Rocket Lab (RKLB -4.79%) is proving it can win major defense spacecraft programs before Neutron flies. Record revenue, a $2.36 billion backlog, and a potential $397 million Space Force award point to a broader business than many investors assume. But with a rich valuation and Neutron delays still possible, the next phase could reshape the stock's risk-reward.
Stock prices used were the market prices of Aug. 26, 2026. The video was published on Sept. 17, 2026.




