Rocket Lab: Demand rising all around

研报英文原文证据摘录

Rocket Lab: Demand rising all around

Deutsche Bank

Research

Rating Company Date

Buy Rocket Lab 12 May 2026

Forecast Change

North America

United States

Reuters Bloomberg Exchange Ticker Price at 11 May 2026 (USD) 117.35

RKLB.OQ RKLB US NSM RKLB

Price Target 120.00

Industrials

52-week range 117.35 - 21.26

Space Technology

Demand rising all around

Valuation & Risks

Edison Yu

Rocket Lab continues to see growing demand for its offerings including record

Research Analyst

launch bookings in 1Q and expanding opportunities with defense customers +1-212-250-7263

(hypersonic testing, SBI partnership with Raytheon, etc...), all underpinned by

deeper vertical integration across its portfolio that now includes optical terminals Laura Li

Research Associate

(Mynaric), electric propulsion (internally developed Gauss), and space-based

+1-212-250-2266

robotics (Motiv deal). While we admit valuation is at premium levels, this is

deserved, in our view, and we wonder if Rocket Lab is truly only the second

Key changes

company capable of integrating launch, satellite, and services all under one roof,

73.00 to

perhaps an even higher valuation is justified. Reiterate Buy and raise price target to TP ↑ 64.4%

120.00

$120.

EPS (USD) -0.15 to -0.19 ↓ -33.9%

Revenue (USD)m) 821 to 951 ↑ 15.8%

1Q26 results summary Source: Deutsche Bank

Rocket Lab delivered strong 1Q26 earnings, with revenue of $200m (+63% YoY;

+12% QoQ), above the high-end of guidance and ahead of our/consensus of

$190m. Launch revenue was $64m (vs. DBe/consensus of $48m/$58m), driven by

6 launches (vs. our 5) with ASP sequentially flattish at $10.6m vs. our $9.5m. Space

Systems revenue was $137m (+32% QoQ), slightly below our $142m estimate,

helped by increased contribution from SDA as well as component businesses.