Workpaper · Segment mix
Launch as % of the Whole Business
Launch services revenue as a share of total Rocket Lab revenue, FY2023–2025. SEC EDGAR ↗
33%
of 2025 revenue was launch services. The other 67% is Space Systems.
01 Launch share of total revenue
Launch vs Space Systems split
Launch
Space Systems
02 Underlying figures
| Year | Launch | Space Systems | Total | Launch % |
|---|---|---|---|---|
| 2023 | $71.9M | $172.7M | $244.6M | 29.4% |
| 2024 | $125.4M | $310.8M | $436.2M | 28.7% |
| 2025 | $199.0M | $402.8M | $601.8M | 33.1% |
03 Segment growth rates
| Growth | Launch | Space Systems | Total |
|---|---|---|---|
| 2023→24 | +74% | +80% | +78% |
| 2024→25 | +59% | +30% | +38% |
context
Space Systems grew faster in 2024 via acquisitions, diluting launch’s share. In 2025, launch grew 59% vs total 38% — launch is now outgrowing the rest of the business, recovering its share.
04 Takeaways
- ~⅓ launch, ~⅔ Space Systems is the current shape of Rocket Lab.
- Share bottomed in 2024 at 28.7% as Space Systems scaled through M&A.
- Launch recovering — +59% growth outpaced total company (+38%) in 2025.
Not investment advice. 2025 launch revenue includes non-mission items (study/termination fees).