Rocket Lab USA (RKLB) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 04, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	ROCKET LAB USA, INC.
Entity Central Index Key	0001819994
Entity File Number	001-39560
Entity Incorporation, State or Country Code	DE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Tax Identification Number	98-1550340
Entity Address, Address Line One	3881 McGowen Street
Entity Address, City or Town	Long Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90808
City Area Code	714
Local Phone Number	465-5737
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		478,661,458
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	RKLB
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash And Cash Equivalents	$ 208,365	$ 242,515
Marketable securities, current	190,357	229,276
Accounts receivable, net	50,690	36,572
Contract assets	12,558	9,451
Inventories	98,453	92,279
Prepaids and other current assets	63,203	52,201
Assets held for sale	11,630	0
Total current assets	635,256	662,294
Non-current assets:
Property, plant and equipment, net	95,981	101,514
Intangible asset, net	76,495	79,692
Goodwill	71,020	71,020
Right-of-use assets - operating leases	34,839	35,239
Right-of-use assets - finance leases	15,458	15,614
Marketable securities, non-current	47,920	9,193
Restricted cash	3,337	3,356
Deferred income tax assets, net	3,500	3,898
Other non-current assets	7,102	7,303
Total assets	990,908	989,123
Current liabilities:
Trade payables	22,852	12,084
Accrued expenses	8,678	8,723
Employee benefits payable	12,333	8,634
Contract liabilities	125,635	108,344
Current installments of long-term borrowings	2,934	2,906
Other current liabilities	24,863	22,249
Total current liabilities	197,295	162,940
Non-current liabilities:
Long-term borrowings, excluding current installments	100,724	100,043
Non-current operating lease liabilities	33,870	34,266
Non-current finance lease liabilities	15,478	15,568
Deferred tax liabilities	170	95
Other non-current liabilities	3,353	3,005
Total liabilities	350,890	315,917
COMMITMENTS AND CONTINGENCIES (Note 15)
Stockholders' equity
Common stock, value	48	48
Additional paid-in capital	1,125,976	1,112,977
Accumulated deficit	(486,572)	(440,955)
Accumulated other comprehensive income	566	1,136
Total Stockholders' equity	640,018	673,206
Total liabilities and stockholders' equity	$ 990,908	$ 989,123

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, share authorized	2,500,000,000	2,500,000,000
Common stock, share issued	478,153,075	475,356,517
Common stock, share outstanding	478,153,075	475,356,517

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues	$ 54,895	$ 40,703
Cost of revenues	48,538	36,968
Gross profit	6,357	3,735
Operating expenses:
Research and development, net	23,905	13,477
Selling, general and administrative	28,469	23,078
Total operating expenses	52,374	36,555
Operating loss	(46,017)	(32,820)
Other income (expense):
Interest expense, net	(685)	(2,989)
Gain (loss) on foreign exchange	134	(20)
Change in fair value of liability classified warrants	0	13,482
Other income, net	1,477	26
Total other income , net	926	10,499
Loss before income taxes	(45,091)	(22,321)
Provision for income taxes	(526)	(4,388)
Net loss	(45,617)	(26,709)
Other comprehensive income (loss), net of tax:
Foreign currency translation income (loss)	(938)	876
Unrealized loss on available-for-sale marketable securities	368	0
Comprehensive loss	$ (46,187)	$ (25,833)
Net loss per share attributable to Rocket Lab USA, Inc.:
Net loss per share attributable to Rocket Lab USA, Inc-Basic	$ (0.10)	$ (0.06)
Net loss per share attributable to Rocket Lab USA, Inc-Diluted	$ (0.10)	$ (0.06)
Weighted-average common shares outstanding:
Weighted average common shares outstanding-basic	476,199,710	456,495,288
Weighted average common shares outstanding, diluted	476,199,710	456,495,288

Condensed Statements of Changes

Condensed Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Other Comprehensive Income [Member]
Balance at Beginning at Dec. 31, 2021	$ 698,448	$ 45	$ 1,002,106	$ (305,011)	$ 1,308
Balance at Beginning (in Shares) at Dec. 31, 2021		450,180,479
Net loss	(26,709)			(26,709)
Issuance of common stock under equity plans, Shares		7,883,569
Issuance of common stock under equity plans	1,020	$ 1	1,019
Stock-based compensation	14,116		14,116
Common stock issued upon exercise of Public and Private Warrants	44,844		44,844
Common stock issued upon exercise of Public and Private Warrants (in Shares)		4,554,830
Issuance of common stock for acquisition, Shares		123,934
Common stock issued upon exercise of warrants (in Shares)		4,554,830
Other comprehensive loss	876				876
Balance Ending at Mar. 31, 2022	732,595	$ 46	1,062,085	(331,720)	2,184
Balance Ending (in Shares) at Mar. 31, 2022		462,742,812
Balance at Beginning at Dec. 31, 2022	673,206	$ 48	1,112,977	(440,955)	1,136
Balance at Beginning (in Shares) at Dec. 31, 2022		475,356,517
Net loss	(45,617)			(45,617)
Issuance of common stock under equity plans, Shares		2,672,625
Issuance of common stock under equity plans	771		771
Stock-based compensation	12,228		12,228
Issuance of common stock for acquisition, Shares		123,933
Other comprehensive loss	(570)				(570)
Balance Ending at Mar. 31, 2023	$ 640,018	$ 48	$ 1,125,976	$ (486,572)	$ 566
Balance Ending (in Shares) at Mar. 31, 2023		478,153,075

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (45,617)	$ (26,709)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,033	6,088
Stock-based compensation expense	14,036	11,958
Loss on disposal of assets	5	5
Amortization of debt issuance costs and discount	709	690
Noncash lease expense	988	731
Noncash (income) expense associated with liability-classified warrants	0	(13,482)
Change in the fair value of contingent consideration	300	2,500
Accretion of marketable securities purchased at a discount	(1,147)	0
Deferred income taxes	420	(1,558)
Changes in operating assets and liabilities:
Accounts receivable	(14,116)	(5,644)
Contract assets	(3,109)	(3,668)
Inventories	(6,712)	(9,132)
Prepaids and other current assets	(10,035)	(1,071)
Other non-current assets	103	772
Trade payables	11,305	805
Accrued expenses	403	(3,245)
Employee benefits payables	1,294	475
Contract liabilities	17,292	10,652
Other current liabilities	2,305	4,266
Non-current lease liabilities	(891)	(783)
Other non-current liabilities	49	11
Net cash used in operating activities	(25,385)	(26,339)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, equipment and software	(12,674)	(6,242)
Cash paid for acquisition, net of acquired cash and restricted cash	0	(65,588)
Purchases of marketable securities	(76,394)	0
Maturities of marketable securities	78,099	0
Net cash used in investing activities	(10,969)	(71,830)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the exercise of stock options and public warrants	771	1,379
Proceeds from Employee Stock Purchase Plan	1,202	1,025
Proceeds from sale of employees restricted stock units to cover taxes	3,078	20,841
Minimum tax withholding paid on behalf of employees for restricted stock units	(1,915)	(8,756)
Payment of contingent consideration	(1,000)	0
Finance lease principal payments	(78)	(45)
Net cash provided by financing activities	2,058	14,444
Effect of exchange rate changes on cash and cash equivalents	127	(574)
Net decrease in cash and cash equivalents and restricted cash	(34,169)	(84,299)
Cash and cash equivalents, and restricted cash, beginning of period	245,871	692,075
Cash and cash equivalents, and restricted cash, end of period	211,702	607,776
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	3,417	2,292
Cash paid for income taxes	315	2,248
Unpaid purchases of property, equipment and software	924	1,417
Right-of-use assets obtained in exchange for new operating lease liabilities	908	3,783
Net exercise of public and private warrants into common stock	0	44,739
Issuance of common stock for payment of accrued bonus	$ 0	$ 1,441

