Rocket Lab

California-based Rocket Lab is an end-to-end space company involved in launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions.

The company’s Electron small orbital launch vehicle is a reusable orbital-class small rocket that became the second most frequently launched US rocket and fourth most frequent launcher globally in 2021. Electron is powered by Rutherford, Rocket Lab’s electric turbopump 3D printed engines which the company claims is the world’s first 3D-printed, electric-pump-fed rocket engine. The Electron launch vehicle enables operations in national security, scientific research, space debris mitigation, Earth observation, climate monitoring, and communications. The company’s working towards making its Electron launch vehicle the world’s first reusable orbital small rocket and successfully completed the test fire of its first reused engine in September 2022 . Having successfully undergone testing and been given the green light from the propulsion team, in April 2023 the company announced its future plans to include pre-flown engines in its upcoming launches with the first mission to employ a pre-flown rocket slated for Q3 2023.

In January 2023 , the company launched its Electron rocket–marking its first launch from US soil–from LC2 in Wallops Island, Virginia, successfully completing the “Virginia for launch lovers” mission and deploying 3 RF satellites for HawkEye 360. Rocket Lab also designs and manufactures the Photon satellite platform, which has been selected to support NASA missions to the moon and Mars, as well as the first private commercial mission to Venus. As of June 2022, the company was developing the Neutron 8-ton payload class launch vehicle, designed for mega constellation deployment, deep space missions, and human spaceflight. The company has three launch pads at two launch sites, including two launch pads at a private orbital launch site located in New Zealand, and a second launch site in Virginia, US. In November 2022 , the company began operations of its Archimedes test stand at the Stennis Space Center for testing and development of Archimedes engines used in its Neutron rocket.

The company aims to vertically integrate space solutions and acquired SolAero Holdings, a supplier of space solar power products and precision aerospace structures, for USD 80 million in December 2021. Prior to that, in 4Q21, it acquired Planetary Systems Corporation, a manufacturer of satellite separation systems, for USD 42 million in cash and Space Software Company Advanced Solutions, Inc for USD 40 million. In November 2022 , the company created a wholly owned subsidiary, Rocket Lab National Security LLC (RLNS) to provide dedicated space services towards US defense, intelligence and national security customers. In April 2023, Rocket Lab introduced the HASTE (hypersonic accelerator suborbital test electron) rocket , a suborbital testbed launch vehicle for hypersonic test flights operated by RLNS. HASTE was slated to have its maiden launch in 1H 2023 and provides hypersonic testing capabilities mainly to defense customers.

Key customers and partnerships

As of end 2021, the company has delivered 109 spacecraft to space across 20 orbital missions for commercial and government customers. Its customers include the US Department of Defense, NASA, the Defense Advanced Research Projects Agency (DARPA), and the National Reconnaissance Office (NRO) and a number of domestic and international commercial spacecraft operators including Blacksky Holdings, Canon, Kinéis, Capella Space, Planet, OHB Group, and Synspective. The company also won a contract to launch orbital debris removal demonstration mission for Astroscale. In October 2022 , Rocket Lab was selected by NASA’s Jet Propulsion Lab (JPL) to supply solar panels for NASA’s mobile robots as a part of Cooperative Autonomous Distributed Robotic Explorers (CADRE) program. In November 2022 , the company was selected by NASA to launch time-resolved observation of precipitation structure and storm intensity with a constellation of smallsats (TROPICS) satellites. In February 2023 , Rocket Lab secured a multi-launch deal from Capella Space for four Electron missions to deploy SAR Earth-imaging Acadia satellites to low-earth orbit, with the first launch slated for 2H 2023. In June 2023 , the company signed a dedicated launch deal with Spire Global to deploy four space situational awareness (SSA) satellites to low Earth orbit (LEO) for its space services customer NorthStar Earth & Space Inc., a commercial SSA service provider. Rocket Lab was to provide launch services within five months of contract signing, aboard its Electron rocket from Launch Complex 1 in New Zealand.

Funding and financials

The company recorded USD 211 million in revenue in 2022 (up 239% YoY) attributable to significant growth in both space systems and launch service segments. Further, Rocket Lab achieved a new internal record of nine launches within a calendar year. The company’s backlog more than doubled, increasing from USD 241 million at the end of 2021 to USD 503.6 million at the end of 2022.  

In August 2021, Rocket Lab completed the merger with Vector Acquisition Corporation and commenced trading on the Nasdaq Capital Market under “RKLB” becoming a publicly traded end-to-end space company. Rocket Lab received gross proceeds of USD 777 million from Vector’s trust account and concurrent private investment in public equity (PIPE) financing. Funds were used to speed growth in the space systems market, fund the development of the new reusable, 8-ton payload class Neutron rocket, and support further organic and inorganic growth in the space systems ecosystem and potential future space applications initiatives to deliver data and services from space. The company also received a USD 24.4 million grant from the US Space Force in September 2021.