0001628280-25-023857 | 10-Q | XBRL Viewer

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REVENUES - Schedule of Reconciliation of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenues	$ 122,569	$ 92,767
Launch Services
Disaggregation of Revenue [Line Items]
Total revenues	35,592	32,719
Space Systems
Disaggregation of Revenue [Line Items]
Total revenues	86,977	60,048
Point-in-time
Disaggregation of Revenue [Line Items]
Total revenues	54,739	44,109
Point-in-time \| Launch Services
Disaggregation of Revenue [Line Items]
Total revenues	35,475	32,719
Point-in-time \| Space Systems
Disaggregation of Revenue [Line Items]
Total revenues	19,264	11,390
Over-time
Disaggregation of Revenue [Line Items]
Total revenues	67,830	48,658
Over-time \| Launch Services
Disaggregation of Revenue [Line Items]
Total revenues	117	0
Over-time \| Space Systems
Disaggregation of Revenue [Line Items]
Total revenues	$ 67,713	$ 48,658

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

LEASES	3 Months Ended
LEASES	Mar. 31, 2025
Leases [Abstract]
LEASES	LEASES The Company has operating and finance leases for properties, vehicles and equipment. The Company’s leases have remaining lease terms of less than one year to twenty-five years, some of which include options to extend the lease term, and some of which include options to terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. As of March 31, 2025, there have been no material changes in the Company’s lease portfolio since December 31, 2024.
LEASES	LEASES The Company has operating and finance leases for properties, vehicles and equipment. The Company’s leases have remaining lease terms of less than one year to twenty-five years, some of which include options to extend the lease term, and some of which include options to terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. As of March 31, 2025, there have been no material changes in the Company’s lease portfolio since December 31, 2024.

NET LOSS PER SHARE - Summary of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Stock options and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity shares (in shares)	26,372,525	29,772,128
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity shares (in shares)	0	728,835
Shares underlying our convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity shares (in shares)	69,261,530	69,261,530

GOODWILL AND INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The carrying amount of goodwill for the Space Systems reportable segment was $71,020 as of March 31, 2025 and December 31, 2024.

Intangible Assets

The components of intangible assets consisted of the following as of March 31, 2025 and December 31, 2024:


	March 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Developed technology	$	57,865	$	(25,277)	$	32,588
Capitalized software	14,056		(10,319)		3,737
Customer relationships	16,087		(4,794)		11,293
Trademarks and tradenames	10,098		(2,818)		7,280
Backlog	3,491		(3,491)		—
Other	1,324		(541)		783
Indefinite-Lived Intangible Assets
In-process technology	500		—		500
Total	$	103,421	$	(47,240)	$	56,181


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Developed technology	$	57,865	$	(23,512)	$	34,353
Capitalized software	13,757		(9,873)		3,884
Customer relationships	16,086		(4,472)		11,614
Trademarks and tradenames	10,098		(2,610)		7,488
Backlog	3,491		(3,491)		—
Other	1,320		(522)		798
Indefinite-Lived Intangible Assets
In-process technology	500		—		500
Total	$	103,117	$	(44,480)	$	58,637

Amortization expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2025 and 2024, respectively consisted of the following:


	Three Months Ended March 31,
	2025		2024
Cost of revenues	$	1,812	$	1,773
Research and development, net	2		11
Selling, general and administrative	899		1,300
Total amortization expense	$	2,713	$	3,084

The following table outlines the estimated future amortization expense related to intangible assets held as of March 31, 2025:


2025 (for the remaining period)	$	7,719
2026	10,193
2027	9,218
2028	8,168
2029	6,019
Thereafter	14,364
Total	$	55,681

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation and Claims The Company is, and from time to time may be, a party to claims and legal proceedings generally incidental to its business that are principally covered under contracts with its customers and insurance policies. In the opinion of management, there are no legal matters or claims likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Other Commitments The Company has commitments under its lease obligations (see Note 13). Contingencies The Company records a contingent liability when it is both probable that a loss has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s condensed consolidated financial statements. Contingencies are inherently unpredictable, and the assessments of the value can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. In connection with the acquisition of SolAero Holdings, Inc. in January 2022, the Company assumed a contract with a customer to provide solar panel module at a fixed price. The Company determined that it was probable that the costs to complete the solar panel modules as stipulated by the contract would exceed the fixed firm price of the solar panel modules. The provision for contract losses outstanding as of March 31, 2025, which primarily is related to the solar panel module agreement, was $6,235 included in other current liabilities in the Company’s condensed consolidated balance sheets.

INVENTORIES - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 61,960	$ 50,650
Work in process	52,858	60,462
Finished goods	10,770	7,962
Total inventories	$ 125,588	$ 119,074

INCOME TAXES - Schedule of Income Tax Expense and Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Benefit (provision) for income taxes	$ 813	$ (5)
Effective tax rate	1.30%	0.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

PREPAIDS AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaids and Other Current Assets

Prepaids and other current assets as of March 31, 2025 and December 31, 2024 consisted of the following:


	March 31, 2025		December 31, 2024
Prepaid expenses and deposits	$	42,710	$	38,041
Government grant receivables	15,730		7,783
Customer financing receivables	6,450		4,200
Other current assets	5,620		4,985
Total prepaids and other current assets	$	70,510	$	55,009

STOCK-BASED COMPENSATION - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2021 period shares	Mar. 31, 2025 USD ($) shares	Mar. 31, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of purchase periods \| period	2
Allocated share based compensation \| $		$ 19,234	$ 13,093
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of aggregate (in shares)		59,875,000
Outstanding number of shares of common stock percentage		5.00%
Shares authorized to issue under equity award plan (in shares)		111,709,596
Shares available for grant (in shares)		92,489,567
2013 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vesting period		4 years
Options vesting on first anniversary of date of grant, percentage		25.00%
Performance-Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted expected to be recognized period		4 years	4 years
Performance-Based Restricted Stock Units (RSUs) \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		369,388	7,221,561
Performance-Based Restricted Stock Units (RSUs) \| 2013 Plan And 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense \| $		$ 114,806
Employee Stock \| 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of aggregate (in shares)	9,980,000
Shares available for grant (in shares)		20,183,297
Number of additional shares allowable under the plan (in shares)	9,980,000
Percent of outstanding shares	1.00%
Consecutive offering period	12 months
Purchase period	6 months
Discount rate	15.00%
Shares issued under 2021 ESPP (in shares)		0	0
Allocated share based compensation \| $		$ 1,574	$ 939
Unrecognized stock compensation expense \| $		$ 2,020

REVENUES - Schedule of Balances Related to Enforceable Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 39,413	$ 36,440
Contract assets	60,943	63,108
Contract liabilities	$ (206,867)	$ (216,160)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net loss attributable to common stockholders-basic and diluted	$ (60,616)	$ (44,260)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

As of March 31, 2025 and December 31, 2024 the following financial assets and liabilities are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:


	March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	198,639	$	—	$	—	$	198,639
U.S. Treasury securities	7,991		—		—		7,991
Marketable securities, current:
Certificates of deposit	—		15,254		—		15,254
Commercial paper	—		6,826		—		6,826
Corporate debt securities	—		76,442		—		76,442
Yankee bonds	—		770		—		770
U.S. Treasury securities	25,419		—		—		25,419
Mortgage- and asset-backed securities	—		536		—		536
Marketable securities, non-current
Corporate debt securities	—		28,324		—		28,324
Yankee bonds	—		3,186		—		3,186
U.S. Treasury securities	10,661		—		—		10,661
Mortgage- and asset-backed securities	—		41,776		—		41,776
Total	$	242,710	$	173,114	$	—	$	415,824


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	211,619	$	—	$	—	$	211,619
Marketable securities, current:
Certificates of deposit	—		21,795		—		21,795
Commercial paper	—		10,109		—		10,109
Corporate debt securities	—		57,589		—		57,589
Yankee bonds	—		2,208		—		2,208
U.S. Treasury securities	55,568		—		—		55,568
Mortgage- and asset-backed securities	—		680		—		680
Marketable securities, non-current
Corporate debt securities	—		28,887		—		28,887
Yankee bonds	—		378		—		378
U.S. Treasury securities	10,552		—		—		10,552
Mortgage- and asset-backed securities	—		20,869		—		20,869
Total	$	277,739	$	142,515	$	—	$	420,254

The estimated fair value amounts shown above are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instrument.

There were no transfers between fair value measurement levels during the three months ended March 31, 2025.

Convertible Senior Notes

The Company measures the fair value of its convertible senior notes on a quarterly basis for disclosure purposes. The Company considers the fair value of its convertible senior notes as of March 31, 2025 to be a Level 2 measurement due to limited trading activity of the convertible senior notes. As of March 31, 2025, the net carrying amount of the convertible senior notes was $345,926, with unamortized discount and debt issuance costs of $9,074. As of March 31, 2025, the total estimated fair value (Level 2) of the convertible senior notes was $1,284,962. The fair value was determined based on the closing trading price of the convertible senior notes as of the last day of trading for the period.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

STOCKHOLDERS’ EQUITY (Details)				3 Months Ended
STOCKHOLDERS’ EQUITY (Details)	Mar. 11, 2025 USD ($) $ / shares	Jan. 07, 2025 USD ($) $ / shares shares	Dec. 03, 2024 boardOfDirector $ / shares shares	Mar. 31, 2025 USD ($) $ / shares shares	Mar. 31, 2024 USD ($)	Dec. 31, 2024 $ / shares
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.0001		$ 0.0001
Preferred stock, liquidation preference (in dollars per share) \| $ / shares		$ 0.0001
Common stock, par value (in dollars per share) \| $ / shares				$ 0.0001		$ 0.0001
Gross proceeds				$ 92,806,000	$ 0
Underwriting discounts, commissions and other expenses				$ 2,088,000	$ 0
At-The-Market Offering
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Aggregate offering price	$ 500,000
Number of shares sold (in shares) \| shares				4,858,839
Gross proceeds				$ 92,806,000
Underwriting discounts, commissions and other expenses				$ 2,703,000
Series A Convertible Participating Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.0001
Preferred Stock Exchange
Class of Stock [Line Items]
Preferred stock exchange, (in shares) \| shares			50,951,250
Maximum number of board members before triggering event \| boardOfDirector			10
Ownership, right to elect percentage			0.10
Preferred Stock Exchange \| Chief Executive Officer
Class of Stock [Line Items]
Minimum beneficial ownership			0.05
Preferred Stock Exchange \| The Equatorial Trust
Class of Stock [Line Items]
Preferred stock exchange, (in shares) \| shares		50,951,250
Treasury stock acquired cost		$ 0
Preferred Stock Exchange \| Series A Convertible Participating Preferred Stock
Class of Stock [Line Items]
Preferred stock exchange, (in shares) \| shares			50,951,250

