Rocket Lab USA, Inc. (RKLB): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de l'exploration spatiale, Rocket Lab USA, Inc. (RKLB) émerge comme un innovateur qui change la donne, transformant comment les petits satellites atteignent l'orbite grâce à ses services de lancement de pointe et à des solutions spatiales complètes. En se positionnant stratégiquement à l'intersection des contrats gouvernementaux, des missions spatiales commerciales et de l'innovation technologique, Rocket Lab a conçu un modèle commercial dynamique qui exploite la fabrication de fusées avancée, les capacités de lancement flexibles et le soutien de la mission de bout en bout pour répondre aux exigences croissantes d'une industrie spatiale diversifiée et en expansion.

Rocket Lab USA, Inc. (RKLB) - Modèle commercial: partenariats clés

Partnerships de la NASA et du ministère américain de la Défense

En 2024, Rocket Lab a obtenu plusieurs contrats de lancement avec la NASA, avec une valeur de contrat d'environ 24,8 millions de dollars pour des services de mission spécifiques. Les contrats du ministère américain de la Défense avec Rocket Lab sont évalués à environ 19,5 millions de dollars pour les missions de lancement des espaces de sécurité nationale.

Partenaire	Valeur du contrat	Type de mission
NASA	24,8 millions de dollars	Lancements de satellite scientifique
Département américain de la défense	19,5 millions de dollars	Lancements d'espace de sécurité nationale

Partenariats commerciaux des opérateurs satellites

Rocket Lab collabore avec plusieurs opérateurs de satellites commerciaux:

• Planet Labs: Contracté pour plusieurs lancements de constellation de petits satellites
• Blacksky: services de lancement en cours pour les satellites d'observation de la Terre
• SYNSPECTIVE: Contrats de déploiement de la constellation par satellite japonaise

Fabricants aérospatiaux et fournisseurs de composants

Fournisseur	Composant / service	Valeur annuelle estimée
Maxar Technologies	Composants satellites	5,3 millions de dollars
Aerojet Rocketdyne	Composants de moteur à fusée	7,2 millions de dollars

Partenariats de recherche universitaire

Rocket Lab maintient des collaborations de recherche avec:

• Institut de technologie du Massachusetts (MIT)
• Université de Stanford
• California Institute of Technology (Caltech)

Collaborations de l'agence spatiale internationale

Agence spatiale	Focus de la collaboration	Valeur du contrat
Agence spatiale néo-zélandaise	Services de lancement	3,6 millions de dollars
Agence spatiale européenne	Développement technologique	2,9 millions de dollars

Rocket Lab USA, Inc. (RKLB) - Modèle d'entreprise: Activités clés

Small Satellite Launch Services

Rocket Lab exploite deux véhicules de lancement primaires:

• Electron Rocket: Terminé 42 lancements auprès du Q4 2023
• Rocket à neutrons: premier lancement prévu pour 2025

Lancement de véhicule	Capacité de charge utile	Coût de lancement
Électron	300 kg à l'orbite terrestre basse	7,5 millions de dollars par lancement
Neutron	Jusqu'à 8 000 kg à une orbite terrestre basse	Estimé 30 à 40 millions de dollars par lancement

Spacecraft et fabrication par satellite

La division des systèmes spatiaux de Rocket Lab génère 56,2 millions de dollars de revenus En 2023.

• Produit des plateformes satellites pour les clients commerciaux et gouvernementaux
• Système de voile solaire composite avancé (ACS3) développé pour la NASA

Conception et production du moteur à fusée

Rocket Lab développe des technologies propriétaires de moteurs-fusées:

Type de moteur	Poussée	Statut de développement
Moteur Rutherford	25 kN	Opérationnel sur électron
Moteur archimede	130 kN	En développement pour les neutrons

Intégration de la charge utile et gestion de la mission

Rocket Lab fournit des services de mission complets avec Taux de réussite à 99% de la mission.

