0001819994-26-000028 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,205,499	$ 828,660
Marketable securities, current	177,852	187,917
Accounts receivable, net	74,955	39,001
Contract assets	75,036	61,606
Inventories	183,146	158,407
Prepaids and other current assets	83,874	89,953
Total current assets	1,800,362	1,365,544
Non-current assets:
Property, plant and equipment, net	343,988	319,473
Intangible assets, net	220,567	224,746
Goodwill	208,738	205,750
Right-of-use assets - operating leases	90,933	90,371
Right-of-use assets - finance leases	13,767	13,895
Marketable securities, non-current	93,494	82,247
Restricted cash	5,524	4,885
Deferred income tax assets, net	849	1,895
Other non-current assets	41,719	15,672
Total assets	2,819,941	2,324,478
Current liabilities:
Trade payables	63,112	72,699
Accrued expenses	33,546	19,299
Employee benefits payable	40,720	25,803
Contract liabilities	241,412	195,438
Other current liabilities	23,555	21,237
Total current liabilities	402,345	334,476
Non-current liabilities:
Convertible senior notes, net	36,869	152,395
Long-term borrowings, net	1,716	1,716
Non-current operating lease liabilities	85,517	85,191
Non-current finance lease liabilities	14,568	14,653
Deferred income tax liabilities	1,352	1,241
Other non-current liabilities	13,207	12,952
Total liabilities	555,574	602,624
COMMITMENTS AND CONTINGENCIES (Note 15)
Stockholders’ equity:
Preferred stock, $0.0001 par value; authorized shares: 100,000,000; issued and outstanding shares: 45,951,250 at March 31, 2026 and December 31, 2025	5	5
Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued shares: 621,718,750 and 589,525,802 at March 31, 2026 and December 31, 2025, respectively; outstanding shares: 575,767,500 and 543,574,552 at March 31, 2026 and December 31, 2025, respectively	58	54
Treasury stock, at cost; shares: 45,951,250 at March 31, 2026 and December 31, 2025	0	0
Additional paid-in capital	3,324,206	2,735,669
Accumulated deficit	(1,056,932)	(1,011,910)
Accumulated other comprehensive loss	(2,970)	(1,964)
Total stockholders’ equity	2,264,367	1,721,854
Total liabilities and stockholders’ equity	$ 2,819,941	$ 2,324,478

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2026

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, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	1,205,499	$	828,660
Marketable securities, current	177,852		187,917
Marketable securities, non-current	93,494		82,247
Total cash and cash equivalents and marketable securities	$	1,476,845	$	1,098,824

As of March 31, 2026, 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	$	1,100,859	$	—	$	—	$	1,100,859	$	1,100,859	$	—
Certificates of deposit	27,348		3		(20)		27,331		—		27,331
Commercial paper	28,054		3		(27)		28,030		—		28,030
Corporate debt securities	112,469		29		(170)		112,328		—		112,328
Yankee bonds	8,172		3		(4)		8,171		—		8,171
U.S. Treasury securities	65,471		17		(121)		65,367		—		65,367
Asset-backed securities	30,062		61		(4)		30,119		—		30,119
Total	$	1,372,435	$	116	$	(346)	$	1,372,205	$	1,100,859	$	271,346

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, 2026:


	In Loss Position for Less than 12 Months
	Fair Value		Unrealized Losses
Certificates of deposit	$	22,086	$	(20)
Commercial paper	24,806		(27)
Corporate debt securities	63,171		(170)
Yankee bonds	3,098		(4)
U.S. Treasury securities	28,577		(121)
Asset-backed securities	4,465		(4)
Total	$	146,203	$	(346)

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, 2026, 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, 2026:


	Amortized Cost		Fair Value
Due within one year	$	1,278,754	$	1,278,711
Due within one to two years	93,681		93,494
Total	$	1,372,435	$	1,372,205

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Collared Forward Transaction Pursuant to the Equity Distribution Agreement, the Company entered into collared forward transactions and sold an aggregate of 7,451,200 shares of common stock for minimum expected proceeds of approximately $474,000 and maximum expected proceeds of approximately $642,000. The minimum and maximum expected proceeds are based on maturity dates scheduled to occur in April 2028. Actual proceeds will depend on, among other things, if the Company elects to settle the collared forward transactions prior to the scheduled maturity dates, as well as the cap price and floor price set forth in each collared forward transaction. Mynaric Acquisition On April 14, 2026, the Company completed the acquisition of 100% of the issued and outstanding ordinary shares of Mynaric AG (“Mynaric”), a stock corporation incorporated under the laws of Germany, thereby obtaining control. The acquisition strengthens the Company’s position as a leading provider of launch services, spacecraft manufacturing, and satellite components by adding high-performing laser optical communications technology. The acquisition addresses a critical supply chain constraint for satellite constellation operators and establishes the Company's first European footprint. The Company paid an aggregate consideration value of $155,300 at the closing of the acquisition, consisting of a nominal cash payment and 2,277,002 shares of the Company’s Common Stock. The consideration was primarily based on a base purchase price of $75,000 plus additional investments made by the sellers in Mynaric prior to closing. Subject to post-closing purchase price adjustments, the sellers are no longer eligible for further earnout payments. The Company is in the process of determining the fair values of assets acquired and liabilities assumed and expects to complete the initial accounting within one year from the acquisition date. Motiv On May 6, 2026, the Company entered into an Equity Purchase Agreement (together with the ancillary documents thereto, the “Motiv Purchase Agreement”) by and among the Company, Motiv Space Systems, Inc., a Delaware corporation (“Motiv”) and certain other equityholders of Motiv. The Motiv Purchase Agreement provides for, among other things, the Company’s purchase and acquisition of all of the issued and outstanding equity interests of Motiv.The Motiv acquisition addresses a critical gap in the Company’s vertical integration strategy by bringing in-house costly and supply-constrained satellite components like solar array drive assemblies (SADAs) and other precision mechanisms and add Mars-proven robotics capability for advanced planetary and national security missions. Pursuant to the terms of the Motiv Purchase Agreement, all of the issued and outstanding equity interests of Motiv will be purchased in exchange for aggregate consideration of $40,000 in cash, subject to adjustments at closing, plus up to $20,000 in potential additional post-closing earnout payments in common stock.

BUSINESS COMBINATION (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Estimates Fair Value of Assets Acquired and Liabilities Assumed

The following table presents the purchase consideration and the estimates of the preliminary fair value of the assets acquired and the liabilities assumed by the Company in the acquisition:


	August 12, 2025
Cash consideration	$	134,299
Fair value of common stock issued (1)	137,653
Contingent consideration (2)	18,258
Purchase consideration	$	290,210

Description
Cash and cash equivalents	$	1,280
Accounts receivable	3,196
Contract assets	787
Inventories	402
Prepaids and other current assets	1,079
Property, plant and equipment	4,267
Intangible assets	183,300
Right-of-use assets - operating leases	6,553
Other non-current assets	424
Trade payables	(2,467)
Accrued expenses	(142)
Employee benefits payable	(3,407)
Contract liabilities	(842)
Other current liabilities	(1,340)
Non-current operating lease liabilities	(5,256)
Deferred income tax liabilities	(32,354)
Identifiable net assets acquired	155,480
Goodwill	134,730
Total purchase price	$	290,210

_____________________________________

(1) The Company issued 3,057,588 shares of common stock, with the fair value determined based on the Company’s common stock closing price of $45.02 on August 11, 2025.

(2) The contingent consideration, to be paid in cash, was classified as a liability and included in other non-current liabilities on the condensed consolidated balance sheets. To estimate the fair value of the contingent consideration liability, management valued the earn-out based on the likelihood of reaching certain revenue targets. At the acquisition date, the fair value of the contingent consideration payable was measured based on a Monte Carlo simulation utilizing projections about future performance. Significant inputs at acquisition include revenue volatility of 29%, discount rate of 10% and projected financial information.

Schedule of Identifiable Intangible Assets Acquired and Related Expected Lives for the Finite-Lived Intangible Assets

The following is a summary of preliminary identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets:


Type	Estimated Life in Years	Fair Value
Developed technology	10	$	172,300
Backlog	5	11,000
Total identifiable intangible assets acquired		$	183,300

Schedule of Unaudited Consolidated Pro Forma Operating

These unaudited consolidated pro forma operating results are presented for illustrative purposes only and are not indicative of the operating results that would have been achieved had the acquisition occurred on January 1, 2025, nor does the information project results for any future period.


	Three Months Ended March 31, 2025
Total revenues	$	130,015

Net loss	$	(66,391)

INCOME TAXES

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

The benefit for income taxes and effective tax rate for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026			2025
Benefit for income taxes	$	1,792		$	813
Effective tax rate	3.8		%	1.3		%

The benefit for income taxes for the three months ended March 31, 2026 and 2025 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 U.S. 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 its net operating loss carryforwards, the Company remains subject to examination for U.S. federal and state jurisdictions for all years beginning with the year ended March 31, 2016. The Company's foreign subsidiaries are generally subject to examination within four years the end of the tax year during which the tax return was filed.

- Definition

The entire disclosure for income tax.

