Rocket Lab USA (RKLB) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 03, 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	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	ROCKET LAB USA, INC.
Entity Central Index Key	0001819994
Securities Act 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		483,326,614
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	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash And Cash Equivalents	$ 197,160	$ 242,515
Marketable securities, current	144,018	229,276
Accounts receivable, net	25,175	36,572
Contract assets	16,714	9,451
Inventories	102,234	92,279
Prepaids and other current assets	63,520	52,201
Assets held for sale	11,384	0
Total current assets	560,205	662,294
Non-current assets:
Property, plant and equipment, net	120,004	101,514
Intangible asset, net	73,309	79,692
Goodwill	71,020	71,020
Operating lease right-of-use asset	47,586	35,239
Right-of-use assets - finance leases	15,302	15,614
Marketable securities, non-current	73,941	9,193
Restricted cash	3,594	3,356
Deferred income tax assets, net	3,641	3,898
Other non-current assets	12,894	7,303
Total assets	981,496	989,123
Current liabilities:
Trade payables	25,867	12,084
Accrued expenses	6,492	8,723
Employee benefits payable	14,138	8,634
Contract liabilities	134,574	108,344
Current installments of long-term borrowings	104,381	2,906
Other current liabilities	20,489	22,249
Total current liabilities	305,941	162,940
Non-current liabilities:
Long-term borrowings, excluding current installments	0	100,043
Non-current operating lease liabilities	43,169	34,266
Non-current finance lease liabilities	15,385	15,568
Deferred tax liabilities	237	95
Other non-current liabilities	5,716	3,005
Total liabilities	370,448	315,917
COMMITMENTS AND CONTINGENCIES (Note 15)
Stockholders' equity
Common stock, value	48	48
Additional paid-in capital	1,145,225	1,112,977
Accumulated deficit	(532,461)	(440,955)
Accumulated other comprehensive income	(1,764)	1,136
Total Stockholders' equity	611,048	673,206
Total liabilities and stockholders' equity	$ 981,496	$ 989,123

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	482,603,474	475,356,517
Common stock, share outstanding	482,603,474	475,356,517

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues	$ 62,045	$ 55,474	$ 116,940	$ 96,177
Cost of revenues	47,452	50,516	95,990	87,484
Gross profit	14,593	4,958	20,950	8,693
Operating expenses:
Research and development, net	31,035	19,165	54,940	32,642
Selling, general and administrative	28,717	18,952	57,186	42,030
Total operating expenses	59,752	38,117	112,126	74,672
Operating loss	(45,159)	(33,159)	(91,176)	(65,979)
Other income (expense):
Interest income (expense), net	(745)	(2,432)	(1,430)	(5,421)
(Loss) gain on foreign exchange	(90)	(3,876)	44	(3,896)
Change in fair value of liability classified warrants	0	0	0	13,482
Other income (loss), net	866	(23)	2,343	3
Total other income (expense), net	31	(6,331)	957	4,168
Loss before income taxes	(45,128)	(39,490)	(90,219)	(61,811)
Income tax (provision) benefit	(761)	(2,073)	(1,287)	(2,315)
Net loss	(45,889)	(37,417)	(91,506)	(64,126)
Other comprehensive loss, net of tax:
Foreign currency translation loss	(1,516)	(1,030)	(2,454)	(154)
Unrealized loss on available-for-sale marketable securities	(814)	0	(446)	0
Comprehensive loss	$ (48,219)	$ (38,447)	$ (94,406)	$ (64,280)
Net loss per share attributable to Rocket Lab USA, Inc.:
Net loss per share attributable to Rocket Lab USA, Inc-Basic	$ (0.1)	$ (0.08)	$ (0.19)	$ (0.14)
Net loss per share attributable to Rocket Lab USA, Inc-Diluted	$ (0.1)	$ (0.08)	$ (0.19)	$ (0.14)
Weighted-average common shares outstanding:
Weighted average common shares outstanding-basic	479,735,858	464,719,924	477,977,551	460,630,324
Weighted average common shares outstanding, diluted	479,735,858	464,719,924	477,977,551	460,630,324

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 Income (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, 2021	698,448	$ 45	1,002,106	(305,011)	1,308
Balance at Beginning (in Shares) at Dec. 31, 2021		450,180,479
Net Income (Loss)	(64,126)
Other comprehensive loss	(1,030)				1,030
Balance Ending at Jun. 30, 2022	713,454	$ 47	1,081,390	(369,137)	1,154
Balance Ending (in Shares) at Jun. 30, 2022		468,377,065
Balance at Beginning at Mar. 31, 2022	732,595	$ 46	1,062,085	(331,720)	2,184
Balance at Beginning (in Shares) at Mar. 31, 2022		462,742,812
Net Income (Loss)	(37,417)			(37,417)
Issuance of common stock under equity plans, Shares		3,594,963
Issuance of common stock under equity plans	3,726	$ 1	3,725
Stock-based compensation	15,580		15,580
Issuance of common stock for acquisition, Shares		2,039,290
Balance Ending at Jun. 30, 2022	713,454	$ 47	1,081,390	(369,137)	1,154
Balance Ending (in Shares) at Jun. 30, 2022		468,377,065
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 Income (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
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 Income (Loss)	(91,506)
Balance Ending at Jun. 30, 2023	611,048	$ 48	1,145,225	(532,461)	(1,764)
Balance Ending (in Shares) at Jun. 30, 2023		482,603,474
Balance at Beginning at Mar. 31, 2023	640,018	$ 48	1,125,976	(486,572)	566
Balance at Beginning (in Shares) at Mar. 31, 2023		478,153,075
Net Income (Loss)	(45,889)			(45,889)
Issuance of common stock under equity plans, Shares		4,326,466
Issuance of common stock under equity plans	3,561		3,561
Stock-based compensation	15,688		15,688
Issuance of common stock for acquisition, Shares		123,933
Other comprehensive loss	(2,330)				(2,330)
Balance Ending at Jun. 30, 2023	$ 611,048	$ 48	$ 1,145,225	$ (532,461)	$ (1,764)
Balance Ending (in Shares) at Jun. 30, 2023		482,603,474