REVENUES - Schedule of Changes in Contract Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Contract With Customer Liability [Roll Forward]
Contract liabilities, beginning of year	$ 216,160
Customer advances received or billed	60,534
Recognition of unearned revenue	(69,827)
Contract liabilities, end of year	$ 206,867

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment, Net

Property, plant and equipment, net, as of March 31, 2025 and December 31, 2024 consisted of the following:


	March 31, 2025		December 31, 2024
Buildings and improvements	$	68,939	$	68,631
Machinery, equipment, vehicles and office furniture	131,236		127,577
Computer equipment, hardware and software	16,819		16,204
Launch site assets	22,541		20,726
Construction in process	45,912		27,285
Property, plant and equipment—gross	285,447		260,423
Less accumulated depreciation and amortization	(71,457)		(65,585)
Property, plant and equipment—net	$	213,990	$	194,838

Depreciation expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2025 and 2024 consisted of the following:


	Three Months Ended March 31,
Depreciation expense	2025		2024
Cost of revenues	$	3,061	$	2,749
Research and development, net	1,739		1,392
Selling, general and administrative	765		624
Total depreciation expense	$	5,565	$	4,765

LOAN AGREEMENTS - Schedule of Future Principal Payments Under the Loan Agreement (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total	$ 345,926	$ 345,392
Trinity Master Equipment Financing Agreement
Debt Instrument [Line Items]
2025 (for the remaining period)	16,267
2026	17,691
2027	20,324
2028	18,401
2029	6,067
Thereafter	1,636
Total	$ 80,386

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis


	March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	198,639	$	—	$	—	$	198,639
U.S. Treasury securities	7,991		—		—		7,991
Marketable securities, current:
Certificates of deposit	—		15,254		—		15,254
Commercial paper	—		6,826		—		6,826
Corporate debt securities	—		76,442		—		76,442
Yankee bonds	—		770		—		770
U.S. Treasury securities	25,419		—		—		25,419
Mortgage- and asset-backed securities	—		536		—		536
Marketable securities, non-current
Corporate debt securities	—		28,324		—		28,324
Yankee bonds	—		3,186		—		3,186
U.S. Treasury securities	10,661		—		—		10,661
Mortgage- and asset-backed securities	—		41,776		—		41,776
Total	$	242,710	$	173,114	$	—	$	415,824


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	211,619	$	—	$	—	$	211,619
Marketable securities, current:
Certificates of deposit	—		21,795		—		21,795
Commercial paper	—		10,109		—		10,109
Corporate debt securities	—		57,589		—		57,589
Yankee bonds	—		2,208		—		2,208
U.S. Treasury securities	55,568		—		—		55,568
Mortgage- and asset-backed securities	—		680		—		680
Marketable securities, non-current
Corporate debt securities	—		28,887		—		28,887
Yankee bonds	—		378		—		378
U.S. Treasury securities	10,552		—		—		10,552
Mortgage- and asset-backed securities	—		20,869		—		20,869
Total	$	277,739	$	142,515	$	—	$	420,254

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	May 05, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-39560
Entity Registrant Name	ROCKET LAB USA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1550340
Entity Address, Address Line One	3881 McGowen Street
Entity Address, City or Town	Long Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90808
City Area Code	714
Local Phone Number	465-5737
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	RKLB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		461,432,393
Entity Central Index Key	0001819994
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

LOAN AGREEMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Future Principal Payments Under the Trinity Loan Agreement

The future principal payments under the Trinity Loan Agreement as of March 31, 2025 were as follows:


2025 (for the remaining period)	$	16,267
2026	17,691
2027	20,324
2028	18,401
2029	6,067
Thereafter	1,636
Total	$	80,386

REVENUES

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUES

The following table provides information about revenue by recognition model during the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31, 2025
Revenues by recognition model	Launch Services		Space Systems		Total
Point-in-time	$	35,475	$	19,264	$	54,739
Over-time	117		67,713		67,830
Total revenue by recognition model	$	35,592	$	86,977	$	122,569


	Three Months Ended March 31, 2024
Revenues by recognition model	Launch Services		Space Systems		Total
Point-in-time	$	32,719	$	11,390	$	44,109
Over-time	—		48,658		48,658
Total revenue by recognition model	$	32,719	$	60,048	$	92,767

The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (presented within contract assets) and customer advances and deposits (presented within contract liabilities) on the condensed consolidated balance sheets, where applicable. Amounts are generally billed as work progresses in accordance with agreed-upon milestones. These individual contract assets and liabilities are reported in a net position on a contract-by-contract basis on the condensed consolidated balance sheets at the end of each reporting period.

The following table presents the balances related to enforceable contracts as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Contract balances
Accounts receivable, net	$	39,413	$	36,440
Contract assets	60,943		63,108
Contract liabilities	(206,867)		(216,160)

Changes in contract liabilities for the three months ended March 31, 2025 were as follows:


Contract liabilities, at December 31, 2024	$	216,160
Customer advances received or billed	60,534
Recognition of unearned revenue	(69,827)
Contract liabilities, at March 31, 2025	$	206,867

The revenue recognized from the contract liabilities consisted of the Company satisfying performance obligations during the normal course of business.

The amount of revenue recognized from changes in the transaction price associated with performance obligations satisfied in prior years during the three months ended March 31, 2025 and 2024 was not material.

Backlog

The Company’s backlog represents the estimated transaction prices on performance obligations to the Company’s customers for which work remains to be performed. The amount of backlog increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in the amount of backlog when an enforceable agreement has been reached. Remaining backlog totaled $1,066,946 as of March 31, 2025, of which approximately 56% is expected to be recognized within 12 months, with the remaining 44% to be recognized beyond 12 months.

Concentration of Credit Risk and Significant Customers

As of March 31, 2025, the Company’s customer that accounted for 10% or more of the total accounts receivable, net, was:


	March 31, 2025
Northrop Grumman Space Systems	12	%

For the three months ended March 31, 2025, the Company’s customers that accounted for 10% or more of the total revenue, were as follows:


	Three Months Ended March 31, 2025
Government customer	28	%
Kinéis	10	%

Customer Financing

In connection with the signing of two separate multi-launch agreements with commercial customers, the Company entered into subordinated loan and security agreements. The commercial customers may choose to have certain milestone payments financed under the terms of the subordinated loan and security agreements. The receivables will bear no interest until the initial launch dates passes, after which interest will accrue at a fixed rate of 10.8% or 12.6%, based on the commercial customer. Principal and interest payments will be made over 12 quarterly payments from the launch date.

As of March 31, 2025 and December 31, 2024, the Company had $6,450 and $4,200 customer financing receivable in prepaids and other currents assets, respectively and $19,417 and $15,567 customer financing receivable in other non-current assets, respectively, on the condensed consolidated balance sheets. Customer financing interest income for the three months ended March 31, 2025 and 2024 was $380 and $252, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

REVENUES - Schedule of Concentration of Credit Risk and Significant Customers (Details) - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2025
Accounts Receivable \| Northrop Grumman Space Systems
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	12.00%
Revenue Benchmark \| Government customer
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	28.00%
Revenue Benchmark \| Kinéis
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	10.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (47,240)	$ (44,480)
Total	55,681
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	103,421	103,117
Accumulated Amortization	47,240	44,480
Net Carrying Amount	56,181	58,637
In-process technology
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	500	500
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	57,865	57,865
Accumulated Amortization	(25,277)	(23,512)
Total	32,588	34,353
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	25,277	23,512
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	14,056	13,757
Accumulated Amortization	(10,319)	(9,873)
Total	3,737	3,884
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	10,319	9,873
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	16,087	16,086
Accumulated Amortization	(4,794)	(4,472)
Total	11,293	11,614
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	4,794	4,472
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,098	10,098
Accumulated Amortization	(2,818)	(2,610)
Total	7,280	7,488
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	2,818	2,610
Backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,491	3,491
Accumulated Amortization	(3,491)	(3,491)
Total	0	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	3,491	3,491
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,324	1,320
Accumulated Amortization	(541)	(522)
Total	783	798
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ 541	$ 522

