent” closing update.
• August 12, 2025: Scale high‑volume production of Geost EO/IR payloads to deliver mission‑critical systems at speed.
• August 12, 2025: Expand operational footprint with Geost facilities in Arizona and Virginia to strengthen integrated space solutions.
• August 07, 2025: Establish a new Payloads business unit aligned to future defense satellite opportunities.
• May 27, 2025: Announce the agreement to acquire Geost to enhance optical payload capabilities (updated and superseded by the August 12, 2025 close).

Product Portfolio & Vertical Integration (Satellites, Power, Radios, Software)

Cluster Description

Broaden a vertically integrated suite spanning buses, power, radios, and software to accelerate constellation deployment and mission operations; later product introductions augment earlier offerings.

Commitments

• February 27, 2025: Launch Flatellite, a mass‑manufacturable satellite platform designed for large constellations with integrated secure flight and ground software.
• April 08, 2025: Introduce STARRAY customizable solar arrays covering ~100 W to >2,000 W to shorten lead times and lower costs.
• April 03, 2025: Expand the Frontier suite of software‑defined radios for reliable TT&C with compatibility across major global ground networks.
• March 12, 2025: Supply 200 solar panels for Airbus’ next‑gen OneWeb satellites with first‑batch deliveries targeted for 2026.
• March 12, 2025: Release InterMission and MAX Constellation software to enhance autonomy, security, and scalability for mission ops.
• March 03, 2025: Provide software and components enabling Firefly’s Blue Ghost 1 lunar landing, demonstrating end‑to‑end systems support.
• February 28, 2025: Operate and return Varda’s W‑2 in‑space manufacturing capsule using Rocket Lab’s Pioneer spacecraft bus, proving reentry capability.
• March 15, 2025: Deploy the third Pioneer spacecraft (W‑3) for Varda to advance routine in‑space manufacturing and return.

Constellation Customer Launch Partnerships

Cluster Description

Execute multi‑launch agreements and dedicated missions that scale customer constellations across Earth observation, navigation, and environmental monitoring; recent schedules confirm and update earlier plans.

Commitments

• August 05, 2025: Support iQPS with four more dedicated missions through the remainder of 2025 and into 2026 to expand its SAR constellation (updates earlier scheduling disclosures).
• July 31, 2025: Launch iQPS’s ‘The Harvest Goddess Thrives’ and conduct three more dedicated missions into 2026 (partially superseded and updated by the August 05, 2025 schedule).
• June 25, 2025: Launch a dedicated Electron mission for ESA’s LEO‑PNT program no earlier than December 2025 to deploy the first pair of navigation satellites.
• June 02, 2025: Increase launch cadence for BlackSky with additional Gen‑3 launches “in the months to come” to expand on‑orbit capacity.
• March 27, 2025: Execute a rapid‑turnaround dedicated mission for OroraTech within four months of contract signing to deploy eight wildfire‑monitoring satellites.
• February 27, 2025: Conduct eight dedicated Electron launches for iQPS across 2025–2026 (six planned in 2025 and two in 2026), establishing one of the largest Electron agreements to date.
• February 08, 2025: Complete deployment of Kinéis’ 25‑satellite IoT constellation within a year via five dedicated Electron missions, enabling global data coverage.

Financial and Corporate Targets & Capital

Cluster Description

Provide transparent, progressively updated financial guidance and corporate actions to support growth; newer quarter guidance does not supersede prior quarters but reflects ongoing momentum.

Commitments

• August 07, 2025: Target record Q3 2025 revenue of $145–$155 million alongside GAAP gross margins of 35%–37% (Non‑GAAP 39%–41%).
• May 08, 2025: Guide Q2 2025 revenue to $130–$140 million, reflecting continued operational execution.
• May 08, 2025: Implement a holding company structure (Rocket Lab Corporation) effective June 1, 2025 to better align legal entities and manage risk.
• May 08, 2025: Project Q2 2025 GAAP gross margins of 30%–32% as scaling improves overhead absorption.
• March 11, 2025: Establish an “at the market” equity program of up to $500 million to fund growth initiatives and potential acquisitions.