• Planification de mission de bout en bout
• Intégration de charge utile personnalisée
• Gestion du site de lancement

Recherche et développement de la technologie spatiale

Investissement de R&D de 73,4 millions de dollars en 2023 concentré sur:

• Technologies de propulsion avancées
• Innovations de la plate-forme satellite
• Technologies d'exploration spatiale

Rocket Lab USA, Inc. (RKLB) - Modèle commercial: Ressources clés

Installations de fabrication avancées

Rocket Lab exploite deux principales installations de fabrication:

• Long Beach, Californie, États-Unis - Installation de 84 000 pieds carrés
• Auckland, Nouvelle-Zélande - Installation de 50 000 pieds carrés

Emplacement	Taille de l'installation	Focus de fabrication primaire
Long Beach, CA	84 000 pieds carrés	Production d'électrons et de fusées à neutrons
Auckland, NZ	50 000 pieds carrés	Composants d'électrons et fabrication de satellites

Technologie de moteur de fusée propriétaire

Spécifications du moteur Rutherford:

• Chambre de combustion imprimée en 3D
• Turbopumps électriques
• Impulsion spécifique: 311 secondes
• Poussée: 5 500 lbf (24,5 kN)

Main-d'œuvre et capital humain

Depuis le quatrième trimestre 2023, Rocket Lab emploie environ 1 200 professionnels dans des rôles d'ingénierie, de fabrication et de soutien.

Catégorie des employés	Effectif approximatif
Ingénieurs aérospatiaux	450
Techniciens de fabrication	350
Soutien et personnel administratif	400

Lancement d'infrastructure complexe

Complexe de lancement de la péninsule de Mahia, Nouvelle-Zélande:

• Zone de rampe de lancement totale: 10 acres
• Fréquence de lancement maximale: jusqu'à 12 lancements par an
• Lancement d'investissement complexe: environ 25 millions de dollars

Propriété intellectuelle

Répartition du portefeuille de brevets:

Catégorie de brevet	Nombre de brevets
Technologie des moteurs-fusées	37
Processus de fabrication	22
Conception de satellite	15

Rocket Lab USA, Inc. (RKLB) - Modèle d'entreprise: propositions de valeur

Capacités de lancement de petits satellites dédiés

Rocket Lab propose des services de lancement avec le Fusée électron, spécialement conçu pour les petites missions par satellite:

Capacité de charge utile	Capacité d'orbite	Coût de lancement
Jusqu'à 300 kg	Orbite terrestre basse (LEO)	7,5 millions de dollars par lancement

Services de lancement rapides et rentables

Lancez la fréquence et les mesures de rentabilité:

• Temps de préparation du lancement moyen: 24 heures
• Fréquence de lancement: jusqu'à 12 lancements par an
• Coût par kilogramme: environ 25 000 $

Planification de mission flexible et réactive

Caractéristiques de la flexibilité de la mission:

Lancement de la flexibilité de la fenêtre	Personnalisation de la mission
± 15 minutes	Profils de mission sur mesure

Insertion orbitale de haute précision pour les petites charges utiles

Performance de précision orbitale:

• Précision de l'insertion orbitale: à moins de 0,5 km
• Précision de déploiement de la charge utile: ± 10 mètres

Solutions de mission spatiale de bout en bout

Services complets de soutien à la mission:

Composant de service	Capacités
Conception de vaisseau spatial	Plate-forme satellite photon
Gestion de la mission	Support complet de l'intégration de la mission
Gare	Réseau de suivi global

Rocket Lab USA, Inc. (RKLB) - Modèle d'entreprise: Relations clients

Ventes directes et gestion des comptes

Rocket Lab maintient 42 vendeurs directs au quatrième trimestre 2023, ciblant les marchés du gouvernement et de l'espace commercial. L'équipe de vente de la société gère 18 contrats gouvernementaux actifs avec une valeur totale de contrat de 515,6 millions de dollars en 2023.

Segment de clientèle	Nombre de comptes actifs	Valeur du contrat annuel
Agences gouvernementales	18	515,6 millions de dollars
Opérateurs de satellites commerciaux	27	243,2 millions de dollars

Consultation technique et support de mission

Rocket Lab propose une équipe de support technique dédiée de 63 ingénieurs spécialisés dans la planification de la mission et l'intégration des vaisseaux spatiaux.

• Heures d'assistance à la mission moyenne: 320 heures par lancement
• Temps de réponse de la consultation technique: 4,2 heures
• Taux de réussite de la mission: 98,6%

Partenariats contractuels à long terme

Rocket Lab a obtenu 12 accords de service de lancement à long terme avec une valeur totale de contrat de 687,3 millions de dollars en 2024.

