RKLB

2025 Launch Cadence and Annual Target

Cluster Description

Company-wide commitments to a record Electron launch year and operational tempo; most recent guidance confirms surpassing the 20+ launch goal and supersedes earlier projections.

Commitments

• November 10, 2025: Close out the year with more than 20 launches, superseding earlier 2025 projections of 20+ launches.
• November 5, 2025: Schedule and execute additional Electron missions through the remainder of 2025 to pursue another record-breaking launch year.
• August 23, 2025: Continue executing an accelerated schedule of Electron launches in 2025 to provide responsive access to space.
• June 28, 2025: Achieve the fastest launch turnaround between two LC‑1 missions and continue launches later in 2025 to demonstrate rapid deployment capability.
• June 26, 2025: Maintain peak operational efficiency with back-to-back Electron missions, demonstrating schedule flexibility for multi-launch contracts.
• March 26, 2025: Increase launch cadence to achieve 20+ Electron launches in 2025.

Synspective Constellation Deployments (Electron)

Cluster Description

Long-term, multi-launch commitments to build Synspective’s StriX SAR constellation; the latest agreement expands the scope and supersedes earlier counts.

Commitments

• October 14, 2025: Perform a series of 21 dedicated Electron launches for Synspective and launch a total of 27 missions, updating and extending prior agreements.
• October 6, 2025: Execute the first of 21 new Synspective missions during the “Owl New World” launch and complete the 21‑mission series before the end of the decade.
• September 29, 2025: Deliver a second multi-launch contract of 10 dedicated Electron launches for Synspective, bringing the total to 21 dedicated launches (now superseded by the October 14, 2025 expansion to 27 total missions).
• December 5, 2024: Continue as Synspective’s sole launch provider with a plan for 16 missions (now superseded by expanded 21 dedicated and 27 total missions).

iQPS SAR Constellation Launches (Electron)

Cluster Description

Expanding multi-launch agreements for iQPS’s SAR constellation; newer deals add launches and partially supersede earlier eight‑mission plans.

Commitments

• November 5, 2025: Launch six additional dedicated Electron missions for iQPS under a newly signed multi-launch agreement to build out its SAR constellation, updating earlier totals.
• October 7, 2025: Conduct three additional dedicated iQPS missions no earlier than 2026, bringing the then-upcoming count to seven and using Rocket Lab’s Motorized Lightband for deployment.
• July 31, 2025: Execute “The Harvest Goddess Thrives” and three more dedicated iQPS missions through late 2025 and into 2026, maintaining 100% mission success.
• June 3, 2025: Target three Electron launches within 24 days as part of an accelerated cadence and execute a total of eight iQPS missions across 2025–2026 (now partially superseded by later agreements adding more missions).
• February 27, 2025: Carry out eight dedicated Electron launches for iQPS—six in 2025 and two in 2026—to build its 36‑satellite SAR constellation (superseded in part by later expansions).
• February 4, 2025: Execute four dedicated iQPS missions (three in 2025 and one in 2026) under an initial multi-launch agreement (superseded by later eight‑ and then 6+ mission expansions).

Government and Agency Missions on Electron (NASA, ESA, JAXA, Eta Space)

Cluster Description

Government and civil missions leveraging Electron and Rocket Lab spacecraft; timelines concentrate on late‑2025 to early‑2026.

Commitments

• October 22, 2025: Move the LOXSAT Photon spacecraft into environmental testing and prepare for an early 2026 Electron launch following SIR clearance.
• October 22, 2025: Supply both the Photon spacecraft and an Electron launch vehicle for the LOXSAT mission selected by Eta Space, continuing toward the 2026 launch.
• October 22, 2025: Execute the LOXSAT on‑orbit cryogenic fluid management demo to inform design of the planned Cryo‑Dock propellant depot targeted for 2030.
• October 10, 2025: Perform two dedicated Electron launches for JAXA’s Innovative Satellite Technology Demonstration Program, with the first in December 2025 and the second in 2026.
• June 25, 2025: Launch ESA’s first pair of LEO‑PNT navigation satellites on a dedicated Electron mission no earlier than December 2025.
• May 14, 2025: Launch NASA’s Aspera astrophysics mission no earlier than Q1 2026 to study galaxy formation via ultraviolet observations.

National Security and Defense Programs

Cluster Description

End-to-end space and hypersonic test commitments for U.S. and U.K. defense customers, including responsive space missions, SDA spacecraft, and HASTE flights.

