0000950170-22-004458 | 10-K | XBRL Viewer

DESCRIPTION OF THE BUSINESS

12 Months Ended

Dec. 31, 2021

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

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

On August 25, 2021 (the “Closing Date”), the Company consummated the previously announced merger pursuant to that certain Agreement and Plan of Merger, dated March 1, 2021, and amended by Amendment No. 1 thereto, dated May 7, 2021 and Amendment No. 2 thereto, dated June 25, 2021 (the “Merger Agreement”), by and among the Company (formerly known as Vector Acquisition Corporation (“Vector”)), Rocket Lab USA, Inc., (“Legacy Rocket Lab”)) and Prestige USA Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Legacy Rocket Lab (“Merger Sub”). Vector filed a notice of deregistration and necessary accompanying documents with the Cayman Islands Registrar of Companies, and a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State of Delaware, under which Vector was domesticated and continued as a Delaware corporation (the “Domestication”), changing its name to “Vector Acquisition Delaware Corporation” (“Vector Delaware”). As contemplated by the Merger Agreement, Merger Sub merged with and into Vector Delaware, with the separate corporate existence of Merger Sub ceasing and Vector Delaware being the surviving corporation and a wholly owned subsidiary of Legacy Rocket Lab (the “First Merger”) and immediately following the First Merger, Legacy Rocket Lab merged with and into Vector Delaware with Vector Delaware being the surviving corporation in the merger (the “Second Merger,” and, together with the First Merger and the Domestication, the “Business Combination”). The Business Combination was unanimously approved by the boards of directors of each of Vector and Legacy Rocket Lab.

In connection with the closing of the Business Combination, the Company changed its name from Vector Acquisition Corporation to Rocket Lab USA, Inc. The “Post Combination Company” following the Business Combination is Rocket Lab USA, Inc.

The Business Combination

On August 25, 2021, the Company consummated the Business Combination. The following occurred upon the Closing:

•

The Company repurchased $40,000 of Legacy Rocket Lab Common Stock and options to purchase Legacy Rocket Lab Common Stock from certain members Rocket Lab management. Of the total repurchase amount of $40,000, $10,000 was used to purchase shares and options earned by employees through share-based compensation and resulted in incremental compensation expense of $9,642.

•

The remaining outstanding shares of Legacy Rocket Lab common stock and redeemable convertible preferred stock were exchanged for 362,188,208 shares of common stock in the Post Combination Company, based on the exchange ratio of 9.059659.

•

Holders of 968,617 shares of Vector Class A common stock properly exercised their right to have such shares redeemed for a full pro rata portion of the trust account holding the proceeds from Vector’s initial public offering, calculated as of two business days prior to the consummation of the Business Combination, which was approximately $10.00 per share, or $9,686 in the aggregate. The remaining 31,031,383 shares of Vector Class A common stock automatically converted to an equal number of shares of common stock in the Post Combination Company.

•

The 8,000,000 shares of Vector Class B common stock automatically converted to an equal number of shares of common stock in the Post Combination Company.

•

Vector warrants that were outstanding and unexercised converted into an equal number of warrants to purchase common stock of the Post Combination Company.

•

Pursuant to subscription agreements entered into in connection with the Merger Agreement (collectively, the “Subscription Agreements”), certain investors agreed to subscribe for an aggregate of 46,700,000 newly-issued shares of common stock in the Post Combination Company at a purchase price of $10.00 per share for an aggregate purchase price of $467,000 (the “PIPE Investment”). The PIPE Investment was consummated substantially concurrently with the closing of the Business Combination.

In addition, if the closing price of the Post Combination Company common stock was equal to or greater than $20.00 for a period of at least 20 trading days out of 30 consecutive trading days during the period commencing on the 90th day following the Closing Date and ending on the 180th day following the Closing Date (the “Stock Price Target”), the holders of Legacy Rocket Lab’s equity securities, including options, warrants, restricted stock units and other rights to acquire stock of Legacy Rocket Lab, would have been entitled to receive an aggregate of 32,150,757 additional shares of Post Combination Company Common Stock (the “Earnout Shares”), subject, in the case of holders of options, warrants, restricted stock units and other rights to acquire stock of Legacy Rocket Lab, to the terms of such options, warrants, restricted stock units and other rights. In evaluating the accounting treatment for the earnout, we have concluded that the earnout is not a liability under Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity, is not subject to the accounting guidance under ASC 718, Compensation—Stock Compensation, and is not subject to derivative accounting under ASC 815, Derivative and Hedging. As such, the earnout is recognized in equity at fair value upon the closing of the Business Combination. On February 21, 2022, the Company’s common stock did not trade at equal to or greater than $20.00 for a period of at least 20 trading days out of 30 consecutive trading days during the Stock Price Target and the Company will not issue the Earnout Shares.

Immediately after giving effect to the Business Combination and the PIPE Financing, the following were outstanding: (i) 447,919,591 shares of Rocket Lab Common Stock, consisting of (a) 362,188,208 shares of Post Combination Company Common Stock issued to holders of Legacy Rocket Lab common stock and redeemable convertible preferred stock, (b) 31,031,383 shares issued to the holders of Vector’s Class A ordinary shares, which reflects the redemption of 968,617 Class A ordinary shares with respect to which holders exercised their redemption right, (c) 8,000,000 shares issued to the holders of Vector’s Class B ordinary shares, and (d) 46,700,000 shares of Post Combination Company Common Stock issued in the PIPE Investment; (ii) warrants to purchase 16,266,666 shares of Post Combination Company Common Stock at an exercise price of $11.50 per share issued upon conversion of the outstanding Vector warrants prior to the Business Combination; (iii) warrants to purchase 891,380 shares of Post Combination Company Common Stock attributable to Legacy Rocket Lab warrants prior to the Business Combination, which had a weighted average exercise price of approximately $0.29 per share, (iv) options to purchase 17,961,684 shares of Post Combination Company Common Stock attributable to Legacy Rocket Lab options prior to the Business Combination, which had a weighted average exercise price of $1.04 per share and 14,253,283 of which were vested, (v) 14,903,640 restricted stock units attributable to restricted stock units of Rocket Lab prior to the Rocket Lab Business Combination, including 4,065,304 with respect to which the time-based vesting conditions had been satisfied and (vi) an earnout obligation of Legacy Rocket Lab prior to the Business Combination pursuant to which the Post Combination Company may be required to issue up to 1,915,356 shares of Post Combination Company Common Stock. In addition, the Earnout Shares will not be issued as described above.

The following table reconciles the elements of the Business Combination to the Condensed Consolidated Statement of Cash Flows and the Condensed Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the year ended December 31, 2021:


Cash - Vector Trust and cash, net of redemptions	$	310,330
Cash - PIPE Investment		467,000
Less: transaction costs and advisory fees paid		(49,075	)
Net proceeds from Rocket Lab Business Combination		728,255
Less: Accrued transaction costs		(27	)
Plus: Prepaid expenses assumed as part of Business Combination		219
Less: Warrants assumed as part of Business Combination		(48,149	)
Less: Repurchase of Management Shares		(30,358	)
Reverse recapitalization, net of transaction costs	$	649,940

The Business Combination was accounted for as a reverse recapitalization in accordance with ASC 805, Business Combinations, with no goodwill or other intangible assets recorded. Under this method of accounting, Vector was treated as the “accounting acquiree” and Legacy Rocket Lab as the “accounting acquirer” for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Rocket Lab issuing shares for the net assets of Vector, followed by a recapitalization. The consolidated assets, liabilities, and results of operations of Legacy Rocket Lab comprise the historical financial statements of the Post Combination Company, and Vector’s assets, liabilities and results of operations are consolidated with Legacy Rocket Lab beginning on the acquisition date. Accordingly, for accounting purposes, the financial statements of the Post Combination Company represent a continuation of the financial statements of Legacy Rocket Lab, and the net assets of Vector are stated at historical cost, with no goodwill or other intangible assets recorded. This determination was primarily based on the following:

•

Legacy Rocket Lab stockholders considered in the aggregate have a majority interest of voting power in the Post Combination Company.

•

Members of Legacy Rocket Lab’s board of directors comprise five of the six members of the Post Combination Company’s board of directors as of the closing of the Business Combination.

•

Legacy Rocket Lab’s senior management continue to compose the senior management of the Post Combination Company

•

The relative size and valuation of Legacy Rocket Lab compared to Vector.

•

Legacy Rocket Lab’s business comprises the ongoing operations of the Post Combination Company.

In accordance with guidance applicable to these circumstances, the equity structure has been recast in all comparative periods up to the Closing Date to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to Legacy Rocket Lab’s stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share related to Legacy Rocket Lab redeemable convertible preferred stock, common stock, warrants, options, and restricted stock units prior to the Business Combination have been retroactively recast as shares reflecting the Exchange Ratio of 9.059659 established in the Business Combination.

Post Combination Company common stock and warrants commenced trading on the Nasdaq Stock Market LLC (“Nasdaq”) under the symbols “RKLB” and “RKLBW,” respectively, on August 25, 2021

Goodwill and Intangible Assets, Net - Schedule of Changes in the Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Begning Balance	$ 3,133	$ 0
Acquisitions	40,110	2,895
Foreign currency translation adjustment	65	238
Ending Balance	43,308	3,133
Launch Services
Finite Lived Intangible Assets [Line Items]
Begning Balance	0	0
Acquisitions	0	0
Foreign currency translation adjustment	0	0
Ending Balance	0	0
Space Systems
Finite Lived Intangible Assets [Line Items]
Begning Balance	3,133	0
Acquisitions	40,110	2,895
Foreign currency translation adjustment	65	238
Ending Balance	$ 43,308	$ 3,133

Stock-based Compensation - Summary of Weighted-Average Assumptions (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Fair value per share of common stock	$ 0	$ 1.41
Expected volatility	0.00%	60.00%
Risk-free interest rate	0.00%	0.60%
Expected life (years)		6 years 3 months
Expected dividend yield	0.00%	0.00%

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (117,320)	$ (55,005)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	10,851	9,339
Stock compensation expense	32,557	4,218
Amortization of inventory step-up	616
Loss on disposal of assets	156	1,473
Loss on debt extinguishment	496
Amortization of debt issuance costs and discount	1,546
Noncash lease expense	2,010	1,533
Noncash expense associated with liability-classified warrants	15,294	2,615
Deferred income taxes	(9,979)	(713)
Changes in operating assets and liabilities:
Accounts receivable	(7,789)	(522)
Contract assets	1,816	5,019
Inventories	(12,688)	(11,260)
Prepaids and other current assets	(10,504)	(2,375)
Other non-current assets	(4,548)
Trade payables	(4,517)	(1,603)
Accrued expenses	3,074	4,104
Employee benefits payables	(326)	1,538
Contract liabilities	28,057	15,921
Other current liabilities	838	(832)
Non-current lease liabilities	(1,801)	(965)
Other non-current liabilities	370	(242)
Net cash used in operating activities	(71,791)	(27,757)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, equipment and software	(25,699)	(25,121)
Cash paid for acquisitions, net of acquired cash	(66,435)	(12,208)
Net cash used in investing activities	(92,134)	(37,329)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the exercise of stock options	3,147	978
Proceeds from long-term revolving line of credit	15,000
Proceeds from long-term secured term loan	98,895
Repayments on long-term revolving line of credit	(15,000)
Net Proceeds from issuance of Series E-1 Preferred Stock		20,500
Proceeds from Business Combination and PIPE Investment, net of transaction costs	728,255
Repurchase of shares and options from management	(30,358)
Net cash provided by financing activities	799,939	21,478
Effect of exchange rate changes on cash and cash equivalents	2,128	(153)
Net increase (decrease) in cash and cash equivalents and restricted cash	638,142	(43,761)
Cash and cash equivalents, and restricted cash, beginning of period	53,933	97,694
Cash and cash equivalents, and restricted cash, end of period	692,075	53,933
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	3,991
Cash refunds/(paid) for income taxes	(1,842)	300
Unpaid purchases of property, equipment and software	938	2,090
Unpaid transaction costs	27
Issuance of common stock warrants and accrued issuance costs in connection with loan and security agreement		677
Right-of-use assets obtained in exchange for new operating lease liabilities	3,916	2,410
Issuance of common stock in connection with acquisition, at fair value	11,568
Contingent consideration assumed at acquisitions	7,300
Warrants assumed as part of Business Combination	48,149
Prepaid expenses assumed as part of Business Combination	$ 219

Employee Benefits - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Defined contribution plan, employer discretionary contribution amount	$ 441	$ 277

CONCENTRATION OF CREDIT RISK, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2021

Risks And Uncertainties [Abstract]

Concentration Of Credit Risk, Significant Customers And Geographic Information

20.

CONCENTRATION OF CREDIT RISK, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION

Concentration of Credit Risk and Significant Customers

The Company is subject to concentration of credit risk with respect to its cash, cash equivalents and accounts receivable. The Company maintains bank accounts in the United States and New Zealand and attempts to minimize by maintaining its cash, cash equivalents with major high credit quality financial institutions. From time to time cash balances held may exceed limits federally insured by the Federal Deposit Insurance Corporation. The Company has not experienced losses in such accounts and believes it is not exposed to any significant credit risk associated with these accounts.

The services provided by Rocket Lab are to U.S. Government and commercial customers. The Company has a significant concentration of credit risk associated with its accounts receivables that is solely based on the good faith and credit of the U.S. Government. We extend differing levels of credit to commercial customers, do not require collateral deposits, and, when necessary, maintain reserves for potential credit losses based upon the expected collectability of accounts receivable. We manage credit risk related to our customers by following credit approval processes, establishing credit limits, performing periodic evaluations of credit worthiness and applying other credit risk monitoring procedures.

As of December 31, 2021 and 2020, the Company’s customers that accounted for 10% or more of the total accounts receivable, net, were as follows:


	December 31,
	2021			2020
U.S. commercial customer A		18	%		62	%
U.S. commercial customer B	*				13	%
International customer C	*				12	%
Commercial customer G		23	%	*

* Accounts receivable was less than 10%

For the years ended December 31, 2021 and 2020, the Company’s customers that accounted for 10% or more of the total revenue were as follows:


	December 31,
	2021			2020
U.S. government customer D	*				21	%
International customer E	*				18	%
U.S. commercial customer F	*				15	%
Commercial customer G		40	%		14	%
Commercial customer H		16	%	*

* Revenue was less than 10%

Geographic Information

The Company’s consolidated net revenues by geographic area based on customer billing location are as follows for the years ended December 31, 2021 and 2020:


	2021					2020
	Amount		% of total revenues			Amount		% of total revenues
United States	$	45,750		74	%	$	25,881		74	%
Japan		769		1	%		6,498		18	%
Germany		9,770		16	%		—		—	%
Rest of world		5,948		9	%		2,781		8	%
Total	$	62,237		100	%	$	35,160		100	%

Long-lived assets, which consists of property, plant and equipment, net, leased right-of-use assets, intangible assets, net and goodwill, by geographic area are as follows as of December 31:


	December 31,
	2021					2020
	Amount		% of Long- Lived Assets			Amount		% of Long- Lived Assets
United States	$	148,248		76	%	$	34,303		38	%
New Zealand		45,050		23	%		43,323		47	%
Canada		1,260		1	%		13,590		15	%
Total	$	194,558		100	%	$	91,216		100	%

Revenues - Reconciliation of Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Revenues	$ 62,237	$ 35,160
Launch Services
Disaggregation Of Revenue [Line Items]
Revenues	38,971	33,085
Space Systems
Disaggregation Of Revenue [Line Items]
Revenues	23,266	2,075
Point-in-time
Disaggregation Of Revenue [Line Items]
Revenues	49,154	33,903
Point-in-time \| Launch Services
Disaggregation Of Revenue [Line Items]
Revenues	36,576	31,993
Point-in-time \| Space Systems
Disaggregation Of Revenue [Line Items]
Revenues	12,578	1,910
Over time
Disaggregation Of Revenue [Line Items]
Revenues	13,083	1,257
Over time \| Launch Services
Disaggregation Of Revenue [Line Items]
Revenues	2,395	1,092
Over time \| Space Systems
Disaggregation Of Revenue [Line Items]
Revenues	$ 10,688	$ 165

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets, Net - Summary of Amortization Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 3,321	$ 2,222
Cost of revenues [Member]
Finite Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	559	1,289
Research and Development [Member]
Finite Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	2,088	6
Selling, General and Administrative [Member]
Finite Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 674	$ 927

Concentration of Credit Risk, Significant Customers and Geographic Information - Schedule of Long Lived Assets by Geographic Area (Detail) - Long Lived Assets [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Long-Lived Assets	$ 194,558	$ 91,216
Concentration risk percentage	100.00%	100.00%
United States [Member]
Concentration Risk [Line Items]
Long-Lived Assets	$ 148,248	$ 34,303
Concentration risk percentage	76.00%	38.00%
New Zealand [Member]
Concentration Risk [Line Items]
Long-Lived Assets	$ 45,050	$ 43,323
Concentration risk percentage	23.00%	47.00%
Canada [Member]
Concentration Risk [Line Items]
Long-Lived Assets	$ 1,260	$ 13,590
Concentration risk percentage	1.00%	15.00%

Segments - Additional Information (Detail)	12 Months Ended
Segments - Additional Information (Detail)	Dec. 31, 2021 Segments
Segment Reporting [Abstract]
Number of operating segments	2

Leases - Additional Information (Detail)	12 Months Ended
Leases - Additional Information (Detail)	Dec. 31, 2021	Dec. 31, 2020
Lessee Lease Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	10 years 7 months 6 days	12 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	4.80%	5.50%
Maximum
Lessee Lease Description [Line Items]
Lessee, operating lease, option to extend	one year
Vehicles and Equipment [Member] \| Minimum
Lessee Lease Description [Line Items]
Lessee, operating lease, remaining lease term	1 year
Vehicles and Equipment [Member] \| Maximum
Lessee Lease Description [Line Items]
Lessee, operating lease, remaining lease term	19 years

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Principals of Consolidation and Basis of Presentation

The consolidated financial statements are presented in conformity with accounting standards generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Rocket Lab USA, Inc. and its wholly owned subsidiaries after elimination of intercompany accounts and transactions.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

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 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 warrants and stock-based compensation and deferred tax valuation allowances. We based our estimates on historical data and experience, as well as various other factors that our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could differ from these estimates and assumptions.

Cash and Cash Equivalents

The Company considers cash and cash equivalents to be only those investments which are highly liquid, readily convertible to cash and which have a maturity date within ninety days from the date of purchase. The carrying amounts for the Company’s cash equivalents approximate fair value due to their short maturities. Cash equivalents are recorded at fair value and consist primarily of money market funds.

Restricted Cash

The Company considers restricted cash to include any cash that is legally restricted as to withdrawal or usage. The Company had $1,116 and $1,141 as of December 31, 2021 and 2020, respectively. The balance relates to collateral for letters of credit and money market accounts and is presented in restricted cash in the consolidated balance sheets.

Accounts Receivable, Net

Accounts receivables represent amounts billed and currently due from customers. The amounts are stated at their net estimated realizable value. The Company monitors collections and payments from its customers and maintains an allowance for doubtful accounts, which effective January 1, 2020, is based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high-risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. The allowance for credit losses as of December 31, 2021 and 2020, and the activity in this account, including the current-period provision for expected credit losses for the years ended December 31, 2021 and 2020, were not material.

Inventories

Inventories consist of components and subassemblies, spare parts and consumable goods. Inventories are recorded at actual acquisition costs and adjusted to the lower of cost or estimated net realizable value. Costs include direct material, direct labor, applicable manufacturing and engineering overhead, and other direct costs. The determination of net realizable value of long-term contract costs is based upon quarterly contract reviews that determine an estimate of costs to be incurred to complete all contract requirements. When actual contract costs and the estimate to complete exceed total estimated contract revenues, a loss provision is recorded.

Inventories

Prepaids and Other Current Assets

Prepaids and other current assets include goods and services tax, prepaid expenses, government grant receivables and miscellaneous receivables.

Property, Plant and Equipment, Net

Property, plant and equipment, are stated at cost, less accumulated depreciation. Depreciation on Launch Services is calculated using a diminishing value method which approximates a double-declining method over the estimated useful lives of assets. Depreciation on Space Systems is calculated using the straight-line method over the estimated useful lives of assets.


Asset Category		Estimated Useful Lives
Buildings and improvements		15 to 30 years
Machinery, equipment, vehicles and office furniture		2 to 12 years
Computer equipment, hardware and software		3 to 5 years
Launch site assets		3 to 10 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Launch site assets include buildings, machinery and equipment at launch sites.