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (91,506)	$ (64,126)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	13,785	13,737
Stock-based compensation expense	29,300	28,827
Loss on disposal of assets	27	25
Amortization of debt issuance costs and discount	1,431	1,392
Noncash lease expense	2,026	1,526
Noncash (income) expense associated with liability-classified warrants	0	(13,482)
Change in the fair value of contingent consideration	1,600	0
Accretion of marketable securities purchased at a discount	(2,116)	0
Deferred income taxes	248	251
Changes in operating assets and liabilities:
Accounts receivable	11,433	(12,926)
Contract assets	(7,264)	(2,286)
Inventories	(10,611)	(16,302)
Prepaids and other current assets	(10,839)	(8,090)
Other non-current assets	(5,634)	2,089
Trade payables	13,234	1,992
Accrued expenses	(2,845)	(3,433)
Employee benefits payables	4,116	3,925
Contract liabilities	26,230	4,467
Other current liabilities	(1,881)	(568)
Non-current lease liabilities	(1,942)	(1,640)
Other non-current liabilities	(241)	27
Net cash used in operating activities	(31,449)	(64,595)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, equipment and software	(23,246)	(19,070)
Cash paid for business combinations and asset acquisitions, net of acquired cash and restricted cash	(16,119)	(65,073)
Purchases of marketable securities	(132,000)	0
Maturities of marketable securities	154,176	0
Net cash used in investing activities	(17,189)	(84,143)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the exercise of stock options and public warrants	1,808	3,142
Proceeds from Employee Stock Purchase Plan	2,522	2,091
Proceeds from sale of employees restricted stock units to cover taxes	7,801	24,002
Minimum tax withholding paid on behalf of employees for restricted stock units	(6,968)	(23,741)
Tax payment for net settled option shares	0	(444)
Payment of contingent consideration	(1,000)	(5,500)
Finance lease principal payments	(160)	(116)
Net cash provided by (used in) financing activities	4,003	(566)
Effect of exchange rate changes on cash and cash equivalents	(482)	3,858
Net decrease in cash and cash equivalents and restricted cash	(45,117)	(145,446)
Cash and cash equivalents, and restricted cash, beginning of period	245,871	692,075
Cash and cash equivalents, and restricted cash, end of period	200,754	546,629
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	7,051	4,771
Cash paid for income taxes	387	2,028
Unpaid purchases of property, equipment and software	2,143	1,027
Right-of-use assets obtained in exchange for new operating lease liabilities	979	3,783
Unpaid transaction costs	999	0
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

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (45,889)	$ (45,617)	$ (37,417)	$ (26,709)	$ (91,506)	$ (64,126)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2023, except for the addition of an accounting policy with respect to assets held for sale and customer financing 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. Customer Financing The Company records customer financing receivables net of any unamortized discounts and deferred incremental direct costs. Interest income and amortization of any discounts are recorded ratably over the related term of the note to interest income in the condensed consolidated statements of operations and comprehensive loss. Interest income recognition is generally suspended for customer financing receivables that are uncollectible. The Company measures and records expected credit losses related to its customer financing in accordance with the current expected credit losses (“CECL”) standard. The CECL standard requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the economic environment.

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2023
REVENUES	3. REVENUES The following table provides information about revenue by recognition model during the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, Revenues by recognition model 2023 2022 2023 2022 Point-in-time $ 35,670 $ 37,107 $ 64,332 $ 65,344 Over-time 26,375 18,367 52,608 30,833 Total revenue by recognition model $ 62,045 $ 55,474 $ 116,940 $ 96,177 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 June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Contract balances Accounts receivable, net $ 25,175 $ 36,572 Contract assets 16,714 9,451 Contract liabilities ( 134,574 ) ( 108,344 ) Changes in contract liabilities for the three months ended June 30, 2023 were as follows: Contract liabilities, at March 31, 2023 $ 125,635 Customer advances received or billed 34,190 Recognition of unearned revenue ( 25,251 ) Contract liabilities, at June 30, 2023 $ 134,574 Changes in contract liabilities for the six months ended June 30, 2023 were as follows: Contract liabilities, at December 31, 2022 $ 108,344 Customer advances received or billed 68,583 Recognition of unearned revenue ( 42,353 ) Contract liabilities, at June 30, 2023 $ 134,574 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 and six months ended June 30, 2023 and 2022 was not material. Backlog The Company’s backlog represents the total dollar value of work to be performed on contracts awarded and in progress. The amount of backlog 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 backlog when an enforceable agreement has been reached. Remaining backlog totaled $ 534,312 as of June 30, 2023 , of which approximately 57% is expected to be recognized within 12 months, with the remaining 43% to be recognized beyond 12 months . Concentration of Credit Risk and Significant Customers As of June 30, 2023 , the Company’s customer that accounted for 10% or more of the total accounts receivable, net, was: June 30, 2023 Northrop Grumman Corporation 16 % For the six months ended June 30, 2023, the Company’s customers that accounted for 10% or more of the total revenue, were as follows: Six Months Ended June 30, 2023 Northrop Grumman Corporation 14 % National Aeronautics and Space Administration 11 % Customer Financing In connection with the signing of a multi-launch agreement with a commercial customer, the Company entered into a subordinated loan and security agreement. The commercial customer may choose to have certain milestone payments financed under the terms of the subordinated loan and security agreement. The receivable will bear no interest until the initial launch dates pass, after which interest will accrue at a fixed rate of 10.8%. Principal and interest payments will be made over 12 quarterly payments from the launch date. As of June 30, 2023, the Company had $ 7,000 customer financing receivable in other non-current assets on the condensed consolidated balance sheets.

BUSINESS COMBINATION

BUSINESS COMBINATION	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
BUSINESS COMBINATIONS	4. BUSINESS COMBINATION AND ASSET ACQUISITION 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. Asset Purchase Agreement On June 2, 2023, Company closed on the purchase of certain assets pursuant to an Asset Purchase Agreement (the “Virgin APA”) with Virgin Orbit Holdings, Inc. to acquire certain assets, including a real property lease for a property located in Long Beach, California and certain production assets, machinery and equipment. The acquisition was accounted for as an asset acquisition and the total purchase price consideration of $ 17,118 (which includes $ 999 of transaction costs) was allocated to the assets acquired on a relative fair value basis. The following table presents estimates of the relative fair value of the assets acquired and the liabilities assumed by the Company in the acquisition: Description Amount Property, plant and equipment $ 15,842 Right-of-use assets - operating leases 13,939 Other non-current assets 189 Other current liabilities ( 1,125 ) Non-current operating lease liabilities ( 10,375 ) Other non-current liabilities ( 1,352 ) Total purchase price $ 17,118