LOAN AGREEMENTS - Additional Information (Details) $ / shares in Units, $ in Thousands					3 Months Ended
	Mar. 20, 2025 shares	Feb. 08, 2024 USD ($)	Feb. 02, 2024 USD ($) $ / shares	Dec. 29, 2023 USD ($) advance $ / shares shares	Mar. 31, 2025 USD ($) day $ / shares	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Feb. 06, 2024 USD ($)
Shares Issued And Outstanding [Line Items]
Measurement period					98.00%
Loss on extinguishment of long-term debt					$ 0	$ 1,330
Convertible senior notes, net					345,926		$ 345,392
Current installments of long-term borrowings					20,490		$ 12,045
Trinity Master Equipment Financing Agreement
Shares Issued And Outstanding [Line Items]
Debt issuance costs					$ 2,168
Effective interest rate					15.80%
Loan and security agreement, maximum amount				$ 120,000
Loan agreement payment term	60 months
Loan agreement, monthly payment rate	0.022266			0.022266
Class of warrant or right number of securities called by warrants or rights (in shares) \| shares	25,000,000
Convertible senior notes, net					$ 80,386
Current installments of long-term borrowings					$ 20,490
Trinity Master Equipment Financing Agreement \| Line Of Credit Condition 1
Shares Issued And Outstanding [Line Items]
Repayment of term loan advance				$ 30,000
Line of credit facility, maximum borrowing, each draw limit				$ 10,000
Line of credit facility, after the effective date				18 months
Trinity Master Equipment Financing Agreement \| Line Of Credit Condition Maximum borrowing Limit
Shares Issued And Outstanding [Line Items]
Repayment of term loan advance				$ 20,000
Indenture and Notes \| 4.250% Convertible Senior Notes
Shares Issued And Outstanding [Line Items]
Aggregate principal amount								$ 355,000
Stated interest rate					4.25%			4.25%
Conversion price percent					130.00%
Trading days \| day					20
Initial conversion rate					195.1029%
Conversion price (in dollars per share) \| $ / shares					$ 5.13
Notes before unamortized discount					$ 355,000
Debt issuance costs					$ 9,074
Effective interest rate					5.00%
Indenture and Notes \| 4.250% Convertible Senior Notes \| Debt Conversion Terms One
Shares Issued And Outstanding [Line Items]
Consecutive trading days \| day					30
Indenture and Notes \| 4.250% Convertible Senior Notes \| Debt Conversion Terms Two
Shares Issued And Outstanding [Line Items]
Consecutive business days \| day					5
Consecutive trading days \| day					10
Capped Call Transactions
Shares Issued And Outstanding [Line Items]
Transactions cost			$ 43,168
Initial cap price (in dollars per share) \| $ / shares			$ 8.04
Premium over sales price			100.00%
Effective Date Draw \| Trinity Master Equipment Financing Agreement
Shares Issued And Outstanding [Line Items]
Term loan advance				$ 70,000
Loan agreement payment term				60 months
Term charge on repayment of debt					$ 700
Blanket Lien Draw
Shares Issued And Outstanding [Line Items]
Repayment of loan		$ 38,778
Loss on extinguishment of long-term debt					1,330
Blanket Lien Draw \| Trinity Master Equipment Financing Agreement
Shares Issued And Outstanding [Line Items]
Term loan advance				$ 40,000
Loan agreement payment term				60 months
Blanket Lien Draw \| Trinity Master Equipment Financing Agreement \| Line Of Credit Condition 1
Shares Issued And Outstanding [Line Items]
Number of advances \| advance				3
Blanket Lien Draw \| Trinity Master Equipment Financing Agreement \| Common Stock
Shares Issued And Outstanding [Line Items]
Class of warrant or right number of securities called by warrants or rights (in shares) \| shares				728,835
Exercise price of warrants or rights (in dollars per share) \| $ / shares				$ 4.87
March 2025 Draw \| Trinity Master Equipment Financing Agreement
Shares Issued And Outstanding [Line Items]
Term charge on repayment of debt					$ 250

REVENUES (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Reconciliation of Disaggregation of Revenue

The following table provides information about revenue by recognition model during the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31, 2025
Revenues by recognition model	Launch Services		Space Systems		Total
Point-in-time	$	35,475	$	19,264	$	54,739
Over-time	117		67,713		67,830
Total revenue by recognition model	$	35,592	$	86,977	$	122,569


	Three Months Ended March 31, 2024
Revenues by recognition model	Launch Services		Space Systems		Total
Point-in-time	$	32,719	$	11,390	$	44,109
Over-time	—		48,658		48,658
Total revenue by recognition model	$	32,719	$	60,048	$	92,767

Schedule of Balances Related to Enforceable Contracts

The following table presents the balances related to enforceable contracts as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Contract balances
Accounts receivable, net	$	39,413	$	36,440
Contract assets	60,943		63,108
Contract liabilities	(206,867)		(216,160)

Schedule of Changes in Contract Liabilities

Changes in contract liabilities for the three months ended March 31, 2025 were as follows:


Contract liabilities, at December 31, 2024	$	216,160
Customer advances received or billed	60,534
Recognition of unearned revenue	(69,827)
Contract liabilities, at March 31, 2025	$	206,867

Schedule of Concentration of Credit Risk and Significant Customers

As of March 31, 2025, the Company’s customer that accounted for 10% or more of the total accounts receivable, net, was:


	March 31, 2025
Northrop Grumman Space Systems	12	%

For the three months ended March 31, 2025, the Company’s customers that accounted for 10% or more of the total revenue, were as follows:


	Three Months Ended March 31, 2025
Government customer	28	%
Kinéis	10	%

SUBSEQUENT EVENTS (Details)	May 08, 2025
Subsequent Event
Subsequent Event [Line Items]
Stock conversion ratio	1

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Components of Intangible Assets

The components of intangible assets consisted of the following as of March 31, 2025 and December 31, 2024:


	March 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Developed technology	$	57,865	$	(25,277)	$	32,588
Capitalized software	14,056		(10,319)		3,737
Customer relationships	16,087		(4,794)		11,293
Trademarks and tradenames	10,098		(2,818)		7,280
Backlog	3,491		(3,491)		—
Other	1,324		(541)		783
Indefinite-Lived Intangible Assets
In-process technology	500		—		500
Total	$	103,421	$	(47,240)	$	56,181


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Developed technology	$	57,865	$	(23,512)	$	34,353
Capitalized software	13,757		(9,873)		3,884
Customer relationships	16,086		(4,472)		11,614
Trademarks and tradenames	10,098		(2,610)		7,488
Backlog	3,491		(3,491)		—
Other	1,320		(522)		798
Indefinite-Lived Intangible Assets
In-process technology	500		—		500
Total	$	103,117	$	(44,480)	$	58,637

Schedule of Amortization expense


	Three Months Ended March 31,
	2025		2024
Cost of revenues	$	1,812	$	1,773
Research and development, net	2		11
Selling, general and administrative	899		1,300
Total amortization expense	$	2,713	$	3,084

Schedule of Estimated Future Amortization Expense Related to Finite Intangible Assets

The following table outlines the estimated future amortization expense related to intangible assets held as of March 31, 2025:


2025 (for the remaining period)	$	7,719
2026	10,193
2027	9,218
2028	8,168
2029	6,019
Thereafter	14,364
Total	$	55,681

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense and Effective Tax Rate

Income tax provision and the effective tax rate for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
	2025			2024
Benefit (provision) for income taxes	$	813		$	(5)
Effective tax rate	1.3		%	(0.0)%

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents and Marketable Securities

Cash and cash equivalents and marketable securities consisted of the following as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	303,149	$	271,042
Marketable securities, current	125,247		147,948
Marketable securities, non-current	83,947		60,686
Total cash and cash equivalents and marketable securities	$	512,343	$	479,676

Schedule of Cash Equivalents and Marketable Securities

As of March 31, 2025, cash equivalents and marketable securities consisted of the following:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities
Money market accounts	$	198,639	$	—	$	—	$	198,639	$	198,639	$	—
Certificates of deposit	15,251		3		—		15,254		—		15,254
Commercial paper	6,817		9		—		6,826		—		6,826
Corporate debt securities	104,626		159		(19)		104,766		—		104,766
Yankee bonds	3,953		4		(1)		3,956		—		3,956
U.S. Treasury securities	44,079		13		(21)		44,071		7,991		36,080
Mortgage- and asset-backed securities	42,222		93		(3)		42,312		—		42,312
Total	$	415,587	$	281	$	(44)	$	415,824	$	206,630	$	209,194

Schedule of Cash Equivalents and Marketable Securities with Unrealized Losses

The following table presents the Company’s marketable securities with unrealized losses by investment category and the length of time the marketable securities have been in a continuous loss position as of March 31, 2025:


	In Loss Position for Less than 12 Months				In Loss Position for Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	15,399	$	(19)	$	—	$	—	$	15,399	$	(19)
Yankee bonds	2,704		(1)		—		—		2,704		(1)
U.S. Treasury securities	31,613		(19)		8,494		(2)		40,107		(21)
Mortgage- and asset-backed securities	11,899		(3)		—		—		11,899		(3)
Total	$	61,615	$	(42)	$	8,494	$	(2)	$	70,109	$	(44)

Schedule of Debt Securities, Available-for-Sale, Maturity

The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of March 31, 2025:


	Amortized Cost		Fair Value
Due within one year	$	331,763	$	331,877
Due within one to two years	83,824		83,947
Total	$	415,587	$	415,824

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	50,951,250	0
Preferred stock, shares outstanding (in shares)	50,951,250	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, share authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, share issued (in shares)	511,492,231	504,453,785
Common stock, share outstanding (in shares)	460,540,981	504,453,785
Treasury stock shares	50,951,250	0

PREPAIDS AND OTHER CURRENT ASSETS - Schedule of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Prepaid Expense and Other Assets [Abstract]
Prepaid expenses and deposits	$ 42,710	$ 38,041
Government grant receivables	15,730	7,783
Customer financing receivables	6,450	4,200
Other current assets	5,620	4,985
Total prepaids and other current assets	$ 70,510	$ 55,009

INVENTORIES

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

INVENTORIES

6. INVENTORIES

Inventories as of March 31, 2025 and December 31, 2024 consisted of the following:


	March 31, 2025		December 31, 2024
Raw materials	$	61,960	$	50,650
Work in process	52,858		60,462
Finished goods	10,770		7,962
Total inventories	$	125,588	$	119,074

REVENUES - Additional Information (Details) $ in Thousands	3 Months Ended
REVENUES - Additional Information (Details) $ in Thousands	Mar. 31, 2025 USD ($) agreement quarterlyPayment	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Remaining unsatisfied performance obligations	$ 1,066,946
Number of agreements \| agreement	2
Number of quarterly payments \| quarterlyPayment	12
Contract assets	$ 60,943		$ 63,108
Customer financing interest income	$ 380	$ 252
Minimum
Disaggregation of Revenue [Line Items]
Accrue at a fixed rate	0.108
Maximum
Disaggregation of Revenue [Line Items]
Accrue at a fixed rate	0.126
Prepaid and Other Current Assets
Disaggregation of Revenue [Line Items]
Contract assets	$ 6,450		4,200
Other Noncurrent Assets
Disaggregation of Revenue [Line Items]
Contract assets	$ 19,417		$ 15,567
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	56.00%
Revenue, remaining performance obligation, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	44.00%
Revenue, remaining performance obligation, period	12 months

FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - Level 2 - Convertible Senior Notes $ in Thousands	Mar. 31, 2025 USD ($)
Fair Value Measurements [Line Items]
Convertible senior notes payable	$ 345,926
Unamortized discount and debt issuance costs	9,074
Convertible senior notes, estimated fair value	$ 1,284,962

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

NET LOSS PER SHARE

Common Stock

The holder of each share of common stock has the right to one vote for each share and is entitled to notice of any stockholders’ meeting and to vote upon certain events.

