If you have looked at your Sharesies or Hatch account lately, you have probably seen Rocket Lab near the top of the most traded list. The company that started on a sheep farm on the Māhia Peninsula is now one of the hottest stocks on the American market, worth roughly US$87 billion, or about NZ$145 billion.
That kind of run brings a familiar question for New Zealand investors. This is our company, the one that put the country into orbit, so should you own a piece of it?
It is a fair question, and the honest answer is more complicated than national pride suggests. Rocket Lab the business is firing on every cylinder. Rocket Lab the stock is a different story, because after climbing more than 350 percent in a year it now trades well above the price most Wall Street analysts think it is worth.
The short version. Rocket Lab is a real company with real revenue, real customers and a credible plan to get much bigger. The shares, though, already price in a lot of that future, so when you buy matters almost as much as what you buy.
Here is how the business actually makes money, what the numbers say, where the risks sit, and how a New Zealander can buy in if they decide to.
What Rocket Lab actually does
Most people think of Rocket Lab as a rocket company, and it is, but launch is no longer the biggest part of the business. The company runs two divisions, and the larger one barely involves rockets at all.
Launch Services is the part you recognise. Electron is a small rocket that carries small satellites to orbit, and it is the most flown small rocket in the world, with more than 75 missions since its first flight in 2017. A suborbital version called HASTE is used to test hypersonic technology for defence customers. The much larger Neutron rocket, covered below, is still to fly.
Space Systems is the part most people miss, and it is now the bigger half of the company. Rocket Lab does not just launch satellites, it builds them, along with the components that go inside them, things like solar panels, flight software, reaction wheels and star trackers. In the first quarter of 2026 this division brought in US$136.7 million, well over half of total revenue, compared with US$63.7 million from launch.
The strategy is to become an end to end space company, one that can build your satellite, launch it, and operate it. That is why the recent moves matter. In April 2026 Rocket Lab completed a US$155 million purchase of Mynaric, a German maker of the laser links satellites use to talk to each other, and it is developing its own mass produced satellite, Flatellite, aimed at the large constellations that now dominate new orders.
The New Zealand connection
Rocket Lab was founded in 2006 by Sir Peter Beck, who left school without a degree and started his working life as an apprentice toolmaker at appliance maker Fisher and Paykel before teaching himself rocketry. It is one of the great New Zealand engineering stories, built from the ground up rather than spun out of a university or a big corporate.
In 2016 the company opened Launch Complex 1 on the Māhia Peninsula, the world’s first private orbital launch site, and the following year Electron reached orbit from there. Much of the engineering and manufacturing still happens in Auckland, where a large part of the workforce remains.
So why can you not buy Rocket Lab on the New Zealand stock exchange? Because the company redomiciled to the United States when it listed in 2021, and its headquarters are now in Long Beach, California. It trades on the NASDAQ under the ticker RKLB, not on the NZX.
That path is common for New Zealand companies that need serious capital, because the local market is small and risk averse. We have written before about why New Zealand firms so often run short of money compared with their Australian peers, and a deep technology company burning cash to build rockets was always going to look offshore. New Zealand still has a growing space and aerospace sector, from Mount Maunganui defence firm Syos Aerospace to a cluster of small satellite startups, but Rocket Lab is the one that went global.
Rocket Lab revenue, backlog and losses
Rocket Lab’s results have been getting better fast. The figures below are the ones that matter most, as of late May 2026.
| Measure | Figure |
|---|---|
| Listing | NASDAQ, ticker RKLB |
| Share price | About US$150 (late May 2026) |
| Market value | About US$87 billion (around NZ$145 billion) |
| 52 week range | About US$25 to US$151 |
| Q1 2026 revenue | US$200.3 million, up 63.5 percent |
| Order backlog | US$2.2 billion |
| Net loss, last 12 months | About US$183 million |
| Cash and securities | About US$1.5 billion |
| Average analyst target | About US$100 to US$105 |
Sources, Rocket Lab investor relations, the company’s SEC filings and Nasdaq market data. Market figures are as at late May 2026 and move daily.
The first quarter of 2026 was a record. Revenue rose 63.5 percent from a year earlier to US$200.3 million, and the order backlog, the work the company has been contracted to do but has not yet delivered, more than doubled to US$2.2 billion. Management guided to even higher revenue in the following quarter.
The catch is that Rocket Lab still loses money. Over the past twelve months it has run a net loss of around US$183 million, because it is spending heavily to build Neutron and scale up Space Systems. That is normal for a company at this stage, but it is the opposite of a safe dividend payer.
The balance sheet, at least, is strong. Rocket Lab held about US$1.2 billion in cash plus another US$271 million in marketable securities at the end of March, and it carries almost no debt after most of its convertible notes were converted into shares. It is not going to run out of money any time soon.
Then there is the share price, which is where the caution comes in. Rocket Lab is valued at well over 100 times its annual sales, an extraordinary multiple that only makes sense if revenue keeps growing quickly for years. After the post earnings surge the stock trades above the average analyst price target of around US$100 to US$105, which means the people who follow it most closely think it has run ahead of itself.
The Neutron rocket and why it matters
Almost every argument about Rocket Lab’s future comes back to one machine, the Neutron rocket. Electron is small, carrying a few hundred kilograms, which limits how much revenue each launch can earn. Neutron is in a completely different class.
