Rocket Lab's $2.36 Billion Backlog Says More Than Its Stock Price Does

Rocket Lab reported record revenue and a $2.36 billion backlog, underscoring growing traction in defense spacecraft programs ahead of its Neutron rocket’s first flight. A potential $397 million U.S. Space Force award could further validate its expanding national-security business. The outlook is tempered by the company’s rich valuation and remaining execution risk around Neutron.