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Rocket Lab reported more revenue and a larger backlog in its latest cited quarter, while Planet Labs posted the faster year-over-year growth rate and reported that 98% of its annual contract value was recurring. The comparison is not a like-for-like quarter: Rocket Lab’s results cover the three months ended June 30, 2026, and Planet’s cover the three months ended July 31, 2026. Their business models also differ sharply, so the figures describe different kinds of space companies—not interchangeable routes to growth.
How Rocket Lab and Planet Labs make money
Rocket Lab sells launch services and also builds spacecraft, satellite components, and related systems. Its revenue therefore combines launches with hardware and space-systems work. Planet Labs operates an Earth-observation satellite fleet and sells imagery, data, and related services. Its model centers more on recurring customer contracts for satellite-derived information.
That distinction shapes the investment comparison. Rocket Lab’s results can move with launch schedules, spacecraft manufacturing, and contract timing. Planet’s results depend on demand for its data and services, the conversion and renewal of customer contracts, and its ability to operate its satellite network.
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| Company and reporting period | Revenue | Year-over-year change | Reported revenue mix or operating metric |
|---|---|---|---|
| Rocket Lab, Q2 2026; quarter ended June 30, 2026 | $234.1 million | Up 62% | $189.5 million from space systems; $44.6 million from launch services |
| Planet Labs, Q2 fiscal 2027; quarter ended July 31, 2026 | $116.1 million | Up 58% | 98% recurring annual contract value |
These are company-reported figures from different reporting periods, so they are useful as the latest cited snapshots, not as a synchronized quarter-to-quarter comparison. Rocket Lab’s latest quarter was larger by reported revenue, while Planet’s year-over-year growth rate was slightly higher. Neither fact alone establishes which business is growing more sustainably.
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Rocket Lab’s SEC filing attributes much of the year-over-year increase in space-systems revenue to spacecraft manufacturing and acquisitions. It also says launch-services revenue in the quarter was affected by revenue-recognition timing. The reported growth should therefore not be read as purely organic or as a simple measure of launch cadence. Rocket Lab’s Q2 2026 Form 10-Q provides the segment detail.
Backlog and contract visibility
Rocket Lab reported $2.356 billion of backlog as of June 30, 2026, covering both launch services and space systems. Planet reported approximately $814.9 million of backlog as of July 31, 2026. On the reported totals, Rocket Lab had the larger backlog, but the amounts are not directly comparable measures of future revenue: the businesses, contract mixes, reporting dates, and definitions differ.
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Backlog represents contracted work not yet fulfilled; it is not revenue already earned or guaranteed to arrive on a fixed schedule. Rocket Lab’s filing notes that launch and spacecraft contracts typically include termination rights subject to specified fees. Planet separately reports backlog and remaining performance obligations, and those measures should not be treated as equivalent. Planet’s Q2 fiscal 2027 results release reports its backlog, recurring ACV, and other operating measures.
Recurring revenue: Planet’s clearest distinction
Planet said recurring annual contract value was 98% at the end of Q2 fiscal 2027. That is a measure of annual contract value, not the percentage of quarterly revenue that is recurring, and it is not the same as backlog. It nevertheless gives investors a specific indicator of how much of Planet’s contracted value is recurring.
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The cited Rocket Lab materials do not give a directly comparable recurring-revenue percentage. Its longer-term contracted work may provide visibility, but backlog alone does not show how much revenue recurs under subscription-like arrangements. On this specific metric, Planet offers clearer evidence of recurring customer value; that does not by itself prove greater retention, margins, or durability.
Profitability and financial capacity
For Q2 fiscal 2027, Planet reported a $9.4 million GAAP net loss and $13.9 million of adjusted EBITDA profit. These are different measures: adjusted EBITDA is non-GAAP and does not mean the company generated GAAP net income. Planet also reported $865.4 million in cash, cash equivalents, and short-term investments at July 31, 2026. The cited Rocket Lab figures here do not provide a same-basis profitability or cash comparison, so these Planet measures cannot establish which company is financially stronger.
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Execution risks to weigh
Rocket Lab: launch development, manufacturing and integration
Rocket Lab’s filing identifies Neutron development and commercial acceptance as factors affecting results, alongside launch-vehicle development, qualification, manufacturing, and schedule risks. The filing describes a Q4 2026 first-launch target; it is a target, not a completed milestone, and testing or qualification could affect timing. Investors should distinguish current revenue from expected future contribution by a vehicle that has not yet flown.
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The filing also describes the announced Iridium acquisition as subject to conditions, including regulatory approval. At the time of that filing, a closing, if approved, was expected in 2027. Acquisition integration can affect reported growth and execution, while the transaction’s completion and timing remain conditional.
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Planet: customer contracts and satellite-service delivery
Planet’s recurring ACV and backlog point to contracted demand, but they do not remove the need to deliver data and services, retain customers, and renew or expand contracts. The reported quarterly GAAP loss also shows why revenue growth and adjusted EBITDA should be considered alongside bottom-line results rather than treated as substitutes for them.
What the comparison does—and does not—show
- Scale: Rocket Lab reported higher revenue and a larger backlog in its latest cited quarter.
- Growth rate: Planet reported a slightly faster year-over-year revenue increase in its latest cited quarter.
- Recurring-value disclosure: Planet reported 98% recurring ACV; the cited materials do not establish an equivalent Rocket Lab percentage.
- Business exposure: Rocket Lab combines launch and hardware programs; Planet sells Earth-observation data and services.
- Valuation: These operating figures do not identify the better stock. A valuation judgment would require current share prices, share counts, comparable valuation measures, and an investor’s time horizon, none of which are established by the cited company filings.
For investors comparing the businesses, the useful next question is which operating model and execution risks fit their outlook: launch and spacecraft production with development milestones, or satellite-data services with recurring contracts and renewal exposure. The reported quarter data help frame that choice, but do not settle it.
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