Type de contrat	Nombre de contrats	Valeur totale du contrat
Services de lancement pluriannuels	12	687,3 millions de dollars

Plateforme en ligne pour la planification de la mission

La plate-forme numérique de Rocket Lab prend en charge 47 interfaces de planification de mission active avec les capacités de suivi en temps réel.

• Utilisateurs de la plate-forme: 127 organisations enregistrées
• Interactions de plate-forme mensuelles moyennes: 3 642
• Efficacité de planification de la mission numérique: réduction de 92% de la coordination manuelle

Solutions de lancement personnalisés

Rocket Lab propose 6 configurations de véhicules de lancement différentes avec des options de personnalisation pour des exigences de mission spécifiques.

Lancement de véhicule	Options de personnalisation	Fourchette
Électron	5 configurations de charge utile	7,5 millions de dollars - 12,5 millions de dollars
Neutron	3 variantes spécifiques à la mission	25 millions de dollars - 40 millions de dollars

Rocket Lab USA, Inc. (RKLB) - Modèle d'entreprise: canaux

Équipe de vente directe

Rocket Lab maintient une équipe de vente dédiée axée sur les services de lancement spatial et la technologie des satellites. Au quatrième trimestre 2023, la société a déclaré une force de vente directe d'environ 12 à 15 représentants commerciaux professionnels ciblant les clients du gouvernement et des espaces commerciaux.

Type de canal de vente	Nombre de représentants	Segment du marché cible
Contrats d'espace gouvernemental	6-7	NASA, DOD, agences de renseignement
Lance de satellite commercial	5-6	Sociétés aérospatiales privées
Marchés internationaux	2-3	Agences spatiales internationales

Site Web et plateforme en ligne

Le canal de vente numérique principal de Rocket Lab comprend www.rocketlab.com, qui a traité environ 37 demandes de demande de service de lancement en 2023.

• Site Web Visiteurs mensuels uniques: 52 000
• Demandes de devis du service de lancement en ligne: 37
• Taux d'engagement client numérique: 4,2%

Conférences et salons commerciaux de l'industrie spatiale

Rocket Lab participe à 8 à 10 conférences aérospatiales majeures chaque année, générant environ 22 à 25 lancers commerciaux potentiels par événement.

Nom de conférence	Places potentiels	Année de participation
Symposium spatial	24	2023
Petite conférence par satellite	22	2023
Congrès astronautique international	25	2023

Réseaux de partenaires stratégiques

Rocket Lab entretient des partenariats stratégiques avec 17 principales organisations aérospatiales et technologiques à partir de 2024.

• Partenariats gouvernementaux: 7
• Compagnies spatiales commerciales: 6
• Institutions de recherche: 4

Marketing numérique et publications de l'industrie

Budget du marketing numérique alloué: 1,2 million de dollars en 2023, générant environ 45 prospects qualifiés grâce à des publicités de publication de l'industrie ciblées.

Canal de marketing	Allocation budgétaire	Génération de leads
Annonces de magazines aérospatiales	$450,000	22 pistes
Publications techniques en ligne	$350,000	15 pistes
Campagnes numériques ciblées	$400,000	8 pistes

Rocket Lab USA, Inc. (RKLB) - Modèle d'entreprise: segments de clientèle

Agences spatiales gouvernementales

Valeur du contrat de la NASA: 24,8 millions de dollars pour la mission des services de lancement des cours de capital-risque (VCLS) en 2022

Agence	Valeur du contrat	Année
NASA	24,8 millions de dollars	2022
Force spatiale américaine	515 millions de dollars	2022-2026

Opérateurs de satellites commerciaux

Total des contrats de lancement par satellite commercial: 31 au quatrième trimestre 2023

• Espace capella
• Planet Labs
• Technologie Blacksky

Sociétés d'observation de la Terre

Entreprise	Lancements	Valeur du contrat
Planet Labs	8 lancements	12,3 millions de dollars
Espace capella	3 lancements	5,7 millions de dollars

Institutions de recherche

Total des contrats d'institution de recherche: 7 en 2023

• Université de Californie
• Université de Stanford
• Mit

Organisations de défense et de renseignement

US Space Force Contrat: 515 millions de dollars pour les lancements de sécurité nationale

Organisation	Durée du contrat	Valeur totale
Force spatiale américaine	2022-2026	515 millions de dollars
Bureau national de reconnaissance	2023-2024	42,3 millions de dollars

Rocket Lab USA, Inc. (RKLB) - Modèle d'entreprise: Structure des coûts

Frais de fabrication et de développement de fusées

Au quatrième trimestre 2023, les coûts de fabrication de Rocket Lab pour Electron Rocket étaient d'environ 7,2 millions de dollars par lancement. Les frais de production d'électrons ont totalisé 42,3 millions de dollars en 2023.

