Rocket Lab shares were trading flat at $66.79 Wednesday after a 10% weekly pullback, as investors balanced major defense contracts and strong operating results against the high expenses and capital spending required to develop the company's medium-lift Neutron rocket. The U.S. Space Force awarded Rocket Lab a $397 million contract on Aug. 4 to build, launch and operate "Flatellites" for the Space-Based Airborne Moving Target Indicator program, the company's largest national security award of the year. Rocket Lab reported record second-quarter revenue of $234 million, up 62% year over year, and increased its backlog to $2.36 billion. Management forecast third-quarter revenue of $250 million to $265 million, supported by more than $437 million in new launch contracts across its Electron, HASTE and Neutron programs. Additional support came from a $12 million Space Force optical-communications contract, Rocket Lab's inclusion in the defense sector's NITE-STAR architecture, a dedicated Neutron launch contract with Kepler Communications and Electron's 93rd flight for iQPS. Investors are also monitoring ongoing hardware integration and testing ahead of Neutron's planned debut, as well as routine insider stock-sale disclosures tied to vested equity awards.