Rocket Lab Wins $397M Space Force SB‑AMTI Award, Pushes Backlog to About $2.2B

Overview

• The U.S. Space Force awarded Rocket Lab a $397 million contract to build, launch, and operate Flatellite satellites for the SB‑AMTI program and the company says recent Space Force deals total about $663 million.
• Those awards have lifted Rocket Lab’s backlog to roughly $2.2 billion, marking a clear shift toward government and defense revenue in the company’s pipeline.
• Rocket Lab completed its 92nd Electron launch this week from Mahia, New Zealand, carrying an IQPS Earth‑imaging payload and maintaining a high operational cadence for small‑sat missions.
• Several of the new SB‑AMTI missions require Rocket Lab’s larger Neutron rocket, which has not yet flown, creating schedule and execution risk that could affect contract delivery timing.
• Investors are watching an August 10 Q2 earnings report for updated revenue and profit guidance while analysts maintain a Moderate Buy consensus and insider share sales have added scrutiny to management timing and pace.