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS	1. DESCRIPTION OF THE BUSINESS Rocket Lab USA, Inc. (“Rocket Lab” and, together with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”) is an end-to-end space company with an established track record of mission success headquartered in Long Beach, California and is the parent company for several wholly owned operating subsidiaries located in the United States, New Zealand, Canada and Australia. We deliver reliable launch services, spacecraft design services, spacecraft components, spacecraft manufacturing and other spacecraft and on-orbit management solutions that make it faster, easier and more affordable to access space. We operate one of the only private orbital launch ranges in the world, located in Mahia, New Zealand, enabling a unique degree of operational flexibility and control of customer launch manifests and mission assurance. While our business has historically been centered on the development of small-class launch vehicles and related sale of launch services, we are currently innovating in the areas of medium-class launch vehicles and launch services, space systems design and manufacturing, on-orbit management solutions, and space data applications.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Principals of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting standards generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information and include the accounts of Rocket Lab USA, Inc. and its wholly owned subsidiaries after elimination of intercompany accounts and transactions. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2023, or for any other interim period or for any other future year. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, our management evaluates estimates and assumptions including those related to revenue recognition, contract costs, loss reserves, valuation of warrants and stock-based compensation and deferred tax valuation allowances. We based our estimates on historical data and experience, as well as various other factors that our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could differ from these estimates and assumptions. Other Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2023, except for the addition of an accounting policy with respect to assets held for sale below. Refer to Note 2 - Significant Accounting Policies disclosed in the “ Notes to Consolidated Financial Statements” in the Company’s Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 7, 2023. Assets Held For Sale The Company generally considers assets to be held for sale when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Property classified as held for sale is no longer depreciated and is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2023
REVENUES	3. REVENUES The following table provides information about revenue by recognition model during the three months ended March 31, 2023 and 2022: Three Months Ended March 31, Revenues by recognition model 2023 2022 Point-in-time $ 28,662 $ 28,237 Over-time 26,233 12,466 Total revenue by recognition model $ 54,895 $ 40,703 The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (presented within contract assets) and customer advances and deposits (presented within contract liabilities) on the condensed consolidated balance sheets, where applicable. Amounts are generally billed as work progresses in accordance with agreed-upon milestones. These individual contract assets and liabilities are reported in a net position on a contract-by-contract basis on the condensed consolidated balance sheets at the end of each reporting period. The following table presents the balances related to enforceable contracts as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Contract balances Accounts receivable, net $ 50,690 $ 36,572 Contract assets 12,558 9,451 Contract liabilities ( 125,635 ) ( 108,344 ) Changes in contract liabilities for the three months ended March 31, 2023 were as follows: Contract liabilities, at December 31, 2022 $ 108,344 Customer advances received or billed 34,393 Recognition of unearned revenue ( 17,102 ) Contract liabilities, at March 31, 2023 $ 125,635 The revenue recognized from the contract liabilities consisted of the Company satisfying performance obligations during the normal course of business. The amount of revenue recognized from changes in the transaction price associated with performance obligations satisfied in prior years during the three months ended March 31, 2023 and 2022 was not material. Remaining unsatisfied performance obligations represent the total dollar value of work to be performed on contracts awarded and in progress. The amount of remaining unsatisfied performance obligations increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in the amount of remaining unsatisfied performance obligations when an enforceable agreement has been reached. Remaining unsatisfied performance obligations totaled $ 494,175 as of March 31, 2023 , of which approximately 53% is expected to be recognized within 12 months, with the remaining 47% to be recognized beyond 12 months . Concentration of Credit Risk and Significant Customers As of March 31, 2023 , the Company’s customers that accounted for 10% or more of the total accounts receivable, net, were as follows: March 31, 2023 Commercial customer A 28 % Commercial customer B 22 % U.S. prime contractor 13 % U.S. government customer 10 % For the three months ended March 31, 2023, the Company’s customers that accounted for 10% or more of the total revenue, were as follows: Three Months Ended March 31, 2023 U.S. prime contractor 14 % Commercial customer A 14 % Commercial customer C 13 % Commercial customer D 10 %

BUSINESS COMBINATION

BUSINESS COMBINATION	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
BUSINESS COMBINATIONS	4. BUSINESS COMBINATION SolAero On January 18, 2022, the Company closed on the acquisition (the “SolAero Acquisition”) of SolAero Holdings, Inc. (“SolAero”) pursuant to an Agreement and Plan of Merger (the “SolAero Merger Agreement”), dated as of December 10, 2021, by and among the Company, Supernova Acquisition Corp. (“SolAero Merger Sub”), SolAero, and Fortis Advisors LLC as stockholder representative, which provides for, among other things, the merger of SolAero Merger Sub with and into SolAero, with SolAero being the surviving corporation of the merger and a direct, wholly owned subsidiary of the Company. Pursuant to the terms of the SolAero Merger Agreement, all of the issued and outstanding shares of SolAero were cancelled in exchange for aggregate consideration of $ 80,000 in cash, subject to customary adjustments at closing for cash, working capital, transaction expenses and indebtedness, and amounts held back by the Company (the “SolAero Merger Consideration”). In addition, $ 3,600 of the SolAero Merger Consideration was placed into escrow by the Company in order to secure recovery of any Adjustment Amount (as defined in the SolAero Merger Agreement) and as security against indemnity claims. In connection with the SolAero Acquisition, the Company entered into customary employment or consulting agreements with certain key employees of SolAero. Acquisition Consideration The acquisition-date consideration transferred consisted of cash of $ 76,181 . The following table presents estimates of the fair value of the assets acquired and the liabilities assumed by the Company in the acquisition: Description Amount Cash and cash equivalents $ 7,815 Accounts receivable 12,322 Inventories 17,765 Prepaids and other current assets 3,536 Property, plant and equipment 24,689 Intangible assets 33,600 Right-of-use assets - operating leases (1) 1,128 Right-of-use assets - finance leases (1) 16,174 Restricted cash 3,293 Trade payables ( 9,795 ) Accrued expenses ( 6,883 ) Contract liabilities (2) ( 26,014 ) Other current liabilities ( 10,145 ) Non-current operating lease liabilities (1) ( 1,128 ) Non-current finance lease liabilities (1) ( 15,874 ) Other assets and liabilities, net ( 204 ) Identifiable net assets acquired 50,279 Goodwill 25,902 Total purchase price $ 76,181 _________________________ (1 ) SolAero, as a private company, had not adopted ASC 842 prior to the acquisition. Upon acquisition, SolAero adopted ASC 842 to align accounting policies with the Company . (2) Contract liabilities was recorded under ASC 606 in accordance with ASU No. 2021-08; therefore a reduction in contract liabilities related to the estimated fair values of the acquired contract liabilities was not required. The following is a summary of identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets: Type Estimated Fair Developed technology 13 $ 10,700 In-process technology N/A 800 Capitalized software 3 5,400 Customer relationships 12 9,000 Trademark and tradenames 12 4,700 Backlog 2 3,000 Total identifiable intangible assets acquired $ 33,600 Goodwill of $ 25,902 was recorded for the SolAero Acquisition, representing the excess of the purchase price over the fair value of the identifiable net assets. Goodwill recognized primarily represents the future revenue and earnings potential and certain other assets which were acquired, but that do not meet the recognition criteria, such as assembled workforce. The goodwill is expected to be deductible for income tax purposes as, prior to the merger, SolAero held tax deductible goodwill in excess of the amount recorded.

CASH AND CASH EQUIVALENTS AND M

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents and marketable securities	5. CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES Cash and cash equivalents and marketable securities consisted of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Cash and cash equivalents $ 208,365 $ 242,515 Marketable securities, current 190,357 229,276 Marketable securities, non-current 47,920 9,193 Total cash and cash equivalents and marketable securities $ 446,642 $ 480,984 As of March 31, 2023, cash equivalents and marketable securities consisted of the following: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities Money market accounts $ 152,085 $ — $ — $ 152,085 $ 152,085 $ — Certificates of deposit 56,248 12 ( 93 ) 56,167 — 56,167 Commercial paper 34,516 10 ( 31 ) 34,495 — 34,495 Corporate debt securities 81,185 14 ( 341 ) 80,858 — 80,858 Yankee bonds 2,923 — ( 23 ) 2,900 — 2,900 U.S. Treasury securities 43,249 102 ( 21 ) 43,330 — 43,330 U.S. government agency bonds 8,350 4 — 8,354 — 8,354 Mortgage- and asset-backed securities 12,210 5 ( 42 ) 12,173 — 12,173 Total $ 390,766 $ 147 $ ( 551 ) $ 390,362 $ 152,085 $ 238,277 The following table presents the Company's cash equivalents and marketable securities with unrealized losses by investment category as of March 31, 2023: Less than 12 Months Fair Value Unrealized Losses Certificates of deposit $ 40,580 $ ( 93 ) Commercial paper 21,392 ( 31 ) Corporate debt securities 68,444 ( 341 ) Yankee bonds 2,900 ( 23 ) U.S. Treasury securities 19,392 ( 21 ) Mortgage- and asset-backed securities 8,266 ( 42 ) Total $ 160,974 $ ( 551 ) The Company has not observed a significant deterioration in credit quality of these securities, which are highly rated with moderate to low credit risk. Declines in value are largely attributable to current global economic conditions. The securities continue to make timely principal and interest payments, and the fair values are expected to recover as they approach maturity. The Company does not intend to sell the securities, and it is not more likely than not that the Company will be required to sell the securities, before the respective recoveries of their amortized cost bases, which may be maturity. As of March 31, 2023, the Company had not recognized an allowance for credit losses on any marketable securities in an unrealized loss position. The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of March 31, 2023: Amortized Cost Fair Value Due within one year $ 342,885 $ 342,442 Due within one to three years 47,881 47,920 Total $ 390,766 $ 390,362

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	6. FAIR VALUE OF FINANCIAL INSTRUMENTS As of March 31, 2023 and December 31, 2022 the following financial assets and liabilities are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows: March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market accounts $ 152,085 $ — $ — $ 152,085 Marketable securities, current: Certificates of deposit — 56,167 — 56,167 Commercial paper — 34,495 — 34,495 Corporate debt securities — 68,644 — 68,644 Yankee bonds — 2,900 — 2,900 U.S. Treasury securities 23,938 — — 23,938 U.S. government agency bonds 8,354 — — 8,354 Mortgage- and asset-backed securities — 405 — 405 Marketable securities, non-current Corporate debt securities — 12,214 — 12,214 U.S. Treasury securities 19,392 — — 19,392 Mortgage- and asset-backed securities — 11,768 — 11,768 Total $ 203,769 $ 186,593 $ — $ 390,362 Liabilities: Other non-current liabilities: Contingent consideration $ — $ — $ 2,100 $ 2,100 Total $ — $ — $ 2,100 $ 2,100 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market accounts $ 204,027 $ — $ — $ 204,027 Commercial paper — 4,980 — 4,980 Corporate debt securities — 3,459 — 3,459 Marketable securities, current: Certificates of deposit — 52,713 — 52,713 Commercial paper — 71,885 — 71,885 Corporate debt securities — 62,316 — 62,316 Yankee bonds — 4,768 — 4,768 U.S. Treasury securities 7,508 — — 7,508 U.S. government agency bonds 30,086 — — 30,086 Marketable securities, non-current Corporate debt securities — 1,231 — 1,231 Mortgage- and asset-backed securities — 7,962 — 7,962 Total $ 241,621 $ 209,314 $ — $ 450,935 Liabilities: Other non-current liabilities: Contingent consideration $ — $ — $ 1,800 $ 1,800 Total $ — $ — $ 1,800 $ 1,800 The estimated fair value amounts shown above are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instrument. There were no transfers between fair value measurement levels during the three months ended March 31, 2023 .

