Rocket Lab’s HASTE Missions Signal Durable Defense Demand Amidst Execution Challenges

Executive Summary

Rocket Lab Corporation (RKLB) is capitalizing on a surge in U.S. national security urgency to transform its launch portfolio, with hypersonic missions serving as the primary indicator of this shift. As of May 2026, the company’s defense backlog has swelled past $2 billion following a record $190 million hypersonic-test deal and an $816 million SDA Tranche III award. While commercial satellite demand remains steady, management emphasizes that "Golden Dome" priorities are driving durable volume rather than one-off tailwinds. However, investors remain cautious regarding execution risks, including