This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Rocket Lab Corp. develops and launches small satellites and provides space systems technology, with a material portion of its business dedicated to U.S. military and defense agencies. The company holds multiple classified contracts with the Department of Defense, including a research contract with the Office of Naval Research and the Defense Advanced Research Projects Agency (DARPA) for developing high-density rocket propellants. Its Electron launch vehicle and satellite components are marketed specifically for national security missions.
In February 2026, the company was listed with a 50.2% exposure score in a defense industry ETF analysis, indicating its operations are assessed as substantially aligned with the defense sector. Rocket Lab’s specialized launch services and spacecraft technology are purpose-built to support military communications, reconnaissance, and other national security functions, distinguishing it from companies providing incidental dual-use products.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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