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	7. INVENTORIES Inventories as of March 31, 2023 and December 31, 2022 consisted of the following: March 31, 2023 December 31, 2022 Raw materials $ 37,198 $ 33,376 Work in process 50,761 50,661 Finished goods 10,494 8,242 Total inventories $ 98,453 $ 92,279

PREPAIDS AND OTHER CURRENT ASSE

PREPAIDS AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
PREPAIDS AND OTHER CURRENT ASSETS	8. PREPAIDS AND OTHER CURRENT ASSETS Prepaids and other current assets as of March 31, 2023 and December 31, 2022 consisted of the following: March 31, 2023 December 31, 2022 Prepaid expenses and deposits $ 46,300 $ 43,126 Government grant receivables 10,746 1,443 Other current assets 6,157 7,632 Total prepaids and other current assets $ 63,203 $ 52,201

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	3 Months Ended
	Mar. 31, 2023
ASSETS HELD FOR SALE ABSTRACT
Assets Held For Sale	9. ASSETS HELD FOR SALE In the first quarter of 2023, the Company updated its Electron recovery strategy by completing a marine recovery, which we believe will be a more effective and financially viable type of recovery. As a result, the Company has ceased mid-air rocket booster recovery and has begun the sale process of two helicopters. As of March 31, 2023, the Company’s two helicopters met the held for sale criteria and the Company ceased depreciating these assets. As of March 31, 2023, assets held for sale was $ 11,630 .

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	10. Property, plant and equipment, NET Property, plant and equipment, net, as of March 31, 2023 and December 31, 2022 consisted of the following: March 31, 2023 December 31, 2022 Buildings and improvements $ 37,047 $ 36,493 Machinery, equipment, vehicles and office furniture 55,454 54,300 Computer equipment, hardware and software 7,472 7,517 Launch site assets 12,685 12,822 Construction in process 22,923 26,771 Property, plant and equipment—gross 135,581 137,903 Less accumulated depreciation and amortization ( 39,600 ) ( 36,389 ) Property, plant and equipment—net $ 95,981 $ 101,514 Depreciation expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2023 and 2022 consisted of the following: Three Months Ended March 31, Depreciation expense 2023 2022 Cost of revenues $ 2,352 $ 2,506 Research and development 818 245 Selling, general and administrative 388 342 Total depreciation expense $ 3,558 $ 3,093

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, NET	3 Months Ended
	Mar. 31, 2023
GOODWILL AND INTANGIBLE ASSETS, NET	11. Goodwill and Intangible assets, NET Goodwill The carrying amount of goodwill for the Space Systems reportable segment was $ 71,020 as of March 31, 2023 and December 31, 2022. Intangible Assets The components of intangible assets consisted of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 Gross Accumulated Net Carrying Finite-Lived Intangible Assets Developed Technology $ 55,765 $ ( 11,519 ) $ 44,246 Capitalized software 10,432 ( 5,586 ) 4,846 Customer relationships 16,122 ( 2,240 ) 13,882 Trademarks and tradenames 10,104 ( 1,163 ) 8,941 Backlog 3,491 ( 2,241 ) 1,250 Other 1,041 ( 311 ) 730 Indefinite-Lived Intangible Assets In-process Technology 2,600 — 2,600 Total $ 99,555 $ ( 23,060 ) $ 76,495 December 31, 2022 Gross Accumulated Net Carrying Finite-Lived Intangible Assets Developed Technology $ 55,765 $ ( 9,809 ) $ 45,956 Capitalized software 10,502 ( 5,023 ) 5,479 Customer relationships 16,122 ( 1,866 ) 14,256 Trademarks and tradenames 10,104 ( 947 ) 9,157 Backlog 3,491 ( 1,866 ) 1,625 Other 898 ( 279 ) 619 Indefinite-Lived Intangible Assets In-process Technology 2,600 — 2,600 Total $ 99,482 $ ( 19,790 ) $ 79,692 Amortization expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2023 and 2022, respectively consisted of the following: Three Months Ended March 31, 2023 2022 Cost of revenues $ 1,782 $ 610 Research and development 48 1,654 Selling, general and administrative 1,490 631 Total amortization expense $ 3,320 $ 2,895 The following table outlines the estimated future amortization expense related to intangible assets held as of March 31, 2023: 2023 (for the remaining period) $ 9,644 2024 11,350 2025 9,335 2026 9,174 2027 8,207 Thereafter 26,185 Total $ 73,895

LOAN AGREEMENT

LOAN AGREEMENT	3 Months Ended
	Mar. 31, 2023
LOAN AGREEMENT	12. LOAN AGREEMENT Hercules Capital Secured Term Loan On June 10, 2021, the Company entered into a $ 100,000 secured term loan agreement with Hercules Capital, Inc. (the “Hercules Capital Secured Term Loan”) and borrowed the full amount under the secured term loan agreement. The term loan has a maturity date of June 1, 2024 and is secured by substantially all of the assets of the Company. Payments due for the term loan are interest-only until the maturity date with interest payable monthly in arrears. The outstanding principal bears (i) cash interest at the greater of (a) 8.15% or (b) 8.15% plus the prime rate minus 3.25% and (ii) payment-in-kind interest of 1.25% which is accrued and added to the outstanding principal balance. Prepayment of the outstanding principal is permitted under the loan agreement and subject to certain prepayment fees. In connection with the secured term loan, the Company paid an initial facility charge of $ 1,000 and the Company will be required to pay an end of term charge of $ 3,250 upon repayment of the loan. The secured term loan agreement contains customary representations, warranties, non-financial covenants, and events of default. The Company is in compliance with all debt covenants related to its long-term borrowings as of March 31, 2023. As of March 31, 2023, there was $ 103,658 outstanding under the Hercules Capital Secured Term Loan, of which $ 2,934 is classified as current in the Company’s condensed consolidated balance sheets, with the remainder classified as long-term borrowing. As of March 31, 2023 , the Company had no availability under the Hercules Capital Secured Term Loan.