Catégorie de dépenses	Coût annuel (2023)
Fabrication d'électrons	42,3 millions de dollars
Développement de fusées à neutrons	38,5 millions de dollars

Opérations de lancement et infrastructure

Les coûts d'infrastructure de lancement pour 2023 étaient de 24,7 millions de dollars, y compris l'entretien des installations en Nouvelle-Zélande et aux États-Unis.

• Les coûts opérationnels complexes de lancement de Nouvelle-Zélande: 12,3 millions de dollars
• Les États-Unis lancent des coûts opérationnels complexes: 9,4 millions de dollars
• Équipement de support de lancement: 3 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour 2023 ont atteint 89,6 millions de dollars, en se concentrant sur le développement des fusées à neutrons et les technologies satellites.

Zone de focus R&D	Investissement
Développement de fusées à neutrons	52,3 millions de dollars
Technologie satellite	22,5 millions de dollars
Propulsion avancée	14,8 millions de dollars

Frais de personnel et d'ingénierie

Les dépenses totales du personnel en 2023 étaient de 134,2 millions de dollars, avec 1 021 employés à temps plein.

• Salaires du personnel d'ingénierie: 78,6 millions de dollars
• Compensation de gestion: 22,4 millions de dollars
• Salaires du personnel de soutien: 33,2 millions de dollars

Marketing et développement commercial

Les dépenses de marketing et de développement commercial ont totalisé 8,9 millions de dollars en 2023.

Catégorie de dépenses de marketing	Coût
Développement commercial	5,3 millions de dollars
Marketing numérique	1,8 million de dollars
Salon et événements	1,8 million de dollars

Rocket Lab USA, Inc. (RKLB) - Modèle commercial: Strots de revenus

Frais de service de lancement de satellite

Le prix du véhicule de lancement électronique de Rocket Lab varie de 5,5 millions de dollars à 7,5 millions de dollars par lancement. En 2022, la société a effectué 13 lancements réussis, générant environ 78,5 millions de dollars en revenus de service de lancement.

Lancement de véhicule	Fourchette	Lancements annuels (2022)	Revenus de lancement estimés
Électron	5,5 M $ - 7,5 M $	13	78,5 M $

Frais d'intégration de la charge utile

Les services d'intégration de la charge utile varient généralement entre 500 000 $ et 1,2 million de dollars par mission, selon la complexité et les spécifications des satellites.

Contrats de fabrication de vaisseaux spatiaux

Le segment des systèmes spatiaux de Rocket Lab a généré 53,2 millions de dollars de revenus en 2022, avec des contrats clés, notamment:

• Contrats de vaisseaux spatiaux de la Mission de la NASA
• Fabrication de satellites commerciaux
• Développement de vaisseaux spatiaux personnalisés

Contrats de mission du gouvernement et de la défense

Les contrats de gouvernement et de défense en 2022 ont représenté environ 67,4 millions de dollars, notamment:

Type de contrat	Revenus (2022)
Missions du gouvernement américain	42,6 M $
Contrats du ministère de la Défense	24,8 M $

Services de licence et de conseil technologique

Les revenus des licences technologiques pour 2022 étaient estimés à 3,5 millions de dollars, les services de conseil générant 2,1 millions de dollars supplémentaires.

Catégorie de service	Revenus (2022)
Licence de technologie	3,5 M $
Services de conseil	2,1 M $

Rocket Lab USA, Inc. (RKLB) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Rocket Lab USA, Inc. over the competition right now, based on their late 2025 performance metrics. It's about delivering the whole package, not just a ride to space.

End-to-end space mission solutions (satellite to launch)

Rocket Lab USA, Inc. offers more than just putting a payload on a rocket; they build the infrastructure around it. This is heavily reflected in their financial structure, where the Space Systems segment is the main engine. For instance, in Q1 2025, this division contributed over 70% of quarterly revenue. This segment covers everything from design to operation, including providing key components for over 1,700 missions spanning commercial, defense, and national security sectors.

