Rocket Lab lands $190 million Pentagon contract as shares plunge

Rocket Lab secured a $190 million contract from the U.S. Pentagon for 20 hyperspeed HASTE sub‑orbital test flights, adding to an order book that now totals roughly $2 billion in launch services. CEO Sir Peter Beck said the deal strengthens national security.

At the same time, the company’s stock has suffered a sharp decline, falling about 36.85% over the past month. A recent neutral rating from Piper Sandler with an $83 price target triggered an 11.5% intraday drop, pushing the share price to around $67.

Rocket Lab also reported technical progress on its new medium‑class Neutron rocket, completing qualification tests of the Archimedes first‑stage engine and a hot‑fire test of the AVac vacuum engine, moving the anticipated first flight to the first half of 2026.