Simon Erickson digs into Rocket Lab's (NASDAQ:RKLB) Q1 2026 earnings with a record revenues of $200 million (up 63% year-over-year), $2.2 billion contractual backlog, record gross margins, and an undisclosed customer signing on for five Neutron rocket launches through 2029. 7investing first recommended Rocket Lab at $10 in August 2021, added again at $4 in early 2024 when Simon published a public valuation of $22/share — and the stock now trades at $121. That's a 30x return in two years.But the big question now: is Rocket Lab still a buy at current prices? Simon breaks down his ninth iteration discounted cash flow model, explains why 75% of Rocket Lab's backlog is in the Space Systems manufacturing division (not launches), and why he expects Space Systems to eventually represent 70-90% of total company revenues. He also covers the Neutron rocket timeline (now expected late 2026), the HASTE hypersonic program, Golden Dome defense contracts, and the new European expansion through the Mynaric acquisition.This is Part 1 of a multi-part series — Part 2 will feature a full updated DCF valuation model with Simon's new price target. Plus, Simon will be presenting at the MoneyShow Masters Symposium in Dallas. Subscribe so you don't miss the next episode. 🔗 Free 7investing trial: https://7investing.com/subscribeStocks & Companies MentionedPublicly Traded:Rocket Lab (NASDAQ:RKLB)Planet Labs (NYSE:PL)Mynaric (NASDAQ:MYNA) (European acquisition referenced)Private / Not Publicly Traded:SpaceX (private — Elon Musk, referenced as competitor)Blue Origin (private — Jeff Bezos, referenced as competitor)Government Programs ReferencedU.S. Department of Defense / Space Force (Golden Dome program)#RocketLab #RKLB #SpaceStocks #SpaceEconomy #NeutronRocket #GoldenDome #SpaceSystems #GrowthInvesting #StockMarket #Earnings #RecordRevenue #LongTermInvesting #DefenseStocks #InvestingIn2026 #StockValuation #7investing #SimonErickson