Cantor Fitzgerald lifted its price target on Rocket Lab (RKLB) to $85 from $72, citing the company's record $602 million fiscal 2025 revenue, a 38% YoY surge, and a massive $1.85 billion backlog. The analyst noted this revenue exceeded both consensus expectations and management guidance. Operationally, Rocket Lab achieved its goal of 21 successful launches in 2025, including seven in the fourth quarter, also a record.

Crucially, 74% of the backlog revenue is tied to Space Systems, with management projecting 37% of the total backlog will become revenue within a year. The update also referenced the company's largest contract to date, a $805 million SDA Tranche 3 award. The stock, trading around $69.10 at the time, reflects the market's reaction to these strong fundamentals.