Repair and maintenance costs are expensed as incurred. Assets disposed of or retired are removed from cost and accumulated depreciation accounts and any resulting gain or loss is reflected in the Company’s consolidated statements of operations and comprehensive loss.

Business Combination

The results of businesses acquired in a business combination are included in our consolidated financial statements from the date of the acquisition. The Company uses the acquisition method of accounting for business combinations and recognizes assets acquired and liabilities assumed measured at their fair values on the date acquired. Goodwill is measured as of the acquisition date as the excess of consideration transferred over the net acquisition date fair value of the assets acquired and the liabilities assumed.

The Company performs valuations of assets acquired and liabilities assumed and allocates the purchase price to its respective assets and liabilities. Determining the fair value of assets acquired and liabilities assumed requires us to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates and selection of comparable companies. The Company engages the assistance of valuation specialists in concluding on fair value measurements in connection with determining fair values of assets acquired and liabilities assumed in a business combination.

Intangible Assets, Net

Intangible assets consist of purchased intangible assets including developed technology, in-process research and development, customer relationships, backlog, trademarks and tradenames, non-compete agreements, capitalized software and capitalized intellectual property and are amortized over their useful lives ranging from one to twenty years using the straight-line method of amortization. The Company evaluates the recoverability of intangible assets periodically by considering events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired.

Impairment of Long-Lived Assets

Long-lived assets consist of property, plant equipment and intangible assets with estimable useful lives subject to depreciation and amortization. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of an asset or asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of the asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. There was no impairment of long-lived assets during the years ended December 31, 2021 and 2020.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combination. We test goodwill for impairment at least annually during the fourth fiscal quarter, or more frequently if indicators of impairment exist during the fiscal year. Events or circumstances which could trigger an impairment review include a significant adverse change in legal factors or in the business climate, loss of key customers, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of the Company’s use of the acquired assets or the strategy for the Company’s overall business, significant negative industry or economic trends or significant underperformance relative to expected historical or projected future results of operations.

When testing goodwill for impairment, the Company first performs a qualitative assessment. If the Company determines it is more likely than not that a reporting unit’s fair value is less than its carrying amount, then a one-step impairment test is required. If the Company determines it is not more likely than not a reporting unit’s fair value is less than its carrying amount, then no further analysis is necessary. To identify whether a potential impairment exists, the Company compares the estimated fair value of the reporting unit with its carrying amount, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying amount, goodwill is not considered to be impaired. If, however, the fair value of the reporting unit is less than its carrying amount, then such balance would be recorded as an impairment loss.

Any impairment loss is limited to the carrying amount of goodwill allocated to the reporting unit. There was no impairment of goodwill during the years ended December 31, 2021 and 2020.

Fair Value of Financial Instruments

We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We estimate fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which is categorized in one of the following levels:

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The inputs to the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation.

The Company considers the carrying values of cash, restricted cash, accounts receivable, accounts payable, and accrued expenses to approximate fair value for these financial instruments due to the short maturities of these instruments. The Company’s preferred stock warrant options and public and private warrants are carried at fair value and determined according to the fair value hierarchy above (Note 5).

Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis

Certain assets and liabilities, including goodwill and intangible assets, are subject to measurement at fair value on a non-recurring basis upon initial acquisition in a business combination or if they are deemed to be impaired as a result of an impairment review.

Fair Value of Common Stock

Subsequent to the Business Combination, the fair value of the Company’s common stock is based on the closing market price on the date of grant. Prior to the Business Combination, due to the absence of an active market for the Company’s common stock, the fair value of the Company’s common stock is estimated based on current available information. This estimate required significant judgment and considers several factors, such as estimated probabilities of future liquidation scenarios, future equity values estimated based on project future cash flows and guideline public company information, discount rates, expected volatility and discounts for lack of marketability. These estimates were highly subjective in nature and involved a large degree of uncertainty.

Such estimates of the fair value of the Company’s common stock were used in the measurement of stock-based compensation expense and common stock and preferred stock warrants prior to the Business Combination.

Equity Issuance Costs

Certain transaction costs incurred in connection with the Merger Agreement that are direct and incremental to the Business Combination (see Note 1) have been recorded as a component of additional paid-in capital within the Condensed Consolidated Balance Sheets.

Revenue Recognition

The Company generates revenue from launch services and space systems. Launch services may be provided as a mission dedicated to a single customer or as a rideshare arrangement with multiple spacecraft from multiple customers. Space systems revenue is comprised of space engineering, program management, spacecraft components, spacecraft manufacturing, space software and mission operations.

Revenue is recognized when control of the promised product or service is transferred to our customers at an amount that reflects the consideration the Company expects to be entitled to in exchange for those products or services. The Company’s revenue contracts are generally fixed-price contracts or time and materials contracts depending upon the nature of the contract. In fixed-price contracts, to the extent actual costs vary from the cost upon which the price was negotiated, the company will generate variable levels of profit or could incur a loss.

The Company enters into contracts that can include various combinations of products and services, including contracts that contain both launch services and space systems products and services. In general, each launch and space system product or service is capable of being distinct and accounted for as separate performance obligations. Where contracts contain a single performance obligation, the entirety of the transaction price is allocated to this one performance obligation. For contracts with multiple performance obligations, the transaction price is allocated to each performance obligation based on the estimated standalone selling price of the product or service underlying each performance obligation. The standalone selling price represents the amount the Company would sell the product or service to a customer on a standalone basis.

The transaction price represents the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to its customers. The consideration promised within a contract may include fixed amounts and variable amounts. Variable consideration may consist of final milestone payments or mission success fees that are earned when the payload is delivered to the specified orbit, amongst other types.

The Company estimates variable consideration at the most likely amount, which is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur.

The Company recognizes revenue when or as control is transferred to the customer, either over-time or at a point-in-time.

Generally, launch services revenue is recognized at a point-in-time when control transfers upon intentional ignition of the launch or where successful delivery milestones are applicable, such as upon delivery of the spacecraft to the specified orbit. In some circumstances, launch service revenue is recognized over-time when it is determined that there is no alternative use for the mission, due to contractual or practical limitations, and when the Company has an enforceable right to payment for the services performed to date including a reasonable profit.

Revenue for space systems is recognized at a point-in-time or over-time depending upon the nature of the contract with customer. For contracts to provide space engineering, program management and mission operations, the Company recognizes revenues over-time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. Similarly, spacecraft manufacturing is recognized over-time when it is determined that there is no alternative use for the spacecraft, due to contractual or practical limitations, and where the Company has an enforceable right to payment for the services performed to date including a reasonable profit. Contracts to provide components for spacecraft that do not qualify for over-time recognition are recognized at a point-in-time when control is transferred.

For revenue recognized over-time, the Company uses either an input method, based on costs incurred relative to total estimated costs at completion to estimate the percentage of completion, or an output method, based upon days of service, depending upon the nature of the performance obligation. For revenues measured utilizing an input method, the costs incurred are determined by assessing the physical and technical progress on the performance obligation applied to the standard costs. Due to the nature of the work performed under spacecraft construction contracts, the estimation of physical and technical progress requires judgment and is subject to many variables including but not limited to actual progress and costs incurred, labor productivity, changes in cost and availability of materials.

Contracts for space software provide the customer with a right to use the software as it exists when made available to the customer. Customers may purchase perpetual entity-wide licenses or mission-based licenses, which provide customers with the same functionality and differ primarily in the number of spacecraft into which the software may be integrated. Revenue from space software is recognized upfront at the point-in-time when the software is made available to the customer. When customers purchase when and if available software maintenance in addition to the space software license, revenues allocated to the maintenance are recognized ratably over the maintenance period.

Due to their nature, time and materials contracts contain variable consideration; however, in general, the Company’s performance obligations under time and materials contracts qualify for the “right to invoice” practical expedient. Under this practical expedient, the Company recognizes revenue, over time, in the amount to which the Company has a right to invoice. In addition, the Company is not required to estimate such variable consideration upon inception of the contract and reassess the estimate each reporting period. The Company determined that this method best represents the transfer of services as, upon billing, the Company has a right to consideration from a customer in an amount that directly corresponds with the value to the customer of the Company’s performance completed to date.

Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers.

Contract assets include unbilled amounts under contracts when revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional and the invoice is issued. Contract assets are classified as current if the invoice will be delivered to the customer within the succeeding 12-month period with the remaining recorded as long-term. These contract assets are not considered a significant financing component of the company’s contracts as the payment terms are intended to protect the customer in the event the company does not perform on its obligations under the contract. Contract liabilities primarily consists of customer billings in advance of revenues being recognized. Contract liabilities are not a significant financing component as they are generally utilized to pay for contract costs within a one-year period or are used to ensure the customer meets contractual requirements.

Cost of Revenues

Cost of revenues includes direct material costs, compensation and benefits and other costs, such as launch service supplies and consumables, lab supplies, insurance, travel, vehicle and equipment related costs directly associated with generating revenues.

Selling, General and Administrative

Selling, general and administrative expenses consist of indirect costs, including management and executive compensation, corporate costs related to finance, accounting, human resources, information technology, legal, administrative, safety, professional services, rent and other general expenses.

Advertising costs are expensed as incurred and presented within selling, general and administrative expenses in the consolidated statements of operations and comprehensive loss. For the years ended December 31, 2021 and 2020, advertising costs were not material.

Research and Development Costs, net

Research and development costs, net primarily include labor, prototype, and professional services related to the development of our Space System platform and components and the Neutron Launch Vehicle. These costs are based on a cost model for research and development relating to internal product development programs not associated with customer contractual arrangements. These costs are presented net of government grants on the consolidated statements of operations and comprehensive loss.

Government Grants

The Company entered into a funding agreement for a research and development growth grant with an agency of the New Zealand federal government during the year ended 2013. The grant reimbursed up to 20% of the Company’s qualifying research and development costs incurred. The Company recognized a grant receivable once eligible reimbursable research and development expenses are incurred and submitted for reimbursement. Any corresponding grant receivable would be presented within prepaids and other current assets on the consolidated balance sheets. The Company received $3,695 in grant proceeds during the year ended December 31, 2020, which is presented within research and development costs, net in consolidated statements of operations and comprehensive loss.

The Company entered into a research and development tax incentive program with the New Zealand government effective from January 1, 2021. The tax incentive will reimburse up to 15% of the Company’s qualifying research and development costs incurred. The Company may recognize a grant receivable once eligible reimbursable research and development expenses are incurred and submitted for reimbursement. Any corresponding grant receivable will be presented within other current assets on the consolidated balance sheets. The Company accrued for an estimated amount of $2,563 during the year ended December 31, 2021, which is presented within research and development costs, net in consolidated statements of operations and comprehensive loss.

The Company entered into an agreement with the U.S. Space Force’s Space Systems Command for development of the Neutron launch vehicle’s upper stage during the year ended 2021. The Company received $393 in proceeds during the year ended December 31, 2021, which is presented within research and development costs, net in consolidated statements of operations and comprehensive loss.

Stock-Based Compensation

The Company’s stock compensation plan is classified as an equity plan which permits stock awards in the form of employee stock options and restricted stock awards. For awards that vest solely based on continued service, the fair value of an award is recognized as an expense over the requisite service period on a straight-line basis. For awards that contain performance conditions, the fair value of an award is recognized based on the probability of the performance condition being met.

The fair value of stock options under the Company’s employee equity incentive plan are estimated as of the grant date using the Black-Scholes option valuation model, which is affected by estimates of the fair value per share of the Company’s common stock, the risk-free interest rate, expected dividend yield, expected term and the expected share price volatility of its common shares over the expected term, which are estimated as follows:

•

Fair value per share of common stock. Prior to the Business Combination, due to the absence of an active market for the Company’s common stock, the fair value of the Company’s common stock for purposes of determining the exercise price for stock option grants and the fair value at grant date was estimated based on highly subjective and uncertain information. The exercise price of stock options was set at least equal to the fair value of the Company’s common stock on the date of grant. Following the completion of the Business Combination in August 2021, the Company estimates the fair value of common stock based on the market price of our Common Stock underlying the awards on the grant date.

•

Expected volatility. The Company’s shares have actively traded for a short period of time subsequent to the Business Combination, the volatility is based on the weighted average historical volatilities of a pool of public companies that are comparable to the Company. Expected volatility represents the estimated volatility of the shares over the expected life of the options.

•

Expected term. The Company determines the expected term of the awards using the simplified method due to the Company’s insufficient history of option exercise and forfeiture activity. The simplified method estimates the expected term based on the average of the vesting period and contractual term of the stock option.

•

Risk-free interest rate. The risk-free interest rate for periods within the expected life of the option is derived from the U.S. treasury interest rates in effect at the date of grant.

•

Estimated dividend yield. The Company uses an expected dividend yield of zero since no dividends are expected to be paid.

The fair value of restricted stock units granted under the Company’s employee equity incentive plans are estimated as of the grant date in an amount equal to the estimated fair value per share of the Company’s common stock.

Forfeitures are recognized as incurred for as they occur. Unless otherwise approved, options must be exercised while the individual is an employee or within 90-days of termination when applicable. The expiration date of newly issued options is ten years after grant date unless earlier terminated as provided for in the Plan.

The assumptions used in calculating the fair value of stock-based awards represent our best estimates, however, these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change or we use different assumptions, stock-based compensation expense could be materially different in the future.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized by applying the statutory tax rates in effect in the years in which the differences between the financial reporting and tax filing bases of existing assets and liabilities are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized.

The Company utilizes a two-step approach to recognizing and measuring uncertain income tax positions (tax contingencies). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company makes estimates, assumptions and judgments to determine its provision for income taxes and also for deferred tax assets and liabilities and any valuation allowances recorded against deferred tax assets. Actual future operating results and the underlying amount and type of income could differ materially from the Company’s estimates, assumptions and judgments thereby impacting its consolidated financial position and results of operations.

The Company’s policy is to recognize interest and/or penalties related to all tax positions in income tax expense. To the extent that accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision in the period that such determination is made. Interest and penalties related to uncertain tax positions were not material as of and for the years ended December 31, 2021 and 2020.

Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in two reportable segments: Launch Services and Space Systems.

Foreign Currencies

The functional currency of certain of the Company’s wholly owned subsidiaries is the currency of the primary economic environment in which they operate. Assets and liabilities denominated in currencies other than the functional currency are remeasured at the exchange rate in effect on the balance sheet date, with exchange differences or remeasurement included in other (expense) income, net on our consolidated statement of operations and comprehensive loss. Revenue and expenses are translated at average rates of exchange prevailing during the respective period. Translation adjustments resulting from this process are recorded as a component of accumulated other comprehensive income (loss) in the consolidated statement of redeemable convertible preferred stock and shareholders’ deficit.

Leases

The Company leases certain property, vehicles and equipment. At contract inception, the Company determines if contract contains a lease and whether the lease should be classified as an operating or financing lease.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, it uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ROU asset also includes any lease prepayments made and excludes lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Finance leases result in the recognition of depreciation expense, which is recognized on a straight-line basis over the expected life of the leased asset, and interest expense, which is recognized following an effective interest rate method.

The Company excludes short-term leases (term of 12 months or less) from the balance sheet presentation and accounts for non-lease and lease components in a contract as a single lease component for certain asset classes.

Warrant Liability

The Company accounts for the warrants assumed in connection with the Business Combination in accordance with the guidance contained in ASC 815-40, Derivatives and Hedging, under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the warrants as liabilities at their fair value and adjust the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Consolidated Statements of Operations and Comprehensive Loss.

Recently Adopted Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU No. 2021-08”). The amendments in ASU No. 2021-08 address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination. The amendments in ASU No. 2021-08 require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. Upon adoption, an acquirer should account for the related revenue contracts of the acquiree as if it has originated the contracts.

For public business entities, the amendments in ASU No. 2021-08 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments in ASU No. 2021-08 should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted. An entity that early adopts should apply the amendments (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. The Company has early adopted ASU No. 2021-08 effective January 1, 2021, which resulted in the contract liabilities being recognized under ASC 606 instead of fair value at the acquisition dates. There were no other impacts due to the adoption of this guidance on our consolidated financial statements.

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock-based Compensation Recorded in Consolidated Statements of Operations and Comprehensive Loss

Total stock-based compensation recorded in the consolidated statements of operations and comprehensive loss during the years ended December 31, 2021 and 2020 consisted of the following:


	Years Ended December 31,
	2021		2020
Cost of revenues	$	10,996	$	1,400
Research and development		9,973		1,183
Selling, general and administrative		11,588		1,635
Total stock-based compensation expense	$	32,557	$	4,218

Summary of Stock Option Activity

The following summarizes the stock option activity of the 2013 Plan for the years ended December 31, 2021 and 2020:


	Options to Purchase Common Stock			Weighted- Average Exercise Price per Share		Weighted- Average Grant Date Fair Value per Share		Weighted- Average Remaining Contract Life (In Years)		Aggregate Intrinsic Value
Outstanding — at January 1, 2020		27,263,775		$	0.97	$	0.50		7.95	$	11,941
Granted		90,597			1.41		0.78
Exercised		(2,771,051	)		0.36				3.21		2,565
Forfeited		(1,508,243	)		1.26
Expired		(986,352	)		1.05
Outstanding — at December 31, 2020		22,088,726		$	1.03	$	0.53		7.12	$	85,853
Granted		—			—		—		—		—
Exercised		(3,708,786	)		1.00		0.51		4.32		41,822
Forfeited		(857,579	)		1.21		0.60		0.01		9,131
Expired		(177,033	)		1.16		0.31		—		1,969
Outstanding — at December 31, 2021		17,345,328		$	1.03	$	0.54		6.03	$	195,111
Options vested and exercisable — at December 31, 2021		15,112,440		$	1.01	$	0.52		5.90	$	170,320
Options vested and exercisable — at December 31, 2020		14,739,214		$	0.97	$	0.49		6.83	$	57,660

Summary of Weighted-average Assumptions

The following weighted-average assumptions were used in the Black-Sholes option-pricing model calculation for stock options granted for the years ended December 31, 2021 and 2020:


	2021			2020
Fair value per share of common stock	$	—		$	1.41
Expected volatility		—	%		60.0	%
Risk-free interest rate		—	%		0.6	%
Expected life (years)		—		6.25
Dividend rate	None			None

Summary of Performance-based Restricted Stock Unit Activity

The following summarizes the performance-based restricted stock unit activity of the Plan for the years ended December 31, 2021 and 2020:


	Number of Units			Weighted- Average Grant Date Fair Value
Outstanding — at January 1, 2020		6,818,453		$	1.41
Granted		5,954,361			1.25
Forfeited		(941,759	)		1.40
Outstanding — at December 31, 2020		11,831,055			1.33
Granted		6,542,426			9.68
Forfeited		(1,426,559	)		2.10
Outstanding — at December 31, 2021		16,946,922		$	4.49
Units expected to vest — at December 31, 2021		16,946,922		$	4.49
Units expected to vest — at December 31, 2020		—		$	—

Property, Plant and Equipment, Net - Schedule of Depreciation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total depreciation expense	$ 7,530	$ 6,534
Cost of revenues [Member]
Property Plant And Equipment [Line Items]
Total depreciation expense	4,608	4,527
Research and Development Expense
Property Plant And Equipment [Line Items]
Total depreciation expense	585	416
Selling, general and administrative
Property Plant And Equipment [Line Items]
Total depreciation expense	$ 2,337	$ 1,591

Stock-based Compensation - Schedule of Stock-based Compensation Recorded in Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands		12 Months Ended
	Aug. 25, 2021	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 9,642	$ 32,557	$ 4,218
Cost of revenues [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense		10,996	1,400
Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense		9,973	1,183
Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense		$ 11,588	$ 1,635

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Deferred tax assets, valuation allowance	$ 58,235	$ 39,084
Unrecognized tax benefits	835	800	$ 800
Effective tax rate	667	632
Operating loss carryforwards	195,305	143,712
Deferred tax liabilities	$ 6,762
Decreased valuation allowance		6,296
Capitalized costs amortization	Capitalized costs are required to be amortized over five years (15 years for expenditures attributable to foreign research).
Indefinite Carryforward
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, description	carryforward indefinitely and are available to offset up to 80% of future taxable income each year.
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 57,135	57,135
Expiration year	2034
Domestic Tax Authority \| Indefinite Carryforward
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 138,170	86,577
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 19,587	10,769
Expiration year	2035
Accrued Interest And Penalties [Member]
Operating Loss Carryforwards [Line Items]
Accrued interest and penalties	$ 0	$ 0

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

NET LOSS PER SHARE

18.

