Rocket Lab USA, Inc. (RKLB): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the true engine of Rocket Lab USA, Inc.'s growth as they transition from just a launch provider to a full-stack space company. Honestly, the numbers tell a clear story: while launch is steady, Space Systems is the primary driver, pulling in $114.2 million of the $155.1 million total revenue in Q3 2025, all while managing a massive $1.1 billion backlog. They are spending heavily to get Neutron off the ground, which explains the current negative $208.5 million Free Cash Flow. The future is being built on a very expensive blueprint today. See the full breakdown of how they connect their government partners to their manufacturing might in the canvas below.

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

You're looking at the partners that fuel Rocket Lab USA, Inc.'s end-to-end space strategy, moving beyond just launching rockets to building and operating entire systems. This network is critical, especially as the company's total backlog stands at over $1 billion as of late 2025, with $586 million specifically from space systems contracts.

U.S. Government for National Security and Defense Missions

The defense sector is a major anchor for Rocket Lab USA, Inc., especially following strategic acquisitions. The company is actively pursuing opportunities related to the 'Golden Dome' missile defense system, an initiative with a total projected value up to $175 billion.

Key defense engagements include:

• Securing a subcontractor role on the Multi-Service Advanced Capability Hypersonic Test Bed (MACH-TB) 2.0 program via Kratos Defense & Security Solutions Inc..
• This role is part of a five-year contract awarded to Kratos, which Rocket Lab USA, Inc. will share in if all options are exercised, valued at $1.45 billion.
• Rocket Lab USA, Inc. was working on a $515 million contract with the U.S. Space Development Agency (SDA) and was bidding on an additional project for the agency worth up to $900 million.
• The company received $23.9M USD in new funding from the United States Department of Commerce to accelerate domestic production of semiconductors and space-grade solar cells.

NASA for Deep-Space Missions like ESCAPADE to Mars

Rocket Lab USA, Inc. continues to solidify its role as a reliable launch provider for NASA, leveraging its existing Venture-Class Acquisition of Dedicated and Rideshare (VADR) contract. This relationship extends to both current and future vehicle capabilities.

Specific NASA engagements include:

• A potential $300 million task order award from NASA for the Aspera mission under the VADR contract.
• A mutual agreement was reached with NASA to include Neutron launch services through the existing VADR contract.
• The Photon spacecraft was selected by NASA for the CAPSTONE mission, which serves as a pathfinder for the lunar Gateway initiative within the Artemis program.

International Space Agencies (e.g., JAXA, ESA) for Launch Services

International customers, particularly from Japan and South Korea, drive significant launch demand. Rocket Lab USA, Inc. is the sole launch provider for Japan-based Synspective, supporting six out of 16 planned missions. The Synspective deal is noted as a ten launch deal.

Component Suppliers and Acquired Entities (e.g., Geost) for Vertical Integration

Vertical integration is being aggressively pursued through acquisitions, most notably Geost, LLC. Rocket Lab USA, Inc. completed this acquisition for a total consideration of $275 million.

The financial structure of the Geost acquisition was:

Component	Value/Amount
Cash Component	$125 million
Stock Component (Shares of Common Stock)	$150 million
Potential Earnout (Revenue-based)	Up to $50 million

The company expects this deal to result in a neutral to slightly positive impact on its adjusted EBITDA in the latter half of 2025.

Commercial Satellite Constellation Operators (e.g., iQPS)

Repeat commercial customers like iQPS demonstrate strong confidence in Rocket Lab USA, Inc.'s dedicated launch services. iQPS is building a constellation of 36 synthetic aperture radar (SAR) satellites.

The cumulative launch agreements with iQPS total eight dedicated Electron launches. In 2025 alone, Rocket Lab USA, Inc. successfully deployed four satellites for iQPS, including two launched back-to-back in less than four weeks between May and June.

The company reported record third-quarter 2025 revenue of $155 million, with guidance projecting fourth-quarter revenue between $170 million and $180 million.

Finance: review Q4 guidance assumptions against current backlog conversion rates by end of week.

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

Manufacturing and launching the Electron small-lift rocket.

Rocket Lab USA, Inc. completed 18 total missions in 2025 as of November 20, 2025, achieving a 100% mission success rate for the year. Of these, 15 were orbital flights, and 3 were suborbital HASTE launches. The Electron rocket is capable of delivering payloads of 150 kg to a 500 km Sun-synchronous orbit, with a projected cost of less than US$5 million per launch. Launch services contributed $35.6 million in revenue for the first quarter of 2025. Rocket Lab USA, Inc. has secured eight new Electron and HASTE missions in Q1 2025 alone. The Electron remains the United States second most-frequently launched rocket annually.

Developing the Neutron medium-lift, reusable rocket.