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+ Details

PREPAIDS AND OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

PREPAIDS AND OTHER CURRENT ASSETS

Prepaids and other current assets as of March 31, 2026 and December 31, 2025 consisted of the following:


	March 31, 2026		December 31, 2025
Prepaid expenses and deposits	$	49,041	$	57,738
Government grant receivables	16,219		15,629
Customer financing receivables	9,000		6,750
Other current assets	9,614		9,836
Total prepaids and other current assets	$	83,874	$	89,953

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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)	45,951,250	45,951,250
Preferred stock, shares outstanding (in shares)	45,951,250	45,951,250
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)	621,718,750	589,525,802
Common stock, share outstanding (in shares)	575,767,500	543,574,552
Treasury stock shares (in shares)	45,951,250	45,951,250

REVENUES (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Reconciliation of Disaggregation of Revenue

The following table provides information about revenue by recognition model for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
Revenues by recognition model	Launch Services		Space Systems		Total
Point-in-time	$	55,565	$	32,149	$	87,714
Over-time	8,098		104,536		112,634
Total revenue by recognition model	$	63,663	$	136,685	$	200,348


	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

Schedule of Balances Related to Enforceable Contracts

The following table presents the balances related to enforceable contracts as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Contract balances
Accounts receivable, net	$	74,955	$	39,001
Contract assets	75,036		61,606
Contract liabilities	(241,412)		(195,438)

Schedule of Changes in Contract Liabilities

Changes in contract liabilities for the three months ended March 31, 2026 were as follows:


Contract liabilities, at December 31, 2025	$	195,438
Contract liabilities assumed at acquisition	225
Customer advances received or billed, net	130,970
Recognition of unearned revenue	(85,221)
Contract liabilities, at March 31, 2026	$	241,412

Schedule of Concentration of Credit Risk and Significant Customers

As of March 31, 2026, the Company’s customer that accounted for 10% or more of the total accounts receivable, net, was as follows:


	March 31, 2026
Kratos SRE, Inc.	21	%

For the three months ended March 31, 2026, the Company’s customer that accounted for 10% or more of the total revenue, was:


	Three Months Ended March 31, 2026
Government customer	36	%

RELATED PARTY TRANSACTIONS (Details)		1 Months Ended		3 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Dec. 03, 2024 shares	Jul. 31, 2025 shares	Jan. 31, 2025 shares	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Jun. 17, 2025
Related Party Transaction [Line Items]
Amounts due from related party \| $				$ 0	$ 0
The Equatorial Trust
Related Party Transaction [Line Items]
Conversion ratio		1				1
The Equatorial Trust \| Common Stock
Related Party Transaction [Line Items]
Preferred stock exchange (in shares)		5,000,000
The Equatorial Trust \| Series A Convertible Participating Preferred Stock
Related Party Transaction [Line Items]
Shares converted (in shares)		5,000,000
Preferred Stock Exchange
Related Party Transaction [Line Items]
Preferred stock exchange (in shares)	50,951,250
Preferred Stock Exchange \| Series A Convertible Participating Preferred Stock
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

- 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

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended March 31, 2026, certain executive officers and directors of the Company (each, a “Plan Participant”) 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 each Plan Participant’s Rule 10b5-1 Trading Plan.

Name

Title

Plan Date

Maximum Shares That May Be Sold Under the Plan

Plan Expiration Date

Sir Peter Beck

Chief Executive Officer

March 27, 2026

5,000,000

July 8, 2026

Adam Spice

Chief Financial Officer

March 27, 2026

840,942

(1)

June 30, 2027

_____________________________________

(1) Represents shares issuable to Mr. Spice upon the exercise of approximately 33% of the vested stock options held by Mr. Spice as of the date of the Rule 10b5-1 Trading Plan, all of which are scheduled to expire in August 2028.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Sir Peter Beck [Member]

Trading Arrangements, by Individual

Name

Sir Peter Beck

Title

Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

March 27, 2026

July 8, 2026

103 days

5,000,000

Trading Arrangements, by Individual

Name

Adam Spice

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

March 27, 2026

June 30, 2027

460 days

840,942

SEGMENTS

3 Months Ended

Mar. 31, 2026

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, 2026 and 2025:


	Three Months Ended March 31,
	2026				2025
	Launch Services		Space Systems		Launch Services		Space Systems
Revenues	$	63,663	$	136,685	$	35,592	$	86,977
Cost of revenues	35,440		88,415		28,375		58,947
Gross profit	$	28,223	$	48,270	$	7,217	$	28,030

The following table shows information by reportable segment by products and services for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026				2025
	Launch Services		Space Systems		Launch Services		Space Systems
Products:
Revenues	$	—	$	127,488	$	—	$	80,804
Cost of revenues	—		81,084		—		53,869
Gross profit	$	—	$	46,404	$	—	$	26,935

Services:
Revenues	$	63,663	$	9,197	$	35,592	$	6,173
Cost of revenues	35,440		7,331		28,375		5,078
Gross profit	$	28,223	$	1,866	$	7,217	$	1,095

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.

+ References

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+ Details

STOCKHOLDERS’ EQUITY (Details)				1 Months Ended				3 Months Ended
STOCKHOLDERS’ EQUITY (Details)	Mar. 17, 2026 USD ($) $ / shares	Jan. 07, 2025 USD ($) $ / shares	Dec. 03, 2024 boardOfDirector $ / shares shares	Sep. 30, 2025 USD ($)	Jul. 31, 2025 shares	Mar. 31, 2025 USD ($)	Jan. 31, 2025 shares	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2025 $ / shares	Jun. 17, 2025
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
Aggregate offering price (in dollars per share) \| $ / shares	$ 0.0001
Gross proceeds \| $								$ 450,347,000	$ 92,806,000
Underwriting discounts, commissions and other expenses \| $								$ 4,740,000	$ 2,088,000
At-The-Market Offering
Class of Stock [Line Items]
Aggregate offering price \| $	$ 1,000,000,000			$ 750,000,000		$ 500,000,000
March ATM Equity Offering
Class of Stock [Line Items]
Number of shares sold (in shares) \| shares									4,858,839
Gross proceeds \| $									$ 92,806,000
Underwriting discounts, commissions and other expenses \| $									2,703,000
Equity Distribution Agreement
Class of Stock [Line Items]
Number of shares sold (in shares) \| shares								6,358,097
Gross proceeds \| $								$ 450,347,000
Underwriting discounts, commissions and other expenses \| $									$ 5,425,000
September ATM equity offering
Class of Stock [Line Items]
Number of shares sold (in shares) \| shares								0
The Equatorial Trust
Class of Stock [Line Items]
Conversion ratio					1						1
Series A Convertible Participating Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.0001
Series A Convertible Participating Preferred Stock \| The Equatorial Trust
Class of Stock [Line Items]
Shares converted (in shares) \| shares					5,000,000
Common Stock \| The Equatorial Trust
Class of Stock [Line Items]
Preferred stock exchange (in shares) \| shares					5,000,000
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

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Contingent Consideration Obligation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 7,634
Fair value adjustment	187
Ending balance	$ 7,821

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense and Effective Tax Rate

The benefit for income taxes and effective tax rate for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026			2025
Benefit for income taxes	$	1,792		$	813
Effective tax rate	3.8		%	1.3		%

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026 and December 31, 2025:


	March 31, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Developed technology	$	232,165	$	(43,331)	$	188,834
Capitalized software	14,633		(11,378)		3,255
Customer relationships	17,005		(6,098)		10,907
Trademarks and tradenames	10,301		(3,652)		6,649
Backlog	14,491		(4,899)		9,592
Other	1,455		(625)		830
Indefinite-Lived Intangible Assets
In-process technology	500		—		500
Total	$	290,550	$	(69,983)	$	220,567


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Developed technology	$	230,165	$	(37,238)	$	192,927
Capitalized software	14,558		(11,164)		3,394
Customer relationships	16,114		(5,786)		10,328
Trademarks and tradenames	10,102		(3,443)		6,659
Backlog	14,491		(4,343)		10,148
Other	1,399		(609)		790
Indefinite-Lived Intangible Assets
In-process technology	500		—		500
Total	$	287,329	$	(62,583)	$	224,746

Schedule of Amortization expense

Amortization expense recorded in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025, respectively consisted of the following:


	Three Months Ended March 31,
	2026		2025
Cost of revenues	$	6,136	$	1,812
Research and development, net	7		2
Selling, general and administrative	1,333		899
Total amortization expense	$	7,476	$	2,713

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, 2026:


2026 (for the remaining period)	$	22,704
2027	29,176
2028	28,124
2029	25,894
2030	22,080
Thereafter	92,089
Total	$	220,067

LEASES	3 Months Ended
LEASES	Mar. 31, 2026
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-four 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. For the three months ended March 31, 2026, there have been no material changes in the Company’s lease portfolio since December 31, 2025.
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-four 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. For the three months ended March 31, 2026, there have been no material changes in the Company’s lease portfolio since December 31, 2025.

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

As of March 31, 2026 and December 31, 2025 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, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	1,100,859	$	—	$	—	$	1,100,859

Marketable securities, current:
Certificates of deposit	—		27,331		—		27,331
Commercial paper	—		28,030		—		28,030
Corporate debt securities	—		74,579		—		74,579
Yankee bonds	—		5,362		—		5,362
U.S. Treasury securities	38,295		—		—		38,295
Asset-backed securities	—		4,256		—		4,256
Marketable securities, non-current
Corporate debt securities	—		37,749		—		37,749
Yankee bonds	—		2,809		—		2,809
U.S. Treasury securities	27,072		—		—		27,072
Asset-backed securities	—		25,863		—		25,863
Total	$	1,166,226	$	205,979	$	—	$	1,372,205
Liabilities:
Other non-current liabilities:
Contingent consideration	$	—	$	—	$	7,821	$	7,821
Total	$	—	$	—	$	7,821	$	7,821


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	741,498	$	—	$	—	$	741,498
Certificates of deposit	—		1,556		—		1,556
Marketable securities, current:
Certificates of deposit	—		9,294		—		9,294
Commercial paper	—		27,776		—		27,776
Corporate debt securities	—		103,077		—		103,077
Yankee bonds	—		5,351		—		5,351
U.S. Treasury securities	40,576		—		—		40,576
Asset-backed securities	—		1,843		—		1,843
Marketable securities, non-current
Certificates of deposit	—		2,327		—		2,327
Corporate debt securities	—		33,509		—		33,509
U.S. Treasury securities	8,492		—		—		8,492
Asset-backed securities	—		37,919		—		37,919
Total	$	790,566	$	222,652	$	—	$	1,013,218
Liabilities:
Other non-current liabilities:
Contingent consideration	$	—	$	—	$	7,634	$	7,634
Total	$	—	$	—	$	7,634	$	7,634

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 for the three months ended March 31, 2026.

Contingent Consideration

The Company recorded a contingent consideration liability related to potential earnout payments based on revenue targets pursuant to the GEOST Purchase Agreement. The estimated fair value of the contingent consideration is recorded using significant unobservable measures and other fair value inputs and is therefore classified as a Level 3 financial instrument.