NET LOSS PER SHARE

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. While outstanding, each series of Preferred Stock was considered to be a participating security. Therefore, the Company applies the two-class method in calculating its net loss per share for periods when the Company generates net income. Net losses are not allocated to the Preferred Stockholders, as they were not contractually obligated to share in the Company’s losses.

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 or the as-converted method, or two-class method for participating securities, whichever is more dilutive. Potentially dilutive shares are comprised of Preferred Stock, Preferred Stock warrants, common stock warrants, restricted stock units, stock options, and Earnout Shares issuable upon the achievement of the Stock Price Target (see Note 1). For the years ended December 31, 2021 and 2020, 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 years ended December 31:


	Years Ended December 31,
	2021			2020
Numerator
Net loss attributable to common shareholders-basic and diluted	$	(117,320	)	$	(55,005	)
Denominator
Weighted average common shares outstanding-basic and diluted		209,895,135			75,414,888
Net loss per share attributable to common stockholders-basic and diluted	$	(0.56	)	$	(0.73	)

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 for the years ended December 31, 2021 and 2020:


	December 31,
	2021		2020
Legacy Rocket Lab preferred stock		—		283,843,764
Legacy Rocket Lab preferred stock warrants		—		1,123,959
Legacy Rocket Lab common stock warrants		—		585,399
Stock options and restricted stock units		34,292,250		22,088,726
Public and Private Warrants		16,264,516		—

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

The following table presents the changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2021 and 2020:


	Launch Services		Space Systems		Total
Balance at December 31, 2019	$	—	$	—	$	—
Acquisitions		—		2,895		2,895
Foreign currency translation adjustment		—		238		238
Balance at December 31, 2020		—		3,133		3,133
Acquisitions		—		40,110		40,110
Foreign currency translation adjustment		—		65		65
Balance at December 31, 2021	$	—	$	43,308	$	43,308

Components of Intangible Assets

The components of intangible assets consisted of the following as of December 31, 2021 and 2020:


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-Lived Intangible Assets
Developed Technology	$	45,066	$	(3,039	)	$	42,027
Capitalized software		3,769		(2,893	)		876
Customer relationships		7,163		(458	)		6,705
Non-compete		221		(93	)		128
Capitalized intellectual property		374		(80	)		294
Trademarks and tradenames		5,411		(120	)		5,291
Backlog		455		(89	)		366
Indefinite-Lived Intangible Assets
In-process Technology		1,800		—			1,800
Total	$	64,259	$	(6,772	)	$	57,487


	December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-Lived Intangible Assets
Developed technology	$	10,090	$	(973	)	$	9,117
Capitalized software		3,541		(2,379	)		1,162
Customer relationships		658		(148	)		510
Non-compete agreement		219		(37	)		182
Capitalized intellectual property		199		(51	)		148
Trademarks and tradenames		149		(29	)		120
Backlog		55		(55	)		—
Indefinite-Lived Intangible Assets
In-process research and development		110		—			110
Total	$	15,021	$	(3,672	)	$	11,349

Summary of Amortization expense

Amortization expense recorded in the condensed consolidated statements of operations and comprehensive loss during the years ended December 31, 2021 and 2020, respectively consisted of the following:


	Years Ended December 31,
	2021		2020
Cost of revenues	$	559	$	1,289
Research and development		2,088		6
Selling, general and administrative		674		927
Total amortization expense	$	3,321	$	2,222

Schedule of Estimated Future Amortization Expense Related to Finite Intangible Assets

The following table outlines the estimated future amortization expense related to finite-lived intangible assets held as of December 31, 2021:


2022	$	8,118
2023		7,371
2024		7,161
2025		7,066
2026		7,037
Thereafter		18,934
Total	$	55,687

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories as of December 31, 2021 and 2020 consisted of the following:


	December 31,
	2021		2020
Raw materials	$	21,517	$	14,023
Work in process		24,166		12,112
Finished goods		2,221		—
Total inventories	$	47,904	$	26,135

Concentration of Credit Risk, Significant Customers and Geographic Information - Schedule of Total Accounts Receivable Net (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
U S Commercial Customer A [Member]
Concentration Risk [Line Items]
Concentration risk percentage	18.00%	62.00%
U S Commercial Customer B [Member]
Concentration Risk [Line Items]
Concentration risk percentage		13.00%
International Customer C [Member]
Concentration Risk [Line Items]
Concentration risk percentage		12.00%
Commercial Customer G [Member]
Concentration Risk [Line Items]
Concentration risk percentage	23.00%
Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	10.00%

Stock-based Compensation - Summary of Performance-based Restricted Stock Unit Activity (Detail) - Performance-based Restricted Stock Unit (PRSU) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding, beginning	11,831,055	6,818,453
Number of Units, granted	6,542,426	5,954,361
Number of Units, Forfeited	(1,426,559)	(941,759)
Number of Units, Outstanding, ending	16,946,922	11,831,055
Number of Units, Expected to vest	16,946,922
Weighted- Average Grant Date Fair Value, Outstanding, begininng	$ 1.33	$ 1.41
Weighted- Average Grant Date Fair Value, Granted	9.68	1.25
Weighted- Average Grant Date Fair Value, Forfeited	2.10	1.40
Weighted- Average Grant Date Fair Value, Outstanding, ending	4.49	1.33
Weighted- Average Grant Date Fair Value, Expected to vest	$ 4.49

BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

BUSINESS COMBINATIONS

Sinclair Interplanetary

On April 28, 2020, the Company acquired 100% of the outstanding capital stock and voting interest of Sinclair Interplanetary (“Sinclair Interplanetary”), pursuant to a stock purchase agreement with Sinclair, dated March 6, 2020. The results of Sinclair’s operations have been included in the consolidated financial statements since the acquisition close date. Sinclair Interplanetary is a leading provider of high-quality, flight-proven spacecraft hardware and is headquartered in Toronto, Canada. As a result of the acquisition, management expects to strengthen and expand the Company’s ability to become a one stop shop for customers who desire to design, build and launch a spacecraft.

Acquisition Consideration

The acquisition-date consideration transferred consisted of cash of $12,340.

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


Description	Amount
Cash and cash equivalents	$	132
Accounts receivable		1,024
Intangible assets, net		10,250
Other current liabilities		(2,494	)
Other assets and liabilities, net		533
Identifiable net assets acquired		9,445
Goodwill		2,895
Total purchase price	$	12,340

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


Type	Estimated Life in Years		Fair Value
Developed technology		7	$	9,200
In-process technology	N/A			100
Customer relationships		3		600
Backlog		0.7		50
Trademark and tradenames		3		100
Non-compete agreement		4		200
Total identifiable intangible assets acquired			$	10,250

Goodwill of $2,895 was recorded for the Sinclair Interplanetary acquisition, representing the excess of the purchase price over the fair value of the identifiable net assets. 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. None of the goodwill is expected to be deductible for income tax purposes.

The Company recognized $1,026 of acquisition and integration related costs that were expensed in the year ended December 31, 2020. These costs are included in the consolidated statement of operations in the line item entitled “Selling, General and Administrative Expense.”

Compensation Arrangements

In connection with the Sinclair Interplanetary acquisition, the Company issued 2,470,814 shares of common stock to the seller upon closing of the acquisition. The shares are subject to a share restriction agreement which restricts the transferability of the shares and provides the Company with a right to repurchase the shares for $0 upon termination of employment of the seller. The Company’s repurchase right lapses in eight equal quarterly installments over the two-year period subsequent to the acquisition date as the seller continues to provide service as an employee, such that at the end of the two-year period following the acquisition date, the shares will be fully transferable, and the Company will no longer have a right to repurchase the shares. Therefore, the shares are accounted for as post-combination compensation expense for services as an employee over the two-year vesting period following the acquisition date.

Additionally, the Company agreed to issue to the seller of Sinclair Interplanetary an earnout of up to 1,915,357 additional shares of the Company’s common stock to be paid over a two-year period following the acquisition close date. Issuance of the earnout shares is contingent upon the acquired business meeting certain post-acquisition gross revenue and gross margin targets and the seller continuing to provide services to the Company as an employee during the earnout period. The earnout shares are divided into three tranches. The number of shares to be earned in the first tranche (between 0 and 957,679 shares) is based on revenue and gross margin of the acquired business during the first one-year period following acquisition. The number of shares to be earned in second tranche (between 0 and 957,678 shares) is based on revenue and gross margin of the acquired business during the second one-year period following acquisition. The arrangement also provides for a make-up share tranche, whereby the seller may earn additional shares not earned in the first one-year period following acquisition if the revenue and gross margin of the second one-year period following acquisition met certain specified thresholds. In no event will more than 1,915,357 shares be earned.

Due to the continuing employment requirement of the shares issued upon closing of the transaction and continuing employment requirement of the earnout shares, the costs associated with the shares are recognized as post-combination compensation expense recognized in research and development expenses in the condensed consolidated statements of operations and comprehensive loss. The stock-based compensation of this award is recognized based on the probability of the performance condition being fully met.

The following table provides stock-based compensation expense recognized in conjunction with the Sinclair Interplanetary acquisition:


	Years Ended December 31,
Acquisition stock-based compensation	2021		2020
Shares issued in conjunction with the acquisition	$	1,402	$	934
Earnout share achievement		1,630		—
Total stock compensation related to the acquisition	$	3,032	$	934

ASI

On October 12, 2021, the Company completed the acquisition of Advanced Solutions, Inc. (“ASI”). ASI is an engineering company that develops flight software, simulation systems and guidance, navigation and control systems. ASI’s customers include agencies within the Defense Department, Air Force, NASA, other aerospace prime contractors, commercial spacecraft developers and space startups. ASI will be part of the Company’s Space Systems operating segment and continue to serve its current customers and support the Company’s Photon missions, spacecraft components, and space and ground software capabilities.

Acquisition Consideration

The acquisition-date consideration transferred consisted of cash of $29,935. The purchase agreement also includes an additional potential earn out payment of up to $5,500 based on achievement of certain performance metrics for the business in its fiscal year ending December 31, 2021. The contingent cash consideration was classified as a liability and included in accrued expenses on the Company’s consolidated balance sheet. To estimate the fair value of the contingent consideration liability, management valued the earn-out based on the likelihood of reaching targets contained in the purchase agreement. At the acquisition date, the fair value of the contingent consideration payable was determined to be $5,500. At December 31, 2021, there were no material changes in the range of expected outcomes and the fair value of the contingent consideration from the acquisition date.

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


Description	Amount
Cash and cash equivalents	$	2,245
Accounts receivable		1,920
Intangible assets		15,900
Employee benefits payable		(1,310	)
Other assets and liabilities, net		21
Identifiable net assets acquired		18,776
Goodwill		16,659
Total purchase price	$	35,435

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


Type	Estimated Life in Years		Fair Value
Developed technology		7	$	11,400
In-process technology	N/A			300
Customer relationships		10		3,100
Trademark and tradenames		7		1,100
Total identifiable intangible assets acquired			$	15,900

Goodwill of $16,659 was recorded for the ASI acquisition, representing the excess of the purchase price over the fair value of the identifiable net assets. 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. Goodwill is expected to be deductible for income tax purposes.

The Company recognized $522 of acquisition and integration related costs that were expensed in the current period. These costs are included in the consolidated statement of operations in the line item entitled “Selling, General and Administrative Expense.”

Compensation Arrangements

In connection with the acquisition, the Company deposited $12,015 with an escrow agent pursuant to purchase agreement for key ASI employees which was included in prepaid and other current assets and other non-current assets on the Company’s consolidated balance sheet. The employees must stay employed with the Company through each vesting date to be eligible to receive the performance reserve payments, and non-vested payments are forfeited if employment with the Company ceases. The performance reserve vests quarterly beginning with January 1, 2022 through October 1, 2023. In addition, under the agreement, the Company will make payment for a partial tax gross up. Due to the continuing employment requirement of the performance reserve, the costs associated with the performance reserve are recognized as post-combination compensation expense recognized in production and selling, general and administrative expense in the consolidated statements of operations and comprehensive loss.

The Company recognized $1,895 in connection with the performance reserve payments during the year ended December 31, 2021.

PSC

On November 15, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Platinum Merger Sub, Inc. (“Merger Sub”), Planetary Systems Corporation (“PSC”), and Michael Whalen as shareholder representative, which provides for, among other things, the merger of Merger Sub with and into PSC, with PSC being the surviving corporation of the merger and a direct, wholly owned subsidiary of the Company. Pursuant to the terms of the Merger Agreement, all of the issued and outstanding shares of PSC will be cancelled in exchange for aggregate consideration of up to approximately $42,000 in cash, 1,720,841 shares of the Company’s common stock, and up to 956,023 shares of the Company’s common stock that are subject to a performance based earn-out, subject to customary adjustments at closing for cash, working capital, transaction expenses and indebtedness, and amounts held back by the Company (the “Acquisition”). The Merger Agreement contains representations, warranties and indemnification provisions customary for transactions of this kind. In connection with the Acquisition, the Company has entered into customary offer letters or employment agreements with certain key employees of PSC.

On November 30, 2021, the Company completed the acquisition of PSC. PSC is a trusted leader in separation systems and spacecraft dispensers across the space industry, PSC’s flight-proven, cost-effective, and lightweight hardware streamlines the process of attaching spacecraft to rockets and releasing them in space while ensuring they’re protected during the journey to orbit. PSC’s products to date have a 100% mission success heritage across more than 100 missions launched.

Acquisition Consideration

The acquisition-date consideration transferred consisted of cash of $42,400 and stock consideration valued at $11,568. The purchase agreement also includes an additional potential earn out payment of up to $10,000 based on achievement of certain performance metrics for the business in its fiscal year ending December 31, 2022 and 2023. The contingent consideration, to be paid in common stock, was classified as a liability and included in other non-current liabilities on the Company’s consolidated balance sheet. To estimate the fair value of the contingent consideration liability, management valued the earn-out based on the likelihood of reaching targets contained in the purchase agreement. At the acquisition date, the fair value of the contingent consideration payable was determined to be $1,800. At December 31, 2021, there were no material changes in the range of expected outcomes and the fair value of the contingent consideration from the acquisition date.

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


Description	Amount
Cash and cash equivalents	$	3,655
Accounts receivable		2,543
Inventories		7,088
Intangible assets		33,000
Employee benefits payable		(1,212	)
Contract liabilities (1)		(5,352	)
Other current liabilities		(1,683	)
Non-current deferred tax liabilities		(6,762	)
Other assets and liabilities, net		1,040
Identifiable net assets acquired		32,317
Goodwill		23,451
Total purchase price	$	55,768

_________________________

(1) Contract liabilities was recorded under ASC 606 in accordance with ASU No. 2021-08; therefore a reduction in contract liabilities related to the estimated fair values of the acquired contract liabilities was not required.

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


Type	Estimated Life in Years		Fair Value
Developed technology		8	$	23,500
In-process technology	N/A			1,500
Customer relationships		15		3,400
Backlog		1		400
Trademark and tradenames		15		4,200
Total identifiable intangible assets acquired			$	33,000

Goodwill of $23,451 was recorded for the PSC acquisition, representing the excess of the purchase price over the fair value of the identifiable net assets. 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. None of the goodwill is expected to be deductible for income tax purposes.

The Company recognized $1,024 of acquisition and integration related costs that were expensed in the current period. These costs are included in the consolidated statement of operations in the line item entitled “Selling, General and Administrative Expense.”

Compensation Arrangements

In connection with the acquisition, the Company issued 1,720,841 shares of the Company common stock to the seller upon closing of the acquisition, of which 991,446 shares are held by key PSC employees. The shares are subject to a holdback agreement which restricts the transferability of the shares. The Company’s repurchase right lapses in eight equal quarterly installments over the two-year period subsequent to the acquisition date as the seller continues to provide service as an employee, such that at the end of the two-year period following the acquisition date, the shares will be fully transferable, and the Company will no longer have a right to repurchase the shares. Therefore, the shares are accounted for as post-combination compensation expense for services as an employee over the two-year vesting period following the acquisition date. Due to the continuing employment requirement of the shares issued upon closing of the transaction and the earnout shares, the costs associated with the shares are recognized as post-combination compensation expense recognized in selling, general and administrative expense in the consolidated statements of operations and comprehensive loss.

The Company recognized $715 of stock-based compensation during the year ended December 31, 2021 in connection with the holdback agreement shares.

Unaudited Pro Forma Information

The Company’s 2021 consolidated statement of operations includes revenues and operating loss of $6,617 and $3,877, respectively, related to the PSC and ASI acquisitions. The Company’s 2020 consolidated statement of operations includes revenue and operating loss of $2,075 and $936, respectively, related to the Sinclair acquisition.

The unaudited consolidated financial information summarized in the following table gives effect to the 2021 and 2020 acquisitions assuming they occurred on January 1, 2020. 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 acquisitions occurred on January 1, 2020, nor does the information project results for any future period.


	As Reported			Acquisitions Pro-Forma (Unaudited)		Consolidated Pro-Forma (Unaudited)
2021
Revenues	$	62,237		$	21,629	$	83,866
Net (loss) income		(117,320	)		6,377		(110,943	)
2020
Revenues	$	35,160		$	21,525	$	56,685
Net (loss) income		(55,005	)		6,664		(48,341	)

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Provision for contract loss	$ 4,803

Net Loss Per Share - Summary of Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Legacy Rocket Lab preferred stock warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Equity shares		1,123,959
Legacy Rocket Lab common stock warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Equity shares		585,399
Stock Options And Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Equity shares	34,292,250	22,088,726
Public and Private Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Equity shares	16,264,516
Legacy Rocket Lab preferred stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Equity shares		283,843,764

Description Of The Business - Summary of Reconciles the Elements of the Business Combination to the Condensed Consolidated Statement (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cash	$ 310,330
Less: transaction costs and advisory fees paid	(49,075)
Net proceeds from Rocket Lab Business Combination	728,255
Less: Accrued transaction costs	(27)
Plus: Prepaid expenses assumed as part of Business Combination	219
Less: Warrants assumed as part of Business Combination	48,149
Less: Repurchase of Management Shares	(30,358)
Reverse recapitalization, net of transaction costs	649,940
Pipe Investment [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cash	$ 467,000

Leases - Schedule of The Future Minimum Operating Lease Payments (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 3,799
2023	4,076
2024	3,984
2025	3,728
2026	3,790
Thereafter	21,636
Total lease payments	41,013
Less imputed interest	(10,328)
Total	$ 30,685

Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Adjustment [Member]	Common Stock [Member]	Common Stock [Member] Adjustment [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Adjustment [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member] Adjustment [Member]	Other Comprehensive Income (Loss) [Member]	Other Comprehensive Income (Loss) [Member] Adjustment [Member]	Redeemable Convertible Preferred Stock [Member]	Redeemable Convertible Preferred Stock [Member] Adjustment [Member]	Redeemable Convertible Preferred Stock [Member] Preferred Stock [Member]
Beginning balance at Dec. 31, 2019	$ (118,529)	$ (118,529)	$ 0	$ 7	$ 14,236	$ 14,229	$ (132,686)	$ (132,686)	$ (79)	$ (79)		$ 254,460	$ 254,460
Beginning balance (in Shares) at Dec. 31, 2019			8,076,275	73,168,297							30,680,373	277,953,717
Retroactive application of Exchange Ratio			$ 7		(7)
Retroactive application of Exchange Ratio (in Shares)			65,092,022								247,273,344
Net loss	(55,005)						(55,005)
Exercise of stock options	$ 978		$ 1		977
Exercise of stock options (in Shares)	2,771,051		2,771,051
Stock-based compensation	$ 4,218				4,218
Exchange of preferred stock warrants for common stock warrants	496
Issuance of stock for acquisition
Issuance of stock for acquisition (in Shares)			2,470,814
Issuance of redeemable preferred stock, value											$ 20,500
Issuance of redeemable preferred stock, share											5,890,047
Issuance of common stock warrant	496				496
Other comprehensive income	1,134								1,134
Ending balance at Dec. 31, 2020	(166,708)		$ 8		19,920		(187,691)		1,055				274,960
Ending balance (in Shares) at Dec. 31, 2020			78,410,162								283,843,764
Net loss	(117,320)						(117,320)
Exercise of stock options	$ 3,122				3,122
Exercise of stock options (in Shares)	3,708,786		3,688,836
Stock-based compensation	$ 33,108				33,108
Exercise of preferred stock warrants	6,514				6,514
Exercise of preferred stock warrants (in Shares)											817,981
Exchange of preferred stock warrants for common stock warrants	2,975				2,975
Conversion of public warrants for common stock	35				35
Conversion of public warrants for common stock, shares			2,180
Conversion of redeemable convertible preferred stock to common stock	274,961		$ 29		274,932						$ (274,960)
Conversion of redeemable convertible preferred stock to common stock (in Shares)			284,661,745								(284,661,745)
Issuance of stock for acquisition	11,568				11,568
Issuance of stock for acquisition (in Shares)			853,306
Reverse recapitalization, net of transaction costs	649,940		$ 8		649,932
Reverse recapitalization, net of transaction costs (in Shares)			81,685,363
Common stock issued upon exercise of warrants (in Shares)			878,887
Other comprehensive income	253								253
Ending balance at Dec. 31, 2021	$ 698,448		$ 45		$ 1,002,106		$ (305,011)		$ 1,308				$ 0
Ending balance (in Shares) at Dec. 31, 2021	447,919,591		450,180,479								0

