What Rocket Lab Corporation told the SEC could break it.

As a space company, Rocket Lab must comply with U.S. export/import control, sanctions and trade-embargo laws plus FAA, DoS/DoC and New Zealand Space Agency regulation across the US, Canada and New Zealand.

“We incur or will incur costs to monitor and take actions to comply with governmental regulations that are or will be applicable to our business, which include, among others, federal securities laws and regulations, applicable stock exchange requirements, export and import control, economic sanctions and trade embargo laws and restrictions and regulations of the U.S. Department of Transportation, Federal Aviation Administration (“FAA”), the New Zealand Space Agency and other government agencies in the United States, Canada, and New Zealand.”

U.S. tariffs (higher levels on China, Mexico, Canada and others, with EU possibly next) and retaliatory measures could raise input costs and restrict Rocket Lab's ability to sell globally.

“Specifically with respect to tariffs, the U.S. government has imposed tariffs on imports into the United States, including higher tariff levels on imports from China, Mexico, and Canada, among several other countries. The U.S. continues to implement new, reinstated or adjusted tariffs, and we expect that it will continue with this practice.”

Top five customers were ~49% of 2025 revenue and top five backlog customers ~77% of backlog; Lockheed Martin (16%) and Dynetics were each ≥10% of accounts receivable. Loss or default of a major customer could materially cut revenue and backlog.

“For the year ended December 31, 2025, our top five customers accounted for approximately 49% of our revenues and our top five backlog customers accounted for approximately 77% of our backlog in the aggregate as of December 31, 2025.”

Rocket Lab's primary orbital launch operations run from a single private launch range (LC-1) in Mahia, New Zealand, dependent on a US-NZ bilateral treaty to use U.S. launch/spacecraft technology there.

“We currently operate a private launch complex located in Mahia, New Zealand, which we refer to as Launch Complex 1 (“LC-1”). This launch complex is supported by a bi-lateral treaty between the United States and New Zealand governments that enables us to use U.S. launch and spacecraft technology for launches at LC-1 that otherwise would not be permitted for launches from foreign soil.”

Rocket Lab relies on a single vendor or limited vendors for key products/services — composites, inertial measurement units, launch-vehicle structures and ground network services — managed via buffer stock on long-lead items.

“Historically, we have contracted with a single vendor or a limited number of vendors to provide certain key products or services, such as composites, inertial measurement units, construction of launch vehicle structures, and ground network services.”