The following table presents contingent consideration obligations measured on a recurring basis using Level 3 inputs as of March 31, 2026 and December 31, 2025:


December 31, 2025	$	7,634
Fair value adjustment	187
March 31, 2026	$	7,821

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, 2026 to be a Level 2 measurement due to limited trading activity of the convertible senior notes. As of March 31, 2026, the net carrying amount of the convertible senior notes was $36,869, with unamortized discount and debt issuance costs of $728. As of March 31, 2026, the total estimated fair value (Level 2) of the convertible senior notes was $521,052. 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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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

NET LOSS PER SHARE - Narrative (Details)	3 Months Ended
NET LOSS PER SHARE - Narrative (Details)	Mar. 31, 2026 votingRight
Earnings Per Share [Abstract]
Number of votes per share	1

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, plant and equipment—gross	$ 441,177	$ 410,338
Less accumulated depreciation and amortization	(97,189)	(90,865)
Property, plant and equipment—net	343,988	319,473
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment—gross	80,009	78,564
Machinery, equipment, vehicles and office furniture
Property, Plant and Equipment [Line Items]
Property, plant and equipment—gross	182,786	174,526
Computer equipment, hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment—gross	22,104	20,751
Launch site assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment—gross	25,938	25,330
Construction in process
Property, Plant and Equipment [Line Items]
Property, plant and equipment—gross	$ 130,340	$ 111,167

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 93,013	$ 76,739
Work in process	76,061	68,712
Finished goods	14,072	12,956
Total inventories	$ 183,146	$ 158,407

SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Information by Reportable Segment

The following table shows information by reportable segment for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026				2025
	Launch Services		Space Systems		Launch Services		Space Systems
Revenues	$	63,663	$	136,685	$	35,592	$	86,977
Cost of revenues	35,440		88,415		28,375		58,947
Gross profit	$	28,223	$	48,270	$	7,217	$	28,030

The following table shows information by reportable segment by products and services for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026				2025
	Launch Services		Space Systems		Launch Services		Space Systems
Products:
Revenues	$	—	$	127,488	$	—	$	80,804
Cost of revenues	—		81,084		—		53,869
Gross profit	$	—	$	46,404	$	—	$	26,935

Services:
Revenues	$	63,663	$	9,197	$	35,592	$	6,173
Cost of revenues	35,440		7,331		28,375		5,078
Gross profit	$	28,223	$	1,866	$	7,217	$	1,095

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	1,205,499	$	828,660
Marketable securities, current	177,852		187,917
Marketable securities, non-current	93,494		82,247
Total cash and cash equivalents and marketable securities	$	1,476,845	$	1,098,824

Schedule of Cash Equivalents and Marketable Securities

As of March 31, 2026, 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	$	1,100,859	$	—	$	—	$	1,100,859	$	1,100,859	$	—
Certificates of deposit	27,348		3		(20)		27,331		—		27,331
Commercial paper	28,054		3		(27)		28,030		—		28,030
Corporate debt securities	112,469		29		(170)		112,328		—		112,328
Yankee bonds	8,172		3		(4)		8,171		—		8,171
U.S. Treasury securities	65,471		17		(121)		65,367		—		65,367
Asset-backed securities	30,062		61		(4)		30,119		—		30,119
Total	$	1,372,435	$	116	$	(346)	$	1,372,205	$	1,100,859	$	271,346

Schedule of Cash Equivalents and Marketable Securities with Unrealized Losses


	In Loss Position for Less than 12 Months
	Fair Value		Unrealized Losses
Certificates of deposit	$	22,086	$	(20)
Commercial paper	24,806		(27)
Corporate debt securities	63,171		(170)
Yankee bonds	3,098		(4)
U.S. Treasury securities	28,577		(121)
Asset-backed securities	4,465		(4)
Total	$	146,203	$	(346)

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, 2026:


	Amortized Cost		Fair Value
Due within one year	$	1,278,754	$	1,278,711
Due within one to two years	93,681		93,494
Total	$	1,372,435	$	1,372,205

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-39560
Entity Registrant Name	ROCKET LAB CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-2182599
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		578,750,990
Entity Central Index Key	0001819994
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

GOODWILL AND INTANGIBLE ASSETS, NET - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 208,738	$ 205,750

- 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

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Cash Equivalents and Marketable Securities with Unrealized Losses (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Marketable Securities [Line Items]
Fair value, in loss position for less than 12 months	$ 146,203
Unrealized losses, in loss position for less than 12 months	(346)
Certificates of deposit
Marketable Securities [Line Items]
Fair value, in loss position for less than 12 months	22,086
Unrealized losses, in loss position for less than 12 months	(20)
Commercial paper
Marketable Securities [Line Items]
Fair value, in loss position for less than 12 months	24,806
Unrealized losses, in loss position for less than 12 months	(27)
Corporate debt securities
Marketable Securities [Line Items]
Fair value, in loss position for less than 12 months	63,171
Unrealized losses, in loss position for less than 12 months	(170)
Yankee bonds
Marketable Securities [Line Items]
Fair value, in loss position for less than 12 months	3,098
Unrealized losses, in loss position for less than 12 months	(4)
U.S. Treasury securities
Marketable Securities [Line Items]
Fair value, in loss position for less than 12 months	28,577
Unrealized losses, in loss position for less than 12 months	(121)
Asset-backed securities
Marketable Securities [Line Items]
Fair value, in loss position for less than 12 months	4,465
Unrealized losses, in loss position for less than 12 months	$ (4)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	May 06, 2026	Apr. 14, 2026	May 07, 2026	Mar. 31, 2026
Equity Distribution Agreement
Subsequent Event [Line Items]
Number of shares sold (in shares)				6,358,097
Subsequent Event \| Mynaric Acquisition
Subsequent Event [Line Items]
Acquisition percentage		100.00%
Business combination, consideration transferred		$ 155,300
Issued common stock (in shares)		2,277,002
Base purchase price		$ 75,000
Subsequent Event \| Motiv Purchase Agreement
Subsequent Event [Line Items]
Payments to acquire businesses, gross	$ 40
Potential additional post-closing cash earnout payments	$ 20
Subsequent Event \| Equity Distribution Agreement
Subsequent Event [Line Items]
Number of shares sold (in shares)			7,451,200
Subsequent Event \| Equity Distribution Agreement \| Minimum
Subsequent Event [Line Items]
Consideration expected proceeds			$ 474,000
Subsequent Event \| Equity Distribution Agreement \| Maximum
Subsequent Event [Line Items]
Consideration expected proceeds			$ 642,000

BUSINESS COMBINATION - Additional Information (Details) - USD ($) $ in Thousands	Aug. 12, 2025	Mar. 31, 2026	Dec. 31, 2025
Business Combination [Line Items]
Goodwill		$ 208,738	$ 205,750
GEOST Purchase Agreement
Business Combination [Line Items]
Business combination, consideration transferred	$ 275,000
Payments to acquire businesses, gross	125,000
Potential additional post-closing cash earnout payments	50,000
GEOST LLC
Business Combination [Line Items]
Business combination, consideration transferred	290,210
Payments to acquire businesses, gross	$ 134,299
Transferred, equity interest, share issued, number of shares (in shares)	3,057,588
Goodwill	$ 134,730

- 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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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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BUSINESS COMBINATION - Schedule of Unaudited Consolidated Pro Forma Operating (Details) - GEOST LLC - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Business Combination [Line Items]
Total revenues	$ 200,348	$ 130,015
Net loss	$ (45,022)	$ (66,391)

- 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

LEASES (Details)	3 Months Ended
LEASES (Details)	Mar. 31, 2026
Minimum
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee Lease Description [Line Items]
Remaining lease term	24 years

STOCK-BASED COMPENSATION EXPENSE - Schedule of Stock-Based Compensation Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 28,116	$ 19,234
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,506	3,920
Research and development, net
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5,846	4,894
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 18,764	$ 10,420

REVENUES - Schedule of Balances Related to Enforceable Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 74,955	$ 39,001
Contract assets	75,036	61,606
Contract liabilities	$ (241,412)	$ (195,438)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	1,100,859	$	—	$	—	$	1,100,859

Marketable securities, current:
Certificates of deposit	—		27,331		—		27,331
Commercial paper	—		28,030		—		28,030
Corporate debt securities	—		74,579		—		74,579
Yankee bonds	—		5,362		—		5,362
U.S. Treasury securities	38,295		—		—		38,295
Asset-backed securities	—		4,256		—		4,256
Marketable securities, non-current
Corporate debt securities	—		37,749		—		37,749
Yankee bonds	—		2,809		—		2,809
U.S. Treasury securities	27,072		—		—		27,072
Asset-backed securities	—		25,863		—		25,863
Total	$	1,166,226	$	205,979	$	—	$	1,372,205
Liabilities:
Other non-current liabilities:
Contingent consideration	$	—	$	—	$	7,821	$	7,821
Total	$	—	$	—	$	7,821	$	7,821


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	741,498	$	—	$	—	$	741,498
Certificates of deposit	—		1,556		—		1,556
Marketable securities, current:
Certificates of deposit	—		9,294		—		9,294
Commercial paper	—		27,776		—		27,776
Corporate debt securities	—		103,077		—		103,077
Yankee bonds	—		5,351		—		5,351
U.S. Treasury securities	40,576		—		—		40,576
Asset-backed securities	—		1,843		—		1,843
Marketable securities, non-current
Certificates of deposit	—		2,327		—		2,327
Corporate debt securities	—		33,509		—		33,509
U.S. Treasury securities	8,492		—		—		8,492
Asset-backed securities	—		37,919		—		37,919
Total	$	790,566	$	222,652	$	—	$	1,013,218
Liabilities:
Other non-current liabilities:
Contingent consideration	$	—	$	—	$	7,634	$	7,634
Total	$	—	$	—	$	7,634	$	7,634

Schedule of Contingent Consideration Obligation

The following table presents contingent consideration obligations measured on a recurring basis using Level 3 inputs as of March 31, 2026 and December 31, 2025:


December 31, 2025	$	7,634
Fair value adjustment	187
March 31, 2026	$	7,821

GOODWILL AND INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The carrying amount of goodwill was $208,738 and $205,750 as of March 31, 2026 and December 31, 2025, respectively. Substantially all goodwill is allocated to the Space Systems reportable segment. For all reporting units, there have been no events or changes in circumstances which indicate that it is more likely than not that the fair value of the reporting unit is below its carrying value.