PUBLIC AND PRIVATE WARRANTS

PUBLIC AND PRIVATE WARRANTS	3 Months Ended
	Mar. 31, 2023
PUBLIC AND PRIVATE WARRANTS	13. PUBLIC AND PRIVATE WARRANTS As part of the closing of the transactions contemplated by that certain Merger Agreement entered into with Vector Acquisition Corporation, dated March 1, 2021, as amended by Amendment No. 1 thereto, dated May 7, 2021 and Amendment No. 2 thereto, dated June 25, 2021 (the “Business Combination”), the Company assumed public warrants and private warrants to purchase up to 10,666,666 shares and 5,600,000 shares of common stock of the Company, respectively, which were exercisable at $ 11.50 per share. Until settlement, public warrants could only be exercised for a whole number of shares. No fractional shares would be issued upon exercise of the public warrants. The public warrants became exercisable on September 29, 2021 . Warrant Redemption On December 22, 2021, the Company announced the planned redemption of all of its public warrants and private warrants. On January 20, 2022, the Company extended the redemption date of its public warrants to January 31, 2022. I n connection with the redemption, Public Warrants were to be exercised by holders prior to January 31, 2022 either (i) in cash, at an exercise price of $ 11.50 per share of the Company’s common stock or (ii) on a cashless basis, for 0.2843 shares of common stock per private warrant and public warrant. During the three months ended March 31, 2022, an aggregate of 10,383,077 public warrants were exercised on a cashless basis in exchange for the issuance of 2,951,781 shares and 10,969 public warrants were exercised for an aggregate of 10,969 shares of Company common stock at an exercise price of $ 11.50 per share, for aggregate cash proceeds to the Company of $ 126 . At the conclusion of the redemption notice period on January 31, 2022, the remaining 270,470 public warrants issued and outstanding were redeemed at a price of $ 0.10 per warrant for aggregate cash payment from the Company of $ 27 . On January 31, 2022, the public warrants were delisted from Nasdaq. In addition, during the three months ended March 31, 2022, the 5,600,000 private warrants were exercised on a cashless basis for an aggregate of 1,592,080 shares of the Company’s common stock. The public warrants and private warrants were remeasured to fair value as of the exercise or redemption date, resulting in a gain of $ 13,482 for three months ended March 31, 2022.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
STOCK-BASED COMPENSATION	14. STOCK-BASED COMPENSATION Equity Incentive Plans The Company has a single active equity incentive plan, the Rocket Lab 2021 Stock Option and Incentive Plan (the “2021 Plan”), with the objective of attracting and retaining available employees and directors by providing stock-based and other performance-based compensation. The 2021 Plan provides for the grant of equity awards to officers, employees, directors and other key employees as well as service providers which include incentive stock options, non-qualified stock options, restricted stock awards, unrestricted stock awards, restricted stock units or any combination of the foregoing any of which may be performance based, as determined by the Company’s Compensation Committee. An aggreg ate of 59,875,000 shares are reserved for the issuance of awards under the 2021 Plan. The number of shares reserved for issuance under the 2021 Plan automatically increases each January 1, beginning on January 1, 2022, by 5 % of the outstanding number of shares of common stock on the immediately preceding December 31, or such lesser amount as determined by the plan administrator. The Company was authorized to issu e up to 102,885,017 s hares of common stock as equity awards to participants under the 2021 Plan as of March 31, 2023 . There were 88,902,834 s hares of common stock available for grant as of March 31, 2023. Prior to the Business Combination, the Company maintained the Rocket Lab 2013 Stock Option and Grant Plan (the “2013 Plan”). The 2013 Plan was terminated in connection with the consummation of the Business Combination, and accordingly, no shares are available for future issuance under the 2013 Plan following the closing of the Business Combination. The 2013 Plan will continue to govern outstanding awards granted thereunder. Total stock-based compensation recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2023 and 2022 consisted of the following: Three Months Ended March 31, Stock-based compensation 2023 2022 Cost of revenues $ 3,813 $ 3,335 Research and development 5,022 5,026 Selling, general and administrative 5,201 3,597 Total stock-based compensation expense $ 14,036 $ 11,958 Options Options issued to all optionees under the 2013 Plan vest over four years from the date of issuance (or earlier vesting start date, as determined by the board of directors) as follows: 25 % on the first anniversary of date of grant and the remaining vest monthly over the remaining vesting term. As of March 31, 2023 , total estimated unrecognized stock compensation expense related to unvested options granted under the 2013 Plan was $ 13 , which is expected to be recognized over the year. Restricted Stock Units During the three months ended March 31, 2023 and 2022 , the Company granted 3,361,528 and 4,197,879 restricted stock units, respectively, to certain key employees pursuant to the 2013 Plan and 2021 Plan. The time-based service vesting condition is generally satisfied over a period of approximately four years as the employees provide service. As of March 31, 2023 , the total unrecognized compensation expense related to unvested performance-based restricted stock units granted under the 2013 Plan and 2021 Plan was $ 85,380 and will be recognized upon vesting. 2021 Employee Stock Purchase Plan In August 2021, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”) was approved to reserve 9,980,000 shares of common stock for issuance for awards in accordance with the terms of the 2021 ESPP. In addition, the number of shares reserved for issuance will ultimately increase on January 1 of each year from 2022 to 2031 by the lesser of (i) 9,980,000 shares of common stock, (ii) 1 % of the number of shares of common stock outstanding as of the close of business on the immediately preceding December 31 or (iii) the number of common stock shares as determined by the Company’s board of directors. The purpose of the 2021 ESPP is to enable eligible employees to use payroll deductions to purchase shares of common stock and thereby acquire an interest in the Company. Eligible employees are offered shares through a 12-month offering period, which consists of two consecutive 6-month purchase periods. Employees may purchase a limited amount of shares of our stock at a discount of up to 15 % of the lesser of the fair market value at the beginning of the offering period or the end of each 6-month purchase period. No shares were issued under the 2021 ESPP during the three months ended March 31, 2023 and 2022. As of March 31, 2023 , 18,138,432 sh ares remain available for issuance under the 2021 ESPP. Total ESPP stock-based compensation recorded in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2023 and 2022 was $ 770 and $ 768 , respectively. As of March 31, 2023 , the total unrecognized compensation expense related to the 2021 ESPP was $ 1,138 and will be recognized over the remaining offering period.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
LEASES	15. LEASES The Company has operating and finance leases for properties, vehicles and equipment. The Company’s leases have remaining lease terms of one year to twenty-seven years , some of which include options to extend the lease term, and some of which include options to terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. There have been no material changes in the Company’s lease portfolio since December 31, 2022.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. COMMITMENTS AND CONTINGENCIES Litigation and Claims The Company is, and from time to time may be, a party to claims and legal proceedings generally incidental to its business that are principally covered under contracts with its customers and insurance policies. In the opinion of management, there are no legal matters or claims likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Other Commitments The Company has commitments under its lease obligations (see Note 15). Contingencies The Company records a contingent liability when it is both probable that a loss has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s condensed consolidated financial statements. Contingencies are inherently unpredictable, and the assessments of the value can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. On May 23, 2016, the Company entered into a launch services agreement with a customer to provide three commercial dedicated launches which would deliver the customer’s payloads over the period of 2017 through 2020. Per the terms of the agreement, each dedicated launch shall have a firm fixed price below current launch vehicle costs. During the year ended December 31, 2018, the Company determined that it was probable that the costs to provide the services as stipulated by the launch services agreement would exceed the fixed firm price of each launch. As such, the Company recorded a provision for contract loss for these three dedicated launches. During the year ended December 31, 2020, one of the three launches occurred. On April 21, 2021, the launch services agreement was amended, resulting in one additional launch and the potential for price increases on the second and third launches dependent on the customer’s desired payload configuration. On March 29, 2023 and April 29, 2023, the launch services agreement was amended, to change the date by which the launch window election is to occur from March 31, 2023 to on or before May 31, 2023. In connection with the SolAero acquisition, the Company assumed a contract with a customer to provide solar panel module at a fixed price. The Company determined that it was probable that the costs to complete the solar panel modules as stipulated by the contract would exceed the fixed firm price of the solar panel modules. The provision for contract losses outstanding as of March 31, 2023, which primarily is related to the solar panel module agreement and the remaining three launches, was $ 15,067 included in other current liabilities i n the Company’s condensed consolidated balance sheets .

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	17. INCOME TAXES Income tax provision and the effective tax rate for the three months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, 2023 2022 Income tax provision $ ( 526 ) $ ( 4,388 ) Effective tax rate ( 1.2 )% ( 19.7 )% The tax provisions for the three months ended March 31, 2023 and 2022 were computed using the estimated effective tax rates projected to be applicable for domestic and international taxable jurisdictions for the full year as adjusted for discrete items arising during each quarter. The effective tax rate differs from the federal statutory rate due primarily to a full valuation allowance against our U.S. deferred tax assets, as well as the impact of discrete items that may occur in any given year but which are not consistent from year-to-year. The Company is not currently under examination by the IRS, state and local, or foreign tax authorities. Due to its net operating loss carryforwards, the Company remains subject to examination for U.S. federal and state jurisdictions for all years beginning with the year ended March 31, 2016. The Company’s foreign subsidiaries are generally subject to examination within four years from the end of the tax year during which the tax return was filed. As of March 31, 2023, the Company anticipates that $ 2,769 of uncertain tax positions will be settled within the next twelve months.

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
NET LOSS PER SHARE	18. NET LOSS PER SHARE Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during each period. The holder of each share of common stock has the right to one vote for each share and is entitled to notice of any stockholders’ meeting and to vote upon certain events. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common and dilutive common equivalent shares outstanding for the period using the treasury-stock method. Potentially dilutive shares are comprised of restricted stock units and stock options. For the three months ended March 31, 2023 and 2022, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss and potentially dilutive shares being anti-dilutive. The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Numerator Net loss attributable to common stockholders-basic and diluted $ ( 45,617 ) $ ( 26,709 ) Denominator Weighted average common shares outstanding-basic and diluted 476,199,710 456,495,288 Net loss per share attributable to common stockholders-basic and diluted $ ( 0.10 ) $ ( 0.06 ) The following equity shares were excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive: March 31, 2023 2022 Stock options and restricted stock units 29,851,750 30,144,103