CASH AND CASH EQUIVALENTS AND M

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Cash and cash equivalents $ 197,160 $ 242,515 Marketable securities, current 144,018 229,276 Marketable securities, non-current 73,941 9,193 Total cash and cash equivalents and marketable securities $ 415,119 $ 480,984 As of June 30, 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 $ 147,755 $ — $ — $ 147,755 $ 147,755 $ — Certificates of deposit 40,291 1 ( 55 ) 40,237 — 40,237 Commercial paper 30,799 — ( 38 ) 30,761 — 30,761 Corporate debt securities 60,027 — ( 235 ) 59,792 — 59,792 Yankee bonds 2,922 — ( 8 ) 2,914 — 2,914 U.S. Treasury securities 73,778 4 ( 829 ) 72,953 7,784 65,169 U.S. government agency bonds 8,351 — ( 15 ) 8,336 — 8,336 Mortgage- and asset-backed securities 10,793 — ( 43 ) 10,750 — 10,750 Total $ 374,716 $ 5 $ ( 1,223 ) $ 373,498 $ 155,539 $ 217,959 The following table presents the Company's cash equivalents and marketable securities with unrealized losses by investment category as of June 30, 2023: Less than 12 Months Fair Value Unrealized Losses Certificates of deposit $ 34,493 $ ( 55 ) Commercial paper 30,761 ( 38 ) Corporate debt securities 58,352 ( 235 ) Yankee bonds 2,914 ( 8 ) U.S. Treasury securities 58,769 ( 829 ) U.S. government agency bonds 8,336 ( 15 ) Mortgage- and asset-backed securities 10,750 ( 43 ) Total $ 204,375 $ ( 1,223 ) 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 June 30, 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 June 30, 2023: Amortized Cost Fair Value Due within one year $ 299,840 $ 299,557 Due within one to three years 74,876 73,941 Total $ 374,716 $ 373,498

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	6. FAIR VALUE OF FINANCIAL INSTRUMENTS As of June 30, 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: June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market accounts $ 147,755 $ — $ — $ 147,755 U.S. Treasury securities 7,784 — — 7,784 Marketable securities, current: Certificates of deposit — 40,237 — 40,237 Commercial paper — 30,761 — 30,761 Corporate debt securities — 52,969 — 52,969 Yankee bonds — 2,914 — 2,914 U.S. Treasury securities 8,397 — — 8,397 U.S. government agency bonds 8,336 — — 8,336 Mortgage- and asset-backed securities — 404 — 404 Marketable securities, non-current Corporate debt securities — 6,823 — 6,823 U.S. Treasury securities 56,772 — — 56,772 Mortgage- and asset-backed securities — 10,346 — 10,346 Total $ 229,044 $ 144,454 $ — $ 373,498 Liabilities: Other non-current liabilities: Contingent consideration $ — $ — $ 3,400 $ 3,400 Total $ — $ — $ 3,400 $ 3,400 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 six months ended June 30, 2023 .

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES	7. INVENTORIES Inventories as of June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Raw materials $ 41,063 $ 33,376 Work in process 46,529 50,661 Finished goods 14,642 8,242 Total inventories $ 102,234 $ 92,279

PREPAIDS AND OTHER CURRENT ASSE

PREPAIDS AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Prepaid expenses and deposits $ 47,649 $ 43,126 Government grant receivables 10,550 1,443 Other current assets 5,321 7,632 Total prepaids and other current assets $ 63,520 $ 52,201

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
	Jun. 30, 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 June 30, 2023, the Company’s two helicopters continued to be assets held for sale of $ 11,384 .

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	10. Property, plant and equipment, NET Property, plant and equipment, net, as of June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Buildings and improvements $ 41,501 $ 36,493 Machinery, equipment, vehicles and office furniture 47,354 54,300 Computer equipment, hardware and software 7,822 7,517 Launch site assets 13,186 12,822 Construction in process 50,481 26,771 Property, plant and equipment—gross 160,344 137,903 Less accumulated depreciation and amortization ( 40,340 ) ( 36,389 ) Property, plant and equipment—net $ 120,004 $ 101,514 Depreciation expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three and six months ended June 30, 2023 and 2022 consisted of the following: Three Months Ended June 30, Six Months Ended June 30, Depreciation expense 2023 2022 2023 2022 Cost of revenues $ 1,938 $ 3,252 $ 4,290 $ 5,758 Research and development 1,026 536 1,844 781 Selling, general and administrative 393 376 781 718 Total depreciation expense $ 3,357 $ 4,164 $ 6,915 $ 7,257

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, NET	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022. Intangible Assets The components of intangible assets consisted of the following as of June 30, 2023 and December 31, 2022: June 30, 2023 Gross Accumulated Net Carrying Finite-Lived Intangible Assets Developed Technology $ 55,765 $ ( 13,229 ) $ 42,536 Capitalized software 10,311 ( 6,068 ) 4,243 Customer relationships 16,135 ( 2,591 ) 13,544 Trademarks and tradenames 10,106 ( 1,375 ) 8,731 Backlog 3,491 ( 2,616 ) 875 Other 1,128 ( 348 ) 780 Indefinite-Lived Intangible Assets In-process Technology 2,600 — 2,600 Total $ 99,536 $ ( 26,227 ) $ 73,309 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 and six months ended June 30, 2023 and 2022, respectively consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenues $ 1,778 $ 803 $ 3,560 $ 1,413 Research and development 18 1,711 66 3,365 Selling, general and administrative 1,443 817 2,933 1,448 Total amortization expense $ 3,239 $ 3,331 $ 6,559 $ 6,226 The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2023: 2023 (for the remaining period) $ 6,477 2024 11,318 2025 9,335 2026 9,172 2027 8,202 Thereafter 26,205 Total $ 70,709

LOAN AGREEMENT

LOAN AGREEMENT	6 Months Ended
	Jun. 30, 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 June 30, 2023. As of June 30, 2023, there was $ 104,381 outstanding under the Hercules Capital Secured Term Loan, which is classified as current in the Company’s condensed consolidated balance sheets. As of June 30, 2023 , the Company had no availability under the Hercules Capital Secured Term Loan.

