Vandita Jadeja
5 min read
Quick Read
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RKLB trades near $64 with a $123 price target, supported by a $2.36 billion backlog and record 62% year-over-year revenue growth.
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The IRDM acquisition adds $870 million in annual recurring revenue to RKLB, a stark contrast to LMT’s $230 billion profitable defense backlog.
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Rocket Lab (NASDAQ:RKLB) has become one of the most watched space stocks on the market, and our proprietary model sees room for a sizable move higher.
The one reason it could turn into a monster winner: a launch-plus-systems-plus-applications flywheel that few competitors can match, now backed by a $2.36 billion backlog and a pending transformative acquisition.
Our 24/7 Wall St. price target for Rocket Lab is $123.10 over the next 12 months, implying meaningful upside. Confidence sits at medium, appropriate for a pre-profit growth story with a high-beta profile.
A Backlog-Driven Reset After a Volatile Summer
RKLB has been volatile. Shares hit $151 earlier in the trading year before pulling back to the low $60s, and are now down 8.37% year to date and 6.39% over the past week. Over five years, the stock is up 530.37%.
Q2 2026 was a record quarter. Revenue grew 62% year over year to $234.07 million, beating consensus by 1.35%. GAAP EPS of -$0.08 came in just below the -$0.0767 estimate, weighed down by $8.576 million in acquisition-related transaction costs.
Non-GAAP gross margin expanded to 41.5%, and management guided Q3 revenue to $250 million to $265 million. CEO Peter Beck noted “more than a billion dollars in new contracts across launch and space systems already entered into in Q3.”
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