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Rocket Lab's stock blasted 30% to a record high after the space company topped first-quarter revenue estimates and announced its largest launch deal on record.
The Long Beach, California-based company reported $136.7 million in revenue for its space systems business and $63.7 million for its launch segment. That topped FactSet estimates of $132.1 million and $59 million, respectively. Rocket Lab's backlog more than doubled from a year ago to $2.2 billion.
Guidance also surpassed Wall Street's estimates. The company anticipates revenue between $225 million and $240 million during the second quarter, compared to a $207.5 million from LSEG.
Rocket Lab's stock has more than quadrupled over the last year, benefiting from skyrocketing demand for businesses tied to the space economy ahead of SpaceX's hotly anticipated IPO later this year. Demand for space systems and satellites is also escalating as President Donald Trump pursues his ambitious Golden Dome project and NASA's crewed Artemis missions rev up.
Rocket Lab said Thursday that it signed its largest contract ever with a confidential customer for its Neutron and Electron rockets through 2029, weeks after landing a $190 million deal for 20 hypersonic test flights. The company is also buying space robotics maker Motiv Space Systems.
"The demand signal is clear," CEO Peter Beck said on an earnings call with analysts, calling the pace of new product releases from the company this year "relentless."
The company is gearing up for the first launch of its Neutron rocket after a qualification testing setback in January.
Rocket Lab's good news lifted other space companies. Firefly Aeropspace and Intuitive Machines both jumped more than 20, while Redwire gained 19%. Voyager Technologies rose 14%.