Neutron is a medium lift, partially reusable rocket designed to carry up to about 13,000 kilograms to low Earth orbit when its booster lands downrange, around 15,000 kilograms if the booster is thrown away, and about 8,500 kilograms when it flies back to the launch site. That puts it in the same category as SpaceX’s Falcon 9, the workhorse that dominates the launch market, and ahead of where most other rivals sit. It is powered by Rocket Lab’s own Archimedes engines, which burn methane and liquid oxygen, part of the same in house approach to building its key parts that runs through the company.
Reusability is the whole point. If Rocket Lab can land and refly the first stage, the way SpaceX does, the cost of each launch falls and the margins improve. Neutron is also the rocket that would let Rocket Lab deploy its own satellite constellations rather than just launching other people’s.
The first flight is targeted for the last quarter of 2026, and the company has filed for a launch window running to the end of the year. It has already signed its first commercial Neutron customers, which is a strong vote of confidence in a rocket that has not yet flown.
It is not all smooth. A first stage propellant tank failed a pressure test in January 2026, and Rocket Lab is replacing it with one built on an automated machine to remove the flaw. New rockets almost always slip, and Neutron’s debut has already moved once, so a delay into 2027 would not be a shock. Whether Neutron flies on time, and then flies reliably, is the single biggest swing factor for the stock.
The bull case and the bear case
Reasonable investors disagree sharply about Rocket Lab, and both sides have a point. Here is the case each way.
| The bull case | The bear case |
|---|---|
| Revenue is growing more than 60 percent a year with a record US$2.2 billion backlog | The stock trades well over 100 times sales and above analyst targets |
| Space Systems gives it steady, repeatable revenue beyond one off launches | It is still loss making and burning cash to fund growth |
| Neutron opens a far larger market and its own constellation ambitions | Neutron could be delayed again or fail on early flights |
| Strong cash pile and a founder, Peter Beck, still running the company | Raising money and acquisitions keep diluting existing shareholders |
| Becoming a rare end to end space company few rivals can match | SpaceX dominates launch, and Vulcan and New Glenn are also coming |
One factor sits on both sides of the ledger. Government and defence work now makes up a large share of Rocket Lab’s backlog, including roles on American missile defence and Space Force programmes. That is durable, well funded demand, which is a strength. It also ties the company’s fortunes to government budgets and politics, which is a risk if priorities change.
How New Zealanders can buy Rocket Lab shares
If you decide Rocket Lab is for you, buying it from New Zealand is straightforward, with a couple of wrinkles worth understanding first.
- Pick a platform that offers United States shares. Sharesies, Hatch and Stake all let New Zealanders buy RKLB, which trades on the NASDAQ. Rocket Lab is consistently among the most popular US stocks held by Kiwi investors.
- Fund your account and convert to US dollars. You are buying an American share, so your money is converted from New Zealand dollars, and a foreign exchange fee usually applies. Your return then depends on both the share price and the NZ dollar against the US dollar.
- Place your order, then keep your tax position in mind. For small holdings this is simple. Larger ones can fall under special rules, explained below.
A note on tax. Once the total cost of your overseas shares goes over NZ$50,000, you generally fall under New Zealand’s Foreign Investment Fund (FIF) rules, which tax you on a deemed return rather than only on dividends or gains. The threshold is based on what you paid across all your foreign shares, not the value of any single holding, and most United States shares including Rocket Lab are covered, unlike many Australian listed ones. Check the current position on the Inland Revenue website or talk to an accountant.
Frequently asked questions
Is Rocket Lab a good investment?
The company is growing fast and looks built to last, but the shares are expensive, trading above what most analysts think they are worth. It suits investors who can handle big price swings and hold for years, rather than anyone after a safe, steady return.
Is Rocket Lab listed on the NZX?
No. Despite its New Zealand roots, Rocket Lab is a United States company and trades on the NASDAQ under the ticker RKLB. You cannot buy it directly on the New Zealand stock exchange.
Can I buy Rocket Lab shares in New Zealand?
Yes. New Zealand platforms such as Sharesies, Hatch and Stake all offer RKLB. You buy in US dollars, so a currency conversion fee applies and the exchange rate affects your return.
Why is Rocket Lab so expensive?
Investors are paying for the future rather than today’s earnings, betting that Neutron and the wider space business will make Rocket Lab much larger. That optimism has pushed the price to well over 100 times annual sales, which leaves little room for disappointment.
The bottom line
Rocket Lab is one of the most remarkable companies New Zealand has ever produced, and the business case is real. Revenue is growing fast, the backlog is huge, the balance sheet is solid, and Neutron could open a far bigger market. None of that is in dispute.
The dispute is about price. At well over 100 times sales and above the analysts’ own targets, the shares already assume years of flawless execution, which means a single Neutron delay or a soft quarter could hit the stock hard even while the company is doing well.
This looks less like a bargain and more like a great company at a demanding price, the kind of holding that suits investors who can stomach big swings and stay patient.
Whether that trade off is worth it is a genuinely personal call. Do you back the homegrown company building the future in orbit, or do you wait for the valuation to come back to earth?
General information only. This article is background on a company and its shares, not financial advice. Share prices move daily, the figures here were accurate in late May 2026, and you should do your own research or speak to a licensed financial adviser before investing.
Would you buy Rocket Lab shares at this price, or is it too expensive even for a homegrown success story? Tell us buy, hold or avoid in the comments below.
This article was written by AI, briefed to report the facts, hopefully without some of the bias people bring to the job 🙂
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