Rocket Lab has signed a multi-year agreement with Japanese Earth-observation company Synspective for 20 Electron launches, its largest commercial Electron contract to date. The missions will deploy 20 StriX synthetic aperture radar satellites to sun-synchronous orbit from Rocket Lab's Launch Complex 1 in New Zealand between 2028 and 2031. The deal brings Synspective's total reserved Electron flights to 47, making it Rocket Lab's largest customer by mission volume, while financial terms were not disclosed. The agreement and other multi-mission contracts signed this year have pushed Rocket Lab's launch backlog beyond 100 missions. Shares rose more than 5% in premarket trading Thursday following the announcement and gained about 3% after the regular session opened. Separately, Citi analyst John Godyn initiated coverage with a Buy rating and a $105 price target, citing Rocket Lab's launch operations, spacecraft systems business and vertically integrated model as the company develops its reusable Neutron medium-lift rocket alongside Electron.