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

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

As of December 31, 2021 and 2020, 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:


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	635,269	$	—	$	—	$	635,269
Total	$	635,269	$	—	$	—	$	635,269
Liabilities:
Other non-current liabilities:
Public and Private Warrants (Note 11)	$	58,227	$	—	$	—	$	58,227
Total	$	58,227	$	—	$	—	$	58,227


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	49,869	$	—	$	—	$	49,869
Total	$	49,869	$	—	$	—	$	49,869
Liabilities:
Other non-current liabilities:
Warrants-preferred stock (Note 11)	$	—	$	—	$	3,899	$	3,899
Total	$	—	$	—	$	3,899	$	3,899

Summary of Warrant Liabilities Measured at Fair Value

The change in the warrant liabilities measured at fair value using level three unobservable inputs is as follows for the years ended December 31, 2021 and 2020:


Balance, at January 1, 2020	$	1,284
Cost of warrants vesting during the year		198
Change in fair value included in earnings		2,417
Balance, at December 31, 2020		3,899
Cost of warrants vesting during the period		352
Change in fair value included in earnings		5,238
Exercise of warrants to purchase Legacy Rocket Lab Series C and D preferred stock		(6,514	)
Exchange of warrants to purchase Legacy Rocket Lab Series B preferred stock to common stock warrants		(2,975	)
Balance, at December 31, 2021	$	—

Business Combinations - Estimates Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Business Acquisition [Line Items]

Prepaid expenses assumed as part of Business Combination

$ 219

Goodwill

43,308

$ 3,133

$ 0

Sinclair Interplanetary [Member]

Business Acquisition [Line Items]

Cash and cash equivalents

132

Accounts receivable

1,024

Intangible assets, net

10,250

Other current liabilities

(2,494)

Other assets and liabilities, net

533

Identifiable net assets acquired

9,445

Goodwill

2,895

Total purchase price

12,340

Advanced Solutions Inc [Member]

Business Acquisition [Line Items]

Cash and cash equivalents

2,245

Accounts receivable

1,920

Intangible assets, net

15,900

Employee benefits payable

(1,310)

Other assets and liabilities, net

Identifiable net assets acquired

18,776

Goodwill

16,659

Total purchase price

35,435

Planetary Systems Corporation [Member]

Business Acquisition [Line Items]

Cash and cash equivalents

3,655

Accounts receivable

2,543

Inventories

7,088

Intangible assets, net

33,000

Contract liabilities

^[1]

(5,352)

Employee benefits payable

(1,212)

Other current liabilities

(1,683)

Non-current deferred tax liabilities

(6,762)

Other assets and liabilities, net

1,040

Identifiable net assets acquired

32,317

Goodwill

23,451

Total purchase price

$ 55,768

[1]	(1) Contract liabilities was recorded under ASC 606 in accordance with ASU No. 2021-08; therefore a reduction in contract liabilities related to the estimated fair values of the acquired contract liabilities was not required.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

Related Party Transactions

21.

RELATED PARTY TRANSACTIONS

There are three members of our board of directors that are affiliated with three separate entities that are invested in our common stock, two of which individually hold greater than 5% beneficial ownership. Each entity was granted one seat on our board which is filled by a partner of the affiliated entity. On September 14, 2018 and through subsequent closings, Rocket Lab sold an aggregate of 39,575,426 shares of its Series E convertible preferred stock for an aggregate purchase price of $137,739. In connection with this transaction, these entities acquired 3,028,345 of Series E convertible preferred stock for $10,539 and Rocket Lab entered into certain Amended and Restated Investors’ Rights Agreement, Amended and Restated Voting Agreement, and Amended and Restated First Refusal and Co-Sale Agreement with each of the purchasers of Rocket Lab’s Series E convertible preferred stock, and certain other Rocket Lab stockholders (collectively, the “Investor Agreements”). Such Investor Agreements were subsequently amended and restated in connection with Rocket Lab’s Series E-1 convertible preferred stock financing on May 18, 2020 whereby Rocket Lab sold an aggregate of 5,890,047 shares of its Series E-1 convertible preferred stock for an aggregate purchase price of $20,500. These entities with an affiliated director purchased 1,292,931 shares of Series E-1 convertible preferred stock for $4,499. In connection with the Business Combination, all of the convertible preferred stock was converted into shares of common stock.

As of December 31, 2020 and 2021, there are no amounts due to or from related parties.

INCOME TAXES

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

17.

INCOME TAXES

The components of the pretax loss from domestic and foreign operations for the years ended December 31, 2021 and 2020 were as follows:


	Years Ended December 31,
	2021			2020
US loss before income taxes	$	(132,585	)	$	(56,439	)
Foreign income before income taxes		7,745			1,901
Pretax loss from operations	$	(124,840	)	$	(54,538	)

The provision (benefit) for income taxes for the years ended December 31, 2021 and 2020 is as follows:


	Years Ended December 31,
	2021			2020
Current:
Federal	$	—		$	—
State		2			—
Foreign		2,377			1,410
Total		2,379			1,410
Deferred:
Federal		(5,957	)		—
State		(339	)		—
Foreign		(3,603	)		(943	)
Total		(9,899	)		(943	)
(Benefit) provision for income taxes	$	(7,520	)	$	467

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences:


	Years Ended December 31,
	2021					2020
Federal statutory rate	$	(26,216	)	21.00	%	$	(11,453	)	21.00	%
Adjustments for tax effects of:
Permanent differences and other		(477	)	0.38	%		634		(1.16	)%
Warrants		2,421		(1.94	)%		200		(0.37	)%
Stock-based compensation		(2,399	)	1.92	%		(203	)	0.37	%
Increase in valuation allowance		19,151		(15.34	)%		11,289		(20.70	)%
(Benefit) provision for income taxes	$	(7,520	)	6.02	%	$	467		(0.86	)%

The significant components of the Company’s deferred tax assets and liabilities were as follows as of December 31, 2021 and 2020:


	December 31,
	2021			2020
Deferred tax assets:
Accrued expenses	$	2,105		$	1,969
Inventories		409			353
Deferred revenue		14,160			5,503
Lease liability		7,244			7,426
Stock options		7,950			2,082
Warrants		—			519
Interest expense		1,075			—
Net operating losses		41,688			30,264
Tax credits		898			923
Other		—			4
Total deferred tax assets		75,529			49,043
Valuation allowance		(58,235	)		(39,084	)
Total deferred tax assets, net		17,294			9,959
Deferred tax liabilities:
Right of use asset		(6,723	)		(6,954	)
Depreciation and amortization		(5,160	)		—
Other		(18	)		—
Unrealized gain		—			(757	)
Total deferred tax liabilities		(11,901	)		(7,711	)
Net deferred tax assets	$	5,393		$	2,248

The realization of deferred tax assets may be dependent on the Company’s ability to generate sufficient income in future years in the associated jurisdiction to which the deferred tax assets relate. A valuation allowance against the net deferred tax assets has been recorded at December 31, 2021 and 2020, in the amount of $58,235 and $39,084, respectively, as realization of the deferred tax assets is uncertain.

The Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial performance. Based on the review of all positive and negative evidence, including a three-year cumulative pre-tax book loss, it was concluded that a full valuation allowance should be recorded against all U.S. deferred tax assets at December 31, 2021 and 2020. In the event that the Company were to determine that it would be able to realize all or part of its U.S. deferred tax assets in the future, it would decrease the valuation allowance and recognize a corresponding tax benefit in the period in which it made such a determination.

The Company acquired Planetary Systems Corporation in a plan of reorganization under IRC Section 368 on November 15, 2021. Under ASC 805-740, the Company recorded deferred tax liabilities of $6,762 related to developed technology, customer lists, backlog, trademarks and trade name and fixed assets as part of the business combination. As a result of recording the deferred tax liabilities, the Company’s valuation allowance decreased by $6,296. While the adjustment is a result of the plan of reorganization, ASC 805-740-30-3 requires the reduction in the valuation allowance to be recognized as a benefit in the income statement, and not as a component of acquisition accounting.

As of December 31, 2021 and 2020, the Company had unrecognized tax benefits of $835 and $800 related to net operating losses incurred in prior years, respectively, of which $667 and $632 will affect the effective tax rate if recognized when the Company no longer has a valuation allowance offsetting its deferred tax assets, respectively.

The reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits for the years ended December 31 is as follows:


	2021		2020
Balance at beginning of year	$	800	$	800
Increase related to current year tax position		35		—
Balance at end of year	$	835	$	800

The Company believes it is reasonably possible it will not reduce its unrecognized tax benefits within the next year.

Due to the net operating loss (“NOL”) carryforwards, the U.S. federal and state returns are open to examination by the Internal Revenue Service and state jurisdictions for all years beginning with the year ended March 31, 2016. Our foreign subsidiaries are generally subject to examination within four years from the end of the tax year during which the tax return was filed. The years subject to audit may be extended if the entity substantially understates corporate income tax. The Company is not currently under examination by the IRS, foreign or state and local tax authorities.

The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision. As of December 31, 2021 and 2020, there were no accrued interest and penalties.

At December 31, 2021 and 2020, the Company had federal NOL carryforwards of approximately $195,305 and $143,712, respectively, which is comprised of definite and indefinite NOLs. The Company had definite federal NOL carryforwards of approximately $57,135 as of December 31, 2021 and 2020, which begin to expire in varying amounts beginning in 2034. Federal NOLs generated after 2017 of approximately $138,170 and $86,577 as of December 31, 2021 and 2020, respectively will carryforward indefinitely and are available to offset up to 80% of future taxable income each year. The Company also had state NOL carryforwards of approximately $19,587 and $10,769 as of December 31, 2021 and 2020, respectively, available to reduce future taxable income, if any. If not realized, the state NOLs will begin to expire in varying amounts beginning in 2035. Utilization of the NOL carryforwards may become subject to annual limitations due to ownership changes that could occur in the future as provided by Section 382 of the Internal Revenue Code of 1986, as amended, as well as similar state and foreign provisions. These ownership changes may limit the amount of the NOL and tax credit carryforwards that can be utilized annually to offset future taxable income. The Company has engaged outside consultants to perform a Section 382 analysis, which, as of December 31, 2021, has not been completed. If a Section 382 ownership change has occurred, then the carrying amount of any tax attribute carryforwards may be restricted or eliminated. If eliminated, the related asset would be removed from the deferred tax assets with a corresponding reduction in the valuation allowance.

The Company does not record U.S. income taxes on the undistributed earnings of its foreign subsidiaries based upon the Company’s intention to permanently reinvest undistributed earnings to ensure sufficient working capital and further expansion of existing operations outside the United States. In the event the Company is required to repatriate funds from outside of the United States, such repatriation would be subject to local laws, customs and tax consequences.

The Jobs Act subjects a U.S. shareholder to tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The Company has elected to account for GILTI in the year the tax is incurred in accordance with the FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, which states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Leases - Supplemental Cash Flow Information Related To Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 3,051	$ 2,080
Operating cash flows from finance leases	0	95
Right-of-use assets obtained in exchange for lease obligations:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 3,916	$ 2,410

SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of Information by Reportable Segment

The following table shows information by reportable segment for the years ended December 31, 2021 and 2020:


	Years Ended December 31,
	2021					2020
	Launch Services			Space Systems		Launch Services			Space Systems
Revenues	$	38,971		$	23,266	$	33,085		$	2,075
Cost of revenues		53,827			10,303		45,872			1,105
Gross profit (loss)	$	(14,856	)	$	12,963	$	(12,787	)	$	970

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Property Plant and Equipment, Net

Property, plant and equipment, net, as of December 31, 2021 and 2020 consisted of the following:


	December 31,
	2021			2020
Buildings and improvements	$	25,075		$	20,330
Machinery, equipment, vehicles and office furniture		24,848			23,755
Computer equipment, hardware and software		5,617			3,836
Launch site assets		9,611			7,582
Construction in process		22,379			10,177
Property, plant and equipment—gross		87,530			65,680
Less accumulated depreciation and amortization		(22,191	)		(15,848	)
Property, plant and equipment—net	$	65,339		$	49,832

Depreciation expense recorded in the consolidated statements of operations and comprehensive loss during the years ended December 31, 2021 and 2020 consisted of the following:


	Years Ended December 31,
	2021		2020
Cost of revenues	$	4,608	$	4,527
Research and development, net		585		416
Selling, general and administrative		2,337		1,591
Total depreciation expense	$	7,530	$	6,534

Income Taxes - Schedule of Pretax Loss from Domestic and Foreign Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
US loss before income taxes	$ (132,585)	$ (56,439)
Foreign income before income taxes	7,745	1,901
Loss before income taxes	$ (124,840)	$ (54,538)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

STOCK-BASED COMPENSATION

13.

STOCK-BASED COMPENSATION

Equity Incentive Plans

The Company has a single active equity incentive plan, the Rocket Lab 2021 Stock Option and Incentive Plan (the “2021 Plan”), with the objective of attracting and retaining available employees and directors by providing stock-based and other performance-based compensation. The 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 are reserved for the issuance of awards under the 2021 Plan. The number of shares reserved for issuance under the 2021 Plan automatically increases each January 1, beginning on January 1, 2022, by 5% of the outstanding number of shares of common stock on the immediately preceding December 31, or such lesser amount as determined by the plan administrator. The Company was authorized to issue up to 60,206,872 shares of common stock as equity awards to participants under the 2021 Plan as of December 31, 2021. There were 57,901,558 shares of common stock available for grant as of December 31, 2021.

Prior to the Business Combination, the Company maintained the Rocket Lab 2013 Stock Option and Grant Plan (the “2013 Plan”). The 2013 Plan was terminated in connection with the consummation of the Business Combination, and accordingly, no shares are available for future issuance under the 2013 Plan following the Closing Date. Upon the consummation of the Business Combination, all outstanding stock options under the 2013 Plan, whether vested or unvested, were converted into options to purchase a number of shares of common stock of the Post Combination Company based on the Exchange Ratio, with a corresponding adjustment to the exercise price such that there was no change to the aggregate exercise price for the options. Similarly, upon consummation of the Business Combination, all outstanding restricted stock units under the 2013 Plan, whether vested or unvested, were converted into a number of restricted stock units of the Post Combination Company based on the Exchange Ratio. The 2013 Plan will continue to govern outstanding awards granted thereunder.

Total stock-based compensation recorded in the consolidated statements of operations and comprehensive loss during the years ended December 31, 2021 and 2020 consisted of the following:


	Years Ended December 31,
	2021		2020
Cost of revenues	$	10,996	$	1,400
Research and development		9,973		1,183
Selling, general and administrative		11,588		1,635
Total stock-based compensation expense	$	32,557	$	4,218

Options

Options issued to all optionees under the 2013 Plan vest 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.

The following summarizes the stock option activity of the 2013 Plan for the years ended December 31, 2021 and 2020:


	Options to Purchase Common Stock			Weighted- Average Exercise Price per Share		Weighted- Average Grant Date Fair Value per Share		Weighted- Average Remaining Contract Life (In Years)		Aggregate Intrinsic Value
Outstanding — at January 1, 2020		27,263,775		$	0.97	$	0.50		7.95	$	11,941
Granted		90,597			1.41		0.78
Exercised		(2,771,051	)		0.36				3.21		2,565
Forfeited		(1,508,243	)		1.26
Expired		(986,352	)		1.05
Outstanding — at December 31, 2020		22,088,726		$	1.03	$	0.53		7.12	$	85,853
Granted		—			—		—		—		—
Exercised		(3,708,786	)		1.00		0.51		4.32		41,822
Forfeited		(857,579	)		1.21		0.60		0.01		9,131
Expired		(177,033	)		1.16		0.31		—		1,969
Outstanding — at December 31, 2021		17,345,328		$	1.03	$	0.54		6.03	$	195,111
Options vested and exercisable — at December 31, 2021		15,112,440		$	1.01	$	0.52		5.90	$	170,320
Options vested and exercisable — at December 31, 2020		14,739,214		$	0.97	$	0.49		6.83	$	57,660

The following weighted-average assumptions were used in the Black-Sholes option-pricing model calculation for stock options granted for the years ended December 31, 2021 and 2020:


	2021			2020
Fair value per share of common stock	$	—		$	1.41
Expected volatility		—	%		60.0	%
Risk-free interest rate		—	%		0.6	%
Expected life (years)		—		6.25
Dividend rate	None			None

As of December 31, 2021, total estimated unrecognized stock compensation expense related to unvested options granted under the 2013 Plan was $1,331, which is expected to be recognized over the next 0.8 years.

Performance-based Restricted Stock Units — During the years ended December 31, 2021 and 2020, the Company granted 6,542,426 and 5,954,309 performance-based restricted stock units, respectively, to certain key employees pursuant to the 2013 Plan and 2021 Plan. Performance-based restricted stock units granted in 2021 and 2020 are subject to both a time-based service vesting condition and a performance-based vesting condition, both of which must be satisfied before the restricted stock units will be deemed vested. The time-based service vesting condition is generally satisfied over a period of approximately four years as the employees provide service. The performance-based vesting condition is only satisfied upon a sale event (e.g., (i) liquidation of the Company, (ii) sale of all or substantially all of the assets of the Company, (iii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity) or the Company’s initial public offering.

As of December 31, 2020, the Company believed it is not probable that the performance condition for the performance-based restricted stock units will be satisfied as such events which would satisfy the performance condition are generally not deemed probable until the event occurs. Accordingly, the Company did not recognize any stock-based compensation expense during the year ended December 31, 2020, for these awards.

Upon consummation of the Business Combination, it became probable that the performance condition for the performance-based restricted stock units would be satisfied. Accordingly, the Company recognized $26,987 of stock-based compensation expense related to these awards during the year ended December 31, 2021. As of December 31, 2021, the total unrecognized compensation expense related to unvested performance-based restricted stock units granted under the 2013 Plan and 2021 Plan was $49,081 and will be recognized upon vesting.

The following summarizes the performance-based restricted stock unit activity of the Plan for the years ended December 31, 2021 and 2020:


	Number of Units			Weighted- Average Grant Date Fair Value
Outstanding — at January 1, 2020		6,818,453		$	1.41
Granted		5,954,361			1.25
Forfeited		(941,759	)		1.40
Outstanding — at December 31, 2020		11,831,055			1.33
Granted		6,542,426			9.68
Forfeited		(1,426,559	)		2.10
Outstanding — at December 31, 2021		16,946,922		$	4.49
Units expected to vest — at December 31, 2021		16,946,922		$	4.49
Units expected to vest — at December 31, 2020		—		$	—

Management Redemption

In connection with the Business Combination, the Company modified 498,177 shares of common stock and vested options to purchase 558,769 shares of common stock held by certain members of management and obtained through stock-based compensation arrangements to provide for cash redemption, which resulted in a change from equity to liability classification for these shares and options. The Company redeemed these shares and options on August 25, 2021 for $10,000. The Company recognized the redemption amount in excess of the amounts previously recognized within additional paid-in capital for these awards as stock-based compensation expense. This resulted in the recognition of $9,642 of compensation expense associated with the redemption and an adjustment of approximately $359 to additional paid-in capital for stock compensation previously recognized related to these awards. In addition, on August 25, 2021, the Company redeemed 2,989,088 shares of common stock held by management for $30,000 as an adjustment to additional paid-in capital.

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 Board. The purpose of the 2021 ESPP is to enable eligible employees to use payroll deductions to purchase shares of common stock and thereby acquire an interest in the Company. Eligible employees are offered shares through a 12-month offering period, which consists of two consecutive 6-month purchase periods. Employees may purchase a limited amount of shares of our stock at a discount of up to 15% of the lesser of the fair market value at the beginning of the offering period or the end of each 6-month purchase period. No shares were issued under the 2021 ESPP during the year ended December 31, 2021. As of December 31, 2021, 9,980,000 shares remain available for issuance under the 2021 ESPP. Total ESPP stock-based compensation recorded in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2021 was $338.

