I recorded this actual live-gameplay demonstration of the Raze Ult splash damage. If you frame-by-frame the explosion and check how far Reyna is (to the right), it's quite a distance. Notice there's no assist on the 2 deaths. I've also included the bit where I die at the end and it shows the damage done: 150 damage on both Reyna and Fade. Damage dealt 300, kills 2.

https://streamable.com/2u9xkx

So a full 150 damage on the Reyna who was actually pretty far from where the rocket hit. And that's why most Raze mains kinda appreciate their ult! :) ... and why most players get worried when they hear "Fire in the hole!".

This info might help you decide where to aim your rocket, if you're facing 2 opponents and have to choose whether to aim between 2 agents to hit them both, or play safe and shoot directly at just one. Hope you find this useful!