The company's offerings in this integrated space include:

• Satellite manufacturing and spacecraft builds.
• Payload integration services.
• Mission-critical components like reaction wheels and solar solutions.

High-frequency, reliable dedicated launch for small satellites

The Electron rocket has established Rocket Lab USA, Inc. as the world's most frequently launched orbital small rocket. Reliability is a major selling point; as of November 20, 2025, the company had achieved a 100% mission success rate on all 18 Electron launches completed in 2025. This high cadence is a direct result of operational maturity, with the annual launch cadence increasing by 1,700% in under a decade. The company's contracted revenue backlog stood at approximately $1.1 billion as of Q3 2025, showing strong customer confidence in their execution.

Here's a snapshot of their launch performance as of late 2025:

Metric	Value (as of late 2025)
Total Electron Launches to Date	76 (as of Nov 20, 2025)
Electron Launches in 2025 (as of Nov 20)	18
2025 Mission Success Rate	100%
Total Contracted Backlog	$1.1 billion (as of Q3 2025)

Responsive space access, demonstrated by launches within 48 hours

You're not just buying a launch slot; you're buying speed. Rocket Lab USA, Inc. has repeatedly demonstrated rapid turnaround capabilities. In Q2 2025, they executed five successful Electron missions, including two launches two days apart from the same launch site (Launch Complex 1). More recently, by November 20, 2025, they completed two launches in two days from opposite hemispheres. Furthermore, their operational efficiency allowed them to turn around an in-space manufacturing mission for Varda in just 15 days. This responsiveness is also seen in their HASTE suborbital vehicle, which supported the U.S. Department of Defense's MACH-TB program.

Cost-effective launch services for small payloads

The Electron vehicle was designed specifically for the small payload niche. Its original payload capacity to Low Earth Orbit (LEO) was 225 kg, updated to 320 kg due to battery advancements. While the specific current price for a dedicated small payload launch isn't explicitly stated for 2025, the cost per launch was historically cited around US$7.5 million. The company is strategically positioning its next vehicle, Neutron, to compete in the larger market, with a payload capacity up to 13,000 kg to LEO.

Mission-critical components for national security and defense

A significant portion of Rocket Lab USA, Inc.'s value proposition is its deep integration into national security programs, primarily through its Space Systems segment. This segment delivered a gross profit of $93.7 million through the first nine months of 2025, more than double the gross profit from the launch services business. Key defense-related contracts include:

• A multiple-award IDIQ contract under the National Security Space Launch (NSSL) Phase 3, with a maximum ceiling of $5.6 billion, for which $10 million was obligated at the time of the award in March 2025.
• A $515 million contract award from the Space Development Agency (SDA) to build 18 Tranche 2 Transport Layer-Beta Data Transport Satellites.
• A $32 million U.S. Space Force Space Systems Command contract to deliver the VICTUS HAZE mission.

The company guided for Q3 2025 GAAP gross margins between 37% and 39%, reflecting the higher-margin nature of these space systems and defense contracts.

Finance: draft 13-week cash view by Friday.

Rocket Lab USA, Inc. (RKLB) - Canvas Business Model: Customer Relationships

You're looking at how Rocket Lab USA, Inc. keeps its customers locked in, which is really all about trust and long-term commitment in the high-stakes world of space access. For Rocket Lab USA, Inc., this relationship is built on a foundation of proven performance, especially with the most demanding clients.

High-touch, long-term contracts with government and defense clients.

The government and defense sector forms a critical part of the relationship structure. This isn't just about one-off sales; it's about securing multi-year partnerships. As of late 2025, a significant portion of the company's contracted backlog reflects this focus. Here's the quick math: 57% of Rocket Lab USA, Inc.'s backlog consists of government orders. This sticky relationship is evident in major awards, such as the firm-fixed-price, indefinite-delivery/indefinite-quantity (IDIQ) contract from the U.S. Space Force with a maximum ceiling value of up to $5.6 billion, which allows competition for National Security Space (NSS) Launch Phase 3 orders through 2029. Furthermore, Rocket Lab USA, Inc. is actively working on a $515 million contract with the U.S. Space Development Agency and is bidding on another project for the agency worth up to $900 million. These contracts are the definition of long-term engagement, cementing relationships that go beyond a single launch.

