TLDR
- Rocket Lab (RKLB) stock closed down nearly 8% Wednesday, then fell another 7% to 8% after hours.
- Neutron’s first launch moved from Q4 2026 to 2027 due to a carbon-composite tank part problem.
- Second-quarter revenue hit a record $234 million, up 62%, with backlog at $2.36 billion.
- Space Force contracts worth up to $397 million and $266 million back the company’s government business.
- 15 of 18 analysts rate RKLB a buy, with an average target of $104.44.
Rocket Lab (RKLB) stock closed Wednesday down nearly 8%. It then slipped another 7% to 8% in after-hours trading.
The trigger was a new schedule for Neutron. The rocket’s first launch now sits in 2027, not the fourth quarter of 2026.
Management had hinted that a delay could happen. Traders sold anyway.
The problem is a carbon-composite part in the first-stage propellant tank. Rocket Lab shared the fix timeline along with the update.
Today the company flies only Electron, its one active orbital rocket. Neutron is built to carry heavier loads for commercial and national security customers.
Another Setback for Neutron
Neutron has hit trouble before. A first-stage tank ruptured during testing in January.
That led Rocket Lab to drop its mid-2026 target. By August, executives said the window for a year-end debut was shrinking.
Now that window has closed. Anyone hoping to see Neutron fly in 2026 will have to wait.
The delay also puts the spotlight on launch commitments. In May, Rocket Lab announced its biggest launch deal, covering five Neutron flights and three Electron flights.
The customer is undisclosed and the launches run from 2026 to 2029. A flying Neutron is key to that contract.
The Rest of the Business
Outside Neutron, the numbers look solid. Second-quarter revenue hit a record $234 million, up 62% from a year ago.
Backlog stands at $2.36 billion, more than double last year’s level. That gives the company some room while Neutron catches up.
Government work keeps coming in. A U.S. Space Force contract worth up to $397 million covers satellites that track airborne threats.
Another deal, worth up to $266 million, covers suborbital launches for missile-defense programs. Rocket Lab also plans to buy satellite communications firm Iridium, a deal that needs regulatory approval and is expected to close in 2027.
Analysts have stayed positive. Of the 18 covering RKLB over the past three months, 15 say buy and 3 say hold, which adds up to a Strong Buy consensus.
The average 12-month price target is $104.44. That is about 76% above Wednesday’s close.
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