PUBLIC AND PRIVATE WARRANTS

PUBLIC AND PRIVATE WARRANTS	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2022.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 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 were initially 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 101,067,501 s hares of common stock as equity awards to participants under the 2021 Plan as of June 30, 2023 . There were 83,773,017 s hares of common stock available for grant as of June 30, 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 and six months ended June 30, 2023 and 2022 consisted of the following: Three Months Ended June 30, Six Months Ended June 30, Stock-based compensation 2023 2022 2023 2022 Cost of revenues $ 3,330 $ 5,792 $ 7,143 $ 9,127 Research and development 6,652 6,350 11,674 11,376 Selling, general and administrative 5,282 4,727 10,483 8,324 Total stock-based compensation expense $ 15,264 $ 16,869 $ 29,300 $ 28,827 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. Restricted Stock Units During the six months ended June 30, 2023 and 2022 , the Company granted 5,816,224 and 8,430,523 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 periods of approximately four years as the employees provide service. As of June 30, 2023 , the total unrecognized compensation expense related to unvested performance-based restricted stock units granted under the 2013 Plan and 2021 Plan was $ 94,977 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. During the six months ended June 30, 2023 and 2022, 681,018 shares and 527,899 shares of common stock were issued under the 2021 ESPP, respectively. As of June 30, 2023, 17,457,414 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 and six months ended June 30, 2023 was $ 626 and $ 1,396 , respectively. Total ESPP stock-based compensation recorded in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 was $ 891 and $ 1,659 , respectively. As of June 30, 2023 , the total unrecognized compensation expense related to the 2021 ESPP was $ 809 and will be recognized over the remaining offering period.

LEASES

LEASES	6 Months Ended
	Jun. 30, 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. In connection with the Virgin APA, the Company assumed an operating lease. The Company recorded an operating lease liability of $ 11,500 and an operating lease right-of-use asset of $ 13,939 , which reflects terms that are favorable relative to the current market terms, in connection with the assumed lease. There have been no other material changes in the Company’s lease portfolio since December 31, 2022.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 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 June 2023, the launch services agreement was terminated and as a result, the Company released a $ 4,066 provision for contract losses. 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 June 30, 2023, which primarily is related to the solar panel module agreement, was $ 9,866 included in other current liabilities i n the Company’s condensed consolidated balance sheets .

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	17. INCOME TAXES Income tax provision and the effective tax rate for the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income tax (provision) benefit $ ( 761 ) $ 2,073 $ ( 1,287 ) $ ( 2,315 ) Effective tax rate ( 1.7 )% 5.2 % ( 1.4 )% ( 3.7 )% The tax provisions for the three and six months ended June 30, 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 June 30, 2023, the Company anticipates that $ 2,930 of uncertain tax positions will be settled within the next twelve months.

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator Net loss attributable to common stockholders-basic and diluted $ ( 45,889 ) $ ( 37,417 ) $ ( 91,506 ) $ ( 64,126 ) Denominator Weighted average common shares outstanding-basic and diluted 479,735,858 464,719,924 477,977,551 460,630,324 Net loss per share attributable to common stockholders-basic and diluted $ ( 0.10 ) $ ( 0.08 ) $ ( 0.19 ) $ ( 0.14 ) 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: June 30, 2023 2022 Stock options and restricted stock units 31,165,239 31,193,222

SEGMENTS

SEGMENTS	6 Months Ended
	Jun. 30, 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 customers 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 and six months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 2022 Launch Space Launch Space Revenues $ 22,495 $ 39,550 $ 19,109 $ 36,365 Cost of revenues 17,454 29,998 21,421 29,095 Gross profit (loss) $ 5,041 $ 9,552 $ ( 2,312 ) $ 7,270 Six Months Ended June 30, 2023 2022 Launch Space Launch Space Revenues $ 42,116 $ 74,824 $ 25,685 $ 70,492 Cost of revenues 37,833 58,157 28,765 58,719 Gross profit (loss) $ 4,283 $ 16,667 $ ( 3,080 ) $ 11,773 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	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	20. RELATED PARTY TRANSACTIONS As of June 30, 2023 and December 31, 2022 , there are no amounts due to or from related parties.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2023, except for the addition of an accounting policy with respect to assets held for sale and customer financing 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.
Customer Financing	Customer Financing The Company records customer financing receivables net of any unamortized discounts and deferred incremental direct costs. Interest income and amortization of any discounts are recorded ratably over the related term of the note to interest income in the condensed consolidated statements of operations and comprehensive loss. Interest income recognition is generally suspended for customer financing receivables that are uncollectible. The Company measures and records expected credit losses related to its customer financing in accordance with the current expected credit losses (“CECL”) standard. The CECL standard requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the economic environment.

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, Revenues by recognition model 2023 2022 2023 2022 Point-in-time $ 35,670 $ 37,107 $ 64,332 $ 65,344 Over-time 26,375 18,367 52,608 30,833 Total revenue by recognition model $ 62,045 $ 55,474 $ 116,940 $ 96,177
Balances Related to Enforceable Contracts	The following table presents the balances related to enforceable contracts as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Contract balances Accounts receivable, net $ 25,175 $ 36,572 Contract assets 16,714 9,451 Contract liabilities ( 134,574 ) ( 108,344 )
Changes in Contract Liabilities	Changes in contract liabilities for the three months ended June 30, 2023 were as follows: Contract liabilities, at March 31, 2023 $ 125,635 Customer advances received or billed 34,190 Recognition of unearned revenue ( 25,251 ) Contract liabilities, at June 30, 2023 $ 134,574 Changes in contract liabilities for the six months ended June 30, 2023 were as follows: Contract liabilities, at December 31, 2022 $ 108,344 Customer advances received or billed 68,583 Recognition of unearned revenue ( 42,353 ) Contract liabilities, at June 30, 2023 $ 134,574
Schedule of Concentration of Credit Risk and Significant Customers	As of June 30, 2023 , the Company’s customer that accounted for 10% or more of the total accounts receivable, net, was: June 30, 2023 Northrop Grumman Corporation 16 % For the six months ended June 30, 2023, the Company’s customers that accounted for 10% or more of the total revenue, were as follows: Six Months Ended June 30, 2023 Northrop Grumman Corporation 14 % National Aeronautics and Space Administration 11 %

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	6 Months Ended
	Jun. 30, 2023
SolAero Holdings, Inc [Member]
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
Asset Purchase Agreement [Member]
Restructuring Cost and Reserve [Line Items]
Estimates Fair Value of Assets Acquired and Liabilities Assumed	The following table presents estimates of the relative fair value of the assets acquired and the liabilities assumed by the Company in the acquisition: Description Amount Property, plant and equipment $ 15,842 Right-of-use assets - operating leases 13,939 Other non-current assets 189 Other current liabilities ( 1,125 ) Non-current operating lease liabilities ( 10,375 ) Other non-current liabilities ( 1,352 ) Total purchase price $ 17,118

