Rocket Lab Corp Fair Value Disclosure
| December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Money market accounts | $ | 741,498 | $ | — | $ | — | $ | 741,498 | |||||||||||||||
| Certificates of deposit | — | 1,556 | — | 1,556 | |||||||||||||||||||
| Marketable securities, current: | |||||||||||||||||||||||
| Certificates of deposit | — | 9,294 | — | 9,294 | |||||||||||||||||||
| Commercial paper | — | 27,776 | — | 27,776 | |||||||||||||||||||
| Corporate debt securities | — | 103,077 | — | 103,077 | |||||||||||||||||||
| Yankee bonds | — | 5,351 | — | 5,351 | |||||||||||||||||||
| U.S. Treasury securities | 40,576 | — | — | 40,576 | |||||||||||||||||||
| Asset-backed securities | — | 1,843 | — | 1,843 | |||||||||||||||||||
| Marketable securities, non-current | |||||||||||||||||||||||
| Certificates of deposit | — | 2,327 | — | 2,327 | |||||||||||||||||||
| Corporate debt securities | — | 33,509 | — | 33,509 | |||||||||||||||||||
| U.S. Treasury securities | 8,492 | — | — | 8,492 | |||||||||||||||||||
| Asset-backed securities | — | 37,919 | — | 37,919 | |||||||||||||||||||
| Total | $ | 790,566 | $ | 222,652 | $ | — | $ | 1,013,218 | |||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Other non-current liabilities: | |||||||||||||||||||||||
| Contingent consideration | $ | — | $ | — | $ | 7,634 | $ | 7,634 | |||||||||||||||
| Total | $ | — | $ | — | $ | 7,634 | $ | 7,634 | |||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Money market accounts | $ | 211,619 | $ | — | $ | — | $ | 211,619 | |||||||||||||||
| Marketable securities, current: | |||||||||||||||||||||||
| Certificates of deposit | — | 21,795 | — | 21,795 | |||||||||||||||||||
| Commercial paper | — | 10,109 | — | 10,109 | |||||||||||||||||||
| Corporate debt securities | — | 57,589 | — | 57,589 | |||||||||||||||||||
| Yankee bonds | — | 2,208 | — | 2,208 | |||||||||||||||||||
| U.S. Treasury securities | 55,568 | — | — | 55,568 | |||||||||||||||||||
| Mortgage- and asset-backed securities | — | 680 | — | 680 | |||||||||||||||||||
| Marketable securities, non-current | |||||||||||||||||||||||
| Corporate debt securities | — | 28,887 | — | 28,887 | |||||||||||||||||||
| Yankee bonds | — | 378 | — | 378 | |||||||||||||||||||
| U.S. Treasury securities | 10,552 | — | — | 10,552 | |||||||||||||||||||
| Mortgage- and asset-backed securities | — | 20,869 | — | 20,869 | |||||||||||||||||||
| Total | $ | 277,739 | $ | 142,515 | $ | — | $ | 420,254 | |||||||||||||||
December 31, 2024 | $ | — | ||||||
| Acquisition-related contingent consideration | 18,258 | |||||||
Fair value adjustment | (10,624) | |||||||
December 31, 2025 | $ | 7,634 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 7, 2023 | |
| 2021 | Mar 24, 2022 | |
| 2020 | Mar 31, 2021 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.