Rocket Lab Lost $700M. Did It Lose the Thesis?

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Rocket Lab lost a chance at NASA’s Mars Telecommunications Network, but it did not lose $700 million of booked revenue. NASA awarded the contract to Blue Origin. Rocket Lab still has a $397 million Space Force award, more than $160 million in GEO satellite contracts, and Q3 revenue guidance of $250 million to $265 million. Backlog is not cash, and Neutron execution still decides the valuation.

Sources:
NASA: https://www.nasa.gov/news-release/nasa-selects-blue-origin-as-mars-telecommunications-network-provider/
Rocket Lab Q2 results: https://investors.rocketlabcorp.com/news-releases/news-release-details/rocket-lab-announces-second-quarter-2026-financial-results-posts
Secondary reporting: https://www.mitrade.com/au/insights/news/live-news/article-8-2052558-20260902

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