Rocket Lab operates a small orbital launch vehicle and sells the components and complete spacecraft that customers put on top of it. The launch business handles dedicated missions for operators whose satellites are too small to justify a large rocket, while the space systems segment supplies solar arrays, reaction wheels, flight software and, in some cases, an entire satellite built to order. Space systems contributes most of the revenue, which makes the company less dependent on launch cadence than its public profile suggests. A larger vehicle under development would move it into a different competitive tier, and the spending it requires lands well before any return.