SEGMENTS

SEGMENTS	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segments	19. SEGMENTS The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company manages its business primarily based upon two operating segments, Launch Services and Space Systems. Each of these operating segments represents a reportable segment. Launch Services provides launch and launch related services to customer on a dedicated mission or ride share basis. Space Systems is comprised of space engineering, program management, spacecraft components, spacecraft manufacturing and mission operations. Although many of the Company’s contracts with customers contain elements of Space Systems and Launch Services, each reporting segment is managed separately to better align with customer’s needs and the Company’s growth plans. The chief operating decision maker evaluates the performance of its reportable segments based on gross profit. For contracts with customers that contain both Space Systems and Launch Services elements, revenues for each reporting segment are generally allocated based upon the overall costs incurred for each of the reporting segments in comparison to total overall costs of the contract. The following table shows information by reportable segment for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Launch Space Launch Space Revenues $ 19,621 $ 35,274 $ 6,576 $ 34,127 Cost of revenues 20,379 28,159 7,344 29,624 Gross profit (loss) $ ( 758 ) $ 7,115 $ ( 768 ) $ 4,503 Management does not regularly review either reporting segment’s total assets or operating expenses. This is because in general, the Company’s long-lived assets, facilities, and equipment are shared by each reporting segment.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	20. RELATED PARTY TRANSACTIONS As of March 31, 2023 and December 31, 2022 , there are no amounts due to or from related parties.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Principals of Consolidation and Basis of Presentation	Principals of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting standards generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information and include the accounts of Rocket Lab USA, Inc. and its wholly owned subsidiaries after elimination of intercompany accounts and transactions. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2023, or for any other interim period or for any other future year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, our management evaluates estimates and assumptions including those related to revenue recognition, contract costs, loss reserves, valuation of warrants and stock-based compensation and deferred tax valuation allowances. We based our estimates on historical data and experience, as well as various other factors that our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could differ from these estimates and assumptions.
Other Significant Accounting Policies	Other Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2023, except for the addition of an accounting policy with respect to assets held for sale below. Refer to Note 2 - Significant Accounting Policies disclosed in the “ Notes to Consolidated Financial Statements” in the Company’s Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 7, 2023.
Assets Held For Sale	Assets Held For Sale The Company generally considers assets to be held for sale when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Property classified as held for sale is no longer depreciated and is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell.

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Reconciliation of Disaggregation of Revenue	The following table provides information about revenue by recognition model during the three months ended March 31, 2023 and 2022: Three Months Ended March 31, Revenues by recognition model 2023 2022 Point-in-time $ 28,662 $ 28,237 Over-time 26,233 12,466 Total revenue by recognition model $ 54,895 $ 40,703
Balances Related to Enforceable Contracts	The following table presents the balances related to enforceable contracts as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Contract balances Accounts receivable, net $ 50,690 $ 36,572 Contract assets 12,558 9,451 Contract liabilities ( 125,635 ) ( 108,344 )
Changes in Contract Liabilities	Changes in contract liabilities for the three months ended March 31, 2023 were as follows: Contract liabilities, at December 31, 2022 $ 108,344 Customer advances received or billed 34,393 Recognition of unearned revenue ( 17,102 ) Contract liabilities, at March 31, 2023 $ 125,635
Schedule of Concentration of Credit Risk and Significant Customers	As of March 31, 2023 , the Company’s customers that accounted for 10% or more of the total accounts receivable, net, were as follows: March 31, 2023 Commercial customer A 28 % Commercial customer B 22 % U.S. prime contractor 13 % U.S. government customer 10 % For the three months ended March 31, 2023, the Company’s customers that accounted for 10% or more of the total revenue, were as follows: Three Months Ended March 31, 2023 U.S. prime contractor 14 % Commercial customer A 14 % Commercial customer C 13 % Commercial customer D 10 %

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables) - SolAero Holdings, Inc [Member]	3 Months Ended
	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Estimates Fair Value of Assets Acquired and Liabilities Assumed	The following table presents estimates of the fair value of the assets acquired and the liabilities assumed by the Company in the acquisition: Description Amount Cash and cash equivalents $ 7,815 Accounts receivable 12,322 Inventories 17,765 Prepaids and other current assets 3,536 Property, plant and equipment 24,689 Intangible assets 33,600 Right-of-use assets - operating leases (1) 1,128 Right-of-use assets - finance leases (1) 16,174 Restricted cash 3,293 Trade payables ( 9,795 ) Accrued expenses ( 6,883 ) Contract liabilities (2) ( 26,014 ) Other current liabilities ( 10,145 ) Non-current operating lease liabilities (1) ( 1,128 ) Non-current finance lease liabilities (1) ( 15,874 ) Other assets and liabilities, net ( 204 ) Identifiable net assets acquired 50,279 Goodwill 25,902 Total purchase price $ 76,181 _________________________ (1 ) SolAero, as a private company, had not adopted ASC 842 prior to the acquisition. Upon acquisition, SolAero adopted ASC 842 to align accounting policies with the Company . (2) Contract liabilities was recorded under ASC 606 in accordance with ASU No. 2021-08; therefore a reduction in contract liabilities related to the estimated fair values of the acquired contract liabilities was not required.
Summary of Identifiable Intangible Assets Acquired and Related Expected Lives for the Finite-Lived Intangible Assets	The following is a summary of identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets: Type Estimated Fair Developed technology 13 $ 10,700 In-process technology N/A 800 Capitalized software 3 5,400 Customer relationships 12 9,000 Trademark and tradenames 12 4,700 Backlog 2 3,000 Total identifiable intangible assets acquired $ 33,600

CASH AND CASH EQUIVALENTS AND_2

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Summary of Cash and Cash Equivalents and Marketable Securities	Cash and cash equivalents and marketable securities consisted of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Cash and cash equivalents $ 208,365 $ 242,515 Marketable securities, current 190,357 229,276 Marketable securities, non-current 47,920 9,193 Total cash and cash equivalents and marketable securities $ 446,642 $ 480,984
Schedule of Cash Equivalents and Marketable Securities	As of March 31, 2023, cash equivalents and marketable securities consisted of the following: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities Money market accounts $ 152,085 $ — $ — $ 152,085 $ 152,085 $ — Certificates of deposit 56,248 12 ( 93 ) 56,167 — 56,167 Commercial paper 34,516 10 ( 31 ) 34,495 — 34,495 Corporate debt securities 81,185 14 ( 341 ) 80,858 — 80,858 Yankee bonds 2,923 — ( 23 ) 2,900 — 2,900 U.S. Treasury securities 43,249 102 ( 21 ) 43,330 — 43,330 U.S. government agency bonds 8,350 4 — 8,354 — 8,354 Mortgage- and asset-backed securities 12,210 5 ( 42 ) 12,173 — 12,173 Total $ 390,766 $ 147 $ ( 551 ) $ 390,362 $ 152,085 $ 238,277
Summary of Cash Equivalents and Marketable Securities with Unrealized Losses	The following table presents the Company's cash equivalents and marketable securities with unrealized losses by investment category as of March 31, 2023: Less than 12 Months Fair Value Unrealized Losses Certificates of deposit $ 40,580 $ ( 93 ) Commercial paper 21,392 ( 31 ) Corporate debt securities 68,444 ( 341 ) Yankee bonds 2,900 ( 23 ) U.S. Treasury securities 19,392 ( 21 ) Mortgage- and asset-backed securities 8,266 ( 42 ) Total $ 160,974 $ ( 551 )
Summary of Contractual Maturities of Cash Equivalents and Marketable Securities	The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of March 31, 2023: Amortized Cost Fair Value Due within one year $ 342,885 $ 342,442 Due within one to three years 47,881 47,920 Total $ 390,766 $ 390,362

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	As of March 31, 2023 and December 31, 2022 the following financial assets and liabilities are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows: March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market accounts $ 152,085 $ — $ — $ 152,085 Marketable securities, current: Certificates of deposit — 56,167 — 56,167 Commercial paper — 34,495 — 34,495 Corporate debt securities — 68,644 — 68,644 Yankee bonds — 2,900 — 2,900 U.S. Treasury securities 23,938 — — 23,938 U.S. government agency bonds 8,354 — — 8,354 Mortgage- and asset-backed securities — 405 — 405 Marketable securities, non-current Corporate debt securities — 12,214 — 12,214 U.S. Treasury securities 19,392 — — 19,392 Mortgage- and asset-backed securities — 11,768 — 11,768 Total $ 203,769 $ 186,593 $ — $ 390,362 Liabilities: Other non-current liabilities: Contingent consideration $ — $ — $ 2,100 $ 2,100 Total $ — $ — $ 2,100 $ 2,100 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market accounts $ 204,027 $ — $ — $ 204,027 Commercial paper — 4,980 — 4,980 Corporate debt securities — 3,459 — 3,459 Marketable securities, current: Certificates of deposit — 52,713 — 52,713 Commercial paper — 71,885 — 71,885 Corporate debt securities — 62,316 — 62,316 Yankee bonds — 4,768 — 4,768 U.S. Treasury securities 7,508 — — 7,508 U.S. government agency bonds 30,086 — — 30,086 Marketable securities, non-current Corporate debt securities — 1,231 — 1,231 Mortgage- and asset-backed securities — 7,962 — 7,962 Total $ 241,621 $ 209,314 $ — $ 450,935 Liabilities: Other non-current liabilities: Contingent consideration $ — $ — $ 1,800 $ 1,800 Total $ — $ — $ 1,800 $ 1,800

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories as of March 31, 2023 and December 31, 2022 consisted of the following: March 31, 2023 December 31, 2022 Raw materials $ 37,198 $ 33,376 Work in process 50,761 50,661 Finished goods 10,494 8,242 Total inventories $ 98,453 $ 92,279