Dedicated mission management and engineering support.

The high-touch aspect comes from offering end-to-end services, which naturally requires deep engineering involvement. Rocket Lab USA, Inc. isn't just selling a ride; they are providing the entire mission solution, from building the satellite components-like reaction wheels and solar panels-to managing the final deployment. This integration means the customer relationship is managed by dedicated teams overseeing the entire lifecycle. The company's Space Systems segment, which includes spacecraft manufacturing and components, is now the primary revenue engine, reporting $114.2 million in revenue for the third quarter of 2025. This level of service delivery, which is distinct from the $40.9 million in Launch Services revenue for the same quarter, shows a deep, ongoing engineering partnership.

The support structure is designed for responsiveness, which is crucial for government and constellation operators:

• Streamlined payload integration processes.
• Agile scheduling coordination with regulatory bodies.
• Expertly timed launch rehearsals for mission assurance.

Direct sales model for both launch and space systems.

Rocket Lab USA, Inc. primarily uses a direct sales approach, dealing straight with the end-user, whether that's a government agency or a commercial entity needing dedicated access. This is true for both the launch service and the space systems they build. The Electron rocket, projected to cost less than US$5 million per launch, is sold directly for dedicated missions, catering to clients who need precise, timely deployment rather than riding as a secondary payload. The company is also confirming ambitions to attack the Direct-to-Consumer market with its proprietary 'Flatellite' satellite, suggesting a direct service offering beyond just launch capacity. This direct engagement model helps maintain the high-touch nature of their client interactions.

You can see the financial results of this direct, integrated sales approach in the company's overall performance for 2025:

Metric	Value (As of Late 2025 Data)	Context
Total Contracted Backlog	Approximately $1.1 billion	Provides strong revenue visibility through 2027
FY 2025 Projected Electron Launches	Over 20	Indicates high customer demand and cadence
Q3 2025 Total Revenue	$155 million	Represents a 52.4% year-over-year revenue increase
Government Share of Backlog	57%	Strategic focus on national security and intelligence
Total Electron Missions to Date	76 successful launches	Second only to SpaceX among private companies

Building trust through a 100% mission success rate in 2025.

In this business, trust is earned one successful launch at a time. Rocket Lab USA, Inc. has made mission success their clearest differentiator. As of November 2025, the company achieved a 100% mission success rate for all its Electron launches in 2025. This perfect record was achieved across 18 successful launches by that date, setting a new annual company record. This operational excellence translates directly into customer confidence, especially for high-value government payloads. The ability to execute back-to-back missions from opposite hemispheres-New Zealand and Virginia-within a tight 48-hour window further proves this reliability and responsiveness. This flawless execution is the ultimate proof point for securing those long-term, high-value contracts.

Rocket Lab USA, Inc. (RKLB) - Canvas Business Model: Channels

You're looking at how Rocket Lab USA, Inc. gets its services and products to the customer base, which is a mix of government agencies and commercial satellite operators. It's all about direct engagement and dedicated infrastructure.

Direct sales team for government and commercial contracts.

• Secured 17 new dedicated Electron launch contracts in Q3 2025, a record quarter for dedicated launch contracts.
• Total company backlog swelled to over $1.07B as of Q1 2025.
• Space Systems contracts accounted for about $645M of the total backlog in Q1 2025.
• The company became the prime contractor for a $515M USSF military satellite project in January 2024.
• Secured upwards of $650 million worth of contracts for supplying satellite components.

Launch Complexes (LC-1 and LC-2) for mission execution.

Mission execution relies on two primary launch complexes, enabling a high-frequency cadence across hemispheres. Rocket Lab USA, Inc. had launched 74 Electron missions as of November 2025.

Launch Complex	Location	Key Operational Data (as of late 2025)	Associated Vehicle
Launch Complex 1 (LC-1)	Mahia Peninsula, New Zealand	Achieved a record of two launches two days apart in Q2 2025.	Electron (Orbital)
Launch Complex 2 (LC-2)	Wallops Island, Virginia, USA	Has witnessed 7 rocket launches, including 3 orbital attempts.	Electron (Orbital) & HASTE (Suborbital)

HASTE suborbital launch vehicle for rapid defense testing.

