Rocket Lab’s backlog reached a company record $2.36 billion during the second quarter of 2026 as more than $1 billion of new Space Systems and launch contracts signed across Q2 and the post-quarter period expanded the company’s visibility across commercial and government space programs.
Rocket Lab said it secured more than $581 million of Space Systems contracts and more than $437 million of launch contracts across Q2 and the period following quarter-end. Combined, those awards represent more than $1.01 billion of new contract activity.
The company ended Q2 with $2.36 billion of backlog, up 6.1% sequentially, or approximately $136 million. Space Systems represented 60% of backlog and Launch accounted for the remaining 40%. Commercial customers represented 57% of backlog, while government customers accounted for 43%.
Rocket Lab expects approximately 45.5% of its Q2-ending backlog to be recognized within the following 12 months, with the remaining 54.5% expected beyond that period. The company also highlighted a pipeline of additional multi-launch agreements and large satellite manufacturing contracts that could further expand backlog.
The launch side of the business is seeing particularly strong demand. Rocket Lab booked 26 new launches across Q2 and the post-quarter period, bringing the launch backlog to more than 90 missions, the highest level in company history.
One of the largest awards was a $260 million U.S. Space Force agreement, Rocket Lab’s largest launch contract to date. The contract covers 18 suborbital missions and includes development of two new launch pads and a new Launch Complex 4 at Kodiak, Alaska.
Space Systems is also moving into larger defense programs. Rocket Lab highlighted a $397 million contract to build and launch Flatellite spacecraft for the U.S. Space Force’s SB-AMTI program, including multiple satellites scheduled to launch on Neutron. The company was also selected to build geostationary satellites for Space Systems Command, opening another satellite manufacturing market.
Rocket Lab generated record Q2 revenue of approximately $234 million, up 62% year-over-year and 16.8% sequentially. Growth was driven primarily by Space Systems, including increased contribution from SDA Tranche I and Tranche II programs, component sales and the integration of Mynaric.
The company is also broadening its addressable market through the planned acquisition of Iridium. Rocket Lab said the transaction would combine launch, spacecraft manufacturing, satellite communications infrastructure and spectrum, creating a vertically integrated platform spanning launch, spacecraft and recurring space applications.
Rocket Lab’s Neutron program continues progressing toward flight hardware completion. Stage 1 has entered final assembly, Stage 2 is undergoing final integration before shipment to Launch Complex 3, and the thrust module is completing avionics and fluid integration ahead of launch-pad testing.
For Q3 2026, Rocket Lab expects revenue of $250 million to $265 million, representing another year-over-year increase across both Space Systems and Launch.