CASH AND CASH EQUIVALENTS AND_2

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Cash and cash equivalents $ 197,160 $ 242,515 Marketable securities, current 144,018 229,276 Marketable securities, non-current 73,941 9,193 Total cash and cash equivalents and marketable securities $ 415,119 $ 480,984
Schedule of Cash Equivalents and Marketable Securities	As of June 30, 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 $ 147,755 $ — $ — $ 147,755 $ 147,755 $ — Certificates of deposit 40,291 1 ( 55 ) 40,237 — 40,237 Commercial paper 30,799 — ( 38 ) 30,761 — 30,761 Corporate debt securities 60,027 — ( 235 ) 59,792 — 59,792 Yankee bonds 2,922 — ( 8 ) 2,914 — 2,914 U.S. Treasury securities 73,778 4 ( 829 ) 72,953 7,784 65,169 U.S. government agency bonds 8,351 — ( 15 ) 8,336 — 8,336 Mortgage- and asset-backed securities 10,793 — ( 43 ) 10,750 — 10,750 Total $ 374,716 $ 5 $ ( 1,223 ) $ 373,498 $ 155,539 $ 217,959
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 June 30, 2023: Less than 12 Months Fair Value Unrealized Losses Certificates of deposit $ 34,493 $ ( 55 ) Commercial paper 30,761 ( 38 ) Corporate debt securities 58,352 ( 235 ) Yankee bonds 2,914 ( 8 ) U.S. Treasury securities 58,769 ( 829 ) U.S. government agency bonds 8,336 ( 15 ) Mortgage- and asset-backed securities 10,750 ( 43 ) Total $ 204,375 $ ( 1,223 )
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 June 30, 2023: Amortized Cost Fair Value Due within one year $ 299,840 $ 299,557 Due within one to three years 74,876 73,941 Total $ 374,716 $ 373,498

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	As of June 30, 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: June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market accounts $ 147,755 $ — $ — $ 147,755 U.S. Treasury securities 7,784 — — 7,784 Marketable securities, current: Certificates of deposit — 40,237 — 40,237 Commercial paper — 30,761 — 30,761 Corporate debt securities — 52,969 — 52,969 Yankee bonds — 2,914 — 2,914 U.S. Treasury securities 8,397 — — 8,397 U.S. government agency bonds 8,336 — — 8,336 Mortgage- and asset-backed securities — 404 — 404 Marketable securities, non-current Corporate debt securities — 6,823 — 6,823 U.S. Treasury securities 56,772 — — 56,772 Mortgage- and asset-backed securities — 10,346 — 10,346 Total $ 229,044 $ 144,454 $ — $ 373,498 Liabilities: Other non-current liabilities: Contingent consideration $ — $ — $ 3,400 $ 3,400 Total $ — $ — $ 3,400 $ 3,400 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)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories as of June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Raw materials $ 41,063 $ 33,376 Work in process 46,529 50,661 Finished goods 14,642 8,242 Total inventories $ 102,234 $ 92,279

PREPAIDS AND OTHER CURRENT AS_2

PREPAIDS AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaids and Other Current Assets	Prepaids and other current assets as of June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Prepaid expenses and deposits $ 47,649 $ 43,126 Government grant receivables 10,550 1,443 Other current assets 5,321 7,632 Total prepaids and other current assets $ 63,520 $ 52,201

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property Plant and Equipment, Net	Property, plant and equipment, net, as of June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Buildings and improvements $ 41,501 $ 36,493 Machinery, equipment, vehicles and office furniture 47,354 54,300 Computer equipment, hardware and software 7,822 7,517 Launch site assets 13,186 12,822 Construction in process 50,481 26,771 Property, plant and equipment—gross 160,344 137,903 Less accumulated depreciation and amortization ( 40,340 ) ( 36,389 ) Property, plant and equipment—net $ 120,004 $ 101,514 Depreciation expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three and six months ended June 30, 2023 and 2022 consisted of the following: Three Months Ended June 30, Six Months Ended June 30, Depreciation expense 2023 2022 2023 2022 Cost of revenues $ 1,938 $ 3,252 $ 4,290 $ 5,758 Research and development 1,026 536 1,844 781 Selling, general and administrative 393 376 781 718 Total depreciation expense $ 3,357 $ 4,164 $ 6,915 $ 7,257

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Components of Intangible Assets	The components of intangible assets consisted of the following as of June 30, 2023 and December 31, 2022: June 30, 2023 Gross Accumulated Net Carrying Finite-Lived Intangible Assets Developed Technology $ 55,765 $ ( 13,229 ) $ 42,536 Capitalized software 10,311 ( 6,068 ) 4,243 Customer relationships 16,135 ( 2,591 ) 13,544 Trademarks and tradenames 10,106 ( 1,375 ) 8,731 Backlog 3,491 ( 2,616 ) 875 Other 1,128 ( 348 ) 780 Indefinite-Lived Intangible Assets In-process Technology 2,600 — 2,600 Total $ 99,536 $ ( 26,227 ) $ 73,309 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 and six months ended June 30, 2023 and 2022, respectively consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenues $ 1,778 $ 803 $ 3,560 $ 1,413 Research and development 18 1,711 66 3,365 Selling, general and administrative 1,443 817 2,933 1,448 Total amortization expense $ 3,239 $ 3,331 $ 6,559 $ 6,226
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 June 30, 2023: 2023 (for the remaining period) $ 6,477 2024 11,318 2025 9,335 2026 9,172 2027 8,202 Thereafter 26,205 Total $ 70,709

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022 consisted of the following: Three Months Ended June 30, Six Months Ended June 30, Stock-based compensation 2023 2022 2023 2022 Cost of revenues $ 3,330 $ 5,792 $ 7,143 $ 9,127 Research and development 6,652 6,350 11,674 11,376 Selling, general and administrative 5,282 4,727 10,483 8,324 Total stock-based compensation expense $ 15,264 $ 16,869 $ 29,300 $ 28,827

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income tax (provision) benefit $ ( 761 ) $ 2,073 $ ( 1,287 ) $ ( 2,315 ) Effective tax rate ( 1.7 )% 5.2 % ( 1.4 )% ( 3.7 )%

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator Net loss attributable to common stockholders-basic and diluted $ ( 45,889 ) $ ( 37,417 ) $ ( 91,506 ) $ ( 64,126 ) Denominator Weighted average common shares outstanding-basic and diluted 479,735,858 464,719,924 477,977,551 460,630,324 Net loss per share attributable to common stockholders-basic and diluted $ ( 0.10 ) $ ( 0.08 ) $ ( 0.19 ) $ ( 0.14 )
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: June 30, 2023 2022 Stock options and restricted stock units 31,165,239 31,193,222

