Rocket Lab is an end-to-end space company with two segments: Launch Services and Space Systems. The Launch Services business is built around Electron, a small orbital launch vehicle capable of carrying payloads up to 300 kg to low Earth orbit. Electron has completed 75 successful missions since 2017 and was the second most frequently launched orbital rocket globally in 2025. Customers include the U.S. DoD, NASA, DARPA, NRO, ESA, JAXA, and commercial satellite operators. Rocket Lab also operates HASTE, a suborbital hypersonic test vehicle derived from Electron, used by the DoD to test hypersonic and missile defense technologies. Space Systems spans spacecraft components sold into the merchant market — including solar cells, reaction wheels, star trackers, radios, and EO/IR sensor payloads — as well as full spacecraft design and manufacturing. Rocket Lab builds complete spacecraft under its Photon and Flatellite product lines, including a $515M prime contract with the Space Development Agency to build 18 transport layer satellites. Launch Services revenue is driven by launch cadence and average selling price, while Space Systems carries two distinct margin profiles: high-margin components and lower-margin satellite manufacturing, with vertical integration helping offset the latter. Rocket Lab is developing Neutron, a medium-lift reusable rocket targeting ~13,000 kg to orbit, with a first launch targeted for early 2026 and a target price of ~$50-55M per mission. Neutron is designed to compete for the Pentagon's NSSL Phase 3 Lane 1 program. Longer term, Rocket Lab aims to operate its own satellite constellations, generating recurring revenue from space-based services.