Neutron is already being booked for launches – at around US$55m per pop, from the Electron’s US$7.5m – contributing to Rocket Lab’s bulging order-book for future flights that now stands at more than US$500m.

This year has also seen Rocket Lab spend US$275m to acquire Geost, an Arizona-based maker of missile-tracking systems – the better to position itself for US President Trump’s envisioned “Golden Dome” defence – and US$75m to buy Mynaric, a German maker of laser communication systems in its first push into Europe.

At Rocket Lab’s third-quarter results briefing – where a record US$155m revenue was reported for the three months to September 30, Beck said Neutron would unlock the ability to launch Rocket Lab’s own satellite constellation. That is, a competitor to Elon Musk’s Starlink. It would no longer be a technical or logistical debate, only whether it was the right commercial strategy for the Kiwi-American firm.

Rocket Lab’s Nasdaq-listed shares have already shot to the stratosphere. It’s stock -owned by more than 32,000 New Zealanders through fractional ownership sites like Sharesies has doubled for a recent market cap of US$21 billion ($37b) with Beck becoming a fixture on the likes of Fox Business and CBNC.

Rare global leadership position

“It’s very rare for a New Zealand company to truly achieve a global leadership position within its field, but that is what Rocket Lab has achieved,” the Deloitte 200 judges said.

“Its commercial success and creation of shareholder value is outstanding.

“But what makes it particularly special is that it has achieved this success within the space industry – surely one of the most aspirational fields of endeavour.”

The judges added: “The achievement of Rocket Lab is hugely beneficial for New Zealand’s long-term success, inspiring our next generation of young engineering and science talent.

“Rocket Lab exemplifies world-class innovation, ambition, and commercial execution, the judges said.”

Beck’s think-global ethos saw him win key US backing in Rocket Lab’s early days, including its first major contract – with Darpa (the Defense Advanced Research Projects Agency) and venture capital firms in Silicon Valley.

But even as his firm has expanded organically and through acquisitions across North America, it now has operations in Arizona, California, Colorado, Maryland, Mississippi, New Mexico, Toronto, Washington DC and Virginia – it continues to expand in his home country too.

Rocket Lab was recently advertising for 58 more staff in New Zealand, with roles running from software engineers in Auckland to a “Neutron composite technician” in Warkworth – where Beck’s firm took on Sir Russell Coutts’ SailGP plant and its 50 staff after Coutts decamped his operation to Spain. Beck was able to use their expertise in carbon composites – the material used in not just SailGP and America’s Cup yachts but Rocket Lab rockets too.

This year has seen a record number of launches from Mahia – which Beck says will always appeal because of New Zealand’s relatively empty skies and seaways.

Rocket Lab has also recently expanded its Mt Wellington factory – which was already assembling Electron rockets – for research and development work on Neutron, plus a new production line producing thousands of reaction wheels, used for keeping satellites in the correct orientation.

Beck’s firm has also had a halo effect. “Rocket Lab has helped create an entirely new multi-company industry for New Zealand,” the judges said.

It has fostered and inspired dozens of aerospace startups – some of which have had seed funding from Beck, or have been established by ex-Rocket staff, including Kea Aerospace, founded by Mark Rocket.

Kiwis now sought-after in global aerospace industry

More broadly, the rise of Rocket Lab has prompted a change in the way the global aerospace industry sees NZ.

“New Zealand is now recognised globally as a serious space player,” Beck tells the Herald.

“World-class space industry talent now sees New Zealand as a serious and ambitious place to work, and similarly, Kiwis are highly sought after internationally,” Beck said.

“Likewise, investors know Kiwis can do space well – so that fuels the local ecosystem.

“But most importantly, I think Rocket Lab’s success has convinced others in the space industry, and beyond, in the wider start-up industry, that it’s not only okay but encouraged to get overseas early, attract international investment, secure international customers, grow international teams and expand footprints beyond our shores, fast.

“We are a nation of wildly talented and driven people. We should protect and celebrate that, but also recognise that in order to grow and truly flourish we need to think and act globally.”

No longer just rocket launches

How has Rocket Lab grown and diversified its revenue over the past year?

“Most people know us as a launch company, but we’ve expanded far beyond this an end-to-end space company with revenue diversified across launch, satellite manufacturing and operation, and satellite components and subsystems supplied at constellation volumes,” Beck told the Herald.

“Electron demand is accelerating faster than ever before, and that momentum continues to build upon our largest launch backlog yet with 49 launches on contract. We’ve just launched our 18th mission this year, equalling last year’s launch record.

“We’ve opened up new markets with existing products, such as enabling hypersonic test launches with Electron rockets tweaked slightly to serve different mission profiles. Then we’re also unlocking more TAM [total addressable market] with Neutron, enabling us to soon launch larger spacecraft and constellations.”

