TL;DR Rocket Lab’s Q1 revenue grew 64 per cent to a record 200 million dollars, its backlog reached 2.2 billion, and its stock hit a record high. The only thing that has not launched is Neutron, the rocket the valuation depends on. Rocket Lab’s revenue grew 64 per cent, its stock hit a record high, and its backlog reached 2.2 billion dollars. The company sold more launches in the first quarter of 2026 than in the entire previous year. The only thing that has not launched yet is the rocket the market is pricing in. First-quarter revenue was 200.3 million dollars, up from 122.6 million a year earlier, beating analyst estimates that had already been raised twice in the past three months. Space systems, the division that builds satellites and spacecraft components, generated 136.7 million dollars. The launch business contributed 63.7 million. Both exceeded expectations. The stock rose 30 per cent in after-hours trading to a record high, valuing the company at approximately 45 billion dollars.…