Part of a $100 million (in 2017 dollars it would cost $153.8 million) improvement to Tomorrowland, the ride was shut down almost immediately after opening and was closed its first summer for repairs.

During design this attraction was called Rocket Rods XPR (Experimental Prototype Rocket)

The ride takes 2 minutes and 40 seconds to travel the complete circuit.

Press releases about closing Rocket Rods:

LA Times:

Disneyland's misfiring Rocket Rods, a ride that was the brash new star of Tomorrowland when that aging fun zone got a $100-million face lift three years ago, was closed permanently Friday. The ride's demise was expected. Despite efforts by designers and mechanics, the Rocket Rods had suffered increasingly serious breakdowns. Announcing a lengthy rehabilitation in September, Disney posted a sign saying the ride would reopen come spring. But the sign was removed recently.

Orange County Register:

Anaheim - The zippy Rocket Rods ride at Disneyland, closed for repairs since last September, will not reopen.
Friday's announcement confirmed rumors about the ride's closing that have circulated since it was shut down for repairs on Sept. 25. Rocket Rods, a fast, spaceship-type ride that replaced the old PeopleMover in Tomorrowland, was difficult to repair and broke down often.
Disneyland Resort President Cynthia Harriss said the "complexities" of keeping Rocket Rods in operation was a factor, and noted that the ride never was able to perform well. Part of the problem was that the high-speed attraction was retrofitted to the PeopleMover track. Harriss also said the ride produced exceptionally long waits for boarding. That's the problem with closing it, though - people liked the ride. "I'm sorry to hear it won't be reopened, I think it was kind of a neat thing," said Melody Schultz, a Laguna Hills resident who holds annual passes to both parks in the Disneyland Resort. Rocket Rods, which opened May 22, 1998, traveled along its track in about three minutes; the PeopleMover ride took about 16 minutes. Disney spokesman Ray Gomez refused to say what might be used to replace Rocket Rods.Gomez said Disney's management hasn't made any decisions yet, and no date has been set for a new ride to open

Cost To Build $25.0 Million