Preferred Stock

The holder of the Preferred Stock has similar rights and characteristics to common stock and for the purposes of the calculation of earnings per share, the Preferred Stock is treated as common stock.

Earnings Per Share Calculation

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during each period.

Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common and dilutive common equivalent shares outstanding for the period using the treasury-stock method and the if-converted method, whichever is more dilutive. Potentially dilutive shares are comprised of restricted stock units, stock options and shares underlying our convertible senior notes. For the three months ended March 31, 2025 and 2024, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss and potentially dilutive shares being anti-dilutive.

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025		2024
Numerator
Net loss attributable to common stockholders-basic and diluted	$	(60,616)	$	(44,260)
Denominator
Weighted average common shares outstanding-basic and diluted	505,614,185		489,994,709
Net loss per share attributable to stockholders-basic and diluted	$	(0.12)	$	(0.09)

The following equity shares were excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive:


	March 31,
	2025	2024
Stock options and restricted stock units	26,372,525	29,772,128
Common stock warrants	—	728,835
Shares underlying our convertible senior notes	69,261,530	69,261,530

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 19,234	$ 13,093
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,920	3,503
Research and development, net
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	4,894	3,985
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 10,420	$ 5,605

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Preferred stock outstanding, beginning balance (in shares) at Dec. 31, 2023		0
Balance at Beginning at Dec. 31, 2023	$ 554,544	$ 0	$ 49	$ 0	$ 1,176,484	$ (623,526)	$ 1,537
Common stock outstanding, beginning balance (in shares) at Dec. 31, 2023			488,923,055
Treasury stock, beginning balance (in shares) at Dec. 31, 2023				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(44,260)					(44,260)
Issuance of common stock under equity plans (in shares)			3,747,661
Issuance of common stock under equity plans	943				943
Stock-based compensation	14,225				14,225
Purchase of capped calls	(43,168)				(43,168)
Other comprehensive income (loss)	(3,338)						(3,338)
Preferred stock outstanding, ending balance (in shares) at Mar. 31, 2024		0
Common stock outstanding, ending balance (in shares) at Mar. 31, 2024			492,670,716
Balance Ending at Mar. 31, 2024	$ 478,946	$ 0	$ 49	$ 0	1,148,484	(667,786)	(1,801)
Treasury stock, ending balance (in shares) at Mar. 31, 2024				0
Preferred stock outstanding, beginning balance (in shares) at Dec. 31, 2024	0	0
Balance at Beginning at Dec. 31, 2024	$ 382,453	$ 0	$ 50	$ 0	1,198,909	(813,701)	(2,805)
Common stock outstanding, beginning balance (in shares) at Dec. 31, 2024	504,453,785		504,453,785
Treasury stock, beginning balance (in shares) at Dec. 31, 2024	0			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (60,616)					(60,616)
Issuance of common stock under equity plans (in shares)			2,179,607
Issuance of common stock under equity plans	48				48
Stock-based compensation	18,871				18,871
Issuance of common stock under ATM Equity Offering, net of issuance costs (in shares)			4,858,839
Issuance of common stock under ATM Equity Offering, net of issuance costs	90,103		$ 1		90,102
Preferred Stock Exchange (in shares)		50,951,250
Preferred Stock Exchange	0	$ 5	$ (5)
Preferred Stock Exchange (in shares)				(50,951,250)
Other comprehensive income (loss)	$ 435						435
Preferred stock outstanding, ending balance (in shares) at Mar. 31, 2025	50,951,250	50,951,250
Common stock outstanding, ending balance (in shares) at Mar. 31, 2025	460,540,981		511,492,231
Balance Ending at Mar. 31, 2025	$ 431,294	$ 5	$ 46	$ 0	$ 1,307,930	$ (874,317)	$ (2,370)
Treasury stock, ending balance (in shares) at Mar. 31, 2025	(50,951,250)			(50,951,250)

SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Information by Reportable Segment

The following table shows information by reportable segment for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025				2024
	Launch Services		Space Systems		Launch Services		Space Systems
Revenues	$	35,592	$	86,977	$	32,719	$	60,048
Cost of revenues	28,375		58,947		24,312		44,281
Gross profit	$	7,217	$	28,030	$	8,407	$	15,767

The following table shows information by reportable segment by products and services for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025				2024
	Launch Services		Space Systems		Launch Services		Space Systems
Products:
Revenues	$	—	$	80,804	$	—	$	54,146
Cost of revenues	—		53,869		—		40,827
Gross profit	$	—	$	26,935	$	—	$	13,319

Services:
Revenues	$	35,592	$	6,173	$	32,719	$	5,902
Cost of revenues	28,375		5,078		24,312		3,454
Gross profit	$	7,217	$	1,095	$	8,407	$	2,448

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2025
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS On January 7, 2025, the Preferred Stock Exchange was consummated and the Company filed the Certificate of Designation with the Secretary of State of the State of Delaware, which became effective upon filing. At the Closing, the Company issued 50,951,250 shares of Preferred Stock to the Trust. See Note 11 for additional information on the Preferred Stock Exchange. As of March 31, 2025 and December 31, 2024, there are no amounts due to or from related parties.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 2,713	$ 3,084
Cost of revenues
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	1,812	1,773
Research and development, net
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	2	11
Selling, general and administrative
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 899	$ 1,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment—gross	$ 285,447	$ 260,423
Less accumulated depreciation and amortization	(71,457)	(65,585)
Property, plant and equipment—net	213,990	194,838
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment—gross	68,939	68,631
Machinery, equipment, vehicles and office furniture
Property, Plant and Equipment [Line Items]
Property, plant and equipment—gross	131,236	127,577
Computer equipment, hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment—gross	16,819	16,204
Launch site assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment—gross	22,541	20,726
Construction in process
Property, Plant and Equipment [Line Items]
Property, plant and equipment—gross	$ 45,912	$ 27,285

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES

Cash and cash equivalents and marketable securities consisted of the following as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	303,149	$	271,042
Marketable securities, current	125,247		147,948
Marketable securities, non-current	83,947		60,686
Total cash and cash equivalents and marketable securities	$	512,343	$	479,676

As of March 31, 2025, cash equivalents and marketable securities consisted of the following:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities
Money market accounts	$	198,639	$	—	$	—	$	198,639	$	198,639	$	—
Certificates of deposit	15,251		3		—		15,254		—		15,254
Commercial paper	6,817		9		—		6,826		—		6,826
Corporate debt securities	104,626		159		(19)		104,766		—		104,766
Yankee bonds	3,953		4		(1)		3,956		—		3,956
U.S. Treasury securities	44,079		13		(21)		44,071		7,991		36,080
Mortgage- and asset-backed securities	42,222		93		(3)		42,312		—		42,312
Total	$	415,587	$	281	$	(44)	$	415,824	$	206,630	$	209,194


	In Loss Position for Less than 12 Months				In Loss Position for Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	15,399	$	(19)	$	—	$	—	$	15,399	$	(19)
Yankee bonds	2,704		(1)		—		—		2,704		(1)
U.S. Treasury securities	31,613		(19)		8,494		(2)		40,107		(21)
Mortgage- and asset-backed securities	11,899		(3)		—		—		11,899		(3)
Total	$	61,615	$	(42)	$	8,494	$	(2)	$	70,109	$	(44)

The Company has not observed a significant deterioration in credit quality of these securities, which are highly rated with moderate to low credit risk. Declines in value are largely attributable to current global economic conditions. The securities continue to make timely principal and interest payments, and the fair values are expected to recover as they approach maturity. The Company does not intend to sell the securities, and it is not more likely than not that the Company will be required to sell the securities, before the respective recoveries of their amortized cost bases, which may be maturity. As of March 31, 2025, the Company had not recognized an allowance for credit losses on any marketable securities in an unrealized loss position.

The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of March 31, 2025:


	Amortized Cost		Fair Value
Due within one year	$	331,763	$	331,877
Due within one to two years	83,824		83,947
Total	$	415,587	$	415,824

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Provision for contract loss	$ 6,235

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2025

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

Merline Saintil [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended March 31, 2025, a director of the Company entered into Rule 10b5-1 trading plan (a “Rule 10b5-1 Trading Plan”) to sell shares of the Company’s common stock subject to any applicable volume limitations.

The table below provides certain information regarding such director’s Rule 10b5-1 Trading Plan.

Name

Title

Plan Date

Earliest Selling Start Date

Maximum Shares That May Be Sold Under the Plan

Plan Expiration Date

Merline Saintil

Director

March 20, 2025

June 19, 2025

12,706

December 31, 2025

Name

Merline Saintil

Title

Director

Rule 10b5-1 Arrangement Adopted

true

March 20, 2025

December 31, 2025

296 days

12,706

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

In addition, on March 10, 2025, Adam Spice, the Company’s Chief Financial Officer, terminated a Rule 10b5-1 trading plan that had provided for the potential sale of 2,377,078 shares of the Company’s stock commencing March 13, 2025. Following the termination, no remaining shares can be sold pursuant to the Plan.

