Backlog vs RPO: What Space Company 10-Qs Report (Q2 2026)

Backlog is the number in the press release; remaining performance obligations (RPO) is the accounting number in the 10-Q, and they are often different. In their second-quarter 2026 filings, AST SpaceMobile reported about $1.30 billion of contracted backlog but about $1.2 billion of RPO, of which only about 6.6% is expected to become revenue in the next 12 months. Rocket Lab's 10-Q says about 45% of its $2.36 billion of remaining backlog should be recognized within 12 months. Intuitive Machines reported $1.76 billion of contracted backlog but $814.7 million of remaining fixed-price performance obligations. The point is not that one is right: check what each number includes and when it turns into revenue. This is research, not financial advice.

The numbers, side by side#

All figures are as of June 30, 2026, from each company's second-quarter results and Form 10-Q (links below). Planet's quarter ended July 31.

Company	Backlog in the results release	Accounting measure in the filing	Timing stated
AST SpaceMobile (ASTS)	About $1.30 billion "aggregate contracted revenue"	RPO of about $1.2 billion	About 6.6% within 12 months, the rest later
Rocket Lab (RKLB)	$2.36 billion	The 10-Q reports "remaining backlog" of $2,355,949 thousand, defined as the estimated transaction price on performance obligations with work remaining	About 45% within 12 months, 55% beyond
Intuitive Machines (LUNR)	$1.76 billion contracted backlog	$814.7 million remaining fixed-price performance obligations	30-35% in the remaining six months of 2026, 35-40% in 2027, the rest over the following three years
Planet Labs (PL)	$814.9 million	$753.1 million RPO (Planet's own release, September 3, 2026)	Not compared here

What the differences mean#

AST SpaceMobile: contracted does not mean near-term. The 10-Q says RPO includes gateway equipment, U.S. Government work and the SpaceMobile Service, and that about 6.6% should be recognized over the next 12 months. By our arithmetic on the rounded $1.2 billion, that is roughly $79 million. The same filing says the SpaceMobile Service has not been launched and has not yet generated revenue. The release's $1.30 billion also counts U.S. Government awards, so the two figures are close but not identical.

Rocket Lab: the 10-Q uses "backlog" itself. Its filing defines backlog as the estimated transaction price on performance obligations with work remaining, and gives the 12-month share directly. About 45% of $2.36 billion is roughly $1.06 billion, our arithmetic.

Intuitive Machines: the two numbers cover different things. The contracted backlog of $1.76 billion includes agreements with binding terms. The RPO figure in the 10-Q is $814.7 million of remaining fixed-price performance obligations, which excludes unexercised options. The company gives a recognition schedule, so by our arithmetic roughly 65-75% of that fixed-price figure falls by the end of 2027.

Planet: two nearby numbers. $814.9 million of backlog against $753.1 million of RPO. Planet's backlog adds cancelable portions and orders awaiting funding, which our backlog comparison explains.

How to read the gap#

Find the definition. Does the figure include cancelable contracts, unexercised options, government awards not yet funded, or only firm orders?
Find the 12-month share. It is usually in the revenue or backlog note of the 10-Q, as it is at Rocket Lab and AST SpaceMobile.
Compare with revenue. A large backlog against small current revenue, as at AST SpaceMobile, says contracts are large next to today's sales, not when they convert.
Check contract type. Fixed-price and cost-plus contracts shift risk differently; see contract-type risk.
Pair it with cash. Work that converts slowly has to be funded in the meantime; see how to calculate cash runway from a 10-Q.

Track the filings on Martian Alpha#

The free catalyst feed collects earnings, contract awards and filings for tracked space companies, the free screener filters them, and each company page (ASTS, RKLB, LUNR) has its profile and recent events. Martian Alpha does not show backlog or RPO on company pages, so read the filings for those. A free account adds a watchlist (2 tickers) with news alerts.

FAQ#

What is the difference between backlog and remaining performance obligations?#

Backlog is a company-defined measure, often in the press release. RPO is the accounting measure in the 10-Q: the transaction price of firm contracts with work still to be done. Companies define backlog differently, so the two can differ.

How much of AST SpaceMobile's RPO converts to revenue soon?#

Its 10-Q for June 30, 2026 says it expects about 6.6% of RPO of about $1.2 billion to be recognized as revenue over the next 12 months.

How much of Rocket Lab's backlog is expected within 12 months?#

Its 10-Q says approximately 45% of the $2.36 billion of remaining backlog at June 30, 2026, with 55% beyond 12 months.

Why is Intuitive Machines' RPO lower than its backlog?#

The 10-Q figure of $814.7 million covers remaining fixed-price performance obligations of firm orders, while its $1.76 billion contracted backlog is a broader measure. The 10-Q describes how other contract types are treated separately.

Is this investment advice?#

No. It compares figures that companies report and does not recommend any security.

Sources#

Not financial advice. Figures as reported by each company as of the dates above; percentages of RPO in dollars are Martian Alpha's arithmetic on rounded figures.

This article is for information only and is not financial advice. Do your own research before making any investment.