SEGMENTS (Tables)

SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summary of Information by Reportable Segment	The following table shows information by reportable segment for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 2022 Launch Space Launch Space Revenues $ 22,495 $ 39,550 $ 19,109 $ 36,365 Cost of revenues 17,454 29,998 21,421 29,095 Gross profit (loss) $ 5,041 $ 9,552 $ ( 2,312 ) $ 7,270 Six Months Ended June 30, 2023 2022 Launch Space Launch Space Revenues $ 42,116 $ 74,824 $ 25,685 $ 70,492 Cost of revenues 37,833 58,157 28,765 58,719 Gross profit (loss) $ 4,283 $ 16,667 $ ( 3,080 ) $ 11,773

Revenue - Reconciliation of Dis

Revenue - Reconciliation of Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 62,045	$ 55,474	$ 116,940	$ 96,177
Point-in-time
Disaggregation of Revenue [Line Items]
Revenues	35,670	37,107	64,332	65,344
Over-time
Disaggregation of Revenue [Line Items]
Revenues	$ 26,375	$ 18,367	$ 52,608	$ 30,833

Revenue - Balances Related to E

Revenue - Balances Related to Enforceable Contracts (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Abstract]
Accounts receivable,net	$ 25,175		$ 36,572
Contract assets	16,714		9,451
Contract liabilities	$ (134,574)	$ (125,635)	$ (108,344)

Revenue - Changes in Contract L

Revenue - Changes in Contract Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Disaggregation of Revenue [Abstract]
Contract liabilities, beginning of year	$ 125,635	$ 108,344
Customer advances received or billed	34,190	68,583
Recognition of unearned revenue	(25,251)	(42,353)
Contract liabilities, end of year	$ 134,574	$ 134,574

Revenue - Summary of Concentrat

Revenue - Summary of Concentration of Credit Risk and Significant Customers (Details) - Customer Concentration Risk [Member]	6 Months Ended
	Jun. 30, 2023
Revenue Benchmark [Member] | Northrop Grumman Corporation [Member]
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	14%
Revenue Benchmark [Member] | National Aeronautics and Space Administration [Member]
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	11%
Accounts Receivable [Member] | Northrop Grumman Corporation [Member]
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	16%

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Remaining unsatisfied performance obligations	$ 534,312
Revenue recognized description	approximately 57% is expected to be recognized within 12 months, with the remaining 43% to be recognized beyond 12 months
Other non-current assets	$ 12,894	$ 7,303
Commercial Customer [Member]
Disaggregation of Revenue [Line Items]
Revenue recognized description	The receivable will bear no interest until the initial launch dates pass, after which interest will accrue at a fixed rate of 10.8%. Principal and interest payments will be made over 12 quarterly payments from the launch date.
Financing Receivable [Member]
Disaggregation of Revenue [Line Items]
Other non-current assets	$ 7,000

Business Combinations - Additio

Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 71,020		$ 71,020
Stock compensation expense	29,300	$ 28,827
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
Asset Purchase Agreement [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs	999
Contingent consideration payable	$ 17,118

Business Combinations - Estimat

Business Combinations - Estimates Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Prepaids and other current assets		$ 3,536
Other non-current assets		12,894	$ 7,303
Other non-current liabilities		5,716	3,005
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
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
Asset Purchase Agreement [Member]
Business Acquisition [Line Items]
Prepaids and other current assets		15,842
Right-of-use assets - operating leases		13,939
Other non-current assets		189
Other non-current liabilities		(1,352)
Other current liabilities		(1,125)
Non-current operating lease liabilities		(10,375)
Total purchase price		$ 17,118
[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 Combination - fair val

Business Combination - fair value of the assets acquired and the liabilities assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Property, plant and equipment	$ 3,536
Other non-current assets	12,894	$ 7,303
Other non-current liabilities	5,716	$ 3,005
Asset Purchase Agreement [Member]
Business Acquisition [Line Items]
Property, plant and equipment	15,842
Right-of-use assets - operating leases	13,939
Other non-current assets	189
Other current liabilities	(1,125)
Non-current operating lease liabilities	(10,375)
Other non-current liabilities	(1,352)
Total purchase price	$ 17,118

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	6 Months Ended
	Jun. 30, 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	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash And Cash Equivalents	$ 197,160	$ 242,515
Marketable securities, current	144,018	229,276
Marketable securities, non-current	73,941	9,193
Cash And Cash Equivalents And Marketable Securities [Member]
Cash and Cash Equivalents [Line Items]
Cash And Cash Equivalents	197,160	242,515
Marketable securities, current	144,018	229,276
Marketable securities, non-current	73,941	9,193
Total Cash And Cash Equivalents And Marketable Securities	$ 415,119	$ 480,984

Cash and Cash Equivalents and_4

Cash and Cash Equivalents and Marketable Securities - Schedule of Cash Equivalents and Marketable Securities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 374,716
Gross Unrealized Gains	5
Gross Unrealized Losses	(1,223)
Fair Value	373,498
Cash Equivalents	155,539
Marketable Securities	217,959
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	60,027
Gross Unrealized Gains	0
Gross Unrealized Losses	(235)
Fair Value	59,792
Cash Equivalents	0
Marketable Securities	59,792
Mortgage- and Asset-backed Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	10,793
Gross Unrealized Gains	0
Gross Unrealized Losses	(43)
Fair Value	10,750
Cash Equivalents	0
Marketable Securities	10,750
U.S. Government Agency Bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	8,351
Gross Unrealized Gains	0
Gross Unrealized Losses	(15)
Fair Value	8,336
Cash Equivalents	0
Marketable Securities	8,336
U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	73,778
Gross Unrealized Gains	4
Gross Unrealized Losses	(829)
Fair Value	72,953
Cash Equivalents	7,784
Marketable Securities	65,169
Yankee Bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	2,922
Gross Unrealized Gains	0
Gross Unrealized Losses	(8)
Fair Value	2,914
Cash Equivalents	0
Marketable Securities	2,914
Money market accounts
Marketable Securities [Line Items]
Amortized Cost	147,755
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	147,755
Cash Equivalents	147,755
Marketable Securities	0
Certificates Of Deposit [Member]
Marketable Securities [Line Items]
Amortized Cost	40,291
Gross Unrealized Gains	1
Gross Unrealized Losses	(55)
Fair Value	40,237
Cash Equivalents	0
Marketable Securities	40,237
Commercial Paper [Member]
Marketable Securities [Line Items]
Amortized Cost	30,799
Gross Unrealized Gains	0
Gross Unrealized Losses	(38)
Fair Value	30,761
Cash Equivalents	0
Marketable Securities	$ 30,761