Name

Adam Spice

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Terminated

true

Termination Date

March 10, 2025

Aggregate Available

2,377,078

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On May 8, 2025, the Company announced the intent to implement a reorganization of its corporate legal structure by executing a tax-free merger of Rocket Lab USA, Inc. with and into Rocket Lab Merger Sub, Inc., a newly formed Delaware corporation that is a subsidiary of a newly formed Delaware corporation, Rocket Lab Corporation (“Rocket Lab Corporation”). As a result of the transaction, Rocket Lab Corporation will become the holding company for the Company and its subsidiaries and Rocket Lab Corporation will be the publicly traded entity. Immediately after consummation of the transaction, Rocket Lab Corporation will have, on a consolidated basis, the same assets, businesses, operations, executive officers, officers and directors as the Company had immediately prior to the consummation of the transaction. Upon completion of the new structure, which we are targeting to occur prior to June 1, 2025, the Company’s common stock will continue trading on The Nasdaq Capital Market on an uninterrupted basis with no change to the ticker symbol “RKLB.” Existing shares of Rocket Lab will automatically convert on a one-for-one basis into shares of common stock of Rocket Lab Corporation. The transaction will be accomplished pursuant to Section 251(g) of the Delaware General Corporation Law and no action will be required by the Company’s stockholders.

NET LOSS PER SHARE - Summary of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator
Net loss attributable to common stockholders-basic and diluted	$ (60,616)	$ (44,260)
Denominator
Weighted average common shares outstanding-basic (in shares)	505,614,185	489,994,709
Weighted average common shares outstanding-diluted (in shares)	505,614,185	489,994,709
Net loss per share attributable to common stockholders-basic (in dollars per share)	$ (0.12)	$ (0.09)
Net loss per share attributable to common stockholders-diluted (in dollars per share)	$ (0.12)	$ (0.09)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

PREPAIDS AND OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2025

Prepaid Expense and Other Assets, Current [Abstract]

PREPAIDS AND OTHER CURRENT ASSETS

Prepaids and other current assets as of March 31, 2025 and December 31, 2024 consisted of the following:


	March 31, 2025		December 31, 2024
Prepaid expenses and deposits	$	42,710	$	38,041
Government grant receivables	15,730		7,783
Customer financing receivables	6,450		4,200
Other current assets	5,620		4,985
Total prepaids and other current assets	$	70,510	$	55,009

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted net Loss Per Share Attributable to Common Stockholders

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025		2024
Numerator
Net loss attributable to common stockholders-basic and diluted	$	(60,616)	$	(44,260)
Denominator
Weighted average common shares outstanding-basic and diluted	505,614,185		489,994,709
Net loss per share attributable to stockholders-basic and diluted	$	(0.12)	$	(0.09)

Schedule of Diluted Net Loss Per Share Attributable to Common Stockholders

The following equity shares were excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive:


	March 31,
	2025	2024
Stock options and restricted stock units	26,372,525	29,772,128
Common stock warrants	—	728,835
Shares underlying our convertible senior notes	69,261,530	69,261,530

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Cash equivalents:
Marketable securities, current	$ 125,247	$ 147,948
Marketable securities, non-current	83,947	60,686
Fair Value, Recurring
Cash equivalents:
Total	415,824	420,254
Level 1 \| Fair Value, Recurring
Cash equivalents:
Total	242,710	277,739
Level 2 \| Fair Value, Recurring
Cash equivalents:
Total	173,114	142,515
Level 3 \| Fair Value, Recurring
Cash equivalents:
Total	0	0
Certificates of deposit \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	15,254	21,795
Certificates of deposit \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Certificates of deposit \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	15,254	21,795
Certificates of deposit \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Commercial paper \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	6,826	10,109
Commercial paper \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Commercial paper \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	6,826	10,109
Commercial paper \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Corporate debt securities \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	76,442	57,589
Marketable securities, non-current	28,324	28,887
Corporate debt securities \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Corporate debt securities \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	76,442	57,589
Marketable securities, non-current	28,324	28,887
Corporate debt securities \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Yankee bonds \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	770	2,208
Marketable securities, non-current	3,186	378
Yankee bonds \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Yankee bonds \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	770	2,208
Marketable securities, non-current	3,186	378
Yankee bonds \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
U.S. Treasury securities \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	25,419	55,568
Marketable securities, non-current	10,661	10,552
U.S. Treasury securities \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	25,419	55,568
Marketable securities, non-current	10,661	10,552
U.S. Treasury securities \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
U.S. Treasury securities \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Mortgage- and asset-backed securities \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	536	680
Marketable securities, non-current	41,776	20,869
Mortgage- and asset-backed securities \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Mortgage- and asset-backed securities \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	536	680
Marketable securities, non-current	41,776	20,869
Mortgage- and asset-backed securities \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Money market accounts \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	198,639	211,619
Money market accounts \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	198,639	211,619
Money market accounts \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	0	0
Money market accounts \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	0	$ 0
U.S. Treasury securities \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	7,991
U.S. Treasury securities \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	7,991
U.S. Treasury securities \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	0
U.S. Treasury securities \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (60,616)	$ (44,260)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,707	8,313
Stock-based compensation expense	19,234	13,093
Loss on disposal of assets	13	3
Loss on extinguishment of long-term debt	0	1,330
Amortization of debt issuance costs and discount	831	639
Noncash lease expense	1,519	1,491
Change in the fair value of contingent consideration	0	(271)
Accretion of marketable securities purchased at a discount	(561)	(842)
Deferred income taxes	(585)	78
Changes in operating assets and liabilities:
Accounts receivable, net	(2,974)	3,939
Contract assets	2,165	(1,944)
Inventories	(6,308)	7,509
Prepaids and other current assets	(9,617)	(5,303)
Other non-current assets	1,571	(4,266)
Trade payables	9,779	(1,673)
Accrued expenses	(2,712)	3,200
Employee benefits payables	(253)	(622)
Contract liabilities	(9,294)	11,205
Other current liabilities	(3,699)	6,729
Non-current lease liabilities	(1,670)	(1,425)
Other non-current liabilities	245	489
Net cash used in operating activities	(54,225)	(2,588)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, equipment and software	(28,677)	(19,177)
Proceeds on disposal of assets, net	16	0
Purchases of marketable securities	(84,639)	(79,359)
Maturities of marketable securities	84,699	46,280
Net cash used in investing activities	(28,601)	(52,256)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from ATM Equity Offering	92,806	0
Issuance costs related to ATM Equity Offering	(2,088)	0
Proceeds from the exercise of stock options	48	943
Proceeds from Employee Stock Purchase Plan	2,237	507
Proceeds from sale of employees restricted stock units to cover taxes	17,310	5,119
Minimum tax withholding paid on behalf of employees for restricted stock units	(16,577)	(5,163)
Purchase of capped calls related to issuance of convertible senior notes	0	(43,168)
Proceeds from issuance of convertible senior notes	0	355,000
Proceeds from secured term loan	25,000	0
Repayments on secured term loan	(2,894)	(43,215)
Payment of debt issuance costs	(278)	(11,226)
Finance lease principal payments	(61)	(90)
Net cash provided by financing activities	115,503	258,707
Effect of exchange rate changes on cash and cash equivalents	272	(519)
Net increase in cash and cash equivalents and restricted cash	32,949	203,344
Cash and cash equivalents, and restricted cash, beginning of period	275,302	166,434
Cash and cash equivalents, and restricted cash, end of period	308,251	369,778
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	9,575	2,270
Cash paid for income taxes	214	26
Unpaid purchases of property, equipment and software	10,450	1,580
Right-of-use assets obtained in exchange for new operating lease liabilities	179	0
Issuance of common stock for payment of accrued bonus	0	1,795
Accrued issuance costs in connection with ATM Equity Offering	615	0
Accrued debt issuance costs	$ 0	$ 979

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Equity Incentive Plans

The Company has a single active equity incentive plan, the Rocket Lab 2021 Stock Option and Incentive Plan (the “2021 Plan”), with the objective of attracting and retaining available employees and directors by providing stock-based and other performance-based compensation. The Rocket Lab 2013 Stock Option and Grant Plan (the “2013 Plan”) was terminated, but outstanding awards granted thereunder remain governed by it. The 2021 Plan provides for the grant of equity awards to officers, employees, directors and other key employees as well as service providers which include incentive stock options, non-qualified stock options, restricted stock awards, unrestricted stock awards, restricted stock units or any combination of the foregoing any of which may be performance based, as determined by the Company’s Compensation Committee. An aggregate of 59,875,000 shares were initially reserved for the issuance of awards under the 2021 Plan. The number of shares reserved for issuance under the 2021 Plan automatically increases each January 1, beginning on January 1, 2022, by 5% of the outstanding number of shares of common stock on the immediately preceding December 31, or such lesser amount as determined by the plan administrator. The Company was authorized to issue up to 111,709,596 shares of common stock as equity awards to participants under the 2021 Plan as of March 31, 2025. There were 92,489,567 shares of common stock available for grant as of March 31, 2025.

Total stock-based compensation recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2025 and 2024 consisted of the following:


	Three Months Ended March 31,
Stock-based compensation	2025		2024
Cost of revenues	$	3,920	$	3,503
Research and development, net	4,894		3,985
Selling, general and administrative	10,420		5,605
Total stock-based compensation expense	$	19,234	$	13,093

Options

Options issued to all optionees under the 2013 Plan vested over four years from the date of issuance (or earlier vesting start date, as determined by the board of directors) as follows: 25% on the first anniversary of date of grant and the remaining vest monthly over the remaining vesting term. All options had vested as of March 31, 2025.

Restricted Stock Units

During the three months ended March 31, 2025 and 2024, the Company granted 369,388 and 7,221,561 restricted stock units, respectively, to certain key employees pursuant to the 2021 Plan. The time-based service vesting condition is generally satisfied over periods of approximately four years as the employees provide service.

As of March 31, 2025, the total unrecognized compensation expense related to unvested performance-based restricted stock units granted under the 2013 Plan and 2021 Plan was $114,806 and will be recognized upon vesting.

2021 Employee Stock Purchase Plan

In August 2021, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”) was approved to reserve 9,980,000 shares of common stock for issuance for awards in accordance with the terms of the 2021 ESPP. In addition, the number of shares reserved for issuance will ultimately increase on January 1 of each year from 2022 to 2031 by the lesser of (i) 9,980,000 shares of common stock, (ii) 1% of the number of shares of common stock outstanding as of the close of business on the immediately preceding December 31 or (iii) the number of common stock shares as determined by the Company’s board of directors. The purpose of the 2021 ESPP is to enable eligible employees to use payroll deductions to purchase shares of common stock and thereby acquire an interest in the Company. Eligible employees are offered shares through a 12-month offering period, which consists of two consecutive 6-month purchase periods. Employees may purchase a limited amount of shares of our stock at a discount of up to 15% of the lesser of the fair market value at the beginning of the offering period or the end of each 6-month purchase period.