Commitments

• August 22, 2025: Boost U.S. investments to expand semiconductor manufacturing and electro‑optical sensor supply for national security missions, including doubling monthly wafer capacity to ~35,000 over five years.
• August 7, 2025: Complete Systems Integration Review for the U.S. Space Force’s VICTUS HAZE mission and proceed to final integration and testing toward a tactically responsive launch.
• July 1, 2025: Deliver 18 spacecraft for the Space Development Agency’s Tranche 2 Transport Layer‑Beta program following successful CDR and entry into full-scale production.
• April 23, 2025: Launch the MACH‑TB 2.0 program’s first full-scale hypersonic test no earlier than Q1 2026 using HASTE under a $1.45 billion framework.
• April 14, 2025: Participate in the U.S. Air Force’s $46 billion EWAAC and the UK MOD’s ~£1 billion HTCDF frameworks to deliver hypersonic technologies and engineering services.
• March 27, 2025: Compete for NSSL Phase 3 Lane 1 missions through June 2029 with a $5 million capabilities assessment task order underway.
• January 22, 2025: Design, build, launch, and operate a spacecraft for the Space Force’s $32 million VICTUS HAZE mission to demonstrate rapid RPO and SDA capabilities in 2025.
• May 8, 2025: Support DoD hypersonic flight testing and Rocket Cargo via new awards, including selection for U.S. and U.K. multi‑billion‑dollar hypersonic programs and a Rocket Cargo Neutron mission no earlier than 2026.

Neutron Program: Development, Infrastructure, and Schedule

Cluster Description

Medium‑lift Neutron vehicle milestones, infrastructure, and recovery assets; latest schedule shifts first launch beyond 2025 and supersedes earlier debut targets.

Commitments

• November 10, 2025: Deliver Neutron to Launch Complex 3 in Q1 2026 and conduct its first launch thereafter pending successful qualification testing, superseding earlier 2025 debut targets.
• August 28, 2025: Open Launch Complex 3 at Wallops to support Neutron testing, launch, and return‑to‑Earth missions with domestically sourced infrastructure.
• August 28, 2025: Bring Neutron launch capability to Wallops ahead of its maiden flight and provide the Spaceport’s largest orbital capacity at up to 13,000 kg to LEO.
• July 10, 2025: Modify and outfit the ‘Return On Investment’ ocean landing platform for Neutron with delivery in early 2026 to enable rapid reuse and increased annual launch capacity.
• February 27, 2025: Construct the ‘Return On Investment’ landing platform throughout 2025 for Neutron sea landings with service entry in 2026 and an initial Neutron launch then targeted for the second half of 2025 (now superseded by the November 10, 2025 schedule update).
• January 9, 2025: Include Neutron in NASA’s VADR launch services with an expected debut from mid‑2025 (superseded by the November 10, 2025 timeline shift to 2026 for first launch).

Space Systems Products, Manufacturing, and M&A

Cluster Description

Product portfolio expansion, vertical integration, and strategic acquisitions to scale manufacturing and payload capabilities; the Geost deal terms were updated by a later disclosure.

Commitments

• November 10, 2025: Close the acquisition of Geost in a cash‑plus‑equity deal valued up to $325 million to expand EO/IR payload capabilities for U.S. national security, superseding earlier transaction value disclosures.
• August 22, 2025: Increase U.S. investments over the next five years to expand semiconductor manufacturing, double wafer capacity to ~35,000/month, and grow U.S. headcount beyond 2,000.
• August 12, 2025: Complete the $275 million acquisition of Geost with up to $50 million in earnouts and begin scaling EO/IR payload production while expanding facilities in Arizona and Virginia (updated by November 10, 2025 to total consideration up to $325 million).
• April 8, 2025: Introduce STARRAY, a family of customizable solar arrays delivering ~100–2,000+ watts with short lead times and vertically integrated manufacturing.
• April 3, 2025: Expand the Frontier software‑defined radio product line for reliable TT&C with compatibility across global ground networks and support for upcoming NASA projects.
• March 12, 2025: Launch InterMission and MAX Constellation software suites to enhance autonomy, security, and scalability for spacecraft operations and constellation management.
• March 12, 2025: Supply 200 solar panels for the next‑gen OneWeb satellites with first batch deliveries targeted for 2026.
• February 27, 2025: Develop Flatellite, a mass‑manufacturable, cyber‑secure satellite platform tailored for large constellations using vertically integrated components and software.
• March 11, 2025: Intend to acquire a controlling stake in Mynaric to scale production of laser optical communication terminals in Europe, subject to regulatory approvals.
• March 11, 2025: Establish an at‑the‑market equity program of up to $500 million to fund growth initiatives and potential acquisitions such as Mynaric.