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	Jun. 30, 2023 USD ($)
Marketable Securities [Line Items]
Fair value	$ 204,375
Unrealized Losses	(1,223)
Certificates Of Deposit [Member]
Marketable Securities [Line Items]
Fair value	34,493
Unrealized Losses	(55)
Commercial Paper [Member]
Marketable Securities [Line Items]
Fair value	30,761
Unrealized Losses	(38)
U.S. Government Agency Bonds [Member]
Marketable Securities [Line Items]
Fair value	8,336
Unrealized Losses	(15)
U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Fair value	58,769
Unrealized Losses	(829)
Yankee Bonds [Member]
Marketable Securities [Line Items]
Fair value	2,914
Unrealized Losses	(8)
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Fair value	58,352
Unrealized Losses	(235)
Mortgage- and Asset-backed Securities [Member]
Marketable Securities [Line Items]
Fair value	10,750
Unrealized Losses	$ (43)

Cash and Cash Equivalents and_6

Cash and Cash Equivalents and Marketable Securities - Summary of Contractual Maturities of Marketable Securities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 374,716
Fair Value	373,498
Due to One Year [Member]
Marketable Securities [Line Items]
Amortized Cost	299,840
Fair Value	299,557
Due Within One To Three Years [Member]
Marketable Securities [Line Items]
Amortized Cost	74,876
Fair Value	$ 73,941

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 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	Jun. 30, 2023	Dec. 31, 2022
Cash equivalents:
Marketable securities, current	$ 144,018	$ 229,276
Marketable securities, non-current	73,941	9,193
Fair Value, Recurring [Member]
Cash equivalents:
Total	373,498	450,935
Other non-current liabilities:
Contingent consideration	3,400	1,800
Total	3,400	1,800
Fair Value, Recurring [Member] | Level 1 [Member]
Cash equivalents:
Marketable securities, non-current	56,772
Total	229,044	241,621
Other non-current liabilities:
Contingent consideration	0	0
Total	0	0
Fair Value, Recurring [Member] | Level 2 [Member]
Cash equivalents:
Marketable securities, non-current	0
Total	144,454	209,314
Other non-current liabilities:
Contingent consideration	0	0
Total	0	0
Fair Value, Recurring [Member] | Level 3 [Member]
Cash equivalents:
Marketable securities, non-current	0
Total	0	0
Other non-current liabilities:
Contingent consideration	3,400	1,800
Total	3,400	1,800
Money Market Funds [Member] | Fair Value, Recurring [Member]
Cash equivalents:
Cash equivalents	147,755	204,027
Money Market Funds [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Cash equivalents:
Cash equivalents	147,755	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	40,237	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	40,237	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	30,761	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	30,761	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	8,336	30,086
U.S. Government Agency Bonds [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Cash equivalents:
Marketable securities, current	8,336	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:
Cash equivalents	7,784
Marketable securities, current	8,397	7,508
Marketable securities, non-current	56,772
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Level 1 [Member]
Cash equivalents:
Cash equivalents	7,784
Marketable securities, current	8,397	7,508
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Level 2 [Member]
Cash equivalents:
Cash equivalents	0
Marketable securities, current	0	0
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Level 3 [Member]
Cash equivalents:
Cash equivalents	0
Marketable securities, current	0	0
Corporate Debt Securities [Member] | Fair Value, Recurring [Member]
Cash equivalents:
Cash equivalents		3,459
Marketable securities, current	6,823	62,316
Marketable securities, non-current	52,969	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	6,823	62,316
Marketable securities, non-current	52,969	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	404
Marketable securities, non-current	10,346	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	404
Marketable securities, non-current	10,346	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	2,914	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	2,914	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	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Line Items]
Raw materials	$ 41,063	$ 33,376
Work in process	46,529	50,661
Finished goods	14,642	8,242
Total inventories	$ 102,234	$ 92,279

Prepaid and Other Current Asset

Prepaid and Other Current Assets - Schedule of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets [Abstract]
Prepaid expenses	$ 47,649	$ 43,126
Government grant receivables	10,550	1,443
Other current assets	5,321	7,632
Total prepaids and other current assets	$ 63,520	$ 52,201

Assets Held for Sale (Additiona

Assets Held for Sale (Additional Information) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
ASSETS HELD FOR SALE ABSTRACT
Assets held for sale	$ 11,384

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 160,344	$ 137,903
Less accumulated depreciation and amortization	(40,340)	(36,389)
Property, plant and equipment, net	120,004	101,514
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	41,501	36,493
Machinery, Equipment, Vehicles And Office Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	47,354	54,300
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	7,822	7,517
Launch Site Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13,186	12,822
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 50,481	$ 26,771

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Schedule of Depreciation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 3,357	$ 4,164	$ 6,915	$ 7,257
Cost of revenues [Member]
Property, Plant and Equipment [Line Items]
Total depreciation expense	1,938	3,252	4,290	5,758
Research And Development [Member]
Property, Plant and Equipment [Line Items]
Total depreciation expense	1,026	536	1,844	781
Selling, general and administrative [Member]
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 393	$ 376	$ 781	$ 718

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - (Additional Information) (Details) - USD ($) $ in Thousands	Jun. 30, 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	Jun. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Gross Carrying Amount	$ 99,536	$ 99,482
Accumulated Amortization	(26,227)	(19,790)
Net Carrying Amount	73,309	79,692
In Process Research and Development [Member]
Goodwill [Line Items]
Gross Carrying Amount	2,600	2,600
Accumulated Amortization	0	0
Net Carrying Amount	2,600	2,600
Developed Technology [Member]
Goodwill [Line Items]
Gross Carrying Amount	55,765	55,765
Accumulated Amortization	13,229	9,809
Net Carrying Amount	42,536	45,956
Capitalized Software [Member]
Goodwill [Line Items]
Gross Carrying Amount	10,311	10,502
Accumulated Amortization	(6,068)	(5,023)
Net Carrying Amount	4,243	5,479
Customer Relationships [Member]
Goodwill [Line Items]
Gross Carrying Amount	16,135	16,122
Accumulated Amortization	(2,591)	(1,866)
Net Carrying Amount	13,544	14,256
Trademark and Tradenames [Member]
Goodwill [Line Items]
Gross Carrying Amount	10,106	10,104
Accumulated Amortization	(1,375)	(947)
Net Carrying Amount	8,731	9,157
Backlog [Member]
Goodwill [Line Items]
Gross Carrying Amount	3,491	3,491
Accumulated Amortization	(2,616)	(1,866)
Net Carrying Amount	875	1,625
Other [Member]
Goodwill [Line Items]
Gross Carrying Amount	1,128	898
Accumulated Amortization	(348)	(279)
Net Carrying Amount	$ 780	$ 619

