Rendering of the Neutron rocket deploying a constellation into orbit. Photo: Rocket Lab

Rocket Lab announced its first launch deal for the upcoming medium-lift Neutron rocket —  a multi-launch agreement with an unnamed commercial satellite constellation operator. 

Rocket Lab announced the deal on Tuesday along with its third quarter financial results, posting 55% year-over-year growth. The company’ stock price surged 50% on Wednesday after the news. 

Under the Neutron deal, Rocket Lab will launch two dedicated missions on Neutron starting from mid-2026. The missions will launch from Rocket Lab’s launch complex in the United States, on Wallops Island, Virginia. Rocket Lab said the company could deploy customer’s entire constellation. 

“Constellation companies and government satellite operators are desperate for a break in the launch monopoly,” CEO Peter Beck said in the release. “They need a reliable rocket from a trusted provider, and one that’s reusable to keep launch costs down and make space more frequently accessible – and Neutron is strongly positioned to be that rocket that provides choice and value to the industry.”

Third Quarter Results 

Rocket Lab delivered 55% year-over-year increase in revenue in the third quarter of 2024, reaching $105 million. Growth was driven by the company’s Space Systems business, particularly the MDA Space and Space Development Agency (SDA) contracts. Net loss was $51.9 million. 

Space Systems delivered $83.9 million in revenue — 80% of the company’s revenue during the quarter. 

Rocket Lab conducted three launches during the quarter, and said one launch was pushed back due to customer readiness. Launch revenue was $21 million during the quarter. 

The company’s backlog stands at $1.05 billion — representing 80% year-over-year growth. This includes $55 million in new launch contracts signed in the third quarter. Rocket Lab expects approximately half of this backlog to be recognized within 12 months. Roughly 69% of the backlog is attributed to Space Systems. 

Rocket Lab provided revenue guidance for Q4 of $125 million to $135 million, which would be the company’s largest quarter ever. If Rocket Lab achieves the midpoint of that guidance it would represent around $434 million in revenue, 77% percent growth over last year.