Rocket Lab’s Acquisition Spree and Defense Windfall Propel Stock to Record High

Shares surged to €100.80 after a two-phase rally driven by the $40M Motiv acquisition, Q1 revenue of $200M beating estimates, and a $2.2B backlog from key defense contracts

Rocket Lab shares rocketed to a fresh 52-week high of €100.80 on Monday, capping a two-phase rally that saw the stock first climb nearly 30% in the prior week to €89.20 before adding another 13% on the latest corporate updates. The driver: a $40 million cash acquisition of space robotics specialist Motiv Space Systems, a record quarterly revenue figure, and a $2.2 billion backlog underpinned by a slew of defense contracts.

The purchase of Motiv, a California-based developer of components for NASA’s Perseverance Mars rover and the CADRE lunar rover project, brings roughly 50 engineers and technicians in-house. Rocket Lab is paying up to $60 million in total—$40 million upfront in cash and up to $20 million in stock tied to performance milestones. The unit will be rebranded Rocket Lab Robotics, tasked with manufacturing solar drives, antenna gimbal systems, and precision electronics internally. CEO Peter Beck, who also slashed his own salary to $1, said the move strengthens vertical integration and reduces supply chain risk.

The acquisition landed on the heels of a blowout first quarter. Revenue hit $200.35 million, a 63.5% year-on-year surge that comfortably beat the market consensus of $189.65 million. The launch services division chipped in $63.7 million, while space systems contributed $136.7 million. The net loss narrowed to $45 million from $60.6 million a year ago, signaling Rocket Lab is closing in on profitability even as it scales.

More telling than the quarter’s income statement, however, is the order book. The backlog swelled to roughly $2.2 billion—up 20% from the previous quarter and 108% from a year earlier. During the first three months, the company signed 31 new launch contracts for its Electron and HASTE rockets, a tally that already exceeds the full-year 2025 count. It also secured the largest single deal in its history: five missions for the upcoming Neutron rocket and multiple Electron flights scheduled between 2026 and 2029.

Defense work is a growing pillar. Rocket Lab disclosed a $190 million contract with a program tied to Kratos for 20 HASTE launches with the U.S. Department of Defense, as well as a $30 million deal with Anduril for three hypersonic test missions starting in the fourth quarter of 2026. The company was also selected for the “Golden Dome” missile-defense initiative alongside Raytheon.

Wall Street analysts updated their models after the release. Cowen and Needham raised their price targets to $120, while Cantor Fitzgerald maintained an “Overweight” rating and lifted its target to $96. For the second quarter, management guided revenue in the range of $225 million to $240 million. The first flight of the medium-lift Neutron rocket remains on track for the fourth quarter of 2026, a milestone that investors are eyeing as the next major catalyst for the stock.