Fair Value Of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other non-current liabilties:
Warrants-preferred stock (Note 11)		$ 3,899	$ 1,284
Fair Value, Recurring [Member]
Cash equivalents:
Money market accounts	635,269	49,869
Total	635,269	49,869
Other non-current liabilties:
Public and Private Warrants liabilities	58,227
Warrants-preferred stock (Note 11)		3,899
Total	58,227	3,899
Level 1 \| Fair Value, Recurring [Member]
Cash equivalents:
Money market accounts	635,269	49,869
Total	635,269	49,869
Other non-current liabilties:
Public and Private Warrants liabilities	58,227
Warrants-preferred stock (Note 11)		0
Total	58,227	0
Level 2 \| Fair Value, Recurring [Member]
Cash equivalents:
Money market accounts	0
Total	0
Other non-current liabilties:
Public and Private Warrants liabilities	0
Total	0
Level 3 \| Fair Value, Recurring [Member]
Other non-current liabilties:
Public and Private Warrants liabilities	0
Warrants-preferred stock (Note 11)		3,899
Total	$ 0	$ 3,899

REVENUES

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

REVENUES

The Company disaggregates revenue by reportable segment and revenue recognition pattern, as it believes these categories best depicts how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The following tables provide information about disaggregated revenue and a reconciliation of the disaggregated revenue during the years ended December 31, 2021 and 2020:


	Year Ended December 31, 2021
	Launch		Space
	Services		Systems		Total
Revenues by recognition model
Point-in-time	$	36,576	$	12,578	$	49,154
Over-time		2,395		10,688		13,083
Total revenue by recognition model	$	38,971	$	23,266	$	62,237


	Year Ended December 31, 2020
	Launch		Space
	Services		Systems		Total
Revenues by recognition model
Point-in-time	$	31,993	$	1,910	$	33,903
Over-time		1,092		165		1,257
Total revenue by recognition model	$	33,085	$	2,075	$	35,160

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 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 consolidated balance sheets at the end of each reporting period.

The following table presents the balances related to enforceable contracts as of December 31, 2021 and 2020:


	December 31,
	2021		2020
Contract balances
Accounts receivable	$	13,957	$	2,730
Contract assets		2,490		2,045
Contract liabilities		59,749		26,132

Changes in contract liabilities were as follows:


	2021			2020
Contract liabilities, beginning of year	$	26,132		$	10,211
Contract liabilities assumed at acquisition		5,560			—
Customer advances received		41,614			24,694
Recognition of unearned revenue		(13,557	)		(8,773	)
Contract liabilities, end of year	$	59,749		$	26,132

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 years ended December 31, 2021 and 2020 was not material.

Remaining unsatisfied performance obligations represent the total dollar value of work to be performed on contracts awarded and in progress. The amount of remaining unsatisfied performance obligations 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 remaining unsatisfied performance obligations when an enforceable agreement has been reached. Remaining unsatisfied performance obligations totaled $241,463 as of December 31, 2021, of which approximately 60% is expected to be recognized within 12 months, with the remaining 40% to be recognized beyond 12 months.

- 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

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+ Details

SEGMENTS

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENTS

19.

SEGMENTS

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. 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 services to customer on a dedicated mission or ride share basis. Space Systems is comprised of space engineering, program management, spacecraft components, spacecraft manufacturing and mission operations. Although many 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. The accounting policies of the various segments are the same as those described in Note 2. The Company evaluates the performance of its reportable segments based on gross profit. 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 years ended December 31, 2021 and 2020:


	Years Ended December 31,
	2021					2020
	Launch Services			Space Systems		Launch Services			Space Systems
Revenues	$	38,971		$	23,266	$	33,085		$	2,075
Cost of revenues		53,827			10,303		45,872			1,105
Gross profit (loss)	$	(14,856	)	$	12,963	$	(12,787	)	$	970

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

- Definition

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

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenues - Additional Information (Detail) $ in Thousands	12 Months Ended
Revenues - Additional Information (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Disaggregation Of Revenue [Abstract]
Remaining unsatisfied performance obligations	$ 241,463
Revenue recognized description	approximately 60% is expected to be recognized within 12 months, with the remaining 40% to be recognized beyond 12 months

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property Plant and Equipment

Depreciation on Space Systems is calculated using the straight-line method over the estimated useful lives of assets.


Asset Category		Estimated Useful Lives
Buildings and improvements		15 to 30 years
Machinery, equipment, vehicles and office furniture		2 to 12 years
Computer equipment, hardware and software		3 to 5 years
Launch site assets		3 to 10 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Subsequent Events - Additional Information (Detail) - USD ($)	Jan. 31, 2022	Jan. 18, 2022	Dec. 31, 2021	Dec. 22, 2021	Aug. 25, 2021	Jul. 12, 2021	Dec. 31, 2020	Dec. 23, 2020	Dec. 31, 2016
Subsequent Event [Line Items]
Warrants and rights outstanding			$ 58,227,000			$ 6,514,000	$ 0
Public Warrants [Member]
Subsequent Event [Line Items]
Exercise price of warrants or rights			$ 3.58	$ 0.2843	$ 2.96
Number of securities called by each warrant or right					0
Warrants and rights outstanding					$ 48,149,000
Private Warrants [Member]
Subsequent Event [Line Items]
Warrants and rights outstanding			$ 1,592,080,000
Warrants Issued and Outstanding			5,600,000
Public and Private Warrants [Member]
Subsequent Event [Line Items]
Exercise price of warrants or rights				0.2843
Common Stock [Member]
Subsequent Event [Line Items]
Exercise price of warrants or rights				$ 11.50			$ 1.28	$ 1.28	$ 0.09
Class of warrant or right number of securities called by warrants or rights							121,689	121,689	463,710
Common Stock [Member] \| Public Warrants [Member]
Subsequent Event [Line Items]
Warrants and rights outstanding					$ 10,666,666,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of securities called by each warrant or right	2,951,781
Cash proceeds from warrants issued	$ 126,000
Warrant exercise price per share	$ 0.10
Subsequent Event [Member] \| Public Warrants [Member]
Subsequent Event [Line Items]
Class of warrant or right number of securities called by warrants or rights	10,383,077
Number of securities called by each warrant or right	10,969
Cash proceeds from warrants issued	$ 27,000
Warrants Issued and Outstanding	270,470
Subsequent Event [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Exercise price of warrants or rights	$ 11.50
Warrants and rights outstanding	$ 10,969,000
Subsequent Event [Member] \| SolAero Holdings, Inc [Member]
Subsequent Event [Line Items]
Payments to acquire businesses, Gross		$ 80,000,000
Cash consideration transferred		$ 3,600,000

Concentration of Credit Risk, Significant Customers and Geographic Information - Schedule of Total Revenue (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commercial Customer G [Member]
Concentration Risk [Line Items]
Concentration risk percentage	23.00%
Revenue [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	10.00%
Revenue [Member] \| U.S. Government Customer D [Member]
Concentration Risk [Line Items]
Concentration risk percentage		21.00%
Revenue [Member] \| International Customer E [Member]
Concentration Risk [Line Items]
Concentration risk percentage		18.00%
Revenue [Member] \| U S Commercial Customer F [Member]
Concentration Risk [Line Items]
Concentration risk percentage		15.00%
Revenue [Member] \| Commercial Customer G [Member]
Concentration Risk [Line Items]
Concentration risk percentage	40.00%	14.00%
Revenue [Member] \| Commercial Customer H [Member]
Concentration Risk [Line Items]
Concentration risk percentage	16.00%

Significant Accounting Policies - Summary of Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2021
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	Shorter of remaining lease term or estimated useful life
Minimum \| Buildings and Improvements [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	15 years
Minimum \| Machinery, Equipment, Vehicles and Office Furniture [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	2 years
Minimum \| Computer Equipment, Hardware and Software [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Minimum \| Launch Site Assets [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Maximum \| Buildings and Improvements [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	30 years
Maximum \| Machinery, Equipment, Vehicles and Office Furniture [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	12 years
Maximum \| Computer Equipment, Hardware and Software [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Maximum \| Launch Site Assets [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	10 years

Income Taxes - Schedule of Differences Between Federal Statutory Income Tax Rate and Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory rate	$ (26,216)	$ (11,453)
Adjustments for tax effects of:
Permanent differences and other	(477)	634
Warrants	2,421	200
Stock-based compensation	(2,399)	(203)
Increase in valuation allowance	19,151	11,289
(Benefit) Provision for income taxes	$ (7,520)	$ 467
Federal statutory rate	21.00%	21.00%
Adjustments for tax effects of:
Permanent differences and other	0.38%	(1.16%)
Warrants	(1.94%)	(0.37%)
Stock-based compensation	1.92%	0.37%
Increase in valuation allowance	(15.34%)	(20.70%)
Provision for income taxes	6.02%	(0.86%)

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net, as of December 31, 2021 and 2020 consisted of the following:


	December 31,
	2021			2020
Buildings and improvements	$	25,075		$	20,330
Machinery, equipment, vehicles and office furniture		24,848			23,755
Computer equipment, hardware and software		5,617			3,836
Launch site assets		9,611			7,582
Construction in process		22,379			10,177
Property, plant and equipment—gross		87,530			65,680
Less accumulated depreciation and amortization		(22,191	)		(15,848	)
Property, plant and equipment—net	$	65,339		$	49,832

Depreciation expense recorded in the consolidated statements of operations and comprehensive loss during the years ended December 31, 2021 and 2020 consisted of the following:


	Years Ended December 31,
	2021		2020
Cost of revenues	$	4,608	$	4,527
Research and development, net		585		416
Selling, general and administrative		2,337		1,591
Total depreciation expense	$	7,530	$	6,534

WARRANTS

12 Months Ended

Dec. 31, 2021

Warrants And Rights Note Disclosure [Abstract]

WARRANTS

11.

WARRANTS

Equity Classified Common Stock Warrants

During December 2020, in connection with the Loan and Security Agreement (see Note 10), the Company issued warrants to acquire 121,689 shares of common stock at an exercise price of $1.28 per share at any given time during a period of ten years beginning on the instrument’s issuance date. The fair value of these warrants was $496 at issuance which was recorded to interest expense upon repayment of the amounts outstanding under the Loan and Security Agreement during the year ended December 31, 2021.

During 2016, the Company issued warrants to acquire 463,710 shares of common stock at an exercise price of approximately $0.09 per share at any given time during a period of ten years beginning on the instrument’s issuance date. The estimated fair value of these warrants was $23 at issuance, reflected as equity in the consolidated balance sheet as of December 31, 2020 within additional paid-in capital.

The warrants were classified as equity in accordance with ASC 480, Distinguishing Liabilities from Equity, as the agreements provide for the settlement of the instruments in shares of common stock. The warrants were required to be measured at fair value at inception and recorded as a component of equity in the consolidated balance sheets.

On September 10, 2021, all 585,399 warrants were exercised on a net share basis, which resulted in the holders of the warrants receiving 575,840 shares of common stock.

Liability Classified Preferred Stock Warrants

During 2015, the Company issued warrants to acquire 305,981 shares of Legacy Rocket Lab Series B Preferred Stock at an exercise price of approximately $0.20 per share at any given time during a period of ten years beginning on the instrument’s issuance date. The fair value of the warrants was $1,466 as of December 31, 2020. In connection with the Business Combination, these warrants were exchanged for warrants to acquire 305,981 shares of common stock at an exercise price of approximately $0.20 per share. Immediately prior to the exchange, the warrants were adjusted to current fair value of $2,975.

On September 10, 2021, all 305,981 common stock warrants were exercised on a net share basis, which resulted in the holders of the warrants receiving 303,047 shares of common stock.

During 2016, the Company issued warrants to acquire 118,591 shares and 699,388 shares of Legacy Rocket Lab Series C and D Preferred Stock, respectively, at an exercise price of $0.25 and $2.10 per share, respectively, as a sales incentive for entering into a development agreement with a current customer. The warrants vest as certain milestones within the development agreement are achieved and cost associated with the vesting of the warrants is recognized as a reduction in revenues within the condensed consolidated statements of operations and comprehensive loss as the related revenue is recognized. The cost associated with the remeasurement of the vested warrants to fair value is recognized within other (expense) income, net within the condensed consolidated statements of operations and comprehensive loss. As of December 31, 2020, warrants to purchase 86,973 shares of Legacy Rocket Lab Series C Preferred Stock and 512,885 shares of Legacy Rocket Lab Series D Preferred Stock were vested. The fair value of the vested warrants was $2,433 as of December 31, 2020.

On July 12, 2021, all of the warrants to purchase Legacy Rocket Lab Series C and D Preferred Stock were exercised into shares of Legacy Rocket Lab Series C and D Preferred Stock. The fair value of the warrants was $6,514 immediately prior to their exercise. The proceeds of the exercise of the warrants are reflected as equity in the condensed consolidated balance sheet as of December 31, 2021 within additional paid-in capital.

As of December 31, 2020, and for the period prior to their exchange for common stock warrants or exercise, the above warrants to purchase Legacy Rocket Lab preferred stock were classified as liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity, as the agreements provided for net cash settlement upon a change in control, which is outside the control of the Company. The warrants were required to be remeasured to fair value at each reporting period with any changes in fair value recorded within other (expense) income, net within the condensed consolidated statements of operations and comprehensive loss and the fair value reported as a liability in the condensed consolidated balance sheets. Upon the exercise of the warrants to purchase Legacy Rocket Lab Series C and D Preferred Stock and the exchange of the warrants to purchase Legacy Rocket Lab Series C and D Preferred Stock for warrants to purchase common stock, the carrying values of the warrants were reclassified to equity in the condensed consolidated balance sheet as of December 31, 2021 within additional paid-in capital.

Public and Private Warrants

As part of the closing of the Business Combination, the Company assumed Public Warrants and Private Warrants to purchase up to 10,666,666 shares and 5,600,000 shares of common stock of the Post Combination Company, respectively, which are exercisable at $11.50 per share.

Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants became exercisable on September 29, 2021, one year from the closing of the Vector IPO. The Public Warrants will expire five years from the completion of the Business Combination or earlier upon redemption or liquidation.

Redemption of warrants when the price per common share equals or exceeds $18.00.

Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described with respect to the Private Warrants):

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

•

if, and only if, the closing price of the common shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.

Redemption of warrants when the price per common share equals or exceeds $10.00.

Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described with respect to the Private Warrants):

•

in whole and not in part:

•

at a price of $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares set forth in the warrant agreement determined based on the redemption date and the fair market value of the common shares;

•

if, and only if, the closing price of the common shares equals or exceeds $10.00 per share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and

•

if the closing price of the common shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

If the Company calls the Public Warrants for redemption, as described above under the heading “Redemption of warrants when the price per common share equals or exceeds $10.00,” its management will have the option to require any holder that wishes to exercise the Public Warrants do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of common shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of common shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants.

The Private Warrants are identical to the Public Warrants, except that the Private Warrants and the common shares issuable upon the exercise of the Private Warrants were not transferable, assignable or salable until 30 days after the Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants will be exercisable on a cashless basis and be non-redeemable, except as described above under the heading “Redemption of warrants when the price per common share equals or exceeds $10.00,” so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

As of December 31, 2021, the Public and Private Warrants are classified as liabilities in accordance with ASC 815, Derivatives and Hedging. The warrants are required to be remeasured to fair value at each reporting period with any changes in fair value recorded within other (expense) income, net within the condensed consolidated statements of operations and comprehensive loss and the fair value reported as a liability in the condensed consolidated balance sheets.

On December 22, 2021, the Company announced it would redeem (the "Redemption") all of its Public Warrants and Private Warrants for a redemption price of $0.10 per Warrant (the “Redemption Price”). In connection with the Redemption, Public Warrants may be exercised by holders prior to January 31, 2022 either (i) in cash, at an exercise price of $11.50 per share of the Company’s common stock or (ii) on a cashless basis, for 0.2843 shares of common stock per Public Warrant. See Note 22 for more information.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

22.

SUBSEQUENT EVENTS

Acquisition of SolAero

On January 18, 2022, the Company closed on the acquisition (the “SolAero Acquisition”) of SolAero Holdings, Inc. (“SolAero”) pursuant to an Agreement and Plan of Merger (the “SolAero Merger Agreement”), dated as of December 10, 2021, by and among the Company, Supernova Acquisition Corp. (“SolAero Merger Sub”), SolAero, and Fortis Advisors LLC as stockholder representative, which provides for, among other things, the merger of SolAero Merger Sub with and into SolAero, with SolAero being the surviving corporation of the merger and a direct, wholly owned subsidiary of the Company. Pursuant to the terms of the SolAero Merger Agreement, all of the issued and outstanding shares of SolAero were cancelled in exchange for aggregate consideration of $80,000 in cash (the “SolAero Merger Consideration”). In addition, $3,600 of the SolAero Merger Consideration was placed into escrow by the Company in order to secure recovery of any Adjustment Amount (as defined in the SolAero Merger Agreement) and as security against indemnity claims. In connection with the SolAero Acquisition, the Company entered into customary employment or consulting agreements with certain key employees of SolAero.

The Company has not yet completed the initial purchase price allocation for this acquisition, including obtaining all of the information required for the valuation of the acquired intangible assets, goodwill, assets and liabilities assumed, due to the timing of the close of the transaction.

Warrant Redemption

On December 22, 2021, the Company announced the Redemption of all of its Public Warrants and Private Warrants for a redemption. On January 20, 2022, the Company extended the redemption date of its public warrants to January 31, 2022. In connection with the Redemption, Public Warrants were to be exercised by holders prior to January 31, 2022 either (i) in cash, at an exercise price of $11.50 per share of the Company’s common stock or (ii) on a cashless basis, for 0.2843 shares of common stock per Private Warrant and Public Warrant.

Subsequent to December 31, 2021 and prior to the conclusion of the redemption notice period on January 31, 2022, an aggregate of 10,383,077 Public Warrants were exercised on a cashless basis in exchange for the issuance of 2,951,781 shares and 10,969 Public Warrants were exercised for an aggregate of 10,969 shares of Company common stock at an exercise price of $11.50 per share, for aggregate cash proceeds to the Company of $126. At the conclusion of the redemption notice period on January 31, 2022, the remaining 270,470 Public Warrants issued and outstanding were redeemed at a price of $0.10 per warrant for aggregate cash payment from the Company of $27. On January 31, 2022, the Public Warrants were delisted from Nasdaq. In addition, subsequent to December 31, 2021, the 5,600,000 Private Warrants were exercised on a cashless basis for an aggregate of 1,592,080 shares of the Company’s common stock.

