Klein Frank sold $3.2M of RKLB

Rocket Lab (RKLB) trades at $66, down 56% from its 52-week high, with a high P/S ratio. Q2 2026 revenue was $234M, up 62% YoY, mainly from Space Systems. Neutron rocket launch and Iridium acquisition are delayed. Backlog is $2.36B. Management expects slow growth from Iridium.

Rocket Lab (RKLB) fell 6% to $63.82 after SpaceX filed an FCC complaint against Iridium, which could impact Rocket Lab's $8B acquisition. The deal's variable exchange ratio ties Iridium payouts to Rocket Lab's share price, amplifying regulatory risks. Intuitive Machines (LUNR) and AST SpaceMobile (ASTS) also slid 5% and 6% respectively, following broader sector weakness.

Rocket Lab (RKLB), a smaller competitor to SpaceX (SPCX), has developed HASTE, a suborbital launch vehicle for hypersonic testing, primarily for the Department of Defense. HASTE offers lower-cost, frequent testing, generating higher revenue per flight than standard Electron launches. Rocket Lab has secured around $500 million in HASTE contracts, contributing significantly to its projected 2026 revenue. The company also operates in satellite manufacturing and plans to expand with the acquisition

U.S. stock futures were mixed on Tuesday, with Nasdaq and Russell 2000 futures up 0.1%, Dow futures down 0.1%, and S&P 500 futures flat. Investors await July CPI data and geopolitical tensions impact sentiment. Key earnings reports include SMCI, CRWV, CAVA, LITE, and SLS. NVDA labeled AI data centers as investable assets, INTC upsized its share sale to $20B, and RIOT secured a $9.1B deal. RKLB shares fell despite a revenue beat, ASTS extended selloff, and SPCX faced lockup expiration pressures.

Rocket Lab (RKLB +2.04%) reported record revenue of $234M in Q2 2026, up 62% YoY, with a backlog of $2.36B. The company secured U.S. Space Force contracts but delayed its Neutron rocket launch. Despite growth, it trades at 51x sales and reported a $49M net loss in Q2. Neutron's success is critical for future profitability.

SpaceX has asked the FCC to review Rocket Lab's $8B acquisition of Iridium, citing concerns over spectrum interference. SpaceX claims Iridium has filed numerous petitions to block competitors, while Iridium insists on protecting its operations. Both companies are seeking FCC approval for their respective positions.