No shares were issued under the 2021 ESPP during the three months ended March 31, 2025 and 2024. As of March 31, 2025, 20,183,297 shares remain available for issuance under the 2021 ESPP. Total ESPP stock-based compensation recorded in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025 and 2024 was $1,574 and $939, respectively. As of March 31, 2025, the total unrecognized compensation expense related to the 2021 ESPP was $2,020 and will be recognized over the remaining offering period.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 303,149	$ 271,042
Marketable securities, current	125,247	147,948
Accounts receivable, net	39,413	36,440
Contract assets	60,943	63,108
Inventories	125,588	119,074
Prepaids and other current assets	70,510	55,009
Total current assets	724,850	692,621
Non-current assets:
Property, plant and equipment, net	213,990	194,838
Intangible assets, net	56,181	58,637
Goodwill	71,020	71,020
Right-of-use assets - operating leases	52,137	53,664
Right-of-use assets - finance leases	14,272	14,396
Marketable securities, non-current	83,947	60,686
Restricted cash	5,102	4,260
Deferred income tax assets, net	3,765	3,010
Other non-current assets	29,709	31,210
Total assets	1,254,973	1,184,342
Current liabilities:
Trade payables	70,203	53,059
Accrued expenses	12,141	19,460
Employee benefits payable	21,959	20,847
Contract liabilities	206,867	216,160
Current installments of long-term borrowings	20,490	12,045
Other current liabilities	16,456	17,954
Total current liabilities	348,116	339,525
Non-current liabilities:
Convertible senior notes, net	345,926	345,392
Long-term borrowings, net, excluding current installments	57,728	44,049
Non-current operating lease liabilities	50,643	51,965
Non-current finance lease liabilities	14,897	14,970
Deferred tax liabilities	1,027	891
Other non-current liabilities	5,342	5,097
Total liabilities	823,679	801,889
COMMITMENTS AND CONTINGENCIES (Note 14)
Stockholders’ equity:
Preferred stock, $0.0001 par value; authorized shares: 100,000,000; issued and outstanding shares: 50,951,250 and 0 at March 31, 2025 and December 31, 2024, respectively	5	0
Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued shares: 511,492,231 and 504,453,785 at March 31, 2025 and December 31, 2024, respectively; outstanding shares: 460,540,981 and 504,453,785 at March 31, 2025 and December 31, 2024, respectively	46	50
Treasury stock, at cost; shares: 50,951,250 and 0 at March 31, 2025 and December 31, 2024, respectively	0	0
Additional paid-in capital	1,307,930	1,198,909
Accumulated deficit	(874,317)	(813,701)
Accumulated other comprehensive loss	(2,370)	(2,805)
Total stockholders’ equity	431,294	382,453
Total liabilities and stockholders’ equity	$ 1,254,973	$ 1,184,342

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories as of March 31, 2025 and December 31, 2024 consisted of the following:


	March 31, 2025		December 31, 2024
Raw materials	$	61,960	$	50,650
Work in process	52,858		60,462
Finished goods	10,770		7,962
Total inventories	$	125,588	$	119,074

SEGMENTS - Summary of Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Revenues	$ 122,569	$ 92,767
Cost of revenues	87,322	68,593
Gross profit	35,247	24,174
Launch Services
Segment Reporting Information [Line Items]
Revenues	35,592	32,719
Cost of revenues	28,375	24,312
Gross profit	7,217	8,407
Space Systems
Segment Reporting Information [Line Items]
Revenues	86,977	60,048
Cost of revenues	58,947	44,281
Gross profit	28,030	15,767
Product revenues
Segment Reporting Information [Line Items]
Revenues	80,804	54,146
Cost of revenues	53,869	40,827
Product revenues \| Launch Services
Segment Reporting Information [Line Items]
Revenues	0	0
Cost of revenues	0	0
Gross profit	0	0
Product revenues \| Space Systems
Segment Reporting Information [Line Items]
Revenues	80,804	54,146
Cost of revenues	53,869	40,827
Gross profit	26,935	13,319
Service revenues
Segment Reporting Information [Line Items]
Revenues	41,765	38,621
Cost of revenues	33,453	27,766
Service revenues \| Launch Services
Segment Reporting Information [Line Items]
Revenues	35,592	32,719
Cost of revenues	28,375	24,312
Gross profit	7,217	8,407
Service revenues \| Space Systems
Segment Reporting Information [Line Items]
Revenues	6,173	5,902
Cost of revenues	5,078	3,454
Gross profit	$ 1,095	$ 2,448

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Cash Equivalents and Marketable Securities (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 415,587
Gross Unrealized Gains	281
Gross Unrealized Losses	(44)
Fair Value	415,824
Cash Equivalents	206,630
Marketable Securities	209,194
Money market accounts
Marketable Securities [Line Items]
Amortized Cost	198,639
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	198,639
Cash Equivalents	198,639
Marketable Securities	0
Certificates of deposit
Marketable Securities [Line Items]
Amortized Cost	15,251
Gross Unrealized Gains	3
Gross Unrealized Losses	0
Fair Value	15,254
Cash Equivalents	0
Marketable Securities	15,254
Commercial paper
Marketable Securities [Line Items]
Amortized Cost	6,817
Gross Unrealized Gains	9
Gross Unrealized Losses	0
Fair Value	6,826
Cash Equivalents	0
Marketable Securities	6,826
Corporate debt securities
Marketable Securities [Line Items]
Amortized Cost	104,626
Gross Unrealized Gains	159
Gross Unrealized Losses	(19)
Fair Value	104,766
Cash Equivalents	0
Marketable Securities	104,766
Yankee bonds
Marketable Securities [Line Items]
Amortized Cost	3,953
Gross Unrealized Gains	4
Gross Unrealized Losses	(1)
Fair Value	3,956
Cash Equivalents	0
Marketable Securities	3,956
U.S. Treasury securities
Marketable Securities [Line Items]
Amortized Cost	44,079
Gross Unrealized Gains	13
Gross Unrealized Losses	(21)
Fair Value	44,071
Cash Equivalents	7,991
Marketable Securities	36,080
Mortgage- and asset-backed securities
Marketable Securities [Line Items]
Amortized Cost	42,222
Gross Unrealized Gains	93
Gross Unrealized Losses	(3)
Fair Value	42,312
Cash Equivalents	0
Marketable Securities	$ 42,312

DESCRIPTION OF THE BUSINESS	3 Months Ended
DESCRIPTION OF THE BUSINESS	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS	DESCRIPTION OF THE BUSINESS Rocket Lab USA, Inc. (“Rocket Lab” and, together with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”) is an end-to-end space company with an established track record of mission success headquartered in Long Beach, California and is the parent company for several wholly owned operating subsidiaries located in the United States, New Zealand, Canada and Australia. We deliver reliable launch services, spacecraft design services, spacecraft components, spacecraft manufacturing and other spacecraft and on-orbit management solutions that make it faster, easier and more affordable to access space. We operate one of the only private orbital launch ranges in the world, located in Mahia, New Zealand, enabling a unique degree of operational flexibility and control of customer launch manifests and mission assurance. While our business has historically been centered on the development of small-class launch vehicles and related sale of launch services, we are currently innovating in the areas of medium-class launch vehicles and launch services, space systems design and manufacturing, on-orbit management solutions, and space data applications.

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Contractual Maturities of Marketable Securities (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Amortized Cost
Due within one year	$ 331,763
Due within one to two years	83,824
Total	415,587
Fair Value
Due within one year	331,877
Due within one to two years	83,947
Total	$ 415,824

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation

Total stock-based compensation recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2025 and 2024 consisted of the following:


	Three Months Ended March 31,
Stock-based compensation	2025		2024
Cost of revenues	$	3,920	$	3,503
Research and development, net	4,894		3,985
Selling, general and administrative	10,420		5,605
Total stock-based compensation expense	$	19,234	$	13,093

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Principals of Consolidation	Principals of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting standards generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the SEC for interim financial information and include the accounts of Rocket Lab USA, Inc. and its wholly owned subsidiaries after elimination of intercompany accounts and transactions. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2025, or for any other interim period or for any other future year.
Basis of Presentation	Principals of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting standards generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the SEC for interim financial information and include the accounts of Rocket Lab USA, Inc. and its wholly owned subsidiaries after elimination of intercompany accounts and transactions. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2025, or for any other interim period or for any other future year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, our management evaluates estimates and assumptions including those related to revenue recognition, contract costs, loss reserves, valuation of stock-based compensation and deferred tax valuation allowances. We based our estimates on historical data and experience, as well as various other factors that our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could differ from these estimates and assumptions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires a public business entity (“PBE”) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in ASU 2023-09 prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU 2023-09 disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company is assessing the potential impact of adopting ASU 2023-09 on its financial statements. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (DISE) (“ASU 2024-03”), which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The amendments in ASU 2024-03 will be applied prospectively with the option for retrospective application and early adoption is permitted. The Company is assessing the potential impact of adopting ASU 2024-03 on its financial statements.