The HASTE vehicle, a modified suborbital Electron variant, is key for defense customers needing fast test opportunities for hypersonic technology (Mach 5 or greater). Rocket Lab USA, Inc. successfully launched two back-to-back HASTE missions across Q3 2025. The vehicle supports a payload of up to 700kg and the company promotes a 12 month turnaround time from contract signing to launch.

Acquired subsidiaries for component and satellite sales.

Vertical integration is channelled through acquisitions that feed the Space Systems segment, which contributed to the record Q3 2025 revenue of $155 million.

• Completed the $325 million acquisition of Geost in Q3 2025, adding electro-optical and infrared sensor capabilities.
• Acquired Planetary Systems Corporation (PSC), a satellite separation systems manufacturer, for $81.4 million in November 2021.
• Acquired Advanced Solutions, Inc (ASI), a spacecraft flight software company, in October 2021.
• Acquired SolAero, a space solar power products supplier, in January 2022.

Rocket Lab USA, Inc. (RKLB) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Rocket Lab USA, Inc. as of late 2025, which is heavily weighted toward high-value, long-term government work. The company's strategy clearly prioritizes embedding itself within national security and allied defense structures, which provides a stable revenue foundation.

U.S. and Allied Government/Defense Agencies

This group represents the most significant portion of the committed future work. Rocket Lab USA, Inc.'s backlog is comprised of 57% government orders, underscoring its deep involvement in national security and intelligence programs. This focus is further evidenced by major contract wins, such as the production of a $515 million constellation build consisting of 18 spacecraft for the Space Development Agency's Tranche 2 Transport Layer. The company also supports critical technology development, having successfully launched back-to-back HASTE missions across Q3 2025 to support hypersonic technology advancements for the nation.

Here's a look at the overall financial commitment from all customers:

Metric	Value as of Q3 2025
Total Contracted Backlog	Approximately $1.1 billion
Backlog Expected as Revenue (Next 12 Months)	About 57%
New Electron Launch Contracts Secured (Q3 2025)	17

Civil Space Agencies (NASA, ESA, JAXA)

While the search results emphasize defense, civil agencies remain a vital, though less quantified, segment. Rocket Lab USA, Inc.'s historical success with Electron has made it a reliable launch provider for these entities, complementing the larger government contracts. The company's overall mission success heritage, including deployments to the Moon, Mars, and Venus, speaks to its capability trusted by these organizations.

Commercial Small Satellite Operators and Constellation Builders

This segment drives the high-cadence launch business and the large-scale spacecraft manufacturing contracts. The Space Systems segment, which includes satellite manufacturing, is a primary growth engine, contributing over 70% of quarterly revenue in Q1 2025. The commercial side is actively booking capacity, as seen by the 17 new Electron launch contracts secured in Q3 2025. The development of the Neutron rocket is specifically aimed at unlocking the medium-lift market for larger constellation deployment contracts in the future.

Aerospace Prime Contractors Needing Components and Subsystems

Rocket Lab USA, Inc. serves primes through its vertically integrated Space Systems segment, which provides components and subsystems beyond just launch. The strategic acquisition of Geost for up to $325 million in a cash-plus-equity transaction added electro-optical and infrared sensor maker capabilities, positioning Rocket Lab USA, Inc. to supply payloads directly into defense programs like Golden Dome. Furthermore, the acquisition of Mynaric, a German laser communications company, strengthens its in-house component offerings for mission-critical systems. This component and subsystem business provides a steady revenue stream that is less dependent on launch cadence. It's defintely a smart way to capture value across the entire mission stack.

Finance: draft 13-week cash view by Friday.

Rocket Lab USA, Inc. (RKLB) - Canvas Business Model: Cost Structure

You're looking at the expense side of Rocket Lab USA, Inc.'s operations as of late 2025. The cost structure is heavily weighted toward future capability, meaning a lot of money is going out now to bring in bigger revenue later. This is classic high-growth aerospace investment.

Heavy Research & Development (R&D) spending for Neutron rocket is the most significant driver of current operating costs. Research and development expenses for the twelve months ending September 30, 2025, totaled $0.240B, marking a substantial 46.79% increase year-over-year. You should know that management reiterated that Neutron R&D is nearing its peak spending phase, which signals a transition point is coming.