PREPAIDS AND OTHER CURRENT AS_2

PREPAIDS AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaids and Other Current Assets	Prepaids and other current assets as of March 31, 2023 and December 31, 2022 consisted of the following: March 31, 2023 December 31, 2022 Prepaid expenses and deposits $ 46,300 $ 43,126 Government grant receivables 10,746 1,443 Other current assets 6,157 7,632 Total prepaids and other current assets $ 63,203 $ 52,201

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property Plant and Equipment, Net	Property, plant and equipment, net, as of March 31, 2023 and December 31, 2022 consisted of the following: March 31, 2023 December 31, 2022 Buildings and improvements $ 37,047 $ 36,493 Machinery, equipment, vehicles and office furniture 55,454 54,300 Computer equipment, hardware and software 7,472 7,517 Launch site assets 12,685 12,822 Construction in process 22,923 26,771 Property, plant and equipment—gross 135,581 137,903 Less accumulated depreciation and amortization ( 39,600 ) ( 36,389 ) Property, plant and equipment—net $ 95,981 $ 101,514 Depreciation expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2023 and 2022 consisted of the following: Three Months Ended March 31, Depreciation expense 2023 2022 Cost of revenues $ 2,352 $ 2,506 Research and development 818 245 Selling, general and administrative 388 342 Total depreciation expense $ 3,558 $ 3,093

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	3 Months Ended
	Mar. 31, 2023
Components of Intangible Assets	The components of intangible assets consisted of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 Gross Accumulated Net Carrying Finite-Lived Intangible Assets Developed Technology $ 55,765 $ ( 11,519 ) $ 44,246 Capitalized software 10,432 ( 5,586 ) 4,846 Customer relationships 16,122 ( 2,240 ) 13,882 Trademarks and tradenames 10,104 ( 1,163 ) 8,941 Backlog 3,491 ( 2,241 ) 1,250 Other 1,041 ( 311 ) 730 Indefinite-Lived Intangible Assets In-process Technology 2,600 — 2,600 Total $ 99,555 $ ( 23,060 ) $ 76,495 December 31, 2022 Gross Accumulated Net Carrying Finite-Lived Intangible Assets Developed Technology $ 55,765 $ ( 9,809 ) $ 45,956 Capitalized software 10,502 ( 5,023 ) 5,479 Customer relationships 16,122 ( 1,866 ) 14,256 Trademarks and tradenames 10,104 ( 947 ) 9,157 Backlog 3,491 ( 1,866 ) 1,625 Other 898 ( 279 ) 619 Indefinite-Lived Intangible Assets In-process Technology 2,600 — 2,600 Total $ 99,482 $ ( 19,790 ) $ 79,692
Summary of Amortization expense	Amortization expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2023 and 2022, respectively consisted of the following: Three Months Ended March 31, 2023 2022 Cost of revenues $ 1,782 $ 610 Research and development 48 1,654 Selling, general and administrative 1,490 631 Total amortization expense $ 3,320 $ 2,895
Schedule of Estimated Future Amortization Expense Related to Finite Intangible Assets	The following table outlines the estimated future amortization expense related to intangible assets held as of March 31, 2023: 2023 (for the remaining period) $ 9,644 2024 11,350 2025 9,335 2026 9,174 2027 8,207 Thereafter 26,185 Total $ 73,895

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
Schedule of Stock-based Compensation Recorded in Consolidated Statements of Operations and Comprehensive Loss	Total stock-based compensation recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2023 and 2022 consisted of the following: Three Months Ended March 31, Stock-based compensation 2023 2022 Cost of revenues $ 3,813 $ 3,335 Research and development 5,022 5,026 Selling, general and administrative 5,201 3,597 Total stock-based compensation expense $ 14,036 $ 11,958

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule Of Income Tax Expense And The Effective Tax Rate	Income tax provision and the effective tax rate for the three months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, 2023 2022 Income tax provision $ ( 526 ) $ ( 4,388 ) Effective tax rate ( 1.2 )% ( 19.7 )%

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Summary of Basic and Diluted net Loss Per Share Attributable to Common Stockholders	The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Numerator Net loss attributable to common stockholders-basic and diluted $ ( 45,617 ) $ ( 26,709 ) Denominator Weighted average common shares outstanding-basic and diluted 476,199,710 456,495,288 Net loss per share attributable to common stockholders-basic and diluted $ ( 0.10 ) $ ( 0.06 )
Summary of Diluted Net Loss Per Share Attributable to Common Stockholders	The following equity shares were excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive: March 31, 2023 2022 Stock options and restricted stock units 29,851,750 30,144,103

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of Information by Reportable Segment	The following table shows information by reportable segment for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Launch Space Launch Space Revenues $ 19,621 $ 35,274 $ 6,576 $ 34,127 Cost of revenues 20,379 28,159 7,344 29,624 Gross profit (loss) $ ( 758 ) $ 7,115 $ ( 768 ) $ 4,503

Revenue - Reconciliation of Dis

Revenue - Reconciliation of Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 54,895	$ 40,703
Point-in-time
Disaggregation of Revenue [Line Items]
Revenues	28,662	28,237
Over-time
Disaggregation of Revenue [Line Items]
Revenues	$ 26,233	$ 12,466

Revenue - Balances Related to E

Revenue - Balances Related to Enforceable Contracts (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Contract balances
Accounts receivable,net	$ 50,690	$ 36,572
Contract assets	12,558	9,451
Contract liabilities	$ (125,635)	$ (108,344)

Revenue - Changes in Contract L

Revenue - Changes in Contract Liabilities (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Contract liabilities, beginning of year	$ 108,344
Customer advances received or billed	34,393
Recognition of unearned revenue	(17,102)
Contract liabilities, end of year	$ 125,635

Revenue - Summary of Concentrat

Revenue - Summary of Concentration of Credit Risk and Significant Customers (Details) - Customer Concentration Risk [Member]	3 Months Ended
	Mar. 31, 2023
Revenue Benchmark [Member] | Commercial Customer A [Member]
Disaggregation of Revenue [Line Items]
Concentration risk percentage	14%
Revenue Benchmark [Member] | Commercial Customer C [Member]
Disaggregation of Revenue [Line Items]
Concentration risk percentage	13%
Revenue Benchmark [Member] | Commercial Customer D [Member]
Disaggregation of Revenue [Line Items]
Concentration risk percentage	10%
Revenue Benchmark [Member] | U.S. Prime Contractor [Member]
Disaggregation of Revenue [Line Items]
Concentration risk percentage	14%
Accounts Receivable [Member] | Commercial Customer A [Member]
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	28%
Accounts Receivable [Member] | Commercial Customer B [Member]
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	22%
Accounts Receivable [Member] | U.S. Prime Contractor [Member]
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	13%
Accounts Receivable [Member] | U.S. Government Customer [Member]
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	10%

Revenue - Additional Informatio

Revenue - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Remaining unsatisfied performance obligations	$ 494,175
Revenue recognized description	approximately 53% is expected to be recognized within 12 months, with the remaining 47% to be recognized beyond 12 months

Business Combinations - Additio

Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 71,020		$ 71,020
Stock compensation expense	14,036	$ 11,958
Sinclair Interplanetary [Member]
Business Acquisition [Line Items]
Goodwill	25,902
SolAero Holdings, Inc [Member]
Business Acquisition [Line Items]
Cash consideration transferred	76,181
Goodwill	25,902
Payments to Acquire Businesses, Gross	3,600
Cash	$ 80,000

Business Combinations - Estimat

Business Combinations - Estimates Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 71,020	$ 71,020
Sinclair Interplanetary [Member]
Business Acquisition [Line Items]
Goodwill		25,902
SolAero Holdings, Inc [Member]
Business Acquisition [Line Items]
Cash and cash equivalents		7,815
Accounts receivable		12,322
Inventories		17,765
Prepaids and other current assets		3,536
Property, plant and equipment		24,689
Intangible assets		33,600
Right-of-use assets - operating leases	[1]	1,128
Right-of-use assets - finance leases	[1]	16,174
Restricted cash		3,293
Trade payables		(9,795)
Accrued expenses		(6,883)
Contract liabilities	[2]	(26,014)
Other current liabilities		(10,145)
Non-current operating lease liabilities	[1]	(1,128)
Non-current finance lease liabilities	[1]	(15,874)
Other assets and liabilities, net		(204)
Identifiable net assets acquired		50,279
Goodwill		25,902
Total purchase price		$ 76,181
[1] ) SolAero, as a private company, had not adopted ASC 842 prior to the acquisition. Upon acquisition, SolAero adopted ASC 842 to align accounting policies with the Company (2) Contract liabilities was recorded under ASC 606 in accordance with ASU No. 2021-08; therefore a reduction in contract liabilities related to the estimated fair values of the acquired contract liabilities was not required.

