Rocket Lab $RKLB surges 34% — Q1 revenue tops $200M, backlog doubles to $2.2B

Rocket Lab USA ($RKLB) surged 34% on May 8, 2026 — its best single-day performance since going public — after posting first-quarter revenue of $200.4 million and unveiling its largest launch contract in company history.

The breakdown: space systems revenue came in at $136.7 million versus the FactSet consensus of $132.1 million, while the launch segment delivered $63.7 million against an estimate of $59 million. Both divisions beat.

The undisclosed launch contract spans Rocket Lab's Neutron medium-lift rocket and Electron small-sat launcher through 2029. The deal comes weeks after the company secured a separate $190 million contract for 20 hypersonic test flights — and adds to a backlog that more than doubled year-over-year to $2.2 billion.

Second-quarter guidance also exceeded Wall Street's bar: Rocket Lab projected $225 million to $240 million in Q2 revenue, versus the LSEG consensus of $207.5 million — a midpoint beat of roughly 14%.

"The demand signal is clear," CEO Peter Beck told analysts on the earnings call, describing the company's product cadence as "relentless." The company is also acquiring space robotics maker Motiv Space Systems and preparing for the first orbital launch of Neutron after a qualification setback in January.

The space sector rally spread: Firefly Aerospace and Intuitive Machines each jumped more than 20%, Redwire gained 19%, and Voyager Technologies rose 14%. Two macro tailwinds are driving the move — President Trump's Golden Dome missile defense program and NASA's Artemis crewed lunar missions. SpaceX's anticipated IPO, reportedly targeting a valuation above $1 trillion, has also re-priced risk appetite across the sector.

Key items to watch: Neutron's first orbital launch attempt and quarterly backlog conversion rate. Risk: Neutron's engineering timeline has slipped once; further delays could pressure Q3 revenue guidance.

Not investment advice. Verify all figures with primary sources before acting.