Rocket Lab shares have fallen amid heavy recent selling, but ARK Investment Management, led by Cathie Wood, bought 705,102 RKLB shares worth approximately $44 million across two trading sessions. The stock was around $62.54 after declining 2.2% on Tuesday and has retreated more than 50% from its May peak, while falling in nine of the last 10 sessions and weakening further after hours. Rocket Lab's Neutron medium-lift launch vehicle (a rocket for larger payloads) remains central to the investment case, although CEO Peter Beck said the year-end launch window is narrowing and critical tests remain. Blue Origin's $700 million NASA Mars communications contract added competitive pressure, but Rocket Lab's Q2 2026 backlog reached a record $2.36 billion, up 137% year over year, with 45.5% scheduled for revenue recognition within 12 months. Analysts remain constructive despite mixed price-target revisions, while Rocket Lab also holds more than 90 launch commitments and recently gained access to major government programs.