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Summary of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 3,239	$ 3,331	$ 6,559	$ 6,226
Cost of revenues [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	1,778	803	3,560	1,413
Research and Development [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	18	1,711	66	3,365
Selling, General and Administrative [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 1,443	$ 817	$ 2,933	$ 1,448

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net - Schedule of Estimated Future Amortization Expense Related to Finite Intangible Assets (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
2023 (for the remaining period)	$ 6,477
2024	11,318
2025	9,335
2026	9,172
2027	8,202
Thereafter	26,205
Total	$ 70,709

LOAN AGREEMENT - Additional Inf

LOAN AGREEMENT - Additional Information (Detail) - USD ($)		6 Months Ended
	Jun. 10, 2021	Jun. 30, 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
Long-term borrowings, excluding current installments		$ 0	$ 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		$ 104,381

PUBLIC AND PRIVATE WARRANTS - A

PUBLIC AND PRIVATE WARRANTS - Additional Information (Detail) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 22, 2021
Class of Warrant or Right [Line Items]
Gain on fair value of exercise of warrants		$ 0	$ 0	$ 0	$ (13,482,000)
Common Stock Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants exercise price			$ 11.5		$ 11.5
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 11.5		$ 11.5
Warrants and rights outstanding			$ 10,969		$ 10,969
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants issued			10,383,077		10,383,077
Warrants exercise price						$ 11.5
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			10,383,077		10,383,077
Class of Warrant or Right, Exercise Price of Warrants or Rights						11.5
Warrants and rights outstanding			$ 1,592,080		$ 1,592,080
Number of securities called by each warrant or right		0	2,951,781	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	$ 0.1
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		5,600,000
Common Stock [Member] | Public Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and rights outstanding		$ 10,666,666		$ 10,666,666
Common Stock [Member] | Public Warrants and Private Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants exercise price		$ 11.5		$ 11.5		0.2843
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 11.5		$ 11.5		$ 0.2843
Common Stock [Member] | Private Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and rights outstanding		$ 5,600,000		$ 5,600,000

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-based Compensation Expense	$ 15,264	$ 16,869	$ 29,300	$ 28,827
Cost of revenues [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-based Compensation Expense	3,330	5,792	7,143	9,127
Research And Development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-based Compensation Expense	6,652	6,350	11,674	11,376
Selling, general and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total Stock-based Compensation Expense	$ 5,282	$ 4,727	$ 10,483	$ 8,324

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Shares, Issued		482,603,474		482,603,474		475,356,517
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%
Two Thousand Twenty One Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 809,000		$ 809,000
Common Stock, Shares, Issued		681,018	527,899	681,018	527,899
Sale of aggregate, shares		59,875,000		59,875,000
Outstanding number of shares of common stock Percentage						5%
Shares authorized to issue under equity award plan		101,067,501		101,067,501
Shares available for grant		83,773,017		83,773,017
Stock-based compensation		$ 626,000	$ 891,000	$ 1,396,000	$ 1,659,000
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]
Sale of aggregate, shares		17,457,414		17,457,414
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				5,816,224	8,430,523
Stock-based compensation				$ 94,977

LEASE - Additional Information

LEASE - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Leased Assets [Line Items]
Operating Lease, Right-of-Use Asset	$ 47,586	$ 35,239
Vehicles and Equipment [Member] | Minimum Member
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Remaining Lease Term	1 year
Vehicles and Equipment [Member] | Maximum [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Remaining Lease Term	27 years
Virgin APA [Member]
Operating Leased Assets [Line Items]
Operating lease liability	$ 11,500
Operating Lease, Right-of-Use Asset	$ 13,939

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Additional Information) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments And Contingencies LineItems
Provision for contract loss	$ 4,066
Other Current Liabilities Member
Commitments And Contingencies LineItems
Provision for contract loss	$ 9,866

INCOME TAXES - Schedule Of Inco

INCOME TAXES - Schedule Of Income Tax Expense And The Effective Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax (provision) benefit	$ (761)	$ (2,073)	$ (1,287)	$ (2,315)
Effective tax rate	(1.70%)	5.20%	(1.40%)	(3.70%)

INCOME TAXES (Additional Inform

INCOME TAXES (Additional Information) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Uncertain Tax Positions	$ 2,930

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				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss attributable to common stockholders-basic and diluted	$ (45,889)	$ (45,617)	$ (37,417)	$ (26,709)	$ (91,506)	$ (64,126)
Weighted average common shares outstanding-basic	479,735,858		464,719,924		477,977,551	460,630,324
Weighted average common shares outstanding, diluted	479,735,858		464,719,924		477,977,551	460,630,324
Net loss per share attributable to Rocket Lab USA, Inc-Basic	$ (0.1)		$ (0.08)		$ (0.19)	$ (0.14)
Net loss per share attributable to Rocket Lab USA, Inc-Diluted	$ (0.1)		$ (0.08)		$ (0.19)	$ (0.14)

Net Loss Per Share - Summary _2

Net Loss Per Share - Summary of Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Stock Options And Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity shares	31,165,239	31,193,222

SEGMENTS - Additional Informati

SEGMENTS - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Sales Information [Line Items]
Cost of revenues	$ 47,452	$ 50,516	$ 95,990	$ 87,484
Gross profit (loss)	14,593	4,958	20,950	8,693
Launch Services [Member]
Sales Information [Line Items]
Revenues	22,495	19,109	42,116	25,685
Cost of revenues	17,454	21,421	37,833	28,765
Gross profit (loss)	5,041	(2,312)	4,283	(3,080)
Space Systems [Member]
Sales Information [Line Items]
Revenues	39,550	36,365	74,824	70,492
Cost of revenues	29,998	29,095	58,157	58,719
Gross profit (loss)	$ 9,552	$ 7,270	$ 16,667	$ 11,773

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Related Party Transactions (Details) [Line Items]
Related Party Transaction, Due from (to) Related Party	$ 0	$ 0