Business Combinations - Summary

Business Combinations - Summary of Identifiable Intangible Assets Acquired and Related Expected Lives for the Finite-Lived Intangible Assets (Detail) - SolAero Holdings, Inc [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Fair Value	$ 33,600
Developed Technology [Member]
Business Acquisition [Line Items]
Estimated Life in Years	13 years
Fair Value	$ 10,700
In-process Technology [Member]
Business Acquisition [Line Items]
Fair Value	$ 800
Capitalized Software [Member]
Business Acquisition [Line Items]
Estimated Life in Years	3 years
Fair Value	$ 5,400
Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated Life in Years	12 years
Fair Value	$ 9,000
Trademark and Tradenames [Member]
Business Acquisition [Line Items]
Estimated Life in Years	12 years
Fair Value	$ 4,700
Backlog [Member]
Business Acquisition [Line Items]
Estimated Life in Years	2 years
Fair Value	$ 3,000

Cash and Cash Equivalents and_3

Cash and Cash Equivalents and Marketable Securities - Summary of Cash and Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash And Cash Equivalents	$ 208,365	$ 242,515
Marketable securities, current	190,357	229,276
Marketable securities, non-current	47,920	9,193
Cash And Cash Equivalents And Marketable Securities [Member]
Cash and Cash Equivalents [Line Items]
Cash And Cash Equivalents	208,365	242,515
Marketable securities, current	190,357	229,276
Marketable securities, non-current	47,920	9,193
Total Cash And Cash Equivalents And Marketable Securities	$ 446,642	$ 480,984

Cash and Cash Equivalents and_4

Cash and Cash Equivalents and Marketable Securities - Schedule of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost	$ 390,766
Gross Unrealized Gains	147
Gross Unrealized Losses	(551)
Fair Value	390,362
Cash Equivalents	208,365	$ 242,515
Cash Equivalents	152,085
Marketable Securities	238,277
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	81,185
Gross Unrealized Gains	14
Gross Unrealized Losses	(341)
Fair Value	80,858
Cash Equivalents	0
Marketable Securities	80,858
Mortgage- and Asset-backed Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	12,210
Gross Unrealized Gains	5
Gross Unrealized Losses	(42)
Fair Value	12,173
Cash Equivalents	0
Marketable Securities	12,173
U.S. Government Agency Bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	8,350
Gross Unrealized Gains	4
Gross Unrealized Losses	0
Fair Value	8,354
Cash Equivalents	0
Marketable Securities	8,354
U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	43,249
Gross Unrealized Gains	102
Gross Unrealized Losses	(21)
Fair Value	43,330
Cash Equivalents	0
Marketable Securities	43,330
Yankee Bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	2,923
Gross Unrealized Gains	0
Gross Unrealized Losses	(23)
Fair Value	2,900
Cash Equivalents	0
Marketable Securities	2,900
Money market accounts
Marketable Securities [Line Items]
Amortized Cost	152,085
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	152,085
Cash Equivalents	152,085
Marketable Securities	0
Certificates Of Deposit [Member]
Marketable Securities [Line Items]
Amortized Cost	56,248
Gross Unrealized Gains	12
Gross Unrealized Losses	(93)
Fair Value	56,167
Cash Equivalents	0
Marketable Securities	56,167
Commercial Paper [Member]
Marketable Securities [Line Items]
Amortized Cost	34,516
Gross Unrealized Gains	10
Gross Unrealized Losses	(31)
Fair Value	34,495
Cash Equivalents	0
Marketable Securities	$ 34,495

Cash and Cash Equivalents and_5

Cash and Cash Equivalents and Marketable Securities - Summary of Cash Equivalents and Marketable Securities with Unrealized Losses (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Marketable Securities [Line Items]
Fair value	$ 160,974
Unrealized Losses	(551)
Certificates Of Deposit [Member]
Marketable Securities [Line Items]
Fair value	40,580
Unrealized Losses	(93)
Commercial Paper [Member]
Marketable Securities [Line Items]
Fair value	21,392
Unrealized Losses	(31)
U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Fair value	19,392
Unrealized Losses	(21)
Yankee Bonds [Member]
Marketable Securities [Line Items]
Fair value	2,900
Unrealized Losses	(23)
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Fair value	68,444
Unrealized Losses	(341)
Mortgage- and Asset-backed Securities [Member]
Marketable Securities [Line Items]
Fair value	8,266
Unrealized Losses	$ (42)

Cash and Cash Equivalents and_6

Cash and Cash Equivalents and Marketable Securities - Summary of Contractual Maturities of Marketable Securities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 390,766
Fair Value	390,362
Due to One Year [Member]
Marketable Securities [Line Items]
Amortized Cost	342,885
Fair Value	342,442
Due Within One To Three Years [Member]
Marketable Securities [Line Items]
Amortized Cost	47,881
Fair Value	$ 47,920

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value Measurements [Line Items]
Transfers between fair value measurement levels	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash equivalents:
Marketable securities, current	$ 190,357	$ 229,276
Marketable securities, non-current	47,920	9,193
Fair Value, Recurring [Member]
Cash equivalents:
Total	390,362	450,935
Other non-current liabilities:
Contingent consideration	2,100	1,800
Total	2,100	1,800
Fair Value, Recurring [Member] | Level 1 [Member]
Cash equivalents:
Total	203,769	241,621
Other non-current liabilities:
Contingent consideration	0	0
Total	0	0
Fair Value, Recurring [Member] | Level 2 [Member]
Cash equivalents:
Total	186,593	209,314
Other non-current liabilities:
Contingent consideration	0	0
Total	0	0
Fair Value, Recurring [Member] | Level 3 [Member]
Cash equivalents:
Total	0	0
Other non-current liabilities:
Contingent consideration	2,100	1,800
Total	2,100	1,800
Money Market Funds [Member] | Fair Value, Recurring [Member]
Cash equivalents:
Cash equivalents	152,085	204,027
Money Market Funds [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Cash equivalents:
Cash equivalents	152,085	204,027
Money Market Funds [Member] | Fair Value, Recurring [Member] | Level 2 [Member]
Cash equivalents:
Cash equivalents	0	0
Money Market Funds [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Cash equivalents:
Cash equivalents	0	0
Certificates of Deposit [Member] | Fair Value, Recurring [Member]
Cash equivalents:
Marketable securities, current	56,167	52,713
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Cash equivalents:
Marketable securities, current	0	0
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Level 2 [Member]
Cash equivalents:
Marketable securities, current	56,167	52,713
Certificates of Deposit [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Cash equivalents:
Marketable securities, current	0	0
Commercial Paper [Member] | Fair Value, Recurring [Member]
Cash equivalents:
Cash equivalents		4,980
Marketable securities, current	34,495	71,885
Commercial Paper [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Cash equivalents:
Cash equivalents		0
Marketable securities, current	0	0
Commercial Paper [Member] | Fair Value, Recurring [Member] | Level 2 [Member]
Cash equivalents:
Cash equivalents		4,980
Marketable securities, current	34,495	71,885
Commercial Paper [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Cash equivalents:
Cash equivalents		0
Marketable securities, current	0	0
U.S. Government Agency Bonds [Member] | Fair Value, Recurring [Member]
Cash equivalents:
Marketable securities, current	8,354	30,086
U.S. Government Agency Bonds [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Cash equivalents:
Marketable securities, current	8,354	30,086
U.S. Government Agency Bonds [Member] | Fair Value, Recurring [Member] | Level 2 [Member]
Cash equivalents:
Marketable securities, current	0	0
U.S. Government Agency Bonds [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Cash equivalents:
Marketable securities, current	0	0
US Treasury Securities [Member] | Fair Value, Recurring [Member]
Cash equivalents:
Marketable securities, current	23,938	7,508
Marketable securities, non-current	19,392
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Cash equivalents:
Marketable securities, current	23,938	7,508
Marketable securities, non-current	19,392
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Level 2 [Member]
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0
Corporate Debt Securities [Member] | Fair Value, Recurring [Member]
Cash equivalents:
Cash equivalents		3,459
Marketable securities, current	68,644	62,316
Marketable securities, non-current	12,214	1,231
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Cash equivalents:
Cash equivalents		0
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Level 2 [Member]
Cash equivalents:
Cash equivalents		3,459
Marketable securities, current	68,644	62,316
Marketable securities, non-current	12,214	1,231
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Cash equivalents:
Cash equivalents		0
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Mortgage- and Asset-backed Securities [Member] | Fair Value, Recurring [Member]
Cash equivalents:
Marketable securities, current	405
Marketable securities, non-current	11,768	7,962
Mortgage- and Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Cash equivalents:
Marketable securities, current	0
Marketable securities, non-current	0	0
Mortgage- and Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Level 2 [Member]
Cash equivalents:
Marketable securities, current	405
Marketable securities, non-current	11,768	7,962
Mortgage- and Asset-backed Securities [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Cash equivalents:
Marketable securities, current	0
Marketable securities, non-current	0	0
Yankee Bonds [Member] | Fair Value, Recurring [Member]
Cash equivalents:
Marketable securities, current	2,900	4,768
Yankee Bonds [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Cash equivalents:
Marketable securities, current	0	0
Yankee Bonds [Member] | Fair Value, Recurring [Member] | Level 2 [Member]
Cash equivalents:
Marketable securities, current	2,900	4,768
Yankee Bonds [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Cash equivalents:
Marketable securities, current	$ 0	$ 0

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Line Items]
Raw materials	$ 37,198	$ 33,376
Work in process	50,761	50,661
Finished goods	10,494	8,242
Total inventories	$ 98,453	$ 92,279