In‑Space Manufacturing and Reentry (Varda Partnership)

Cluster Description

End‑to‑end spacecraft delivery, on‑orbit operations, and routine reentry to enable commercial space manufacturing; cadence and licensing milestones support scalability.

Commitments

• May 14, 2025: Manage and execute Varda’s W‑3 mission just 15 days after W‑2, demonstrating rapid turnaround and continued development of the Pioneer spacecraft platform.
• March 15, 2025: Deploy Varda’s third Pioneer spacecraft (W‑3) and progress the fourth spacecraft through final assembly to support in‑space manufacturing.
• February 28, 2025: Operate the Pioneer spacecraft to deliver successful reentry for Varda’s W‑2 mission and expand orbital manufacturing capacity via an upgraded bioreactor.
• February 18, 2025: Conduct a series of maneuvers under an FAA reentry license to return Varda’s Winnebago‑1 capsule, with additional identical missions planned.
• February 12, 2025: Increase the cadence of manufacturing, launch, and reentry operations for Varda to make space‑made products commonplace.
• January 15, 2025: Provide ongoing spacecraft and operations support for Varda’s orbital processing missions to enable routine reentry and an emerging orbital economy.
• December 17, 2024: Deliver four Pioneer spacecraft for Varda and establish high‑cadence reentry operations as a standard practice.

Other Commercial Constellation and Mission Deliveries (Electron)

Cluster Description

Dedicated launches and rapid timelines for multiple commercial customers beyond Synspective and iQPS, emphasizing precision delivery and responsiveness.

Commitments

• June 24, 2025: Support HawkEye 360’s constellation growth with precise launch services and maintain a high‑cadence schedule including the next launch on June 28, 2025.
• June 16, 2025: Launch “Symphony In The Stars” no earlier than June 20, 2025 and a second dedicated mission before year‑end to contribute to 20+ annual launches.
• June 2, 2025: Increase launch cadence for BlackSky with additional Electron missions to expand Gen‑3 on‑orbit capacity.
• May 22, 2025: Conduct the “Full Stream Ahead” mission for BlackSky as part of four Gen‑3 launches, strengthening real‑time intelligence capabilities.
• March 18, 2025: Execute OroraTech’s rapid‑turnaround mission to deploy eight wildfire monitoring satellites within four months of contract signing.
• March 3, 2025: Provide software and components supporting Firefly’s Blue Ghost lunar mission, delivering 400 W power over 1,470 hours to enable surface operations.
• March 17, 2025: Complete the deployment of the 25‑satellite Kinéis IoT constellation in less than a year with five dedicated Electron launches.
• February 18, 2025: Ramp Electron launch cadence for BlackSky and continue dedicated support for its constellation, including the ninth mission since 2019.
• January 21, 2025: Continue partnering with Kinéis to deploy its 25‑satellite IoT constellation with launches scheduled in early 2025.

Financial Guidance and Investor Relations

Cluster Description

Quarterly revenue and margin outlooks and scheduled investor communications; later guidance supersedes earlier targets where overlapping periods exist.

Commitments

• November 10, 2025: Issue Q4 2025 guidance of $170–$180 million revenue, GAAP gross margin 37%–39% (non‑GAAP 43%–45%), GAAP opex $122–$128 million (non‑GAAP $107–$113 million), net interest income ~$3.5 million, and adjusted EBITDA loss $23–$29 million.
• November 10, 2025: Host an investor conference call at 2 p.m. PT on November 10, 2025 to discuss Q3 results and the Q4 outlook.
• October 22, 2025: Release Q3 2025 financial results after market close on November 10, 2025 and host a 2:00 p.m. PT conference call with webcast replay.
• August 7, 2025: Guide Q3 2025 revenue to $145–$155 million with GAAP gross margin 35%–37% (non‑GAAP 39%–41%) while opening Launch Complex 3 in Q3.
• May 8, 2025: Guide Q2 2025 revenue to $130–$140 million and implement a Rocket Lab Corporation holding company structure effective June 1, 2025.