INVENTORIES

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES

Inventories as of December 31, 2021 and 2020 consisted of the following:


	December 31,
	2021		2020
Raw materials	$	21,517	$	14,023
Work in process		24,166		12,112
Finished goods		2,221		—
Total inventories	$	47,904	$	26,135

PREPAIDS AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2021

Prepaid Expense And Other Assets Current [Abstract]

PREPAIDS AND OTHER CURRENT ASSETS

Prepaids and other current assets as of December 31, 2021 and 2020 consisted of the following:


	December 31,
	2021		2020
Prepaid expenses	$	14,787	$	2,628
Government grant receivables		2,563		5,870
Other current assets		2,104		914
Total prepaids and other current assets	$	19,454	$	9,412

Capitalization - Schedule of Temporary Equity (Detail)	12 Months Ended
Capitalization - Schedule of Temporary Equity (Detail)	Dec. 31, 2020 $ / shares
Series A Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Dividend Rate	$ 0.01
Issue Price	0.09
Series B Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Dividend Rate	0.01
Issue Price	0.20
Series C Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Dividend Rate	0.02
Issue Price	0.37
Series D Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Dividend Rate	0.19
Issue Price	3.15
Series E preferred stock
Schedule Of Capitalization Equity [Line Items]
Dividend Rate	0.21
Issue Price	3.48
Series E-1 Preferred Stock
Schedule Of Capitalization Equity [Line Items]
Dividend Rate	0.21
Issue Price	$ 3.48

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 690,959	$ 52,792
Accounts receivable, net	13,957	2,730
Contract assets	2,490	2,045
Inventories	47,904	26,135
Prepaids and other current assets	19,454	9,412
Total current assets	774,764	93,114
Non-current assets:
Property, plant and equipment, net	65,339	49,832
Intangible assets, net	57,487	11,349
Goodwill	43,308	3,133
Right-of-use assets - operating leases	28,424	26,902
Restricted cash	1,116	1,141
Deferred income tax assets, net	5,859	2,398
Other non-current assets	4,550	0
Total assets	980,847	187,869
Current liabilities:
Trade payables	3,489	3,368
Accrued expenses	10,977	6,571
Employee benefits payable	8,266	4,582
Contract liabilities	59,749	26,132
Current Installments Of Long Term Borrowings	2,827	0
Other current liabilities	10,999	7,766
Total current liabilities	96,307	48,419
Non-current liabilities:
Long-term borrowings, excluding current installments	97,297	0
Non-current lease liabilities	28,302	27,299
Deferred tax liabilities	466	0
Warrants and rights outstanding	58,227	0
Other non-current liabilities	1,800	3,899
Total liabilities	282,399	79,617
COMMITMENTS AND CONTINGENCIES (Note 16)
Stockholders’ equity (deficit):
Common stock, value	45	8
Additional paid-in capital	1,002,106	19,920
Accumulated deficit	(305,011)	(187,691)
Accumulated other comprehensive income	1,308	1,055
Total stockholders’ equity (deficit)	698,448	(166,708)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	980,847	187,869
Series A Preferred Stock [Member]
Redeemable convertible preferred stock
Preferred stock, value		5,500
Series B Preferred Stock [Member]
Redeemable convertible preferred stock
Preferred stock, value		21,503
Series C Preferred Stock [Member]
Redeemable convertible preferred stock
Preferred stock, value		16,471
Series D Preferred Stock [Member]
Redeemable convertible preferred stock
Preferred stock, value		73,364
Series E Preferred Stock [Member]
Redeemable convertible preferred stock
Preferred stock, value		137,622
Series E1 Preferred Stock [Member]
Redeemable convertible preferred stock
Preferred stock, value		$ 20,500

Stock-based Compensation - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Aug. 25, 2021	Aug. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
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%
Options granted expected to be recognized period			4 years
Stock-based compensation	$ 359
Allocated share based compensation	$ 9,642		$ 32,557	$ 4,218
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common Stock, Shares Held in Employee Trust, Shares	2,989,088
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition	$ 30,000
Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation			$ 338
Share-based compensation arrangement by share-based payment award, plan modification shares	498,177
Share-based compensation arrangement by share-based payment award	558,769
Stock redeemed or called during period, value	$ 10,000
Common stock for issuance for awards		9,980,000	9,980,000
Common Stock Outstanding Rate		1.00%
Employee Stock Options Discount Rate		15.00%
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, granted			6,542,426	5,954,309
Stock-based compensation			$ 26,987
2021 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale of aggregate, shares			59,875,000
Outstanding number of shares of common stock			5.00%
Shares available for grant			57,901,558
Shares authorized to issue under equity award plan			60,206,872
2013 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock compensation expense			$ 1,331
Unrecognized stock compensation expense period for recognition			9 months 18 days
2013 Plan And 2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense			$ 49,081

Revenues - Changes in Contract Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Abstract]
Contract liabilities, beginning of year	$ 26,132	$ 10,211
Contract liabilities assumed at acquisition	5,560	0
Customer advances received	41,614	24,694
Recognition of unearned revenue	(13,557)	(8,773)
Contract liabilities, end of year	$ 59,749	$ 26,132

Business Combinations - Additional Information (Detail) $ in Thousands		12 Months Ended
	Nov. 30, 2021 Missions	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Nov. 15, 2021 USD ($) shares	Apr. 28, 2020	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 43,308	$ 3,133			$ 0
Number of missions launched \| Missions	100
Recognized performance reserve payments		1,895
Cash		310,330
Share Based Compensation		32,557	4,218
Sinclair Interplanetary [Member]
Business Acquisition [Line Items]
Percentage of outstanding capital stock and voting interest acquired					100.00%
Cash consideration transferred		12,340
Goodwill		$ 2,895
Revenue related to acquisition			2,075
Net loss related to acquisition			936
Acquisition and integration related costs			$ 1,026
Common stock shares issued to seller upon closing of acquisition \| shares		2,470,814
Business acquisition contingent earnout period		2 years
Contingent earnout shares to be issued \| shares		1,915,357
Sinclair Interplanetary [Member] \| Minimum \| Share-based Payment Arrangement, Tranche One [Member]
Business Acquisition [Line Items]
Contingent earnout shares to be issued \| shares		0
Sinclair Interplanetary [Member] \| Minimum \| Share-based Payment Arrangement, Tranche Two [Member]
Business Acquisition [Line Items]
Contingent earnout shares to be issued \| shares		0
Sinclair Interplanetary [Member] \| Maximum \| Share-based Payment Arrangement, Tranche One [Member]
Business Acquisition [Line Items]
Contingent earnout shares to be issued \| shares		957,679
Sinclair Interplanetary [Member] \| Maximum \| Share-based Payment Arrangement, Tranche Two [Member]
Business Acquisition [Line Items]
Contingent earnout shares to be issued \| shares		957,678
Advanced Solutions Inc [Member]
Business Acquisition [Line Items]
Cash consideration transferred		$ 29,935
Goodwill		16,659
Revenue related to acquisition		3,877
Acquisition and integration related costs		522
Payments to acquire businesses, Gross		12,015
Contingent consideration payable		5,500
Planetary Systems Corporation [Member]
Business Acquisition [Line Items]
Cash consideration transferred		42,400
Goodwill		23,451
Revenue related to acquisition		6,617
Acquisition and integration related costs		$ 1,024
Common stock shares issued to seller upon closing of acquisition \| shares		1,720,841
Business acquisition contingent earnout period		2 years
Percentage of mission success heritage	100.00%
Contingent consideration payable		$ 1,800
Cash				$ 42,000
Stock consideration		11,568
Additional potential earn out payment		10,000
Share Based Compensation		$ 715
Planetary Systems Corporation [Member] \| Common Stock [Member]
Business Acquisition [Line Items]
Common stock shares \| shares				1,720,841
Planetary Systems Corporation [Member] \| Performance Based Earnout
Business Acquisition [Line Items]
Common stock shares \| shares				956,023

Fair Value Of Financial Instruments - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 22, 2021	Aug. 25, 2021	Jul. 12, 2021
Fair Value Measurements [Line Items]
Warrants and rights outstanding	$ 58,227,000	$ 0			$ 6,514,000
Transfers between fair value measurement levels	$ 0	$ 0
Public Warrants [Member]
Fair Value Measurements [Line Items]
Exercise price of warrants or rights	$ 3.58		$ 0.2843	$ 2.96
Warrants and rights outstanding				$ 48,149,000
Private Placement Warrants [Member]
Fair Value Measurements [Line Items]
Warrants and rights outstanding	$ 58,227,000

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 87,530	$ 65,680
Less accumulated depreciation and amortization	(22,191)	(15,848)
Property, plant and equipment—net	65,339	49,832
Buildings and Improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	25,075	20,330
Machinery, Equipment, Vehicles and Office Furniture [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	24,848	23,755
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	5,617	3,836
Launch Site Assets [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	9,611	7,582
Construction In Process [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 22,379	$ 10,177

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, share authorized	2,500,000,000	416,744,314
Common stock, share issued	450,180,479	78,410,162
Common stock, share outstanding	450,180,479	78,410,162
Series A Preferred Stock [Member]
Preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, shares authorized	0	62,496,074
Preferred shares, shares issued	0	62,496,074
Preferred shares, shares outstanding	0	62,496,074
Series B Preferred Stock [Member]
Preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, shares authorized	0	108,599,827
Preferred shares, shares issued	0	108,293,846
Preferred shares, shares outstanding	0	108,293,846
Series C Preferred Stock [Member]
Preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, shares authorized	0	44,394,177
Preferred shares, shares issued	0	44,275,586
Preferred shares, shares outstanding	0	44,275,586
Series D Preferred Stock [Member]
Preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, shares authorized	0	24,012,173
Preferred shares, shares issued	0	23,312,786
Preferred shares, shares outstanding	0	23,312,786
Series E Preferred Stock [Member]
Preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, shares authorized	0	39,575,426
Preferred shares, shares issued	0	39,575,426
Preferred shares, shares outstanding	0	39,575,426
Series E1 Preferred Stock [Member]
Preferred shares, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, shares authorized	0	5,890,047
Preferred shares, shares issued	0	5,890,047
Preferred shares, shares outstanding	0	5,890,047

Warrants - Additional Information (Detail) - USD ($)			12 Months Ended
Warrants - Additional Information (Detail) - USD ($)	Sep. 10, 2021	Aug. 25, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 22, 2021	Jul. 12, 2021	Dec. 23, 2020	Dec. 31, 2016
Class Of Warrant Or Right [Line Items]
Exchange of preferred stock warrants for common stock warrants			$ 2,975,000	$ 496,000
Fair value of warrants				2,433,000
Warrants assumed as part of Business Combination			$ 58,227,000	$ 0		$ 6,514,000
Fair value per share of common stock			$ 0	$ 1.41
Series C Preferred Stock [Member]
Class Of Warrant Or Right [Line Items]
Class of warrant or right number of securities called by warrants or rights								118,591
Warrants exercise price								$ 0.25
Exercise price of warrants or rights								$ 0.25
Warrants to purchase vested				86,973
Series D Preferred Stock [Member]
Class Of Warrant Or Right [Line Items]
Class of warrant or right number of securities called by warrants or rights								699,388
Warrants exercise price								$ 2.10
Exercise price of warrants or rights								$ 2.10
Warrants to purchase vested				512,885
Common Class A [Member]
Class Of Warrant Or Right [Line Items]
Warrants for Redemption Description			Redemption of warrants when the price per common share equals or exceeds $18.00. Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described with respect to the Private Warrants): •in whole and not in part; •at a price of $0.01 per warrant; •upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and •if, and only if, the closing price of the common shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.
Fair value per share of common stock			$ 18.00
Legacy Rocket Lab common stock warrants [Member]
Class Of Warrant Or Right [Line Items]
Class of warrant or right number of securities called by warrants or rights	585,399
Class of warrants and rights issued during the period	575,840
Legacy Rocket Lab preferred stock warrants [Member]
Class Of Warrant Or Right [Line Items]
Warrants exercise price	$ 0.20
Exchange of preferred stock warrants for common stock warrants			$ 1,466,000
Exercise price of warrants or rights	$ 0.20
Class of warrants and rights issued during the period	303,047
Class of warrant or right, outstanding	305,981
Warrants assumed as part of Business Combination	$ 2,975,000
Public Warrants [Member]
Class Of Warrant Or Right [Line Items]
Warrants exercise price		$ 2.96	$ 3.58		$ 0.2843
Exercise price of warrants or rights		$ 2.96	$ 3.58		0.2843
Warrants assumed as part of Business Combination		$ 48,149,000
Number of securities called by each warrant or right		0
Class of warrant or right, date from which warrants or rights exercisable		Sep. 29, 2021
Warrants and rights outstanding, term		5 years
Public and Private Warrants [Member]
Class Of Warrant Or Right [Line Items]
Warrants exercise price					0.2843
Exercise price of warrants or rights					0.2843
Redemption Price					0.10
Private Placement Warrants [Member]
Class Of Warrant Or Right [Line Items]
Warrants assumed as part of Business Combination			$ 58,227,000
Private Placement [Member] \| Common Class A [Member]
Class Of Warrant Or Right [Line Items]
Warrants for Redemption Description			Redemption of warrants when the price per common share equals or exceeds $10.00. Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described with respect to the Private Warrants): •in whole and not in part: •at a price of $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares set forth in the warrant agreement determined based on the redemption date and the fair market value of the common shares; •if, and only if, the closing price of the common shares equals or exceeds $10.00 per share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and •if the closing price of the common shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.
Warrant exercise price per share			$ 10.00
Common Stock [Member]
Class Of Warrant Or Right [Line Items]
Class of warrant or right number of securities called by warrants or rights				121,689			121,689	463,710
Warrants exercise price				$ 1.28	11.50		$ 1.28	$ 0.09
Exercise price of warrants or rights				$ 1.28	$ 11.50		$ 1.28	$ 0.09
Fair value of warrants								$ 23,000
Class of warrants and rights issued during the period	305,981
Common Stock [Member] \| Public Warrants [Member]
Class Of Warrant Or Right [Line Items]
Warrants assumed as part of Business Combination		$ 10,666,666,000
Common Stock [Member] \| Private Placement Warrants [Member]
Class Of Warrant Or Right [Line Items]
Warrants exercise price			11.50
Exercise price of warrants or rights			$ 11.50
Warrants assumed as part of Business Combination		$ 5,600,000,000

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues	$ 62,237	$ 35,160
Cost of revenues	64,130	46,977
Gross loss	(1,893)	(11,817)
Operating expenses:
Research and development, net	41,765	19,142
Selling, general and administrative	58,395	23,993
Total operating expenses	100,160	43,135
Operating loss	(102,053)	(54,952)
Other income (expense):
Interest income (expense), net	(6,128)	224
Gain (loss) on foreign exchange	(567)	2,420
Change in fair value of liability classified warrants	(15,294)	(2,417)
Other income (expense), net	(798)	187
Total other income (expense), net	(22,787)	414
Loss before income taxes	(124,840)	(54,538)
Benefit (provision) for income taxes	7,520	(467)
Net loss	(117,320)	(55,005)
Other comprehensive income, net of tax:
Foreign currency translation income	253	1,134
Comprehensive loss	$ (117,067)	$ (53,871)
Denominator
Net loss per share attributable to common stockholders-basic and diluted	$ (0.56)	$ (0.73)
Weighted-average common shares outstanding:
Weighted average common shares outstanding-basic and diluted	209,895,135	75,414,888

CAPITALIZATION

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

CAPITALIZATION

12.

CAPITALIZATION

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.

Redeemable Convertible Preferred Stock

Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock and Series E-1 Preferred Stock together will be referred as “Preferred Stock”.

The dividend rate and issue price of Preferred Stock, par value of $0.0001, as of December 31, 2020 were as follows:


Preferred Stock	Dividend Rate		Issue Price
Series A	$	0.01	$	0.09
Series B	$	0.01	$	0.20
Series C	$	0.02	$	0.37
Series D	$	0.19	$	3.15
Series E	$	0.21	$	3.48
Series E-1	$	0.21	$	3.48

Upon the Closing of the Business Combination, the outstanding shares of Preferred Stock were converted into shares of common stock of the Post Combination Company at the Exchange Ratio of 9.059659.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-URI http://asc.fasb.org/topic&trid=2208762

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Pretax Loss From Domestic and Foreign Operations

The components of the pretax loss from domestic and foreign operations for the years ended December 31, 2021 and 2020 were as follows:


	Years Ended December 31,
	2021			2020
US loss before income taxes	$	(132,585	)	$	(56,439	)
Foreign income before income taxes		7,745			1,901
Pretax loss from operations	$	(124,840	)	$	(54,538	)

Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes for the years ended December 31, 2021 and 2020 is as follows:


	Years Ended December 31,
	2021			2020
Current:
Federal	$	—		$	—
State		2			—
Foreign		2,377			1,410
Total		2,379			1,410
Deferred:
Federal		(5,957	)		—
State		(339	)		—
Foreign		(3,603	)		(943	)
Total		(9,899	)		(943	)
(Benefit) provision for income taxes	$	(7,520	)	$	467

Schedule of Differences Between Federal Statutory Income Tax Rate and Provision for Income Taxes


	Years Ended December 31,
	2021					2020
Federal statutory rate	$	(26,216	)	21.00	%	$	(11,453	)	21.00	%
Adjustments for tax effects of:
Permanent differences and other		(477	)	0.38	%		634		(1.16	)%
Warrants		2,421		(1.94	)%		200		(0.37	)%
Stock-based compensation		(2,399	)	1.92	%		(203	)	0.37	%
Increase in valuation allowance		19,151		(15.34	)%		11,289		(20.70	)%
(Benefit) provision for income taxes	$	(7,520	)	6.02	%	$	467		(0.86	)%

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities were as follows as of December 31, 2021 and 2020:


	December 31,
	2021			2020
Deferred tax assets:
Accrued expenses	$	2,105		$	1,969
Inventories		409			353
Deferred revenue		14,160			5,503
Lease liability		7,244			7,426
Stock options		7,950			2,082
Warrants		—			519
Interest expense		1,075			—
Net operating losses		41,688			30,264
Tax credits		898			923
Other		—			4
Total deferred tax assets		75,529			49,043
Valuation allowance		(58,235	)		(39,084	)
Total deferred tax assets, net		17,294			9,959
Deferred tax liabilities:
Right of use asset		(6,723	)		(6,954	)
Depreciation and amortization		(5,160	)		—
Other		(18	)		—
Unrealized gain		—			(757	)
Total deferred tax liabilities		(11,901	)		(7,711	)
Net deferred tax assets	$	5,393		$	2,248

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

The reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits for the years ended December 31 is as follows:


	2021		2020
Balance at beginning of year	$	800	$	800
Increase related to current year tax position		35		—
Balance at end of year	$	835	$	800

EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

EMPLOYEE BENEFITS

14.

EMPLOYEE BENEFITS

Defined Contribution Plans

The Company’s 401(k) Savings and Retirement Plan covers any eligible employee on the active payroll of the Company. The Company’s contributions were approximately $441 and $277 during the years ended December 31, 2021 and 2020, respectively. The Company’s contributions consist of matching contributions, and non-elective contributions on behalf of employees.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

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+ Details

BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2021

Summary of consolidated statement of operations includes revenues and net income

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 acquisitions occurred on January 1, 2020, nor does the information project results for any future period.