STOCKHOLDERS’ EQUITY	3 Months Ended
STOCKHOLDERS’ EQUITY	Mar. 31, 2025
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Preferred Stock The Company entered into an exchange agreement dated December 3, 2024 with The Equatorial Trust (the “Trust”), a family trust established by Sir Peter Beck (“Sir Peter”), the Company’s Founder, President, Chief Executive Officer and Chairman, to exchange (the “Preferred Stock Exchange”) 50,951,250 shares of the Company’s common stock into 50,951,250 shares of the Company’s Series A Convertible Participating Preferred Stock, $0.0001 par value per share (the “Preferred Stock”). On January 7, 2025, the Preferred Stock Exchange was consummated (the “Closing”) and the Company filed the Certificate of Designation for the Preferred Stock (the “Certificate of Designation”) with the Secretary of State of the State of Delaware, which became effective upon filing. At the Closing, the Company issued 50,951,250 shares of Preferred Stock to the Trust. The common stock exchanged in the Preferred Stock Exchange were reacquired at no cost and held in treasury stock until they are reissued or retired. The fair value of the Preferred Stock issued was determined to be equal to the fair value of the common stock exchanged. The Preferred Stock has the rights and restrictions set forth in a Certificate of Designation. Each share of Preferred Stock is convertible at any time at the option of the holder of the Preferred Stock (a “Holder”) into a number of shares of Common Stock at the then-applicable conversion rate (the “Conversion Rate”). In addition, each share of Preferred Stock automatically converts into a number of shares of Common Stock at the Conversion Rate upon the earliest to occur of (a) a transfer of such share (other than to a Permitted Transferee), (b) the first date on which Sir Peter no longer serves as (i) the Chief Executive Officer of the Company or (ii) such other executive officer position of the Company as approved by the Board, (c) Sir Peter’s death or permanent disability, or (d) the first date on which the outstanding shares of Preferred Stock no longer represent a minimum beneficial ownership by Sir Peter of five percent. A “Permitted Transferee” is defined in the Certificate of Designation and includes Sir Peter and his controlled affiliates. The Preferred Stock is not redeemable by the Company at any time. The Certificate of Designation also provides that for so long as any shares of Preferred Stock are outstanding, the Holders, voting exclusively and as a separate class, will be entitled to designate and elect at least one individual to serve on the Board as a director (a “Preferred Stock Director”). In the event the Board increases its size to more than 10 members, the Holders are entitled to designate and elect, voting exclusively and as a separate class, one or more additional Preferred Stock Directors in order to maintain the right to elect ten percent of the total number of authorized directorships, rounded up to the nearest whole number. The right to designate a Preferred Stock Director is nontransferable. Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, after the satisfaction in full of the Company’s debts and the payment of any liquidation preference ranking senior to the Preferred Stock, Holders are entitled to receive an amount equal to $0.0001 per share of Preferred Stock. Following the payment of the full amount of the liquidation preference in respect of all outstanding shares of Preferred Stock, Holders participate pari passu with the holders of the Common Stock (on an as-if-converted-to-Common-Stock basis) in the net assets of the Company. The Preferred Stock is not entitled to any scheduled dividend payments. Holders will be entitled to receive dividends on shares of Preferred Stock equal (on an as-if-converted-to-common-stock basis) to, and in the same form as dividends actually paid on, all or substantially all of the shares of common stock when, as and if such dividends (other than dividends in the form of common stock) are paid on shares of the common stock, subject to certain exceptions specified in the Certificate of Designation. The Preferred Stock will have the right to vote on all matters submitted for a vote of the holders of the common stock, voting together as a single class with the common stock. Each Holder will be entitled to cast a number of votes per share equal to the number of shares of common stock into which a share of Preferred Stock is convertible. In addition, the Company may not, without the affirmative vote of the Holders of a majority of the then outstanding shares of Preferred Stock: (a) alter, amend or repeal any provision of the Company’s certificate of incorporation if it would alter or change the powers, preferences or special rights of the Preferred Stock so as to affect them adversely, (b) alter or amend the Certificate of Designation, or (c) increase the authorized number of shares of Preferred Stock or authorize the issuance of additional shares of Preferred Stock. At-The-Market Offering On March 11, 2025, the Company entered into an ATM Equity Offering Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc., Cantor Fitzgerald & Co., Stifel, Nicolaus & Company, Incorporated and TD Securities (USA) LLC (collectively, the “Sales Agents”), pursuant to which the Company may offer and sell, from time to time, shares of its common stock, par value $0.0001 per share (the “Shares”) having an aggregate offering price of up to $500,000 through the Sales Agents, acting as its agents, or directly to the Sales Agents, acting as principal (the “ATM Equity Offering”). As of March 31, 2025, the Company had sold 4,858,839 shares of common stock and generating $92,806 in gross proceeds, before deducting $2,703 in underwriting discounts, commissions and other expenses.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LOAN AGREEMENTS

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

LOAN AGREEMENTS

Indenture and Notes

On February 6, 2024, the Company issued $355,000 aggregate principal amount of its 4.250% Convertible Senior Notes due 2029 (the “Notes”). The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of February 6, 2024, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).

The Notes are the Company’s senior, unsecured obligations and are (i) equal in right of payment with the Company’s existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company’s future indebtedness that is expressly subordinated to the Notes in right of payment; (iii) effectively subordinated to the Company’s existing and future secured indebtedness, including borrowings under its equipment financing agreement, to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries.

The Notes accrue interest at a rate of 4.250% per annum, payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2024. The Notes mature on February 1, 2029, unless earlier converted, redeemed or repurchased. Before November 1, 2028, noteholders have the right to convert their Notes only during the following circumstances: (i) during any calendar quarter (and only during such calendar quarter) if the last reported sale price of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter, (ii) during the five consecutive business day period after any 10 consecutive trading day period, or the measurement period, in which the trading price per $1 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day, (iii) upon the occurrence of certain corporate events or distributions specified in the Indenture or (iv) if the Company calls such Notes for redemption. From and after November 1, 2028, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. The initial conversion rate is 195.1029 shares of common stock per $1 principal amount of Notes, which represents an initial conversion price of approximately $5.13 per share of common stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. As of March 31, 2025, the holder of the Notes have the right to convert between April 1, 2025 and June 30, 2025 because the Company’s common stock price exceeded the applicable conversion price by 130% for the specified period of time during the quarter ended March 31, 2025.

When a conversion notice is received, the Company has the option to pay or deliver cash, shares of the Company’s common stock, or a combination thereof. Since the issuance of the Notes, the Company has not received a notice from the holders. As of March 31, 2025, the Company cannot be required to settle the Notes in cash and has the intent and ability to settle in common stock, therefore, the Notes were classified as non-current liabilities on the Company’s consolidated balance sheet.

As of March 31, 2025, there was $355,000 outstanding under the Notes, before unamortized discount and debt issuance costs of $9,074. As of March 31, 2025, the effective interest rate under the Notes was 5.0%.

Capped Call Transactions

In connection with the pricing of the Notes, on February 1, 2024 and February 2, 2024, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain financial institutions. Collectively, the Capped Call Transactions cover, subject to customary adjustments, the number of shares of common stock initially underlying the Notes. The cost of the Capped Call Transactions was $43,168. The Capped Call Transactions are expected generally to reduce or offset the potential dilution to the Company’s common stock upon exercise of the Notes and/or the Company’s election to offset the cash payments the Company is required to make in excess of the principal amount of the Notes upon conversion of the Notes in the event that the market price per share of the Company’s common stock is greater than the strike price of the Capped Call Transactions (which initially corresponds to the initial conversion price of the Notes and is subject to certain adjustments under the terms of the Capped Call Transactions), with such reduction and/or offset subject to a cap based on the cap price of the Capped Call Transactions. The Capped Call Transactions have an initial cap price of $8.04 per share of the Company’s common stock, which represents a premium of 100% over the last reported sale price of the Company's common stock on February 1, 2024.

The Capped Call Transactions do not meet the criteria for separate accounting as a derivative as they are indexed to the Company’s stock. The premiums paid for the Capped Call Transactions have been included as a net reduction to additional paid-in capital within shareholders’ equity.

Trinity Master Equipment Financing Agreement

On December 29, 2023 (the “Effective Date”), the Company and certain of its subsidiaries (the “Subsidiaries”, together with the Company, the “Borrowers”), entered into a Master Equipment Financing Agreement (the “Trinity Loan Agreement”) with Trinity Capital, Inc., a Maryland corporation (the “Lender”) to provide financing for certain equipment and other property (the “Equipment”). The Trinity Loan Agreement provides that the Lender shall provide equipment financing in the aggregate of up to $120,000 (the “Conditional Commitment”), with advances (“Draws”) to be made as follows: (i) $70,000 on the Effective Date (the “Effective Date Draw”); and (ii) $40,000 to be drawn on the Effective Date (the “Blanket Lien Draw”), with each of the Effective Date Draw and Blanket Lien Draw payable over sixty (60) months beginning January 2024, with the final payments due in January 2029. After the Blanket Lien Draw was repaid in full, Borrowers may make Draws as follows: (x) $30,000 to be drawn in not more than three advances of at least $10,000 each at the Borrowers’ option no later than the date that is 18 months after the Effective Date; and (y) $20,000 to be drawn at Borrower’s option between January 1, 2025 and June 30, 2025 (such date, the “Termination Date”), subject to customary conditions.

The Company repaid an existing term loan with the proceeds from the Trinity Loan Agreement and Blanket Lien Draw. The monthly payment factors under the Trinity Loan Agreement and Blanket Lien Draw have a term of sixty (60) months and a rate factor of 0.022266. In connection with the Trinity Loan Agreement, the Company issued warrants to Lender to acquire 728,835 shares of the Company’s common stock at an exercise price of $4.87 per share.

On February 8, 2024, the Company paid off all obligations under the Blanket Lien Draw in the amount of $38,778, which includes principal, unpaid interest and legal fees, resulting in a loss on extinguishment of debt of $1,330 for the three months ended March 31, 2024.

On March 20, 2025, the Company made a draw of $25,000 under the Trinity Loan Agreement (the “March 2025 Draw”). This March 2025 Draw has a term of sixty (60) months and a rate factor of 0.022266.

As of March 31, 2025, there was $80,386 outstanding under the Trinity Loan Agreement, before unamortized discount and debt issuance and end of term costs of $2,168, of which $20,490 is classified as current installments of long-term borrowings in the Company’s condensed consolidated balance sheets, with the remainder classified as long-term borrowings, net, excluding current installments. As of March 31, 2025, the effective interest rate under the Trinity Loan Agreement was 15.8%. The Company is required to pay end of term charges of $700 and $250 upon repayment of the Effective Date Draw and the March 2025 Draw, respectively.