Intangible Assets

The components of intangible assets consisted of the following as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Developed technology	$	232,165	$	(43,331)	$	188,834
Capitalized software	14,633		(11,378)		3,255
Customer relationships	17,005		(6,098)		10,907
Trademarks and tradenames	10,301		(3,652)		6,649
Backlog	14,491		(4,899)		9,592
Other	1,455		(625)		830
Indefinite-Lived Intangible Assets
In-process technology	500		—		500
Total	$	290,550	$	(69,983)	$	220,567


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Developed technology	$	230,165	$	(37,238)	$	192,927
Capitalized software	14,558		(11,164)		3,394
Customer relationships	16,114		(5,786)		10,328
Trademarks and tradenames	10,102		(3,443)		6,659
Backlog	14,491		(4,343)		10,148
Other	1,399		(609)		790
Indefinite-Lived Intangible Assets
In-process technology	500		—		500
Total	$	287,329	$	(62,583)	$	224,746


	Three Months Ended March 31,
	2026		2025
Cost of revenues	$	6,136	$	1,812
Research and development, net	7		2
Selling, general and administrative	1,333		899
Total amortization expense	$	7,476	$	2,713

The following table outlines the estimated future amortization expense related to intangible assets held as of March 31, 2026:


2026 (for the remaining period)	$	22,704
2027	29,176
2028	28,124
2029	25,894
2030	22,080
Thereafter	92,089
Total	$	220,067

REVENUES

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUES

The following table provides information about revenue by recognition model for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
Revenues by recognition model	Launch Services		Space Systems		Total
Point-in-time	$	55,565	$	32,149	$	87,714
Over-time	8,098		104,536		112,634
Total revenue by recognition model	$	63,663	$	136,685	$	200,348


	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

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, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Contract balances
Accounts receivable, net	$	74,955	$	39,001
Contract assets	75,036		61,606
Contract liabilities	(241,412)		(195,438)

Changes in contract liabilities for the three months ended March 31, 2026 were as follows:


Contract liabilities, at December 31, 2025	$	195,438
Contract liabilities assumed at acquisition	225
Customer advances received or billed, net	130,970
Recognition of unearned revenue	(85,221)
Contract liabilities, at March 31, 2026	$	241,412

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, 2026 and 2025 was not material.

In February 2022, the Company entered into a procurement agreement with MDA Corporation to design and manufacture of 17 spacecraft buses (the “MDA Contract”). The Company has determined that the projected delivery dates for certain deliverables will be later than the dates originally set out under the MDA Contract. This delay is the result of a number of factors, including delays that have arisen in the Company’s supply chain. Under the terms of the MDA Contract, the customer is potentially entitled to claim liquidated damages as a result of this delivery delay. The Company is similarly entitled to claim liquidated damages against certain suppliers that have contributed to these delays. At this time, it is not possible to determine with certainty the net amount, if any, of actual liquidated damages that could ultimately be incurred.

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 $2,219,756 as of March 31, 2026, of which approximately 36% is expected to be recognized within 12 months, with the remaining 64% to be recognized beyond 12 months.

Concentration of Credit Risk and Significant Customers

As of March 31, 2026, the Company’s customer that accounted for 10% or more of the total accounts receivable, net, was as follows:


	March 31, 2026
Kratos SRE, Inc.	21	%

For the three months ended March 31, 2026, the Company’s customer that accounted for 10% or more of the total revenue, was:


	Three Months Ended March 31, 2026
Government customer	36	%

Customer Financing

In connection with the signing of three 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 9.5%,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.

In July 2025, the Company received a full payoff of $7,489 and terminated the subordinated loan and security agreement with one of the commercial customers.

As of March 31, 2026 and December 31, 2025, the Company had $9,000 and $6,750 customer financing receivable in prepaids and other currents assets, respectively, and $15,200 and $16,138 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, 2026 and 2025 was $562 and $380, 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 7
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

SEGMENTS - Additional Information (Details)	3 Months Ended
SEGMENTS - Additional Information (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

LOAN AGREEMENTS (Details)				3 Months Ended
LOAN AGREEMENTS (Details)	Mar. 20, 2025 USD ($)	Feb. 02, 2024 USD ($) $ / shares	Dec. 29, 2023 USD ($) advance	Mar. 31, 2026 USD ($) day $ / shares shares	Feb. 29, 2024 USD ($)	Feb. 06, 2024
Debt Instrument [Line Items]
Consecutive business days \| day				5
Trinity Master Equipment Financing Agreement
Debt Instrument [Line Items]
Loan and security agreement, maximum amount			$ 120,000,000
Loan agreement, monthly payment rate	0.022266		0.022266
Proceeds from lines of credit	$ 25,000,000
Trinity Master Equipment Financing Agreement \| Line Of Credit Condition 1
Debt Instrument [Line Items]
Repayment of term loan advance			$ 30,000,000
Line of credit facility, maximum borrowing, each draw limit			$ 10,000,000
Line of credit facility, after the effective date			18 months
Trinity Master Equipment Financing Agreement \| Line Of Credit Condition Maximum borrowing Limit
Debt Instrument [Line Items]
Repayment of term loan advance			$ 20,000,000
Indenture and Notes \| 4.250% Convertible Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount				$ 118,057,000	$ 355,000,000
Stated interest rate					4.25%	4.25%
Conversion price percent				130.00%
Trading days \| day				20
Measurement period				98.00%
Initial conversion rate				19510.29%
Conversion price (in dollars per share) \| $ / shares				$ 5.13
Shares converted (in shares) \| shares				23,033,250
Notes before unamortized discount				$ 37,597,000
Debt issuance costs				$ 728,000
Effective interest rate				5.00%
Indenture and Notes \| 4.250% Convertible Senior Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Consecutive trading days \| day				30
Indenture and Notes \| 4.250% Convertible Senior Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Consecutive trading days \| day				10
Capped Call Transactions
Debt Instrument [Line Items]
Transactions cost		$ 43,168,000
Initial cap price (in dollars per share) \| $ / shares		$ 8.04
Premium over sales price		100.00%
Effective Date Draw \| Trinity Master Equipment Financing Agreement
Debt Instrument [Line Items]
Term loan advance			$ 70,000,000
Loan agreement payment term			60 months
Blanket Lien Draw \| Trinity Master Equipment Financing Agreement
Debt Instrument [Line Items]
Term loan advance			$ 40,000,000
Loan agreement payment term			60 months
Blanket Lien Draw \| Trinity Master Equipment Financing Agreement \| Line Of Credit Condition 1
Debt Instrument [Line Items]
Number of advances \| advance			3
March 2025 Draw \| Trinity Master Equipment Financing Agreement
Debt Instrument [Line Items]
Term charge on repayment of debt				$ 60,000

BUSINESS COMBINATION - Schedule of Identifiable Intangible Assets Acquired and Related Expected Lives for the Finite-Lived Intangible Assets (Details) - GEOST LLC $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Business Combination [Line Items]
Fair Value	$ 183,300
Developed technology
Business Combination [Line Items]
Estimated Life in Years	10 years
Fair Value	$ 172,300
Backlog
Business Combination [Line Items]
Estimated Life in Years	5 years
Fair Value	$ 11,000

- 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

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Contractual Maturities of Marketable Securities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Amortized Cost
Due within one year	$ 1,278,754
Due within one to two years	93,681
Total	1,372,435
Fair Value
Due within one year	1,278,711
Due within one to two years	93,494
Total	$ 1,372,205

- 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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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Total revenues	$ 200,348	$ 122,569
Total cost of revenues	123,855	87,322
Gross profit	76,493	35,247
Operating expenses:
Research and development, net	80,513	55,109
Selling, general and administrative	51,949	39,326
Total operating expenses	132,462	94,435
Operating loss	(55,969)	(59,188)
Other income (expense):
Interest expense	(1,274)	(6,795)
Interest income	10,149	4,209
Gain (loss) on foreign exchange	156	(134)
Other income, net	124	479
Total other income (expense), net	9,155	(2,241)
Loss before income taxes	(46,814)	(61,429)
Benefit for income taxes	1,792	813
Net loss	(45,022)	(60,616)
Other comprehensive loss, net of tax:
Foreign currency translation (loss) gain	(381)	376
Unrealized (loss) gain on available-for-sale marketable securities	(625)	59
Comprehensive loss	$ (46,028)	$ (60,181)
Net loss per share attributable to Rocket Lab Corporation:
Basic (in dollars per share)	$ (0.07)	$ (0.12)
Diluted (in dollars per share)	$ (0.07)	$ (0.12)
Weighted-average common shares outstanding:
Basic (in shares)	605,434,642	505,614,185
Diluted (in shares)	605,434,642	505,614,185
Product revenues
Total revenues	$ 127,488	$ 80,804
Total cost of revenues	81,084	53,869
Service revenues
Total revenues	72,860	41,765
Total cost of revenues	$ 42,771	$ 33,453

REVENUES - Schedule of Concentration of Credit Risk and Significant Customers (Details) - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2026
Accounts Receivable \| Kratos SRE, Inc.
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	21.00%
Revenue Benchmark \| Government customer
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	36.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- 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

BUSINESS COMBINATION

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

BUSINESS COMBINATION

GEOST

In August 2025, the Company closed the acquisition of GEOST LLC ( “GEOST”) pursuant to a Stock Purchase Agreement (the “GEOST Purchase Agreement”), by and among Rocket Lab USA, LightRidge Solutions Holdings LP ("LightRidge Solutions"), and LightRidge Interco Solutions Holdings, Inc. (“LightRidge Interco”), which provided for, among other things, the Company’s purchase and acquisition of all of the issued and outstanding shares of common stock of LightRidge Interco, the owner of GEOST.

