The Rocket is a slow-firing weapon with a slow-moving but very powerful explosive projectile. It fires with a power consumption of 10 units per shot. Range is unlimited [Citation Needed], it will usually be able to fire farther than the player can see. Killing an AI character with the Rocket is very easy given its large damage and wide splash radius. A single shot is enough to take down enemies. Buildings can't be destroyed with rockets.
There are actually two types of rocket buildings. One is rounded at the top, and this yields the impact-explosive purple flare rockets. The other building is an oblong with chamfered edges, which shoots proximity mines that attach to surfaces and emit a red laser. It's likely the names being the same is a temporary bug.