Rocket Lab shifts focus to space infrastructure, with Space Systems revenue surpassing Launch Services.

Rocket Lab is evolving from a launch service provider to a vertically integrated space and defense infrastructure company. Its Space Systems segment generated $136.7 million in quarterly revenue, overtaking its Launch Services segment and changing the company's long-term financial outlook. The company secured five Neutron rocket launches through 2029 while maintaining pricing discipline, avoiding aggressive discounting of its backlog. Investors now value Rocket Lab at about 67 times forward sales, reflecting its repositioning as a future space infrastructure platform rather than just a launch provider.