Updated
The most significant concentration Rocket Lab discloses is single vendor composites and inertial measurement units, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Rocket Lab’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'contracted with a single vendor or a limited number of vendors to provide certain key products or services, such as composites, inertial measurement units'”
“10-K Item 1A: 'our top five customers accounted for approximately 49% of our revenues'”
“10-K Item 1A: 'approximately 47%...of our total annual revenues were derived from contracts with the U.S. government, U.S. prime contractors and its agencies'”
The company's concentration profile combines a high-share supplier dependency with two moderate-share customer exposures that overlap in part. On the supply side, it has contracted with a single vendor or a limited number of vendors for certain key products and services, including composites and inertial measurement units — a high-share dependency where the absence of readily available alternatives means a disruption at one of those vendors could directly affect launch readiness or spacecraft production capacity. On the revenue side, the top five customers accounted for approximately 49% of revenues — a moderate-share dependency that reflects the relatively concentrated nature of small-launch and spacecraft end-markets where a limited number of large satellite operators and government programs drive demand. Overlapping with this, approximately 47% of total annual revenues were derived from contracts with the U.S. government, U.S. prime contractors, and its agencies — also a moderate-share dependency, and likely encompassing a significant portion of the same top-five customers. Government contracting introduces compliance requirements, appropriations risk, and program continuity dependency that are distinct from commercial customer risk. Together, the supply and customer exposures reinforce a profile where the production system is constrained at the component level and the revenue base is concentrated among a small number of government and institutional buyers. The high-share single-vendor supplier risk is the most operationally acute element, while the government revenue concentration determines where budget cycles and program decisions matter most. Both should be monitored alongside the company's progress in qualifying alternative component vendors and diversifying its mission customer base.
For the engine’s reasoning on RKLB’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| RKLB● | Rocket Lab Corporation | 1 | 2 | 0 | 3 |
| AVAV | AeroVironment, Inc. | 1 | 1 | 2 | 4 |
| ACHR | Archer Aviation Inc. | 1 | 0 | 0 | 1 |
| AXON | Axon Enterprise, Inc. | 0 | 2 | 0 | 2 |
| AIR | AAR Corp. | 0 | 0 | 1 | 1 |
| ATRO | Astronics Corporation | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.