Pursuant to the terms of the GEOST Purchase Agreement, all of the issued and outstanding shares of LightRidge Interco were purchased in exchange for aggregate consideration of $275,000, consisting of approximately $125,000 in cash and 3,057,588 shares of common stock, subject in each case to customary adjustments at closing, including for cash, working capital, transaction expenses and indebtedness. Additionally, the GEOST Purchase Agreement provides for up to $50,000 in potential additional post-closing cash earnout payments to LightRidge Solutions tied to revenue targets of the GEOST business for 2026 and 2027.

Acquisition Consideration

The following table presents the purchase consideration and the estimates of the preliminary fair value of the assets acquired and the liabilities assumed by the Company in the acquisition:


	August 12, 2025
Cash consideration	$	134,299
Fair value of common stock issued (1)	137,653
Contingent consideration (2)	18,258
Purchase consideration	$	290,210

Description
Cash and cash equivalents	$	1,280
Accounts receivable	3,196
Contract assets	787
Inventories	402
Prepaids and other current assets	1,079
Property, plant and equipment	4,267
Intangible assets	183,300
Right-of-use assets - operating leases	6,553
Other non-current assets	424
Trade payables	(2,467)
Accrued expenses	(142)
Employee benefits payable	(3,407)
Contract liabilities	(842)
Other current liabilities	(1,340)
Non-current operating lease liabilities	(5,256)
Deferred income tax liabilities	(32,354)
Identifiable net assets acquired	155,480
Goodwill	134,730
Total purchase price	$	290,210

_____________________________________

(1) The Company issued 3,057,588 shares of common stock, with the fair value determined based on the Company’s common stock closing price of $45.02 on August 11, 2025.

The following is a summary of preliminary identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets:


Type	Estimated Life in Years	Fair Value
Developed technology	10	$	172,300
Backlog	5	11,000
Total identifiable intangible assets acquired		$	183,300

Goodwill of $134,730 was recorded for the GEOST acquisition, representing the excess of the purchase price over the fair value of the identifiable net assets. The goodwill has been allocated to the space systems operating segment, reflecting the strategic operations of this operating segment. Goodwill recognized primarily represents the future revenue and earnings potential and certain other assets which were acquired, but that do not meet the recognition criteria, such as assembled workforce. The majority of goodwill is not expected to be deductible for income tax purposes.

Measurement Period

During the measurement period, the Company will continue to obtain information to assist in determining the fair value of net assets acquired, which could differ materially from those preliminary estimates. Specifically, the Company is evaluating outstanding matters, including but not limited to, legal contingencies, other receivables, tax-related items and other assets. Measurement period adjustments, if applicable, were applied in the reporting period in which the adjustment amounts were determined. Measurement period adjustments for the three months ended March 31, 2026 did not have a material impact.

Unaudited Pro Forma Information

The unaudited consolidated financial information summarized in the following table gives effect to the GEOST acquisition assuming it occurred on January 1, 2025. These unaudited consolidated pro forma operating results do not assume any impact from revenue, cost or other operating synergies that are expected as a result of the acquisitions. These unaudited consolidated pro forma operating results are presented for illustrative purposes only and are not indicative of the operating results that would have been achieved had the acquisition occurred on January 1, 2025, nor does the information project results for any future period.


	Three Months Ended March 31, 2025
Total revenues	$	130,015

Net loss	$	(66,391)

- Definition

The entire disclosure for business combination.

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GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Estimated Future Amortization Expense Related to Finite Intangible Assets (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026 (for the remaining period)	$ 22,704
2027	29,176
2028	28,124
2029	25,894
2030	22,080
Thereafter	92,089
Total	$ 220,067

SEGMENTS - Schedule of Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenues	$ 200,348	$ 122,569
Cost of revenues	123,855	87,322
Gross profit	76,493	35,247
Launch Services
Segment Reporting Information [Line Items]
Revenues	63,663	35,592
Cost of revenues	35,440	28,375
Gross profit	28,223	7,217
Space Systems
Segment Reporting Information [Line Items]
Revenues	136,685	86,977
Cost of revenues	88,415	58,947
Gross profit	48,270	28,030
Product revenues
Segment Reporting Information [Line Items]
Revenues	127,488	80,804
Cost of revenues	81,084	53,869
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	127,488	80,804
Cost of revenues	81,084	53,869
Gross profit	46,404	26,935
Service revenues
Segment Reporting Information [Line Items]
Revenues	72,860	41,765
Cost of revenues	42,771	33,453
Service revenues \| Launch Services
Segment Reporting Information [Line Items]
Revenues	63,663	35,592
Cost of revenues	35,440	28,375
Gross profit	28,223	7,217
Service revenues \| Space Systems
Segment Reporting Information [Line Items]
Revenues	9,197	6,173
Cost of revenues	7,331	5,078
Gross profit	$ 1,866	$ 1,095

- Definition

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

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+ Details

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment, Net

Property, plant and equipment, net, as of March 31, 2026 and December 31, 2025 consisted of the following:


	March 31, 2026		December 31, 2025
Buildings and improvements	$	80,009	$	78,564
Machinery, equipment, vehicles and office furniture	182,786		174,526
Computer equipment, hardware and software	22,104		20,751
Launch site assets	25,938		25,330
Construction in process	130,340		111,167
Property, plant and equipment—gross	441,177		410,338
Less accumulated depreciation and amortization	(97,189)		(90,865)
Property, plant and equipment—net	$	343,988	$	319,473

Depreciation expense recorded in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025 consisted of the following:


	Three Months Ended March 31,
Depreciation expense	2026		2025
Cost of revenues	$	3,184	$	3,061
Research and development, net	3,114		1,739
Selling, general and administrative	1,214		765
Total depreciation expense	$	7,513	$	5,565

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Cash Equivalents and Marketable Securities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 1,372,435
Gross Unrealized Gains	116
Gross Unrealized Losses	(346)
Fair Value	1,372,205
Cash Equivalents	1,100,859
Marketable Securities	271,346
Money market accounts
Marketable Securities [Line Items]
Amortized Cost	1,100,859
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	1,100,859
Cash Equivalents	1,100,859
Marketable Securities	0
Certificates of deposit
Marketable Securities [Line Items]
Amortized Cost	27,348
Gross Unrealized Gains	3
Gross Unrealized Losses	(20)
Fair Value	27,331
Cash Equivalents	0
Marketable Securities	27,331
Commercial paper
Marketable Securities [Line Items]
Amortized Cost	28,054
Gross Unrealized Gains	3
Gross Unrealized Losses	(27)
Fair Value	28,030
Cash Equivalents	0
Marketable Securities	28,030
Corporate debt securities
Marketable Securities [Line Items]
Amortized Cost	112,469
Gross Unrealized Gains	29
Gross Unrealized Losses	(170)
Fair Value	112,328
Cash Equivalents	0
Marketable Securities	112,328
Yankee bonds
Marketable Securities [Line Items]
Amortized Cost	8,172
Gross Unrealized Gains	3
Gross Unrealized Losses	(4)
Fair Value	8,171
Cash Equivalents	0
Marketable Securities	8,171
U.S. Treasury securities
Marketable Securities [Line Items]
Amortized Cost	65,471
Gross Unrealized Gains	17
Gross Unrealized Losses	(121)
Fair Value	65,367
Cash Equivalents	0
Marketable Securities	65,367
Asset-backed securities
Marketable Securities [Line Items]
Amortized Cost	30,062
Gross Unrealized Gains	61
Gross Unrealized Losses	(4)
Fair Value	30,119
Cash Equivalents	0
Marketable Securities	$ 30,119

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 7,476	$ 2,713
Cost of revenues
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	6,136	1,812
Research and development, net
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	7	2
Selling, general and administrative
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 1,333	$ 899

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

NET LOSS PER SHARE - Schedule of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock options and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity shares (in shares)	14,572,468	26,372,525
Shares underlying our convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity shares (in shares)	7,335,284	69,261,530

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2026
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In January 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. In June 2025, the Trust converted 5,000,000 shares of the Preferred Stock to common stock on a one-for-one basis in accordance with the Certificate of Designation. See Note 12 for additional information on the Preferred Stock Exchange. As of March 31, 2026 and December 31, 2025, 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
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

STOCK-BASED COMPENSATION EXPENSE - Additional Information (Details) $ in Thousands		1 Months Ended	3 Months Ended
	Mar. 30, 2026 shares	Aug. 31, 2021 period shares	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of purchase periods \| period		2
Allocated share based compensation \| $			$ 28,116	$ 19,234
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of aggregate (in shares)			59,875,000
Percent of outstanding shares			5.00%
Shares authorized to issue under equity award plan (in shares)			102,797,434
Shares available for grant (in shares)			91,953,343
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
Cancelled (in shares)	392,155
Incremental stock-based compensation expense \| $			$ 11,180
Performance-Based Restricted Stock Units (RSUs) \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			726,511	369,388
Unrecognized compensation expense \| $			$ 129,005
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
Percent of outstanding shares		1.00%
Shares authorized to issue under equity award plan (in shares)			0	0
Shares available for grant (in shares)			19,580,628
Number of additional shares allowable under the plan (in shares)		9,980,000
Consecutive offering period		12 months
Purchase period		6 months
Discount rate		15.00%
Allocated share based compensation \| $			$ 2,258	$ 1,574
Unrecognized stock compensation expense \| $			$ 3,346

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Depreciation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 7,513	$ 5,565
Cost of revenues
Property, Plant and Equipment [Line Items]
Total depreciation expense	3,184	3,061
Research and development, net
Property, Plant and Equipment [Line Items]
Total depreciation expense	3,114	1,739
Selling, general and administrative
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 1,214	$ 765

INVENTORIES

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

INVENTORIES

Inventories as of March 31, 2026 and December 31, 2025 consisted of the following:


	March 31, 2026		December 31, 2025
Raw materials	$	93,013	$	76,739
Work in process	76,061		68,712
Finished goods	14,072		12,956
Total inventories	$	183,146	$	158,407

PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net, as of March 31, 2026 and December 31, 2025 consisted of the following:


	March 31, 2026		December 31, 2025
Buildings and improvements	$	80,009	$	78,564
Machinery, equipment, vehicles and office furniture	182,786		174,526
Computer equipment, hardware and software	22,104		20,751
Launch site assets	25,938		25,330
Construction in process	130,340		111,167
Property, plant and equipment—gross	441,177		410,338
Less accumulated depreciation and amortization	(97,189)		(90,865)
Property, plant and equipment—net	$	343,988	$	319,473

Depreciation expense recorded in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025 consisted of the following:


	Three Months Ended March 31,
Depreciation expense	2026		2025
Cost of revenues	$	3,184	$	3,061
Research and development, net	3,114		1,739
Selling, general and administrative	1,214		765
Total depreciation expense	$	7,513	$	5,565

REVENUES - Schedule of Changes in Contract Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Contract With Customer Liability [Roll Forward]
Contract liabilities, beginning of year	$ 195,438
Contract liabilities assumed at acquisition	225
Customer advances received or billed, net	130,970
Recognition of unearned revenue	(85,221)
Contract liabilities, end of year	$ 241,412

BUSINESS COMBINATION - Schedule of Estimates Fair Value of Assets Acquired and Liabilities Assumed (Details) $ / shares in Units, $ in Thousands	Aug. 12, 2025 USD ($) shares	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Aug. 11, 2025 $ / shares
Business Combination [Line Items]
Goodwill		$ 208,738	$ 205,750
GEOST LLC
Business Combination [Line Items]
Cash consideration	$ 134,299
Fair value of common stock issued	137,653
Contingent consideration	18,258
Purchase consideration	290,210
Cash and cash equivalents	1,280
Accounts receivable	3,196
Contract assets	787
Inventories	402
Prepaids and other current assets	1,079
Property, plant and equipment	4,267
Intangible assets	183,300
Right-of-use assets - operating leases	6,553
Other non-current assets	424
Trade payables	(2,467)
Accrued expenses	(142)
Employee benefits payable	(3,407)
Contract liabilities	(842)
Other current liabilities	(1,340)
Non-current operating lease liabilities	(5,256)
Deferred income tax liabilities	(32,354)
Identifiable net assets acquired	155,480
Goodwill	134,730
Total purchase price	$ 290,210
Issued common stock (in shares) \| shares	3,057,588
Share price (usd per share) \| $ / shares				$ 45.02
GEOST LLC \| Measurement Input, Revenue Volatility
Business Combination [Line Items]
Business combination, contingent consideration, liability, measurement input				0.29
GEOST LLC \| Measurement Input, Discount Rate
Business Combination [Line Items]
Business combination, contingent consideration, liability, measurement input				0.10

FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - Level 2 - Convertible Senior Notes $ in Thousands	Mar. 31, 2026 USD ($)
Fair Value Measurements [Line Items]
Convertible senior notes payable	$ 36,869
Unamortized discount and debt issuance costs	728
Convertible senior notes, estimated fair value	$ 521,052

- Definition

Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.

+ References

+ Details

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Conversion of Convertible Senior Notes	Preferred Stock	Preferred Stock Preferred Stock Exchange	Common Stock	Common Stock Conversion of Convertible Senior Notes	Common Stock Preferred Stock Exchange	Treasury Stock	Treasury Stock Preferred Stock Exchange	Additional Paid-In Capital	Additional Paid-In Capital Conversion of Convertible Senior Notes	Accumulated Deficit	Accumulated Other Comprehensive Loss
Preferred stock outstanding, beginning balance (in shares) at Dec. 31, 2024			0
Balance at Beginning at Dec. 31, 2024	$ 382,453		$ 0		$ 50			$ 0		$ 1,198,909		$ (813,701)	$ (2,805)
Balance at beginning (in shares) at Dec. 31, 2024					504,453,785
Treasury stock, beginning balance (in shares) at Dec. 31, 2024								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 expense	18,871									18,871
Issuance of common stock under ATM Equity Offerings, 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
Shares converted (in shares)				50,951,250
Shares converted	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
Balance at ending (in shares) at Mar. 31, 2025					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)
Preferred stock outstanding, beginning balance (in shares) at Dec. 31, 2025	45,951,250		45,951,250
Balance at Beginning at Dec. 31, 2025	$ 1,721,854		$ 5		$ 54			$ 0		2,735,669		(1,011,910)	(1,964)
Balance at beginning (in shares) at Dec. 31, 2025	543,574,552				589,525,802
Treasury stock, beginning balance (in shares) at Dec. 31, 2025	(45,951,250)							(45,951,250)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (45,022)											(45,022)
Issuance of common stock under equity plans (in shares)					2,801,601
Issuance of common stock under equity plans	1,081				$ 1					1,080
Stock-based compensation expense	26,666									26,666
Issuance of common stock under ATM Equity Offerings, net of issuance costs (in shares)					6,358,097
Issuance of common stock under ATM Equity Offering, net of issuance costs	444,922				$ 1					444,921
Shares converted (in shares)						23,033,250
Shares converted		$ 115,872				$ 2					$ 115,870
Other comprehensive income (loss)	$ (1,006)												(1,006)
Preferred stock outstanding, ending balance (in shares) at Mar. 31, 2026	45,951,250		45,951,250
Balance at ending (in shares) at Mar. 31, 2026	575,767,500				621,718,750
Balance Ending at Mar. 31, 2026	$ 2,264,367		$ 5		$ 58			$ 0		$ 3,324,206		$ (1,056,932)	$ (2,970)
Treasury stock, ending balance (in shares) at Mar. 31, 2026	(45,951,250)							(45,951,250)

LOAN AGREEMENTS	3 Months Ended
LOAN AGREEMENTS	Mar. 31, 2026
Debt Disclosure [Abstract]
LOAN AGREEMENTS	LOAN AGREEMENTS Indenture and Notes In February 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, 2026, the holder of the Notes have the right to convert between April 1, 2026 and June 30, 2026 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, 2026. 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. For the three months ended March 31, 2026, the Company received conversion notices from holders for $118,057 aggregate principal amount of Notes. These conversions resulted in the issuance of 23,033,250 shares of common stock in accordance with the terms of the Indenture governing the Notes. As of March 31, 2026, 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 condensed consolidated balance sheet. As of March 31, 2026, there was $37,597 outstanding under the Notes, before unamortized discount and debt issuance costs of $728. As of March 31, 2026, 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 were able to 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, subject to customary conditions. The monthly payment factors under the Trinity Loan Agreement and Blanket Lien Draw had a term of 60 months and a rate factor of 0.022266. In March 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. In December 2025, the Company paid off all obligations under the Trinity Loan Agreement. As a result, the Trinity Loan Agreement was terminated.

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 5: 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 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

STOCK-BASED COMPENSATION EXPENSE

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION EXPENSE

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 and has registered with the SEC 102,797,434 shares of common stock as equity awards to participants under the 2021 Plan as of March 31, 2026. There were 91,953,343 shares of common stock available for grant as of March 31, 2026.

Total stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025 consisted of the following:


	Three Months Ended March 31,
Stock-based compensation expense	2026		2025
Cost of revenues	$	3,506	$	3,920
Research and development, net	5,846		4,894
Selling, general and administrative	18,764		10,420
Total stock-based compensation expense	$	28,116	$	19,234

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, 2026.

Restricted Stock Units

For the three months ended March 31, 2026 and 2025, the Company granted 726,511 and 369,388 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.

On March 30, 2026, following approval by the Compensation Committee of the Board of Directors of the Company, Rocket Lab Limited, a New Zealand limited company and wholly-owned subsidiary of the Company, entered into an amendment to the amended and restated employment agreement, dated December 3, 2024, with Sir Peter Beck, the Company’s Chairman and Chief Executive Officer.

In addition, on March 30, 2026, Mr. Beck and the Company entered into a restricted stock unit (“RSU”) cancellation agreement pursuant to which Mr. Beck voluntarily forfeited and cancelled all unvested RSUs held by Mr. Beck, representing an aggregate of 392,155 shares of the Company’s common stock. Mr. Beck’s focus is the long-term appreciation of shareholder value rather than short-term cash or equity incentives. At Mr. Beck’s request, the capital previously allocated for this compensation will be redirected toward Company priorities and strategic R&D initiatives, reinforcing a shared commitment to disciplined fiscal management and growth. For the three months ended March 31, 2026, the cancellations resulted in a one-time stock-based compensation expense of $11,180 recorded in selling, general and administrative. No portion of the cancelled RSUs will vest or become outstanding shares, and as a result, there will be no dilution to shareholders. The Company will not incur any additional stock-based compensation expense related to these cancelled RSUs in future periods.

As of March 31, 2026, the total unrecognized compensation expense related to unvested performance-based restricted stock units granted under the 2021 Plan was $129,005 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.

For the three months ended March 31, 2026 and 2025, no shares of common stock were issued under the 2021 ESPP. As of March 31, 2026, 19,580,628 shares of common stock authorized and registered with the SEC remain available for issuance under the 2021 ESPP. Total ESPP stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025 was $2,258 and $1,574, respectively. As of March 31, 2026, the total unrecognized compensation expense related to the 2021 ESPP was $3,346 and will be recognized over the remaining offering period.

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Provision for contract loss	$ 4,799

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2026
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Principles 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 Corporation 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. The Reorganization was accounted for as a reorganization of entities under common control, and as such, the consolidated financial statements reflect the Reorganization as if it had occurred at the beginning of the earliest period presented. 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 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, 2026, 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, deferred tax valuation allowances, goodwill, intangible assets and contingent consideration. 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, 2026. Refer to Note 2 - Significant Accounting Policies disclosed in the “Notes to Consolidated Financial Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 26, 2026. Recent Accounting Pronouncements 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. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted and can be applied on either a prospective, modified, or retrospective basis. The Company is assessing the potential impact of adopting ASU 2025-06 on its financial statements. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (“ASU 2025-10”). ASU 2025-10 establishes guidance for the recognition, measurement, and presentation of government grants received by business entities. Under the new standard, a government grant is recognized only when it is probable that (i) the entity will satisfy the grant’s conditions and (ii) the grant will be received. If those conditions are met, the grant is classified either as a grant related to income or as a grant related to an asset, and the classification determines the appropriate accounting treatment. ASU No. 2025-10 retains the existing disclosure requirements in Topic 832, Government Assistance. The amendments are effective for annual reporting periods beginning after December 15, 2028, and for interim reporting periods within those annual reporting periods, with early adoption permitted. Entities may adopt the amendments using a modified-prospective, modified-retrospective, or full-retrospective approach for all government grants. We are currently evaluating the impact of the ASU on our disclosures and financial statements, including the approach and the timing of adoption.

