Rocket Lab Corp. (RKLB) is having the kind of year that makes investors giddy. The company has gone from promising space startup to legitimate aerospace heavyweight, and the stock chart tells that story loud and clear. Shares are hovering around all-time highs above $70, and there are some very good reasons why.

The headline news came last week when Rocket Lab landed its largest contract ever: an $816 million deal with the U.S. Space Development Agency. That's not small satellite money anymore. That's defense prime contractor money, the kind that changes how Wall Street thinks about your business model.

As 2025 wraps up, Rocket Lab is closing out what can only be described as a near-perfect year. Operational excellence, massive government wins, and a stock that keeps climbing—it's the trifecta every aerospace investor dreams about.

A Perfect Year in the Sky

Let's start with the launches, because they matter. Rocket Lab finished 2025 with a flawless record: 21 missions, 21 successes. The final flight of the year, called "The Wisdom God Guides," deployed on Sunday without a hitch, capping off a 100% mission success rate for the entire year.

That kind of reliability is rare in the launch business. Plenty of small-launch competitors have stumbled over the technical challenges of consistent flight operations, but Rocket Lab has proven its Electron rocket is the gold standard for dedicated small-satellite delivery. When you're launching payloads for commercial giants like iQPS or high-stakes government agencies, reliability is everything. Rocket Lab has earned that trust.

From Launch Provider to Defense Prime

Here's where things get interesting. That $816 million contract isn't just about launching rockets—it's about building entire spacecraft. Under the agreement, Rocket Lab will design and manufacture 18 satellites for the Space Development Agency's Tracking Layer Tranche 3 program.

This represents a major strategic shift. The company is now vertically integrated, manufacturing complete spacecraft systems including proprietary Phoenix infrared sensors and StarLite subsystems. Instead of just getting satellites into orbit, Rocket Lab is now making the satellites themselves.

This move into high-margin space systems has fundamentally changed the company's financial profile. Rocket Lab now looks more like a recession-proof defense contractor with steady government revenue and a backlog topping $1 billion. That's a very different business than launching rockets for hire.

What's Next?

The debut of Neutron, Rocket Lab's medium-lift rocket, has been pushed to 2026. But the market doesn't seem worried. The stock remains strong, and investor confidence is high.

As the company enters 2026, it holds the number two position globally in the commercial space race, trailing only SpaceX. With a perfect 21-for-21 track record in 2025 and more than $1 billion in contracted backlog, Rocket Lab has the momentum and the fundamentals to back up its soaring stock price.

RKLB Price Action: According to data from MarketDash Pro, Rocket Lab shares were up 10.9% at $78.21 at the time of publication on Monday.