The first test flight for the Neutron rocket is now projected for 2026, following earlier targets of 2025. The program has seen its total capital expenditure estimate increase, with spending expected to reach US$360 million by the end of 2025, up from an original range of US$250 million to US$300 million. The development has burned $232 million in free cash flow over the last twelve months. Neutron is selected for the Department of Defense's National Security Space Launch (NSSL) Phase 3 Lane 1 program, which has up to $5.6 billion in potential funding over a five-year period. The vehicle is designed to carry payloads up to 13,000 kg, which is 60 times more than the Electron.

Designing and manufacturing space systems (satellites, components).

The Space Systems segment is the primary revenue driver. For the third quarter of 2025, Rocket Lab USA, Inc. reported record revenue of $155 million, with Space Systems accounting for a significant portion. Through the first nine months of 2025, this segment generated $93.7 million in gross profit. The company has secured upwards of $650 million worth of contracts for supplying satellite components, including star trackers and reaction wheels. The total company backlog stood at over $1.1 billion as of Q3 2025, with $586 million specifically attributed to space systems contracts.

Conducting high-cadence, responsive launch operations.

Rocket Lab USA, Inc. demonstrated an accelerated launch cadence in 2025, achieving 18 launches by November 20, 2025. The company achieved two launches within a 48-hour window for the third time in 2025. In Q1 2025, the team managed three launches within a 13-day span. This rapid operational tempo underlines the maturity of their launch services.

Research and development (R&D) for next-gen propulsion and spacecraft.

R&D efforts are heavily focused on the Neutron rocket, which uses the Rutherford liquid engine, fabricated largely by 3D printing using electron beam melting. The Neutron's first stage engines, named Archimedes, have undergone hot-fire tests at a NASA facility. The company raised US$700 million by issuing new shares, partly to support growth and acquisitions aligned with next-generation defense programs like Golden Dome.

Here's the quick math on the 2025 financial snapshot through Q3:

Metric	Value (As of Late 2025 Data)
Q3 2025 Revenue	$155 million
Year-over-Year Q3 Revenue Growth	48%
Q3 2025 Gross Margin	37%
Total Company Backlog	Over $1.1 billion
Cash Burn (Last Twelve Months)	$232 million

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

Electron rocket fleet and associated launch infrastructure

• 74 Electron missions launched as of November 2025.
• New annual record set with 18 Electron launches in 2025 as of November 20, 2025.
• Electron launch cadence increased by 1,700% in under a decade.
• The company achieved a 100% mission success rate for 2025 launches as of November 20, 2025.
• The HASTE suborbital variant completed its third launch in 2025, marking its sixth overall mission.

The operational infrastructure supports this high cadence:

Resource	Quantity/Status	Notes
Launch Pads	3 pads across 2 sites	As of August 2025.
Total Satellites Delivered to Orbit by Electron	Over 224 as of March 2025.	Total launched as of November 2025 is higher.
Satellites on Orbit with Rocket Lab Technology	Over 1,700.	Cumulative on orbit.

Launch Complex 1 (New Zealand) and Launch Complex 2 (Virginia, USA)

You operate two primary orbital launch sites. Launch Complex 1 in Mahia, New Zealand, utilizes at least Pad 1B for dedicated missions. Launch Complex 2 on Wallops Island, Virginia, supports Electron launches and is adjacent to the new Neutron manufacturing facility. The company is also preparing for the official opening of Launch Complex 3 at Wallops Island for the Neutron rocket.

Vertically integrated manufacturing facilities and supply chain

Your integration extends from engine production to spacecraft assembly. The Long Beach facility acts as the Engine Development Center. Furthermore, the R&D hub QIP, established in March 2025, allows for the production of up to 10 satellites per year.

Intellectual property (IP) for Rutherford and Archimedes engines

The proprietary engines are central to your launch vehicle IP. The Rutherford engine, powering Electron, uses battery-powered electric motors for its pumps and is largely fabricated using 3D printing. The Archimedes engine, for Neutron, is an oxidizer-rich staged combustion cycle design fueled by liquid oxygen and methane. Full-scale production began to build the 10 engines required for Neutron's inaugural flight.

Here's the quick math on Archimedes performance and production goals:

Engine Metric	Rutherford	Archimedes (Full Power)
Fabrication Method	Largely 3D printed (Electron)	Uses 3D printed parts
Thrust (Single Engine)	Not specified in detail	165,000 lb force (or 733 kilonewtons)
Minimum Reuse Target	Not specified	Up to 20 launches per engine.
Production Rate	Scaling	Line capable of a new engine every 11 days.

Neutron's first stage will use nine Archimedes engines, delivering a combined liftoff thrust of just under 1.5 million pound force.

Contracted revenue backlog of $1.1 billion as of Q3 2025

Your forward-looking revenue visibility is strong. The backlog stood at $1.1 billion as of Q3 2025. Management anticipates that about 57% of this backlog will convert to revenue within the next 12 months. This backlog includes 49 rocket launches under contract as of Q3 2025. In Q3 alone, the company secured 17 new contracts for Electron launches.

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.