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2026

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, 2026 and 2025, 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, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Numerator
Net loss attributable to common stockholders-basic and diluted	$	(45,022)	$	(60,616)
Denominator
Weighted average common shares outstanding-basic and diluted	605,434,642		505,614,185
Net loss per share attributable to stockholders-basic and diluted	$	(0.07)	$	(0.12)

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,
	2026	2025
Stock options and restricted stock units	14,572,468	26,372,525
Shares underlying our convertible senior notes	7,335,284	69,261,530

REVENUES - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
REVENUES - Additional Information (Details) $ in Thousands	Jul. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) agreement quarterlyPayment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Feb. 28, 2022 spacecraft
Disaggregation of Revenue [Line Items]
Number of spacecraft buses \| spacecraft					17
Remaining unsatisfied performance obligations		$ 2,219,756
Number of agreements \| agreement		3
Accrue at a fixed rate		0.095
Number of quarterly payments \| quarterlyPayment		12
Payoff received	$ 7,489
Contract assets		$ 75,036		$ 61,606
Customer financing interest income		$ 562	$ 380
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		$ 9,000		6,750
Other Noncurrent Assets
Disaggregation of Revenue [Line Items]
Contract assets		$ 15,200		$ 16,138
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage		36.00%
Revenue, remaining performance obligation, period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage		64.00%
Revenue, remaining performance obligation, period		12 months

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (69,983)	$ (62,583)
Total	220,067
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	290,550	287,329
Accumulated Amortization	69,983	62,583
Net Carrying Amount	220,567	224,746
In-process technology
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	500	500
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	500	500
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	232,165	230,165
Accumulated Amortization	(43,331)	(37,238)
Total	188,834	192,927
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	43,331	37,238
Capitalized software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	14,633	14,558
Accumulated Amortization	(11,378)	(11,164)
Total	3,255	3,394
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	11,378	11,164
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	17,005	16,114
Accumulated Amortization	(6,098)	(5,786)
Total	10,907	10,328
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	6,098	5,786
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,301	10,102
Accumulated Amortization	(3,652)	(3,443)
Total	6,649	6,659
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	3,652	3,443
Backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	14,491	14,491
Accumulated Amortization	(4,899)	(4,343)
Total	9,592	10,148
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	4,899	4,343
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,455	1,399
Accumulated Amortization	(625)	(609)
Total	830	790
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ 625	$ 609

STOCKHOLDERS’ EQUITY	3 Months Ended
STOCKHOLDERS’ EQUITY	Mar. 31, 2026
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. On June 17, 2025, the Trust converted 5,000,000 shares of the Preferred Stock to common stock on a one-for-one basis in accordance with the Certificate of Designation. 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 Offerings In March 2025, the Company entered into an ATM Equity Offering Sales Agreement (the “March Sales Agreement”) with BofA Securities, Inc., Cantor Fitzgerald & Co., Stifel, Nicolaus & Company, Incorporated and TD Securities (USA) LLC (collectively, the “March Sales Agents”), pursuant to which the Company offered and sold, from time to time, shares of its common stock having an aggregate offering price of up to $500,000 through the March Sales Agents, acting as its agents, or directly to the March Sales Agents, acting as principal (the “March ATM Equity Offering”). In September 2025, the Company entered into an ATM Equity Offering Sales Agreement (the “September Sales Agreement”) with BofA Securities, Inc., Cantor Fitzgerald & Co., BTIG, LLC, KeyBanc Capital Markets Inc., Citizens JMP Securities, LLC, Needham & Company, LLC and Roth Capital Partners, LLC (collectively, the “September Sales Agents”), pursuant to which the Company may offer and sell, from time to time, the shares of its common stock having an aggregate offering price of up to $750,000 through the September Sales Agents, acting as its agents, or directly to the September Sales Agents, acting as principal (the “September ATM Equity Offering”). In connection with entering into the September Sales Agreement, the Company terminated the March ATM Equity Offering and the March Sales Agreement. On March 17, 2026, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”, and together with the March ATM Equity Offering and the September ATM Equity Offering, the “ATM Equity Offerings”) with BofA Securities, Inc., BTIG, LLC, Cantor Fitzgerald & Co., Citizens JMP Securities, LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, Needham & Company, LLC, Roth Capital Partners, LLC and Stifel Nicolaus & Company, Incorporated, as sales agents (collectively, the “Equity Distribution Sales Agents”), the Forward Sellers (as defined below) and the Forward Purchasers (as defined below). Under the Equity Distribution Agreement, the Company may offer and sell, from time to time, shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”) (the “Shares”), through or to the Sales Agents, acting as the Company’s agents or principal, having an aggregate offering price of up to $1,000,000 or by the Forward Sellers, acting as sales agents for the relevant Forward Purchasers. In connection with entering into the Equity Distribution Agreement, the Company terminated the September ATM Equity Offering and the September Sales Agreement. The Equity Distribution Agreement provides that, in addition to the issuance and sale of shares of Common Stock through the Equity Distribution Sales Agents acting as sales agents or directly to the Equity Distribution Sales Agents acting as principals, the Company also may enter into forward sale agreements under separate forward sale confirmations between the Company and BofA Securities, Inc., Citizens JMP Securities, LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, Nomura Global Financial Products, Inc. and Stifel Nicolaus & Company, Incorporated or one or more of their respective affiliates. These entities, when acting in such capacity, are defined as “Forward Purchasers.” In connection with each forward sale agreement, the relevant Forward Purchaser (or its affiliate or agent) will, at the Company’s request, attempt to borrow from third-party stock lenders and, through the relevant Sales Agent, sell a number of shares of Common Stock equal to the number of shares that underlie the forward sale agreement to hedge such forward sale agreement. Each of the Sales Agents, when acting as the agent for a Forward Purchaser, is defined as “Forward Seller,” except in the case of BTIG, LLC, for which references to the Forward Seller refer instead to Nomura Securities International, Inc. (acting through BTIG, LLC). For the three months ended March 31, 2025, the Company sold 4,858,839 shares of common stock, generating $92,806 in gross proceeds, before deducting $2,703 in underwriting discounts, commissions and other expenses under the terminated March ATM Equity Offering. For the three months ended March 31, 2026, the Company sold 6,358,097 shares of common stock, generating $450,347 in gross proceeds, before deducting $5,425 in underwriting discounts, commissions and other expenses under the Equity Distribution Agreement. There were no shares of common stock sold under the September ATM Equity Offering for the three months ended March 31, 2026.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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REVENUES - Schedule of Reconciliation of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 200,348	$ 122,569
Launch Services
Disaggregation of Revenue [Line Items]
Total revenues	63,663	35,592
Space Systems
Disaggregation of Revenue [Line Items]
Total revenues	136,685	86,977
Point-in-time
Disaggregation of Revenue [Line Items]
Total revenues	87,714	54,739
Point-in-time \| Launch Services
Disaggregation of Revenue [Line Items]
Total revenues	55,565	35,475
Point-in-time \| Space Systems
Disaggregation of Revenue [Line Items]
Total revenues	32,149	19,264
Over-time
Disaggregation of Revenue [Line Items]
Total revenues	112,634	67,830
Over-time \| Launch Services
Disaggregation of Revenue [Line Items]
Total revenues	8,098	117
Over-time \| Space Systems
Disaggregation of Revenue [Line Items]
Total revenues	$ 104,536	$ 67,713

- 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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NET LOSS PER SHARE - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator
Net loss attributable to common stockholders-basic and diluted	$ (45,022)	$ (60,616)
Denominator
Weighted average common shares outstanding-basic (in shares)	605,434,642	505,614,185
Weighted average common shares outstanding-diluted (in shares)	605,434,642	505,614,185
Net loss per share attributable to common stockholders-basic (in dollars per share)	$ (0.07)	$ (0.12)
Net loss per share attributable to common stockholders-diluted (in dollars per share)	$ (0.07)	$ (0.12)

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

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+ Details

DESCRIPTION OF THE BUSINESS	3 Months Ended
DESCRIPTION OF THE BUSINESS	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS	DESCRIPTION OF THE BUSINESS Rocket Lab Corporation (“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 manufacture of small-class launch vehicles and related sale of launch services, we are currently innovating in the areas of medium-class launch vehicle and launch services, space systems design and manufacturing, on-orbit management solutions, and space data applications. Merger and Consummation of Holding Company Reorganization On May 8, 2025, Rocket Lab USA, Inc., a Delaware corporation (“Rocket Lab USA”), announced plans to implement a holding company reorganization (the “Reorganization”). On May 23, 2025, Rocket Lab USA implemented the Reorganization pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated as of May 23, 2025, among Rocket Lab USA, Rocket Lab and Rocket Lab Merger Sub, Inc., a Delaware corporation and direct, wholly owned subsidiary of Rocket Lab (“Merger Sub”). Pursuant to the terms of the Merger Agreement, Merger Sub merged with and into Rocket Lab USA, with Rocket Lab USA continuing as the surviving corporation and a wholly owned subsidiary of Rocket Lab (the “Merger”). Following the Merger, Rocket Lab became the successor issuer to Rocket Lab USA.

