Rocket Lab Posts Record Q3 Revenue of $268M, Backlog Jumps 52%

Rocket Lab (RKLB) reported record third-quarter revenue of $268 million, up 73% from a year earlier, and a record backlog of $3.6 billion, up 52% from the end of the second quarter, the company said in a Nov. 9 press release. The result beat the company's own prior quarter by $34 million.

The backlog growth came from roughly $1 billion in new launch contracts signed during the quarter across Electron, HASTE and Neutron, plus $470 million for Space Systems, lifting the launch backlog to 117 missions. Twelve Rocket Lab-built spacecraft launched during the quarter, including eight for Globalstar's direct-to-device constellation, twin Mars science spacecraft for NASA, and the VICTUS HAZE responsive-space mission for the U.S. Space Force.

Rocket Lab also completed funding for its pending acquisition of Iridium Communications through an at-the-market equity offering and won approval from Iridium lenders and shareholders, the company said.

For Neutron, Rocket Lab secured more than $515 million in launch contracts from constellation operators, growing that rocket's backlog to 16 missions ahead of its debut and lifting the base launch price to $70 million on several missions as industry launch capacity tightens. First flight is now targeted for no earlier than 2027, the company said, with milestones continuing across assembly and integration at Launch Complex 3.

On the financial side, GAAP operating cash flow was positive at $7.2 million. For the fourth quarter of 2026, Rocket Lab guided revenue of $270 million to $290 million, GAAP gross margin of 34% to 36%, and an adjusted EBITDA loss of $14 million to $20 million. GAAP operating expenses are expected at $162 million to $168 million.

Shares of Rocket Lab were up 5.7% in delayed trading.