Rocket Lab reported record Q1 2026 revenue of $200.3M, up 64% year-over-year, beating analyst estimates. The space systems division generated $136.7M and the launch business $63.7M. The company's backlog doubled to $2.2B in twelve months, anchored by an $816M Space Development Agency missile defense constellation contract. A new $30M Anduril Industries deal for three HASTE hypersonic test flights was also announced. Stock surged 30% in after-hours trading, valuing the company at ~$45B. Despite strong momentum, the Neutron medium-lift rocket — central to the company's long-term valuation — has still not flown, with its debut now targeted for later in 2026 after multiple delays from an original 2024 target.
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