Investors are cheering Rocket Lab's backlog and expansion plans on Thursday, sending shares higher.

The SpaceX competitor said it has a record backlog of $2.2 billion, more than the $2 billion expected by Wall Street, according to the FactSet consensus. That's up more than 20% on a sequential basis.

The boost comes after Rocket Lab (RKLB) signed 36 new launch contacts in the first quarter, or more than it sold in the entirety of 2025. It has more than 70 contracted missions, including some for the Pentagon. In March, Rocket Lab won a $190 million Defense Department contract, its largest ever.

On Thursday, Rocket Lab announced it had been awarded a $30 million contract by the private defense company Anduril for three hypersonic test launches using its HASTE launch vehicle. The first mission will launch in less than 12 months, the companies said.

The company also completed its purchase of German laser optical-communications technology firm Mynaric last quarter. On Thursday, Rocket Lab said it had signed a deal to acquire California-based space robotics company Motiv Space Systems, which will add to its work vertically integrating the business. The deal is set to close in the current quarter.

Rocket Lab has acquired or announced plans to buy at least four companies this year, while also expanding into new business areas. The company ended March with access to more than $2 billion in liquidity, partially thanks to a recent stock sale, which it said puts it in a "very strong position" for more merger and acquisition action.

"We're already embedded in the most demanding and significant space programs of our generation and we're in an incredibly strong position to continue expanding this," Rocket Lab said in a statement.

Revenue for the March quarter came in at more than $200 million, a 63% increase from the year-ago quarter and above the $190 million FactSet consensus. Rocket Lab also reported a net loss per share of 7 cents, in line with expectations, according to FactSet.

In a note to clients last month, KeyBanc Capital Markets analyst Michael Leshock wrote that a "major" revenue beat could signal "impact of the proliferation/acceleration of satellite constellations and/or defense initiatives taking hold." Leshock rates the stock at sector weight.

Rocket Lab reported an $11.7 million adjusted loss before interest, taxes, depreciation and amortization. The company had guided to an adjusted loss of between $21 million and $27 million. Rocket Lab also touted adjusted gross margin of 43%, up from 33% a year ago.

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Rocket Lab on Thursday also company confirmed that its Neutron reusable rocket is on track to make its debut by the end of the year. In February, Rocket Lab pushed back the rocket's first flight to the last quarter of 2026 to give its team more time to ensure a successful flight.

Andres Sheppard, an analyst at Cantor Fitzgerald, has called Neutron the only viable alternative to SpaceX's Falcon 9 rocket, the industry's workhorse. Rocket Lab plans to make Neutron's engines capable of being used 20 times, which would help cut launch costs.

"Of all of the things that that I sit awake at night worrying about, Neutron demand is just not one of them," a Rocket Lab executive said on a call with analysts on Thursday, according to a transcript.

Rocket Lab on Thursday guided to June-quarter revenue of between $225 million and $240 million, or a year-over-year increase of up to 66%. It also forecast an adjusted loss of between $20 million and $26 million, which would be an improvement on the year-ago quarter's $27.5 million loss.

Rocket Lab's stock was up 4% in the extended session on Thursday.

The results are the latest in a mixed week for space-sector companies.

Voyager Technologies $(VOYG)$ reported earnings within expectations on Monday, while Firefly Aerospace $(FLY)$ posted better-than-expected results for its first quarter. On the other hand, Redwire $(RDW)$ on Wednesday reported mixed earnings and Blacksky Technology $(BKSY)$ earlier on Thursday disappointed investors with its results.