	As Reported			Acquisitions Pro-Forma (Unaudited)		Consolidated Pro-Forma (Unaudited)
2021
Revenues	$	62,237		$	21,629	$	83,866
Net (loss) income		(117,320	)		6,377		(110,943	)
2020
Revenues	$	35,160		$	21,525	$	56,685
Net (loss) income		(55,005	)		6,664		(48,341	)

Sinclair Interplanetary [Member]

Estimates Fair Value of Assets Acquired and Liabilities Assumed

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


Description	Amount
Cash and cash equivalents	$	132
Accounts receivable		1,024
Intangible assets, net		10,250
Other current liabilities		(2,494	)
Other assets and liabilities, net		533
Identifiable net assets acquired		9,445
Goodwill		2,895
Total purchase price	$	12,340

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

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


Type	Estimated Life in Years		Fair Value
Developed technology		7	$	9,200
In-process technology	N/A			100
Customer relationships		3		600
Backlog		0.7		50
Trademark and tradenames		3		100
Non-compete agreement		4		200
Total identifiable intangible assets acquired			$	10,250

Summary of Stock Based Compensation Expense

The following table provides stock-based compensation expense recognized in conjunction with the Sinclair Interplanetary acquisition:


	Years Ended December 31,
Acquisition stock-based compensation	2021		2020
Shares issued in conjunction with the acquisition	$	1,402	$	934
Earnout share achievement		1,630		—
Total stock compensation related to the acquisition	$	3,032	$	934

Advanced Solutions Inc [Member]

Estimates Fair Value of Assets Acquired and Liabilities Assumed

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


Description	Amount
Cash and cash equivalents	$	2,245
Accounts receivable		1,920
Intangible assets		15,900
Employee benefits payable		(1,310	)
Other assets and liabilities, net		21
Identifiable net assets acquired		18,776
Goodwill		16,659
Total purchase price	$	35,435

Summary 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 (in thousands):


Type	Estimated Life in Years		Fair Value
Developed technology		7	$	11,400
In-process technology	N/A			300
Customer relationships		10		3,100
Trademark and tradenames		7		1,100
Total identifiable intangible assets acquired			$	15,900

Planetary Systems Corporation [Member]

Estimates Fair Value of Assets Acquired and Liabilities Assumed

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


Description	Amount
Cash and cash equivalents	$	3,655
Accounts receivable		2,543
Inventories		7,088
Intangible assets		33,000
Employee benefits payable		(1,212	)
Contract liabilities (1)		(5,352	)
Other current liabilities		(1,683	)
Non-current deferred tax liabilities		(6,762	)
Other assets and liabilities, net		1,040
Identifiable net assets acquired		32,317
Goodwill		23,451
Total purchase price	$	55,768

_________________________

Summary 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 (in thousands):


Type	Estimated Life in Years		Fair Value
Developed technology		8	$	23,500
In-process technology	N/A			1,500
Customer relationships		15		3,400
Backlog		1		400
Trademark and tradenames		15		4,200
Total identifiable intangible assets acquired			$	33,000

CAPITALIZATION (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Temporary Equity

The dividend rate and issue price of Preferred Stock, par value of $0.0001, as of December 31, 2020 were as follows:


Preferred Stock	Dividend Rate		Issue Price
Series A	$	0.01	$	0.09
Series B	$	0.01	$	0.20
Series C	$	0.02	$	0.37
Series D	$	0.19	$	3.15
Series E	$	0.21	$	3.48
Series E-1	$	0.21	$	3.48

Loan and Security Agreement - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 10, 2021	Dec. 31, 2021	Dec. 22, 2021	May 13, 2021	Dec. 31, 2020	Dec. 23, 2020	Dec. 31, 2016
Shares Issued And Outstanding [Line Items]
Loan and security agreement, maximum amount	$ 100,000					$ 35,000
Term loan facility, initial facility charge		$ 1,000
Term loan facility, end of term charge upon repayment of the loan		3,250
Long-term borrowings, excluding current installments		97,297			$ 0
Current installments of long-term borrowings		$ 2,827
Common Stock [Member]
Shares Issued And Outstanding [Line Items]
Class of warrant or right number of securities called by warrants or rights					121,689	121,689	463,710
Exercise price of warrants or rights			$ 11.50		$ 1.28	$ 1.28	$ 0.09
Term Loan Facility [Member]
Shares Issued And Outstanding [Line Items]
Loan agreement maturity date	Jun. 01, 2024
Description of outstanding principal of term loan facility		The outstanding principal bears (i) cash interest at the greater of (a) 8.15% or (b) 8.15% plus the prime rate minus 3.25% and (ii) payment-in-kind interest of 1.25% which is accrued and added to the outstanding principal balance.
Long-term borrowings, excluding current installments		$ 100,124
Repayment of term loan advance	$ 15,000	$ 15,000
Term Loan Advances Aggregate Amount				$ 15,000

Stock-based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options to Purchase Common Stock, Outstanding, beginning	22,088,726	27,263,775
Options to Purchase Common Stock, Granted	0	90,597
Options to Purchase Common Stock, Exercised	(3,708,786)	(2,771,051)
Options to Purchase Common Stock, Forfeited	(857,579)	(1,508,243)
Options to Purchase Common Stock, Expired	(177,033)	(986,352)
Options to Purchase Common Stock, Outstanding, ending	17,345,328	22,088,726	27,263,775
Options to Purchase Common Stock, Options vested and exercisable	15,112,440	14,739,214
Weighted- Average Exercise Price per Share, Outstanding, beginning	$ 1.03	$ 0.97
Weighted- Average Exercise Price per Share, Granted		1.41
Weighted- Average Exercise Price per Share, Exercised	1.00	0.36
Weighted- Average Exercise Price per Share, Forfeited	1.21	1.26
Weighted- Average Exercise Price per Share, Expired	1.16	1.05
Weighted- Average Exercise Price per Share, Outstanding, ending	1.03	1.03	$ 0.97
Weighted- Average Exercise Price per Share, Options vested and exercisable	1.01	0.97
Weighted- Average Grant Date Fair Value per Share, Outstanding, beginning	0.53	0.50
Weighted- Average Grant Date Fair Value per Share, Granted		0.78
Weighted- Average Grant Date Fair Value per Share, Exercised	0.51
Weighted- Average Grant Date Fair Value per Share, Forfeited	0.60
Weighted- Average Grant Date Fair Value per Share, Expired	0.31
Weighted- Average Grant Date Fair Value per Share, Outstanding, ending	0.54	0.53	$ 0.50
Weighted- Average Grant Date Fair Value per Share, Options vested and exercisable	$ 0.52	$ 0.49
Weighted- Average Remaining Contract Life (In Years), Outstanding	6 years 10 days	7 years 1 month 13 days	7 years 11 months 12 days
Weighted- Average Remaining Contract Life (In Years), Granted
Weighted- Average Remaining Contract Life (In Years), Exercised	4 years 3 months 25 days	3 years 2 months 15 days
Weighted- Average Remaining Contract Life (In Years), Forfeited	3 days
Weighted- Average Remaining Contract Life (In Years), Expired
Weighted- Average Remaining Contract Life (In Years), Outstanding, Ending balance	6 years 10 days	7 years 1 month 13 days	7 years 11 months 12 days
Weighted- Average Remaining Contract Life (In Years), Options vested and exercisable	5 years 10 months 24 days	6 years 9 months 29 days
Aggregate Intrinsic Value, Outstanding	$ 195,111	$ 85,853	$ 11,941
Aggregate Intrinsic Value, Granted	0
Aggregate Intrinsic Value, Exercised	41,822	2,565
Aggregate Intrinsic Value, Forfeited	9,131
Aggregate Intrinsic Value, Expired	1,969
Aggregate Intrinsic Value, Exercised, Ending Balance	195,111	85,853	$ 11,941
Aggregate Intrinsic Value, Options vested and exercisable	$ 170,320	$ 57,660

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Summary 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 years ended December 31:


	Years Ended December 31,
	2021			2020
Numerator
Net loss attributable to common shareholders-basic and diluted	$	(117,320	)	$	(55,005	)
Denominator
Weighted average common shares outstanding-basic and diluted		209,895,135			75,414,888
Net loss per share attributable to common stockholders-basic and diluted	$	(0.56	)	$	(0.73	)

Summary of Diluted Net Loss Per Share Attributable to Common Stockholders


	December 31,
	2021		2020
Legacy Rocket Lab preferred stock		—		283,843,764
Legacy Rocket Lab preferred stock warrants		—		1,123,959
Legacy Rocket Lab common stock warrants		—		585,399
Stock options and restricted stock units		34,292,250		22,088,726
Public and Private Warrants		16,264,516		—

Capitalization - Additional Information (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Capitalization Equity [Line Items]
Preferred stock, convertible, conversion ratio	$ 9.059659
Redeemable Convertible Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Temporary equity, par value		$ 0.0001

Concentration of Credit Risk, Significant Customers and Geographic Information - Schedule of Consolidated Net Revenue by Geographic Area (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Revenue	$ 62,237	$ 35,160
Percentage of total revenue	100.00%	100.00%
United States [Member]
Concentration Risk [Line Items]
Revenue	$ 45,750	$ 25,881
Percentage of total revenue	74.00%	74.00%
Japan [Member]
Concentration Risk [Line Items]
Revenue	$ 769	$ 6,498
Percentage of total revenue	1.00%	18.00%
Germany [Member]
Concentration Risk [Line Items]
Revenue	$ 9,770
Percentage of total revenue	16.00%
Rest of World [Member]
Concentration Risk [Line Items]
Revenue	$ 5,948	$ 2,781
Percentage of total revenue	9.00%	8.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Significant Accounting Policies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) Segments	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies Details [Line Items]
Restricted cash	$ 1,116	$ 1,141
Impairment of long-lived assets	0	0
Impairment of goodwill	$ 0	0
Grant proceeds		3,695
Percentage Of tax incentive reimburse	15.00%
Research and development, net	$ 41,765	$ 19,142
Expected dividend yield	0.00%	0.00%
Proceeds from research and development	$ 393
Share-based compensation arrangement description and terms	Forfeitures are recognized as incurred for as they occur. Unless otherwise approved, options must be exercised while the individual is an employee or within 90-days of termination when applicable. The expiration date of newly issued options is ten years after grant date unless earlier terminated as provided for in the Plan.
Number of operating segments \| Segments	2
Research and Development Expense
Summary Of Significant Accounting Policies Details [Line Items]
Percentage of research and development costs grant reimburse	20.00%
Accrued government grants	$ 2,563
Minimum
Summary Of Significant Accounting Policies Details [Line Items]
Finite-lived intangible asset useful life	1 year
Maximum
Summary Of Significant Accounting Policies Details [Line Items]
Finite-lived intangible asset useful life	20 years

LEASES

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

LEASES

15.

LEASES

The Company has operating leases for properties, vehicles and equipment. The Company’s leases have remaining lease terms of one year to nineteen years, some of which include options to extend the lease term for up to one year, 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.

Supplemental balance sheet information related to leases as of December 31, were as follows:


		December 31,
Liabilities	Presentation	2021		2020
Current:
Operating lease liabilities	Other current liabilities	$	2,383	$	1,670
Non-current:
Operating lease liabilities	Non-current lease liabilities		28,302		27,299
Total lease liabilities		$	30,685	$	28,969

The components of lease expense were as follows during the years ended December 31:


	Years Ended December 31,
	2021		2020
Operating lease costs	$	3,356	$	2,552
Finance lease costs:
Amortization of right-of-use assets	$	—	$	583
Interest on lease liabilities		—		95
Total finance lease costs	$	—	$	678

Supplemental cash flow information related to leases is as follows for the years ended December 31:

Cash paid for amounts included in the measurement of lease liabilities:


	Years Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,051	$	2,080
Operating cash flows from finance leases		—		95
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	3,916	$	2,410

The weighted average remaining lease term related to operating leases was 10.6 years and 12.1 years as of December 31, 2021 and 2020, respectively. The weighted average discount rate related to operating leases was 4.8% and 5.5% as of December 31, 2021 and 2020, respectively.

The following is a schedule of the future minimum operating lease payments by year as of December 31:


	Operating Leases
2022	$	3,799
2023		4,076
2024		3,984
2025		3,728
2026		3,790
Thereafter		21,636
Total lease payments		41,013
Less imputed interest		(10,328	)
Total	$	30,685

Business Combinations - Summary of Identifiable Intangible Assets Acquired and Related Expected Lives for the Finite-Lived Intangible Assets (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Sinclair Interplanetary [Member]
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	$ 10,250
Sinclair Interplanetary [Member] \| Developed Technology [Member]
Business Acquisition [Line Items]
Estimated Life in Years	7 years
Total identifiable intangible assets acquired	$ 9,200
Sinclair Interplanetary [Member] \| In Process Technology [Member]
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	$ 100
Sinclair Interplanetary [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated Life in Years	3 years
Total identifiable intangible assets acquired	$ 600
Sinclair Interplanetary [Member] \| Backlog [Member]
Business Acquisition [Line Items]
Estimated Life in Years	8 months 12 days
Total identifiable intangible assets acquired	$ 50
Sinclair Interplanetary [Member] \| Trademarks and Trade Names [Member]
Business Acquisition [Line Items]
Estimated Life in Years	3 years
Total identifiable intangible assets acquired	$ 100
Sinclair Interplanetary [Member] \| Noncompete Agreements [Member]
Business Acquisition [Line Items]
Estimated Life in Years	4 years
Total identifiable intangible assets acquired	$ 200
Advanced Solutions Inc [Member]
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	$ 15,900
Advanced Solutions Inc [Member] \| Developed Technology [Member]
Business Acquisition [Line Items]
Estimated Life in Years	7 years
Total identifiable intangible assets acquired	$ 11,400
Advanced Solutions Inc [Member] \| In Process Technology [Member]
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	$ 300
Advanced Solutions Inc [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated Life in Years	10 years
Total identifiable intangible assets acquired	$ 3,100
Advanced Solutions Inc [Member] \| Trademarks and Trade Names [Member]
Business Acquisition [Line Items]
Estimated Life in Years	7 years
Total identifiable intangible assets acquired	$ 1,100
Planetary Systems Corporation [Member]
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	$ 33,000
Planetary Systems Corporation [Member] \| Developed Technology [Member]
Business Acquisition [Line Items]
Estimated Life in Years	8 years
Total identifiable intangible assets acquired	$ 23,500
Planetary Systems Corporation [Member] \| In Process Technology [Member]
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	$ 1,500
Planetary Systems Corporation [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated Life in Years	15 years
Total identifiable intangible assets acquired	$ 3,400
Planetary Systems Corporation [Member] \| Backlog [Member]
Business Acquisition [Line Items]
Estimated Life in Years	1 year
Total identifiable intangible assets acquired	$ 400
Planetary Systems Corporation [Member] \| Trademarks and Trade Names [Member]
Business Acquisition [Line Items]
Estimated Life in Years	15 years
Total identifiable intangible assets acquired	$ 4,200

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

16.

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 (Note 15).

Contingencies

The Company records a contingent liability when it is both probable that a loss has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s 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.

On May 23, 2016, the Company entered into a launch services agreement with a customer to provide three commercial dedicated launches which would deliver the customer’s payloads over the period of 2017 through 2020. Per the terms of the agreement, each dedicated launch shall have a firm fixed price below current launch vehicle costs. During the year ended December 31, 2018, the Company determined that it was probable that the costs to provide the services as stipulated by the launch services agreement would exceed the fixed firm price of each launch. As such, the Company recorded a provision for contract loss for these three dedicated launches. During the year ended December 31, 2020, one of the three launches occurred. On April 21, 2021, the launch services agreement was amended, resulting in one additional launch and the potential for price increases on the second and third launches dependent on the customer’s desired payload configuration. The provision for contract losses outstanding as of December 31, 2021, which primarily is related to the remaining three remaining launches, was $4,803.

CONCENTRATION OF CREDIT RISK, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

Risks And Uncertainties [Abstract]

Schedule of Total Accounts Receivable Net

As of December 31, 2021 and 2020, the Company’s customers that accounted for 10% or more of the total accounts receivable, net, were as follows:


	December 31,
	2021			2020
U.S. commercial customer A		18	%		62	%
U.S. commercial customer B	*				13	%
International customer C	*				12	%
Commercial customer G		23	%	*

Schedules of Total Revenue

For the years ended December 31, 2021 and 2020, the Company’s customers that accounted for 10% or more of the total revenue were as follows:


	December 31,
	2021			2020
U.S. government customer D	*				21	%
International customer E	*				18	%
U.S. commercial customer F	*				15	%
Commercial customer G		40	%		14	%
Commercial customer H		16	%	*

Schedule of Consolidated Net Revenue by Geographic Area

The Company’s consolidated net revenues by geographic area based on customer billing location are as follows for the years ended December 31, 2021 and 2020:


	2021					2020
	Amount		% of total revenues			Amount		% of total revenues
United States	$	45,750		74	%	$	25,881		74	%
Japan		769		1	%		6,498		18	%
Germany		9,770		16	%		—		—	%
Rest of world		5,948		9	%		2,781		8	%
Total	$	62,237		100	%	$	35,160		100	%

Schedule of Long-lived Assets by Geographic Area

Long-lived assets, which consists of property, plant and equipment, net, leased right-of-use assets, intangible assets, net and goodwill, by geographic area are as follows as of December 31:


	December 31,
	2021					2020
	Amount		% of Long- Lived Assets			Amount		% of Long- Lived Assets
United States	$	148,248		76	%	$	34,303		38	%
New Zealand		45,050		23	%		43,323		47	%
Canada		1,260		1	%		13,590		15	%
Total	$	194,558		100	%	$	91,216		100	%

Related Party Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	May 18, 2020	Sep. 14, 2018	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions Details [Line Items]
Beneficial ownership percentage			5.00%
Stock repurchased during period, value			$ 30,358
Related party transaction, due from (to) related party			$ 0	$ 0
Series E preferred stock
Related Party Transactions Details [Line Items]
Aggregate shares		39,575,426
Issue Price				$ 3.48
Issuance of redeemable preferred stock, value		$ 137,739
Series E preferred stock \| Affiliated Entity [Member]
Related Party Transactions Details [Line Items]
Issuance of redeemable preferred stock, value		$ 10,539
Issuance of redeemable preferred stock, share		3,028,345
Series E 1 preferred stock
Related Party Transactions Details [Line Items]
Issuance of redeemable preferred stock, value	$ 20,500
Issuance of redeemable preferred stock, share	5,890,047
Series E 1 preferred stock \| Affiliated Entity [Member]
Related Party Transactions Details [Line Items]
Issuance of redeemable preferred stock, value	$ 4,499
Issuance of redeemable preferred stock, share	1,292,931

GOODWILL AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The following table presents the changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2021 and 2020:


	Launch Services		Space Systems		Total
Balance at December 31, 2019	$	—	$	—	$	—
Acquisitions		—		2,895		2,895
Foreign currency translation adjustment		—		238		238
Balance at December 31, 2020		—		3,133		3,133
Acquisitions		—		40,110		40,110
Foreign currency translation adjustment		—		65		65
Balance at December 31, 2021	$	—	$	43,308	$	43,308

Intangible Assets

The components of intangible assets consisted of the following as of December 31, 2021 and 2020:


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-Lived Intangible Assets
Developed Technology	$	45,066	$	(3,039	)	$	42,027
Capitalized software		3,769		(2,893	)		876
Customer relationships		7,163		(458	)		6,705
Non-compete		221		(93	)		128
Capitalized intellectual property		374		(80	)		294
Trademarks and tradenames		5,411		(120	)		5,291
Backlog		455		(89	)		366
Indefinite-Lived Intangible Assets
In-process Technology		1,800		—			1,800
Total	$	64,259	$	(6,772	)	$	57,487


	December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-Lived Intangible Assets
Developed technology	$	10,090	$	(973	)	$	9,117
Capitalized software		3,541		(2,379	)		1,162
Customer relationships		658		(148	)		510
Non-compete agreement		219		(37	)		182
Capitalized intellectual property		199		(51	)		148
Trademarks and tradenames		149		(29	)		120
Backlog		55		(55	)		—
Indefinite-Lived Intangible Assets
In-process research and development		110		—			110
Total	$	15,021	$	(3,672	)	$	11,349

Amortization expense recorded in the condensed consolidated statements of operations and comprehensive loss during the years ended December 31, 2021 and 2020, respectively consisted of the following:


	Years Ended December 31,
	2021		2020
Cost of revenues	$	559	$	1,289
Research and development		2,088		6
Selling, general and administrative		674		927
Total amortization expense	$	3,321	$	2,222

The following table outlines the estimated future amortization expense related to finite-lived intangible assets held as of December 31, 2021:


2022	$	8,118
2023		7,371
2024		7,161
2025		7,066
2026		7,037
Thereafter		18,934
Total	$	55,687

LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases as of December 31, were as follows:


		December 31,
Liabilities	Presentation	2021		2020
Current:
Operating lease liabilities	Other current liabilities	$	2,383	$	1,670
Non-current:
Operating lease liabilities	Non-current lease liabilities		28,302		27,299
Total lease liabilities		$	30,685	$	28,969

Components of Lease Expense

The components of lease expense were as follows during the years ended December 31:


	Years Ended December 31,
	2021		2020
Operating lease costs	$	3,356	$	2,552
Finance lease costs:
Amortization of right-of-use assets	$	—	$	583
Interest on lease liabilities		—		95
Total finance lease costs	$	—	$	678

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows for the years ended December 31:

Cash paid for amounts included in the measurement of lease liabilities:


	Years Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,051	$	2,080
Operating cash flows from finance leases		—		95
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	3,916	$	2,410

Schedule of Future Minimum Operating Lease Payments

The following is a schedule of the future minimum operating lease payments by year as of December 31:


	Operating Leases
2022	$	3,799
2023		4,076
2024		3,984
2025		3,728
2026		3,790
Thereafter		21,636
Total lease payments		41,013
Less imputed interest		(10,328	)
Total	$	30,685

DESCRIPTION OF THE BUSINESS (Tables)

12 Months Ended

Dec. 31, 2021

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Summary of reconciles the elements of the business combination to the condensed consolidated statement


Cash - Vector Trust and cash, net of redemptions	$	310,330
Cash - PIPE Investment		467,000
Less: transaction costs and advisory fees paid		(49,075	)
Net proceeds from Rocket Lab Business Combination		728,255
Less: Accrued transaction costs		(27	)
Plus: Prepaid expenses assumed as part of Business Combination		219
Less: Warrants assumed as part of Business Combination		(48,149	)
Less: Repurchase of Management Shares		(30,358	)
Reverse recapitalization, net of transaction costs	$	649,940

Fair Value Of Financial Instruments - Summary of Warrant Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]
Beginning balance	$ 3,899	$ 1,284
Cost of warrants vesting during the period	352	198
Change in fair value included in earnings	5,238	2,417
Exercise of warrants to purchase Legacy Rocket Lab Series C and D preferred stock	(6,514)
Exchange of warrants to purchase Legacy Rocket Lab Series B preferred stock to common stock warrants	(2,975)
Ending balance		$ 3,899

PREPAIDS AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

Prepaid Expense And Other Assets Current [Abstract]

Schedule of Prepaids and Other Current Assets

Prepaids and other current assets as of December 31, 2021 and 2020 consisted of the following:


	December 31,
	2021		2020
Prepaid expenses	$	14,787	$	2,628
Government grant receivables		2,563		5,870
Other current assets		2,104		914
Total prepaids and other current assets	$	19,454	$	9,412

Prepaid and Other Current Assets - Schedule of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expense And Other Assets [Abstract]
Prepaid expenses	$ 14,787	$ 2,628
Government grant receivables	2,563	5,870
Other current assets	2,104	914
Total prepaids and other current assets	$ 19,454	$ 9,412

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

As of December 31, 2021 and 2020, 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:


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	635,269	$	—	$	—	$	635,269
Total	$	635,269	$	—	$	—	$	635,269
Liabilities:
Other non-current liabilities:
Public and Private Warrants (Note 11)	$	58,227	$	—	$	—	$	58,227
Total	$	58,227	$	—	$	—	$	58,227


	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	49,869	$	—	$	—	$	49,869
Total	$	49,869	$	—	$	—	$	49,869
Liabilities:
Other non-current liabilities:
Warrants-preferred stock (Note 11)	$	—	$	—	$	3,899	$	3,899
Total	$	—	$	—	$	3,899	$	3,899

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.