Prepaid and Other Current Asset

Prepaid and Other Current Assets - Schedule of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets [Abstract]
Prepaid expenses	$ 46,300	$ 43,126
Government grant receivables	10,746	1,443
Other current assets	6,157	7,632
Total prepaids and other current assets	$ 63,203	$ 52,201

Assets Held for Sale (Additiona

Assets Held for Sale (Additional Information) (Details) $ in Thousands	Mar. 31, 2023 USD ($)
ASSETS HELD FOR SALE ABSTRACT
Assets held for sale	$ 11,630

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 135,581	$ 137,903
Less accumulated depreciation and amortization	(39,600)	(36,389)
Property, plant and equipment, net	95,981	101,514
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	37,047	36,493
Machinery, Equipment, Vehicles And Office Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	55,454	54,300
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	7,472	7,517
Launch Site Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	12,685	12,822
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 22,923	$ 26,771

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Schedule of Depreciation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 3,558	$ 3,093
Cost of revenues [Member]
Property, Plant and Equipment [Line Items]
Total depreciation expense	2,352	2,506
Research And Development [Member]
Property, Plant and Equipment [Line Items]
Total depreciation expense	818	245
Selling, general and administrative [Member]
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 388	$ 342

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - (Additional Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill	$ 71,020	$ 71,020

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Components of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Disclosure Of Intangible Assets [Line Items]
Gross Carrying Amount	$ 99,555	$ 99,482
Accumulated Amortization	(23,060)	(19,790)
Net Carrying Amount	76,495	79,692
In Process Research and Development [Member]
Disclosure Of Intangible Assets [Line Items]
Gross Carrying Amount	2,600	2,600
Accumulated Amortization	0	0
Net Carrying Amount	2,600	2,600
Developed Technology [Member]
Disclosure Of Intangible Assets [Line Items]
Gross Carrying Amount	55,765	55,765
Accumulated Amortization	(11,519)	(9,809)
Net Carrying Amount	44,246	45,956
Capitalized Software [Member]
Disclosure Of Intangible Assets [Line Items]
Gross Carrying Amount	10,432	10,502
Accumulated Amortization	(5,586)	(5,023)
Net Carrying Amount	4,846	5,479
Customer Relationships [Member]
Disclosure Of Intangible Assets [Line Items]
Gross Carrying Amount	16,122	16,122
Accumulated Amortization	(2,240)	(1,866)
Net Carrying Amount	13,882	14,256
Trademark and Tradenames [Member]
Disclosure Of Intangible Assets [Line Items]
Gross Carrying Amount	10,104	10,104
Accumulated Amortization	(1,163)	(947)
Net Carrying Amount	8,941	9,157
Backlog [Member]
Disclosure Of Intangible Assets [Line Items]
Gross Carrying Amount	3,491	3,491
Accumulated Amortization	(2,241)	(1,866)
Net Carrying Amount	1,250	1,625
Other [Member]
Disclosure Of Intangible Assets [Line Items]
Gross Carrying Amount	1,041	898
Accumulated Amortization	(311)	(279)
Net Carrying Amount	$ 730	$ 619

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Summary of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 3,320	$ 2,895
Cost of revenues [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	1,782	610
Research and Development [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	48	1,654
Selling, General and Administrative [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 1,490	$ 631

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net - Schedule of Estimated Future Amortization Expense Related to Finite Intangible Assets (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
2023 (for the remaining period)	$ 9,644
2024	11,350
2025	9,335
2026	9,174
2027	8,207
Thereafter	26,185
Total	$ 73,895

LOAN AGREEMENT - Additional Inf

LOAN AGREEMENT - Additional Information (Detail) - USD ($)		3 Months Ended
	Jun. 10, 2021	Mar. 31, 2023	Dec. 31, 2022
Shares Issued And Outstanding [Line Items]
Loan and security agreement, maximum amount	$ 100,000
Term loan facility, initial facility charge		$ 1,000
Term loan facility, end of term charge upon repayment of the loan		3,250
Current installments of long-term borrowings		2,934
Long-term borrowings, excluding current installments		$ 100,724,000	$ 100,043,000
Term Loan Facility [Member]
Shares Issued And Outstanding [Line Items]
Loan agreement maturity date	Jun. 01, 2024
Description Of Outstanding Principal Of Term Loan Facility		The outstanding principal bears (i) cash interest at the greater of (a) 8.15% or (b) 8.15% plus the prime rate minus 3.25% and (ii) payment-in-kind interest of 1.25% which is accrued and added to the outstanding principal balance.
Long-term borrowings, excluding current installments		$ 103,658

PUBLIC AND PRIVATE WARRANTS - A

PUBLIC AND PRIVATE WARRANTS - Additional Information (Detail) - USD ($)		3 Months Ended
	Jan. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 22, 2021
Class of Warrant or Right [Line Items]
Gain on fair value of exercise of warrants		$ 0	$ (13,482,000)
Common Stock Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants exercise price			$ 11.50
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 11.50
Warrants and rights outstanding			$ 10,969
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants issued			10,383,077
Warrants exercise price				$ 11.50
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			10,383,077
Class of Warrant or Right, Exercise Price of Warrants or Rights				11.50
Warrants and rights outstanding			$ 1,592,080
Number of securities called by each warrant or right		0	2,951,781
Number of warrants issued			10,969
Class of warrant or right, date from which warrants or rights exercisable		Sep. 29, 2021
Cash proceeds from warrants issued	$ 27		$ 126
Warrants Issued and Outstanding	270,470
Warrant exercise price per share	$ 0.10
Public Warrants and Private Warrants [Member]
Class of Warrant or Right [Line Items]
Gain on fair value of exercise of warrants			$ 13,482
Private Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants Issued and Outstanding			5,600,000
Common Stock [Member] | Public Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and rights outstanding		$ 10,666,666
Common Stock [Member] | Public Warrants and Private Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants exercise price		$ 11.50		0.2843
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 11.50		$ 0.2843
Common Stock [Member] | Private Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and rights outstanding		$ 5,600,000

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-based Compensation Expense	$ 14,036	$ 11,958
Cost of revenues [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-based Compensation Expense	3,813	3,335
Research And Development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-based Compensation Expense	5,022	5,026
Selling, general and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-based Compensation Expense	$ 5,201	$ 3,597

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Aug. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
2013 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vesting period		4 years
Options vesting on first anniversary of date of grant, percentage		25%
Unrecognized compensation expense		$ 13
Two Thousand Twenty One Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of aggregate, shares		59,875,000
Outstanding number of shares of common stock Percentage				5%
Shares authorized to issue under equity award plan		102,885,017
Shares available for grant		88,902,834
Common stock for issuance for awards		0	0
Two Thousand Twenty One Plan [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock for issuance for awards	9,980,000
Common Stock Outstanding Rate	1%
Employee Stock Options Discount Rate	15%
Two Thousand Twenty One Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 1,138
Sale of aggregate, shares		18,138,432
Two Thousand Twenty One Employee Stock Purchase Plan [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 770	$ 768
Performance-Based Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted expected to be recognized period		4 years
Performance-Based Restricted Stock Units (RSUs) [Member] | 2013 Plan And 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units, granted		3,361,528	4,197,879
Stock-based compensation		$ 85,380

LEASE - Additional Information

LEASE - Additional Information (Detail) - Vehicles and Equipment [Member]	Mar. 31, 2023
Minimum Member
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Remaining Lease Term	1 year
Maximum [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Remaining Lease Term	27 years

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Additional Information) (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Commitments And Contingencies LineItems
Provision for contract loss	$ 15,067

Income Taxes - Schedule Of Inco

Income Taxes - Schedule Of Income Tax Expense And The Effective Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision	$ (526)	$ (4,388)
Effective tax rate	(1.20%)	(19.70%)

INCOME TAXES (Additional Inform

INCOME TAXES (Additional Information) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Uncertain Tax Positions	$ 2,769

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss attributable to common stockholders-basic and diluted	$ (45,617)	$ (26,709)
Weighted average common shares outstanding-basic	476,199,710	456,495,288
Weighted average common shares outstanding, diluted	476,199,710	456,495,288
Net loss per share attributable to Rocket Lab USA, Inc-Basic	$ (0.10)	$ (0.06)
Net loss per share attributable to Rocket Lab USA, Inc-Diluted	$ (0.10)	$ (0.06)

Net Loss Per Share - Summary _2

Net Loss Per Share - Summary of Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Options And Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity shares	29,851,750	30,144,103

SEGMENTS - Additional Informati

SEGMENTS - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 Segments
Segment Reporting Information [Line Items]
Number of operating segments	2

SEGMENTS - Summary of Informati

SEGMENTS - Summary of Information by Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Sales Information [Line Items]
Cost of revenues	$ 48,538	$ 36,968
Gross profit (loss)	6,357	3,735
Launch Services [Member]
Sales Information [Line Items]
Revenues	19,621	6,576
Cost of revenues	20,379	7,344
Gross profit (loss)	(758)	(768)
Space Systems [Member]
Sales Information [Line Items]
Revenues	35,274	34,127
Cost of revenues	28,159	29,624
Gross profit (loss)	$ 7,115	$ 4,503

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Related Party Transactions (Details) [Line Items]
Related party transaction, due from (to) related party	$ 0	$ 0