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Principles of Consolidation	Principles 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 Corporation 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. The Reorganization was accounted for as a reorganization of entities under common control, and as such, the consolidated financial statements reflect the Reorganization as if it had occurred at the beginning of the earliest period presented. 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 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, 2026, or for any other interim period or for any other future year.
Basis of Presentation	Principles 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 Corporation 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. The Reorganization was accounted for as a reorganization of entities under common control, and as such, the consolidated financial statements reflect the Reorganization as if it had occurred at the beginning of the earliest period presented. 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 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, 2026, 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, deferred tax valuation allowances, goodwill, intangible assets and contingent consideration. 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 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. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted and can be applied on either a prospective, modified, or retrospective basis. The Company is assessing the potential impact of adopting ASU 2025-06 on its financial statements. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (“ASU 2025-10”). ASU 2025-10 establishes guidance for the recognition, measurement, and presentation of government grants received by business entities. Under the new standard, a government grant is recognized only when it is probable that (i) the entity will satisfy the grant’s conditions and (ii) the grant will be received. If those conditions are met, the grant is classified either as a grant related to income or as a grant related to an asset, and the classification determines the appropriate accounting treatment. ASU No. 2025-10 retains the existing disclosure requirements in Topic 832, Government Assistance. The amendments are effective for annual reporting periods beginning after December 15, 2028, and for interim reporting periods within those annual reporting periods, with early adoption permitted. Entities may adopt the amendments using a modified-prospective, modified-retrospective, or full-retrospective approach for all government grants. We are currently evaluating the impact of the ASU on our disclosures and financial statements, including the approach and the timing of adoption.

- Definition

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+ Details

STOCK-BASED COMPENSATION EXPENSE (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation


	Three Months Ended March 31,
Stock-based compensation expense	2026		2025
Cost of revenues	$	3,506	$	3,920
Research and development, net	5,846		4,894
Selling, general and administrative	18,764		10,420
Total stock-based compensation expense	$	28,116	$	19,234

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Benefit for income taxes	$ 1,792	$ 813
Effective tax rate	3.80%	1.30%

- Definition

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

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-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories as of March 31, 2026 and December 31, 2025 consisted of the following:


	March 31, 2026		December 31, 2025
Raw materials	$	93,013	$	76,739
Work in process	76,061		68,712
Finished goods	14,072		12,956
Total inventories	$	183,146	$	158,407

PREPAIDS AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaids and Other Current Assets

Prepaids and other current assets as of March 31, 2026 and December 31, 2025 consisted of the following:


	March 31, 2026		December 31, 2025
Prepaid expenses and deposits	$	49,041	$	57,738
Government grant receivables	16,219		15,629
Customer financing receivables	9,000		6,750
Other current assets	9,614		9,836
Total prepaids and other current assets	$	83,874	$	89,953

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, 2026	Dec. 31, 2025
Cash equivalents:
Marketable securities, current	$ 177,852	$ 187,917
Marketable securities, non-current	93,494	82,247
Total	1,372,205	1,013,218
Other non-current liabilities:
Contingent consideration	7,821	7,634
Total	7,821	7,634
Level 1
Cash equivalents:
Total	1,166,226	790,566
Other non-current liabilities:
Contingent consideration	0	0
Total	0	0
Level 2
Cash equivalents:
Total	205,979	222,652
Other non-current liabilities:
Contingent consideration	0	0
Total	0	0
Level 3
Cash equivalents:
Total	0	0
Other non-current liabilities:
Contingent consideration	7,821	7,634
Total	7,821	7,634
Certificates of deposit
Cash equivalents:
Marketable securities, current	27,331	9,294
Marketable securities, non-current		2,327
Certificates of deposit \| Level 1
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current		0
Certificates of deposit \| Level 2
Cash equivalents:
Marketable securities, current	27,331	9,294
Marketable securities, non-current		2,327
Certificates of deposit \| Level 3
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current		0
Commercial paper
Cash equivalents:
Marketable securities, current	28,030	27,776
Commercial paper \| Level 1
Cash equivalents:
Marketable securities, current	0	0
Commercial paper \| Level 2
Cash equivalents:
Marketable securities, current	28,030	27,776
Commercial paper \| Level 3
Cash equivalents:
Marketable securities, current	0	0
Corporate debt securities
Cash equivalents:
Marketable securities, current	74,579	103,077
Marketable securities, non-current	37,749	33,509
Corporate debt securities \| Level 1
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Corporate debt securities \| Level 2
Cash equivalents:
Marketable securities, current	74,579	103,077
Marketable securities, non-current	37,749	33,509
Corporate debt securities \| Level 3
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Yankee bonds
Cash equivalents:
Marketable securities, current	5,362	5,351
Marketable securities, non-current	2,809
Yankee bonds \| Level 1
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0
Yankee bonds \| Level 2
Cash equivalents:
Marketable securities, current	5,362	5,351
Marketable securities, non-current	2,809
Yankee bonds \| Level 3
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0
U.S. Treasury securities
Cash equivalents:
Marketable securities, current	38,295	40,576
Marketable securities, non-current	27,072	8,492
U.S. Treasury securities \| Level 1
Cash equivalents:
Marketable securities, current	38,295	40,576
Marketable securities, non-current	27,072	8,492
U.S. Treasury securities \| Level 2
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
U.S. Treasury securities \| Level 3
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Asset-backed securities
Cash equivalents:
Marketable securities, current	4,256	1,843
Marketable securities, non-current	25,863	37,919
Asset-backed securities \| Level 1
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Asset-backed securities \| Level 2
Cash equivalents:
Marketable securities, current	4,256	1,843
Marketable securities, non-current	25,863	37,919
Asset-backed securities \| Level 3
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Money market accounts
Cash equivalents:
Cash equivalents	1,100,859	741,498
Money market accounts \| Level 1
Cash equivalents:
Cash equivalents	1,100,859	741,498
Money market accounts \| Level 2
Cash equivalents:
Cash equivalents	0	0
Money market accounts \| Level 3
Cash equivalents:
Cash equivalents	$ 0	0
Certificates of deposit
Cash equivalents:
Cash equivalents		1,556
Certificates of deposit \| Level 1
Cash equivalents:
Cash equivalents		0
Certificates of deposit \| Level 2
Cash equivalents:
Cash equivalents		1,556
Certificates of deposit \| Level 3
Cash equivalents:
Cash equivalents		$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (45,022)	$ (60,616)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	14,990	8,707
Stock-based compensation expense	28,116	19,234
(Gain) loss on disposal of assets	(409)	13
Amortization of debt issuance costs and discount	133	831
Noncash lease expense	2,797	1,519
Change in the fair value of contingent consideration	187	0
Accretion of marketable securities purchased at a discount	(458)	(561)
Deferred income taxes	1,155	(585)
Changes in operating assets and liabilities:
Accounts receivable, net	(35,662)	(2,974)
Contract assets	(13,434)	2,165
Inventories	(24,571)	(6,308)
Prepaids and other current assets	4,081	(9,617)
Other non-current assets	(26,098)	1,571
Trade payables	(8,161)	9,779
Accrued expenses	10,825	(2,712)
Employee benefits payables	1,309	(253)
Contract liabilities	45,753	(9,294)
Other current liabilities	(2,941)	(3,699)
Non-current lease liabilities	(2,993)	(1,670)
Other non-current liabilities	71	245
Net cash used in operating activities	(50,332)	(54,225)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, equipment and software	(27,065)	(28,677)
Proceeds on disposal of assets	715	16
Cash paid for business combinations, net of acquired cash	(8,021)	0
Purchases of marketable securities	(91,328)	(84,639)
Maturities of marketable securities	89,979	84,699
Net cash used in investing activities	(35,720)	(28,601)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from ATM Equity Offerings	450,347	92,806
Issuance costs related to ATM Equity Offerings	(4,740)	(2,088)
Proceeds from the exercise of stock options	1,081	48
Proceeds from Employee Stock Purchase Plan	4,189	2,237
Proceeds from sale of employees restricted stock units to cover taxes	52,337	17,310
Minimum tax withholding paid on behalf of employees for restricted stock units	(39,848)	(16,577)
Proceeds from secured term loans	0	25,000
Repayments on secured term loan	0	(2,894)
Payment of debt issuance costs	0	(278)
Finance lease principal payments	(73)	(61)
Net cash provided by financing activities	463,293	115,503
Effect of exchange rate changes on cash and cash equivalents	237	272
Net increase in cash and cash equivalents and restricted cash	377,478	32,949
Cash and cash equivalents, and restricted cash, beginning of period	833,545	275,302
Cash and cash equivalents, and restricted cash, end of period	1,211,023	308,251
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	3,394	9,575
Cash paid for income taxes	255	214
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Unpaid purchases of property, equipment and software	21,126	10,450
Right-of-use assets obtained in exchange for new operating lease liabilities	2,777	179
Accrued issuance costs in connection with ATM Equity Offerings	685	615
Convertible senior notes, net and accrued interest settled by issuance of common stock	115,872	0
Payable to sellers in connection with business combinations	$ 1,378	$ 0

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
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 14). 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 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 modules 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 firm fixed price of the solar panel modules. Accordingly, the Company recorded a provision for contract losses to recognize the contract at fair value at acquisition. As of March 31, 2026, the provision for contract losses outstanding on the contract was $4,799 and is recorded within other current liabilities on the condensed consolidated balance sheet.

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Cash and Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 1,205,499	$ 828,660
Marketable securities, current	177,852	187,917
Marketable securities, non-current	93,494	82,247
Total cash and cash equivalents and marketable securities	$ 1,476,845	$ 1,098,824

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Numerator
Net loss attributable to common stockholders-basic and diluted	$	(45,022)	$	(60,616)
Denominator
Weighted average common shares outstanding-basic and diluted	605,434,642		505,614,185
Net loss per share attributable to stockholders-basic and diluted	$	(0.07)	$	(0.12)

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,
	2026	2025
Stock options and restricted stock units	14,572,468	26,372,525
Shares underlying our convertible senior notes	7,335,284	69,261,530

PREPAIDS AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses and deposits	$ 49,041	$ 57,738
Government grant receivables	16,219	15,629
Customer financing receivables	9,000	6,750
Other current assets	9,614	9,836
Total prepaids and other current assets	$ 83,874	$ 89,953