The Company’s warrant liability as of December 31, 2021 includes public and private placement warrants that were originally issued by Vector, but which were transferred to the Company as part of the Closing of the Business Combination (the “Public Warrants” and “Private Warrants”, respectively, or together, the “Public and Private Warrants”). The Public and Private Warrants are recorded on the balance sheet at fair value. The carrying amount is subject to remeasurement at each balance sheet date. With each remeasurement, the carrying amount will be adjusted to fair value, with the change in fair value recognized in the Company’s consolidated statements of operations and comprehensive loss. The Public Warrants are publicly-traded under the symbol “RKLBW”, and the fair value of the Public Warrants at a specific date is determined by the closing price of the Public Warrants as of that date. As such, the Public Warrants are classified within Level 1 of the fair value hierarchy. The Private Warrants are held by a single holder. ASC 820, Fair Value Measurements, indicates that the fair value should be determined “from the perspective of a market participant that holds the identical item” and “use the quoted price in an active market held by another party, if that price is available.” As the only market for the transfer of the Private Warrants is the public market, and the terms of the Private Warrants become identical to the terms of the Public Warrants upon such a transfer, the Company has determined that the fair value of the Private Warrants at a specific date is also determined by the closing price of the Company’s Public Warrants and within Level 1 of the fair value hierarchy. The closing price of the Public Warrants was $2.96 and $3.58 as of August 25, 2021 and December 31, 2021, respectively. The fair value of the Public and Private Warrants was $48,149 and $58,227 as of August 25, 2021 and December 31, 2021, respectively.

The preferred stock warrants consisted of warrants to purchase Legacy Rocket Lab Series B, Series C and Series D preferred stock. On July 12, 2021, the holders of the warrants to purchase Legacy Rocket Lab Series C and Series D preferred stock exercised the warrants. In connection with the closing of the Business Combination, the warrants to purchase Legacy Rocket Lab Series B preferred stock were exchanged for warrants to purchase common stock. On September 10, 2021, these common stock warrants were exercised by the holders (see Note 11).

As of December 31, 2020, the fair value of the preferred stock warrants was estimated primarily using a combination of the guideline public company method, an income approach based on discounted estimated future cash flows, the probability-weighted expected return method and the option pricing method. Under these approaches, the value of the warrants was estimated for various future scenarios and then probability-weighted based on the likelihood of each future scenario. The estimates used in the valuation of the warrants are highly subjective in nature and involve a large degree of uncertainty. The valuation of the warrants is considered to be at Level 3 of the fair value hierarchy due to the need to use assumptions in the valuation that are both significant to the fair value measurement and unobservable.

There were no transfers between fair value measurement levels during the years ended December 31, 2021 and 2020. The change in the warrant liabilities measured at fair value using level three unobservable inputs is as follows for the years ended December 31, 2021 and 2020:


Balance, at January 1, 2020	$	1,284
Cost of warrants vesting during the year		198
Change in fair value included in earnings		2,417
Balance, at December 31, 2020		3,899
Cost of warrants vesting during the period		352
Change in fair value included in earnings		5,238
Exercise of warrants to purchase Legacy Rocket Lab Series C and D preferred stock		(6,514	)
Exchange of warrants to purchase Legacy Rocket Lab Series B preferred stock to common stock warrants		(2,975	)
Balance, at December 31, 2021	$	—

As of the December 31, 2020, the fair value of the preferred stock warrants was estimated primarily using a combination of the guideline public company method, an income approach based on discounted estimated future cash flows, the probability-weighted expected return method and the option pricing method. Under these approaches, the value of the warrants was estimated for various future scenarios and then probability-weighted based on the likelihood of each future scenario. The valuation technique changed as of December 31, 2020, due to the lack of a recent and relevant stock transaction as well as recent developments in the Company’s likely liquidation scenarios. The estimates used the valuation of the warrants are highly subjective in nature and involve a large degree of uncertainty. The valuation of the warrants is considered to be at Level 3 of the fair value hierarchy due to the need to use assumptions in the valuation that are both significant to the fair value measurement and unobservable.

- 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.

+ References + Details

Goodwill and Intangible Assets, Net - Schedule of Estimated Future Amortization Expense Related to Finite Intangible Assets (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2022	$ 8,118
2023	7,371
2024	7,161
2025	7,066
2026	7,037
Thereafter	18,934
Total	$ 55,687

REVENUES (Tables)

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Reconciliation of Disaggregation of Revenue

The following tables provide information about disaggregated revenue and a reconciliation of the disaggregated revenue during the years ended December 31, 2021 and 2020:


	Year Ended December 31, 2021
	Launch		Space
	Services		Systems		Total
Revenues by recognition model
Point-in-time	$	36,576	$	12,578	$	49,154
Over-time		2,395		10,688		13,083
Total revenue by recognition model	$	38,971	$	23,266	$	62,237


	Year Ended December 31, 2020
	Launch		Space
	Services		Systems		Total
Revenues by recognition model
Point-in-time	$	31,993	$	1,910	$	33,903
Over-time		1,092		165		1,257
Total revenue by recognition model	$	33,085	$	2,075	$	35,160

The following table presents the balances related to enforceable contracts as of December 31, 2021 and 2020:


	December 31,
	2021		2020
Contract balances
Accounts receivable	$	13,957	$	2,730
Contract assets		2,490		2,045
Contract liabilities		59,749		26,132

Changes in Contract Liabilities

Changes in contract liabilities were as follows:


	2021			2020
Contract liabilities, beginning of year	$	26,132		$	10,211
Contract liabilities assumed at acquisition		5,560			—
Customer advances received		41,614			24,694
Recognition of unearned revenue		(13,557	)		(8,773	)
Contract liabilities, end of year	$	59,749		$	26,132

Description Of The Business - Additional Information (Detail) $ / shares in Units, $ in Thousands			12 Months Ended
	Feb. 21, 2022 $ / shares	Aug. 25, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 shares
Description Of The Business [Line Items]
Stock repurchased during period, value \| $			$ 30,358
Preferred stock, convertible, conversion ratio \| $ / shares			$ 9.059659
Exercise of stock options (in Shares)			3,708,786	2,771,051
Fair value per share of common stock \| $ / shares			$ 0	$ 1.41
Exercise of stock options \| $			$ 3,122	$ 978
Shares, outstanding			447,919,591
Common stock, share issued			450,180,479	78,410,162
Common stock, par value (in Dollars per share) \| $ / shares			$ 0.0001	$ 0.0001
Stockholders Equity Note, Stock Split,Exchange Ratio			9.059659
Vector Warrants [Member]
Description Of The Business [Line Items]
Number of securities called by each warrant or right			16,266,666
Exercise price of warrants or rights \| $ / shares			$ 11.50
Legacy Rocket Lab warrants [Member]
Description Of The Business [Line Items]
Number of securities called by each warrant or right			891,380
Exercise price of warrants or rights \| $ / shares			$ 0.29
Share Price Equal or Exceeds Twenty Rupees per dollar [Member]
Description Of The Business [Line Items]
Fair value per share of common stock \| $ / shares	$ 20.00		$ 20.00
Issuance of stock for acquisition (in Shares)			32,150,757
Share Price Equal or Exceeds Twenty Rupees per dollar [Member] \| Minimum
Description Of The Business [Line Items]
Number of consecutive trading days for determining share price	20 days		20 days
Share Price Equal or Exceeds Twenty Rupees per dollar [Member] \| Maximum
Description Of The Business [Line Items]
Number of consecutive trading days for determining share price	30 days
Number of trading days for determining share price			30 days
Redeemable Convertible Preferred Stock [Member]
Description Of The Business [Line Items]
Shares, outstanding			0	283,843,764	30,680,373
Common Class A [Member]
Description Of The Business [Line Items]
Fair value per share of common stock \| $ / shares			$ 18.00
Shares issued			31,031,383
Stock redeemed or called during period, shares			968,617
Common Class B [Member]
Description Of The Business [Line Items]
Shares issued			8,000,000
Post Combination Company [Member]
Description Of The Business [Line Items]
Fair value per share of common stock \| $ / shares		$ 10.00
Stock issued during period, shares, new issues		46,700,000
Common stock, share issued			46,700,000
Post Combination Company [Member] \| Common Class A [Member]
Description Of The Business [Line Items]
Exercise of stock options (in Shares)		968,617
Fair value per share of common stock \| $ / shares		$ 10.00
Exercise of stock options \| $		$ 9,686
Conversion of stock, shares converted		31,031,383
Post Combination Company [Member] \| Common Class B [Member]
Description Of The Business [Line Items]
Conversion of stock, shares converted		8,000,000
Post Combination Company Common Stock [Member] \| Legacy Rocket Lab Options [Member]
Description Of The Business [Line Items]
Share-based compensation arrangement by share-based payment award			17,961,684
Share-based compensation arrangement by share-based payment award, per share weighted average price of shares purchased \| $ / shares			$ 1.04
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares			14,253,283
Post Combination Company Common Stock [Member] \| Restricted Stock Units (RSUs) [Member]
Description Of The Business [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			14,903,640
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee			4,065,304
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period			1,915,356
Pipe Investment [Member]
Description Of The Business [Line Items]
Exercise of stock options \| $		$ 467,000
Legacy Rocket Lab Common Stock [Member]
Description Of The Business [Line Items]
Shares issued			362,188,208
Legacy Rocket Lab Common Stock [Member] \| Post Combination Company [Member]
Description Of The Business [Line Items]
Stock repurchased during period, value \| $		$ 40,000
Share-based compensation arrangement by share-based payment award		10,000,000
Share-based payment arrangement, plan modification, incremental cost \| $		$ 9,642
Legacy Rocket Lab Common Stock [Member] \| Post Combination Company [Member] \| Redeemable Convertible Preferred Stock [Member]
Description Of The Business [Line Items]
Shares Issued		362,188,208
Preferred stock, convertible, conversion ratio \| $ / shares		$ 9.059659

Concentration of Credit Risk, Significant Customers and Geographic Information - Additional Informatiion (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	10.00%
Concentration Risk, Percentage	Accounts receivable was less than 10%
Revenue [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10.00%
Concentration Risk, Percentage	Revenue was less than 10%

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 0	$ 0
State	2	0
Foreign	2,377	1,410
Total	2,379	1,410
Deferred:
Federal	(5,957)	0
State	(339)	0
Foreign	(3,603)	(943)
Total	(9,899)	(943)
(Benefit) Provision for income taxes	$ (7,520)	$ 467

Revenues - Balances Related to Enforceable Contracts (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Contract balances
Accounts receivable	$ 13,957	$ 2,730
Contract assets	2,490	2,045
Contract liabilities	$ 59,749	$ 26,132	$ 10,211

Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount Of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 800	$ 800
Increases related to current year tax position	35	0
Balance at end of year	$ 835	$ 800

Business Combinations - Summary of Stockbased Compensation Expense Recognized in Conjunction with the Sinclair Interplanetary Acquisition (Detail) - USD ($) $ in Thousands		12 Months Ended
	Aug. 25, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Allocated share based compensation	$ 9,642	$ 32,557	$ 4,218
Sinclair Interplanetary [Member]
Business Acquisition [Line Items]
Allocated share based compensation		3,032	934
Stock Issued In Conjunction With The Acquisition \| Sinclair Interplanetary [Member]
Business Acquisition [Line Items]
Allocated share based compensation		1,402	934
Earnout Share Achievement \| Sinclair Interplanetary [Member]
Business Acquisition [Line Items]
Allocated share based compensation		$ 1,630	$ 0

Net Loss Per Share - Summary of Basic and Diluted net Loss Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net loss attributable to common shareholders-basic and diluted	$ (117,320)	$ (55,005)
Denominator
Weighted average common shares outstanding-basic and diluted	209,895,135	75,414,888
Net loss per share attributable to common stockholders-basic and diluted	$ (0.56)	$ (0.73)

- Definition

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

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+ Details

Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease costs	$ 3,356	$ 2,552
Finance lease costs:
Amortization of right-of-use assets		583
Interest on lease liabilities		95
Total finance lease costs		$ 678

Inventories - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 21,517	$ 14,023
Work in process	24,166	12,112
Finished goods	2,221
Total inventories	$ 47,904	$ 26,135

Business Combinations - Summary of consolidated statement of operations includes revenues and net income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
As Reported [Member]
Business Acquisition [Line Items]
Revenues	$ 62,237	$ 35,160
Net (loss) income	(117,320)	(55,005)
Acquisitions Pro-Forma (Unaudited) [Member]
Business Acquisition [Line Items]
Revenues	21,629	21,525
Net (loss) income	6,377	6,664
Consolidated Pro-Forma (Unaudited) [Member]
Business Acquisition [Line Items]
Revenues	83,866	56,685
Net (loss) income	$ (110,943)	$ (48,341)

Segments - Summary of Information by Reportable Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Sales Information [Line Items]
Cost of revenues	$ 64,130	$ 46,977
Gross profit (loss)	(1,893)	(11,817)
Launch Services [Member]
Sales Information [Line Items]
Revenues	38,971	33,085
Cost of revenues	53,827	45,872
Gross profit (loss)	(14,856)	(12,787)
Space Systems [Member]
Sales Information [Line Items]
Revenues	23,266	2,075
Cost of revenues	10,303	1,105
Gross profit (loss)	$ 12,963	$ 970

- Definition

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

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- Definition

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

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

Principals of Consolidation and Basis of Presentation

Emerging Growth Company

Use of Estimates

Cash and Cash Equivalents

Restricted Cash

Accounts Receivable, Net

Inventories

Prepaids and Other Current Assets

Prepaids and other current assets include goods and services tax, prepaid expenses, government grant receivables and miscellaneous receivables.

Property, Plant and Equipment, Net


Asset Category		Estimated Useful Lives
Buildings and improvements		15 to 30 years
Machinery, equipment, vehicles and office furniture		2 to 12 years
Computer equipment, hardware and software		3 to 5 years
Launch site assets		3 to 10 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Launch site assets include buildings, machinery and equipment at launch sites.

Business Combination

Intangible Assets, Net

Impairment of Long-Lived Assets

Goodwill

Any impairment loss is limited to the carrying amount of goodwill allocated to the reporting unit. There was no impairment of goodwill during the years ended December 31, 2021 and 2020.

Fair Value of Financial Instruments

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis

Fair Value of Common Stock

Equity Issuance Costs

Revenue Recognition

The Company recognizes revenue when or as control is transferred to the customer, either over-time or at a point-in-time.

Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers.

Cost of Revenues

Selling, General and Administrative

Research and Development Costs, net

Government Grants

Stock-Based Compensation

•

Risk-free interest rate. The risk-free interest rate for periods within the expected life of the option is derived from the U.S. treasury interest rates in effect at the date of grant.

•

Estimated dividend yield. The Company uses an expected dividend yield of zero since no dividends are expected to be paid.

Income Taxes

Segment Information

Foreign Currencies

Leases

Warrant Liability

Recently Adopted Accounting Pronouncements

Goodwill and Intangible Assets, Net - Components of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 64,259	$ 15,021
Accumulated Amortization	(6,772)	(3,672)
Net Carrying Amount	57,487	11,349
Developed Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	45,066	10,090
Accumulated Amortization	(3,039)	(973)
Net Carrying Amount	42,027	9,117
Capitalized Software [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,769	3,541
Accumulated Amortization	(2,893)	(2,379)
Net Carrying Amount	876	1,162
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,163	658
Accumulated Amortization	(458)	(148)
Net Carrying Amount	6,705	510
Non-compete agreement [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	221	219
Accumulated Amortization	(93)	(37)
Net Carrying Amount	128	182
Capitalized Intellectual Property [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	374	199
Accumulated Amortization	(80)	(51)
Net Carrying Amount	294	148
Trademark and Tradenames [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,411	149
Accumulated Amortization	(120)	(29)
Net Carrying Amount	5,291	120
In Process Research and Development [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount		110
Accumulated Amortization		0
Net Carrying Amount		110
In Process Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,800
Accumulated Amortization	0
Net Carrying Amount	1,800
Backlog [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	455	55
Accumulated Amortization	(89)	(55)
Net Carrying Amount	$ 366	$ 0

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Accrued expenses	$ 2,105	$ 1,969
Inventories	409	353
Deferred revenue	14,160	5,503
Lease liability	7,244	7,426
Stock options	7,950	2,082
Warrants	0	519
Interest expense	1,075	0
Net operating losses	41,688	30,264
Tax credits	898	923
Other	0	4
Total deferred tax assets	75,529	49,043
Valuation allowance	(58,235)	(39,084)
Total deferred tax assets, net	17,294	9,959
Deferred tax liabilities:
Right of use asset	(6,723)	(6,954)
Depreciation and amortization	(5,160)	0
Other	(18)	0
Unrealized gain	0	(757)
Total deferred tax liabilities	(11,901)	(7,711)
Net deferred tax assets	$ 5,393	$ 2,248

Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current liabilities:
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities Current	Other Liabilities Current
Non-current liabilities:
Non-current lease liabilities	$ 28,302	$ 27,299
Total lease liabilities	30,685	28,969
Other Current Liabilities [Member]
Current liabilities:
Operating lease liabilities	2,383	1,670
Noncurrent Lease Liabilities [Member]
Non-current liabilities:
Non-current lease liabilities	$ 28,302	$ 27,299

LOAN AND SECURITY AGREEMENT

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

LOAN AND SECURITY AGREEMENT

10.

LOAN AND SECURITY AGREEMENT

Hercules Capital Secured Term Loan

On June 10, 2021, the Company entered into a $100,000 secured term loan agreement with Hercules Capital, Inc. (the “Hercules Capital Secured Term Loan”) and borrowed the full amount under the secured term loan agreement. The term loan has a maturity date of June 1, 2024 and is secured by substantially all of the assets of the Company. Payments due for the term loan are interest-only until the maturity date with interest payable monthly in arrears. The outstanding principal bears (i) cash interest at the greater of (a) 8.15% or (b) 8.15% plus the prime rate minus 3.25% and (ii) payment-in-kind interest of 1.25% which is accrued and added to the outstanding principal balance. Prepayment of the outstanding principal is permitted under the loan agreement and subject to certain prepayment fees. In connection with the secured term loan, the Company paid an initial facility charge of $1,000 and the Company will be required to pay an end of term charge of $3,250 upon repayment of the loan. The secured term loan agreement contains customary representations, warranties, non-financial covenants, and events of default. The Company was in compliance with all debt covenants related to its long-term borrowings as of December 31, 2021. As of December 31, 2021, there was $100,124 outstanding under the Hercules Capital Secured Term Loan, of which $2,827 is classified as current in the Company’s condensed consolidated balance sheets, with the remainder classified as long-term borrowing. As of December 31, 2021, the Company had no availability under the Hercules Capital Secured Term Loan.

In connection with the $100,000 Hercules Capital Secured Term Loan, the Company repaid the $15,000 advance under the Revolving Line and Term Loan Line and terminated the Loan and Security Agreement (see below).

Revolving Line and Term Loan Line

On December 23, 2020, the Company entered into a Loan and Security Agreement “(the Loan and Security Agreement”) with Silicon Valley Bank (“SVB”) for a maximum of $35,000 in financing and issued SVB warrants to purchase 121,689 shares of common stock at a price of $1.28 per share (see Note 11). The $35,000 could be drawn upon utilizing the Revolving Line and Term Loan Line (the “Revolving Line and Term Loan Line”) subject to certain terms and conditions. On May 13, 2021, the Company borrowed $15,000 as a Term Loan advance under its Loan and Security Agreement. On June 10, 2021, the Company repaid the $15,000 as a Term Loan advance under its Loan and Security Agreement upon funding of the Hercules Capital Secured Term Loan and the Revolving Line was closed.

- 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

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+ Details