For the Neutron vehicle itself, Rocket Lab USA, Inc. spent somewhere between $250 million and $300 million of the cash gained from going public to develop it, with the first launch targeted for 2025. Still, the specific expectation of total development costs reaching $360 million by year-end 2025 isn't confirmed in the latest filings I see.

The costs associated with the existing Electron vehicle and the growing Space Systems segment show a focus on operational leverage. Here's a quick look at some key metrics related to the operational side:

Metric	Value/Range	Context
Electron Sticker Price (Selling Price)	Around $7.5 million per launch	Dedicated small satellite mission cost.
Q3 2025 GAAP Gross Margin	37% (Record)	Up from 33% in Q2 2025.
Q3 2025 Revenue per Launch (YoY Increase)	44.3%	Cost per launch only increased by 18% YoY in the same period.
Space Systems Revenue Share (Q3 2025)	Approximately 53% of total backlog	Space Systems is a major component of the business.

You can see the focus on absorbing fixed costs. The most critical cost reduction initiative involves increasing the production rate to get greater absorption of direct labor and manufacturing overhead. This is supported by significant capital investment; for instance, capital expenditure in 2024 was $67.09 million, largely directed toward manufacturing scale-up and Neutron development.

Regarding cash burn, the company is definitely operating at a deficit while investing heavily. The non-GAAP free cash flow for the third quarter of 2025 was a use of $69.4 million, which was higher than the $55.3 million use in the second quarter. For the full year 2024, the annual free cash flow was $-0.103B (or negative $103 million). That requested figure of negative $208.5 million isn't the latest reported FCF number I have access to. Finance: draft 13-week cash view by Friday.

Rocket Lab USA, Inc. (RKLB) - Canvas Business Model: Revenue Streams

You're looking at the core ways Rocket Lab USA, Inc. brings in cash as of late 2025. It's a story of two distinct, yet increasingly integrated, business segments: launch and space systems. The numbers from the third quarter of 2025 really show this shift in focus.

Rocket Lab USA, Inc. posted record total revenue of \$155.1 million for Q3 2025, which was a 48% jump year-over-year. This revenue is split between their launch operations and their growing space systems business.

Here's a quick look at the Q3 2025 revenue composition based on the required figures:

Revenue Stream Component	Q3 2025 Amount (Millions USD)
Total Revenue	\$155.1
Space Systems Revenue	\$114.2
Launch Services Revenue (Calculated)	\$40.9

Launch Services revenue from Electron missions remains a foundational element. While the Space Systems segment is clearly taking the lead, the Electron vehicle secured a record-breaking quarter for dedicated launch contracts. In Q3 2025 alone, Rocket Lab USA, Inc. secured 17 new contracts for Electron launches. This activity supports the calculated \$40.9 million in Launch Services revenue for the quarter, reinforcing operational cadence and reliability.

Space Systems revenue, which you noted as the primary growth driver, was \$114.2 million in Q3 2025. This segment's strength comes from vertically integrated offerings, including satellite manufacturing, payload integration, and components. The recent, strategic acquisition of electro-optical and infrared sensor maker Geost for up to \$325 million further broadens Rocket Lab USA, Inc.'s footprint directly into higher-value payload markets, which often carry better margins than launch alone.

A significant portion of this revenue, particularly within Space Systems, comes from defense and civil government contracts. This provides excellent revenue visibility, which is key for a high-growth company. For instance, the backlog, which stood at approximately \$1.1 billion at the end of Q3 2025, reflects a strong commitment from government customers. While specific revenue recognition timing varies, the split in the backlog gives you a good idea of the focus:

• Backlog split between commercial orders and government orders was about 50:50 in the preceding quarter, suggesting government work is a massive, stable revenue pillar.
• Rocket Lab USA, Inc. is a prime contractor on major programs, including work related to the Space Development Agency's constellations and hypersonic technology support like the HASTE missions.
• The company's positioning for the National Security Space Launch (NSSL) program, supported by the developing Neutron rocket, locks in future, high-value government launch revenue.

Honestly, the transition to Space Systems driving over 70% of revenue in earlier quarters shows that the business model is successfully pivoting toward more stable, higher-value recurring revenue streams, even as launch cadence accelerates. Finance: draft 13-week cash view by Friday.