Core Viewpoint - Rocket Lab's recent inclusion in a $46 billion contract for hypersonic test launch capabilities is significant but may not have the transformative impact on its stock that the headline suggests [2][3]. Group 1: Contract Details - The $46 billion contract is part of the U.S. Air Force's Enterprise-Wide Agile Acquisition Contract (EWAAC), which is an indefinite delivery-indefinite quantity (IDIQ) contract [3]. - Rocket Lab is one of 297 vendors participating in the EWAAC, meaning its share of the contract could be as low as $155 million if work is distributed evenly [4]. - The EWAAC contract is expected to run through 2031, which would imply an annual revenue share of approximately $22 million for Rocket Lab [5]. Group 2: Competitive Landscape - Rocket Lab faces competition from larger aerospace and defense companies such as Boeing, Lockheed Martin, and Northrop Grumman, which may secure larger shares of the EWAAC funds [7]. - In addition to EWAAC, Rocket Lab is also participating in the UK's Hypersonic Technologies & Capability Development Framework (HTCDF), valued at $1.3 billion, with about 90 companies expected to compete [9]. Group 3: Revenue Implications - The worst-case scenario for Rocket Lab, combining potential revenues from both contracts, suggests an increase of about $24 million to its annual revenue stream [11]. - This increase represents roughly 6% of Rocket Lab's current annual revenue, which may not significantly enhance the company's growth trajectory or stock attractiveness [12].