$Rocket Lab(RKLB.US)According to the Q3 financial report released this year, as of the end of Q3 2025 (September 30), the official report shows that the total backlog is approximately $1.1 billion: of which launch services (Launch) account for about 47%, and space systems (Space Systems, including satellite manufacturing, etc.) account for 53%. The company expects about 57% of this to be converted into revenue within the next 12 months. In addition, the recently announced SDA Tranche 3 Tracking Layer contract (Rocket Lab's portion is worth $805 million, providing 18 satellites) brings the latest total backlog to over $1.9 billion, a record high.