The future principal payments under the Trinity Loan Agreement as of March 31, 2025 were as follows:


2025 (for the remaining period)	$	16,267
2026	17,691
2027	20,324
2028	18,401
2029	6,067
Thereafter	1,636
Total	$	80,386

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Total revenues	$ 122,569	$ 92,767
Total cost of revenues	87,322	68,593
Gross profit	35,247	24,174
Operating expenses:
Research and development, net	55,109	38,504
Selling, general and administrative	39,326	28,749
Total operating expenses	94,435	67,253
Operating loss	(59,188)	(43,079)
Other income (expense):
Interest expense, net	(2,586)	(898)
(Loss) gain on foreign exchange	(134)	311
Other income (expense), net	479	(589)
Total other expense, net	(2,241)	(1,176)
Loss before income taxes	(61,429)	(44,255)
Benefit (provision) for income taxes	813	(5)
Net loss	(60,616)	(44,260)
Other comprehensive loss, net of tax:
Foreign currency translation gain (loss)	376	(3,075)
Unrealized gain (loss) on available-for-sale marketable securities	59	(263)
Comprehensive loss	$ (60,181)	$ (47,598)
Net loss per share attributable to Rocket Lab USA, Inc.:
Basic (in dollars per share)	$ (0.12)	$ (0.09)
Diluted (in dollars per share)	$ (0.12)	$ (0.09)
Weighted-average common shares outstanding:
Basic (in shares)	505,614,185	489,994,709
Diluted (in shares)	505,614,185	489,994,709
Product revenues
Total revenues	$ 80,804	$ 54,146
Total cost of revenues	53,869	40,827
Service revenues
Total revenues	41,765	38,621
Total cost of revenues	$ 33,453	$ 27,766

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Cash and Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 303,149	$ 271,042
Marketable securities, current	125,247	147,948
Marketable securities, non-current	83,947	60,686
Total cash and cash equivalents and marketable securities	$ 512,343	$ 479,676

SEGMENTS - Additional Information (Details)	3 Months Ended
SEGMENTS - Additional Information (Details)	Mar. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	2

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Depreciation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 5,565	$ 4,765
Cost of revenues
Property, Plant and Equipment [Line Items]
Total depreciation expense	3,061	2,749
Research and development, net
Property, Plant and Equipment [Line Items]
Total depreciation expense	1,739	1,392
Selling, general and administrative
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 765	$ 624

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Estimated Future Amortization Expense Related to Finite Intangible Assets (Detail) $ in Thousands	Mar. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (for the remaining period)	$ 7,719
2026	10,193
2027	9,218
2028	8,168
2029	6,019
Thereafter	14,364
Total	$ 55,681

GOODWILL AND INTANGIBLE ASSETS, NET - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 71,020	$ 71,020

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

LEASES (Details)	3 Months Ended
LEASES (Details)	Mar. 31, 2025
Minimum
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee Lease Description [Line Items]
Remaining lease term	25 years

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2025
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Principals of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting standards generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the SEC for interim financial information and include the accounts of Rocket Lab USA, Inc. and its wholly owned subsidiaries after elimination of intercompany accounts and transactions. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2025, or for any other interim period or for any other future year. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, our management evaluates estimates and assumptions including those related to revenue recognition, contract costs, loss reserves, valuation of stock-based compensation and deferred tax valuation allowances. We based our estimates on historical data and experience, as well as various other factors that our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could differ from these estimates and assumptions. Other Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2025. Refer to Note 2 - Significant Accounting Policies disclosed in the “Notes to Consolidated Financial Statements” in the Company’s Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 27, 2025. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires a public business entity (“PBE”) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in ASU 2023-09 prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU 2023-09 disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company is assessing the potential impact of adopting ASU 2023-09 on its financial statements. In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (DISE) (“ASU 2024-03”), which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The amendments in ASU 2024-03 will be applied prospectively with the option for retrospective application and early adoption is permitted. The Company is assessing the potential impact of adopting ASU 2024-03 on its financial statements.

SEGMENTS

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

SEGMENTS

The Company’s Chief Operating Decision Maker reviews financial information presented based on a management approach for the purposes of making operating decisions, assessing financial performance and allocating resources. The Company manages its business primarily based upon two operating segments, launch services and space systems. Each of these operating segments represents a reportable segment. Launch Services provides launch and launch related services to customers on a dedicated mission or ride share basis. Space systems is predominately comprised of spacecraft components and spacecraft manufacturing. Although some of the Company’s contracts with customers contain elements of space systems and launch services, each reporting segment is managed separately to better align with customer’s needs and the Company’s growth plans. For contracts with customers that contain both space systems and launch services elements, revenues for each reporting segment are generally allocated based upon the overall costs incurred for each of the reporting segments in comparison to total overall costs of the contract. The following table shows information by reportable segment for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025				2024
	Launch Services		Space Systems		Launch Services		Space Systems
Revenues	$	35,592	$	86,977	$	32,719	$	60,048
Cost of revenues	28,375		58,947		24,312		44,281
Gross profit	$	7,217	$	28,030	$	8,407	$	15,767

The following table shows information by reportable segment by products and services for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025				2024
	Launch Services		Space Systems		Launch Services		Space Systems
Products:
Revenues	$	—	$	80,804	$	—	$	54,146
Cost of revenues	—		53,869		—		40,827
Gross profit	$	—	$	26,935	$	—	$	13,319

Services:
Revenues	$	35,592	$	6,173	$	32,719	$	5,902
Cost of revenues	28,375		5,078		24,312		3,454
Gross profit	$	7,217	$	1,095	$	8,407	$	2,448

Management does not regularly review either reporting segment’s total assets or operating expenses. This is because in general, the Company’s long-lived assets, facilities, and equipment are shared by each reporting segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net, as of March 31, 2025 and December 31, 2024 consisted of the following:


	March 31, 2025		December 31, 2024
Buildings and improvements	$	68,939	$	68,631
Machinery, equipment, vehicles and office furniture	131,236		127,577
Computer equipment, hardware and software	16,819		16,204
Launch site assets	22,541		20,726
Construction in process	45,912		27,285
Property, plant and equipment—gross	285,447		260,423
Less accumulated depreciation and amortization	(71,457)		(65,585)
Property, plant and equipment—net	$	213,990	$	194,838

Depreciation expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2025 and 2024 consisted of the following:


	Three Months Ended March 31,
Depreciation expense	2025		2024
Cost of revenues	$	3,061	$	2,749
Research and development, net	1,739		1,392
Selling, general and administrative	765		624
Total depreciation expense	$	5,565	$	4,765

INCOME TAXES

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

Income tax provision and the effective tax rate for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
	2025			2024
Benefit (provision) for income taxes	$	813		$	(5)
Effective tax rate	1.3		%	(0.0)%

The tax provisions for the three months ended March 31, 2025 and 2024 were computed using the estimated effective tax rates projected to be applicable for domestic and international taxable jurisdictions for the full year as adjusted for discrete items arising during each quarter.

The effective tax rate differs from the federal statutory rate due primarily to a full valuation allowance against our US deferred tax assets, as well as the impact of discrete items that may occur in any given year but which are not consistent from year-to-year.

Due to net operating loss (“NOL”) carryforwards, the U.S. federal and state returns are open to examination by the Internal Revenue Service and state jurisdictions for all years beginning with the year ended March 31, 2016. Our foreign subsidiaries are generally subject to examination within four years from the end of the tax year during which the tax return was filed. The years subject to audit may be extended if the entity substantially understates corporate income tax. The Company is not currently under examination in the United States by the Internal Revenue Service or state and local tax authorities. The Company is not currently under examination in New Zealand. We are under audit by the Canada Revenue Agency (“CRA”) for the years ended December 31, 2021 and December 31, 2022. The audit is in the early information request stage and the Company is engaged in discussions with the CRA on the matter. Given the early stage of these discussions, we will continue to monitor for any developments and their impact, if any, to our provision for income taxes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($)			3 Months Ended	12 Months Ended
	Jan. 07, 2025	Dec. 03, 2024	Mar. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Amounts due from related party			$ 0	$ 0
Preferred Stock Exchange
Related Party Transaction [Line Items]
Preferred stock exchange, (in shares)		50,951,250
Preferred Stock Exchange \| The Equatorial Trust
Related Party Transaction [Line Items]
Preferred stock exchange, (in shares)	50,951,250

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Cash Equivalents and Marketable Securities with Unrealized Losses (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Marketable Securities [Line Items]
Fair value, in loss position for less than 12 months	$ 61,615
Unrealized Losses, in loss position for less than 12 months	(42)
Fair value, in loss position for greater than 12 months	8,494
Unrealized loss,in loss position for greater than 12 months	(2)
Fair Value - Total	70,109
Unrealized Losses - Total	(44)
Corporate debt securities
Marketable Securities [Line Items]
Fair value, in loss position for less than 12 months	15,399
Unrealized Losses, in loss position for less than 12 months	(19)
Fair value, in loss position for greater than 12 months	0
Unrealized loss,in loss position for greater than 12 months	0
Fair Value - Total	15,399
Unrealized Losses - Total	(19)
Yankee bonds
Marketable Securities [Line Items]
Fair value, in loss position for less than 12 months	2,704
Unrealized Losses, in loss position for less than 12 months	(1)
Fair value, in loss position for greater than 12 months	0
Unrealized loss,in loss position for greater than 12 months	0
Fair Value - Total	2,704
Unrealized Losses - Total	(1)
U.S. Treasury securities
Marketable Securities [Line Items]
Fair value, in loss position for less than 12 months	31,613
Unrealized Losses, in loss position for less than 12 months	(19)
Fair value, in loss position for greater than 12 months	8,494
Unrealized loss,in loss position for greater than 12 months	(2)
Fair Value - Total	40,107
Unrealized Losses - Total	(21)
Mortgage- and asset-backed securities
Marketable Securities [Line Items]
Fair value, in loss position for less than 12 months	11,899
Unrealized Losses, in loss position for less than 12 months	(3)
Fair value, in loss position for greater than 12 months	0
Unrealized loss,in loss position for greater than 12 months	0
Fair Value - Total	11,899
Unrealized Losses - Total	$ (3)