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$RKLB - Clear Street raises Rocket Lab price target to $110 from $105 and maintains buy rating Key Points: Neutron demand is accelerating at better prices. Eight Neutron missions signed in 3Q (~$515M) take the manifest to 16, some at a $70M base price vs. our prior $51M-$59M ASP (now $65M). Management said it could have booked more but chose higher prices over volume, and customers are paying up ahead of a debut. 3Q26: record revenue and backlog. Revenue of $267.8M (+73% y/y) beat our $257.5M by ~4%, and backlog hit a record $3.57B (+52% q/q). Adj. EBITDA of $(18.0)M was ahead of our estimate on better gross margin, partly offset by higher Neutron R&D. Outlook: higher on a stronger base and better Neutron pricing. The quarter gave us reason to move estimates up, though our changes are modest and the Neutron schedule is unchanged. Estimates rise mainly because Space Systems is running at a higher base, and secondarily because customers are paying more for Neutron. Revenue moves up about 9% in FY27E to $1.30B and about 10% in FY30E to $3.11B. Balance sheet: ~$4.7B net cash. Cash burn stays heavy as Neutron spending comes ahead of revenue, so we model year-end 2026 cash of ~$4.3B. The ATM and Iridium’s credit facility fully fund the deal, leaving regulatory approvals as the remaining step. Raising PT to $110, Reiterate Buy We raise our price target to $110 from $105 following 3Q26 results, and the target rests on three pieces: the multiple, revenue and net cash. • The multiple (largest piece). We apply ~23x 2030E EV/Sales, which works out to ~0.6x per point of growth on a ~39% 2025-30 revenue CAGR. • Revenue. Our 2030E estimate rises to $3.11B (from $2.83B) and reflects 15 Neutron launches, implying about $71.5B of 2030E enterprise value before discounting to present value. • Net cash (smallest piece). Neutron capex arrives ahead of revenue, so FY26-27 cash burn stays heavy, and we model 2030E net cash of about $6.0B. Management has not dated the 2027 first flight, and we maintain 3Q27E