Beck said his company had continued to make strategic acquisitions to diversify revenue, “But also to unlock supply chain bottlenecks, enabling us to increase vertical integration to drive cost and speed efficiencies.”

His vision is for Rocket Lab to be a one-stop destination – able to design, launch and build any spacecraft its customers require.

How could New Zealand foster more Rocket Labs?

“Encourage our people and businesses to go global,” Beck says.

“To be a global success, you have to think bigger than NZ in terms of investment, talent, operations, customers and more.

“We should celebrate businesses that do this, not lament them expanding offshore.”

Finalist: The a2 Milk Company

“A2 Milk has been something of a comeback story and one that highlights that adapting to change is a key driver of long-term success,” the judges said.

“A2 Milk has clearly worked hard to strengthen its distribution chain, particularly into the critical China market, but also expanding into other important geographies, including Australia and North America.

“The company continues to focus on its premium core – liquid milk and infant nutrition.

“It does what it does very well and off the back of real investment in research, product development and marketing, a2 Milk has seen an excellent return to revenue growth and improved margins and strong cashflows”.

Chief executive and managing director David Bortolussi was highly respected for his role in returning a2 Milk to strong growth after the disruption of the pandemic years, the judges said.

In August, a2 Milk announced a major change in direction, which involved selling its interest in Mataura Valley Milk and buying Yashili New Zealand’s plant at Pōkeno.

The judges noted that as of mid-November, a2 Milk was the top-performing stock on the NZX over the past year, up 100.8%. It was a strong conjunction from last year’s “most-improved” performance,” the judges said.

A2 had achieved a 30% annual shareholder return over the past decade as it had “carved out a premium niche in the global dairy market through its unique a2 protein proposition and strong consumer trust.”

There had been sustained investment in marketing, product development, and scientific research, reinforcing a2 Milk’s global differentiation.

There had also been a focus on long-term brand equity, supply chain integrity, and premium product quality, supporting continued global momentum.

The firm’s performance was also recognised through CFO David Muscat being named a finalist for the Deloitte 200 CFO of the Year.

“It’s been a massive year for us,” Muscat told the Herald.

“We’ve executed effectively three complex transactions in order to unlock pretty significant value for the organisation.

“Now, it’s ‘how do we, in a disciplined way, execute those transactions and deliver against the strategy to unlock some pretty significant value for the organisation’.”

The Pōkeno transaction had enabled additional products to be registered in China, Muscat said.

“Product registration in China contributed to a2’s higher valuation. It’s a difficult achievement,” the Deloitte 200 judges said.

Strategic acquisitions had expanded market access in China, the judges said. “A2 is now the fourth largest brand in the Chinese infant milk formula market.”

At its annual meeting on November 20, a2 Milk has upgraded its 2026 revenue guidance because of stronger-than-expected trading in infant formula, other nutritionals, milk and a weaker New Zealand dollar.

The company said it now expects revenue growth in the low double-digit percentages, compared with 2025, from continuing operations.

A2 said its profit is expected to be slightly up on 2025’s reported profit of $209.9 million.

Finalist: Fonterra

“Fonterra was a very worthy winner of the 2024 Deloitte Top 200 Company of the Year award, and this year has been a continuation of clear strategic leadership and operational excellence, resulting in another record year for farmer returns and that helps underpin the New Zealand economy,” the judges said.

“The obvious highlight for the year has been the very successful sale of its consumer brands division, enabling the company to focus on its higher-margin ingredients and nutrition products.”

The sale releases significant capital back to its farmer shareholders, together with strengthening its own balance sheet for future growth, the judges said.

The judges added, “Fonterra’s performance this year has been the realisation of a multi-year strategy that has been executed without fault.”

Continued strong milk payouts to farmers reflected sound operational management and high global demand for New Zealand dairy, resulting in another record year for the milk payout reaching $10.16 per kg milk solids, the judges said.

Fonterra’s ongoing success was closely linked to the strategic leadership of Chairman Peter McBride and strong execution by Miles Hurrell and his team, the judges said.

Fonterra had a banner FY2025 (the 12 months to July 31), with revenue up 15% to $26 billion, cash returns to shareholders up 30.6% to $16 billion and operating profit up 13% to $1.8b.

The $4.2b sale of Fonterra’s consumer brands, including Anchor and Mainland, to French company Lactalis, announced on October 30, was structured to deliver a tax-free capital return to farmers of $2 per share from the transaction, equivalent to $3.2b or about $400,000 in total for an average farmer.

The remaining $1 billion will be invested in Fonterra’s foodservice business.

Fonterra says the capital tied up in its consumer business – while profitable – is better directed to its Ingredients and Foodservice businesses, which offer better returns on the capital employed.

The performance also saw Hurrell named as a finalist for the Deloitte 200 CEO of the Year.

Chris Keall is an Auckland-based member of the Herald’s business team. He joined the Herald in 2018 and is the technology editor and a senior business writer.