Overview
- Shares have tumbled about 57% from their highs and the company now trades at roughly a $38 billion market value.
- Rocket Lab reported negative free cash flow of about $371 million over the past 12 months while continuing heavy spending on Neutron development and recent acquisitions.
- Management is advancing an approximately $8 billion, half‑stock half‑cash offer for Iridium Communications that executives say would add steady cash flow and service revenue to the business model.
- Neutron, the medium‑lift rocket seen as central to future margins, is in development with a maiden flight window targeted for late 2026 into early 2027 but timing remains uncertain and carries execution risk.
- The company sits on a roughly $2.3 billion contract backlog and growing satellite manufacturing wins, giving revenue visibility even as investors watch whether M&A, Neutron launches, and scaling will deliver operating leverage.