Rocket Lab CEO：中子号今年首飞目标不变，更看重第10次飞行

Can you clarify any confusion about neutron? So yesterday it seemed like you were pushing back the date of the launch a little bit. Is neutron still on track to actually launch off its launch pad this year, 2026? Yeah, I think I think probably the headlines overblown it a little bit. Um, you know, what I did, uh, did say is that, uh, you know, it's getting a little bit tighter to get a launch away this year, which is, uh, you know, just being honest and transparent.

Um, but, uh, you know, it's a rocket program. Uh, they're very, very difficult and complex large programs. Uh, but our intention here is to sto, uh, definitely push hard to try and get a first flight, uh, away this year. But I think the real question that should be asking is, is, uh, what about the 10th flight? Because, um, you know, these programs and obviously press flight is important, but flight number ten is actually really, really important because, you know, that shows that you have you have got into, into force into, you know, scale and cadence and reusability, which is, which is really, you know, the the most important thing for the whole program I see is on the word there cadence.

Tell us a bit about that, how you're thinking about the cadence going forward. You're in the viable the viable path to getting there to a regular cadence. Yeah. Well, I mean, if you look at our current account, vehicle electron, you know, we actually scaled that faster than any other, uh, you know, rocket in history. So we went from, in order to zero, 2 to 50 flights in the shortest time in history. And we're on track to, you know, get to 100 flights in the shortest time in history with that vehicle, too.

So we know a thing or two about, you know, taking a rocket, putting it on the pad and then flying it over and over again. But, you know, neutron is really important for for a few reasons. Um, I think a lot of people focus on, uh, you know, plugging a hole from and providing competition for a Falcon nine, which, which is an important, uh, unimportant part of its job. But, you know, Rocket Lab is an engine space company, meaning that we built satellites both for ourselves and for other people.

And, you know, with the pending acquisition of of iridium, uh, you know, we really need a rocket to launch our own satellites. Um, and, uh, so, you know, at least 50% of of electrons or, sorry, neutrons capacity is going to be consumed by ourselves. Obviously, SpaceX was able to raise a humongous amount of cash recently. Peter. How do you intend to continue to raise cash in order to fund some of these expensive endeavors?

Well, I think we are a little bit different than SpaceX. Um, you know, Elon has his, uh, very, uh, grand aspirations that require a lot of cash. Um, you know, for us, uh, you know, we, uh, we're in the business of, of getting into into cash flow positivity as quickly as we can. Um, and if you look at, you know, some of the, some of the acquisitions, uh, that we've done in the past and about to do, uh, you know, that puts us in that in that realm very, very quickly.

So I think we have, uh, we have a very different sort of profile to, to, to the, you know, the other two big rocket guys, um, you know, start off where, you know, I'm certainly not the richest, you know, the richest people in the world are our competitors. So they have a totally different, uh, you know, cost of capital and sense of capital. Um, we've always whereas been that rocket company that has, uh, you know, had to be very commercial from day one.

And, uh, you know, we're about, uh, we're about building building a good, solid book and, you know, a commercial enterprise that's enduring and, uh, and making money. I look at the report backlog, $2.36 billion with 90 plus launches here. Um, how should we look at that? How should investors look at that backlog? And at what point does it become something that should maybe raise some concern with investors if it gets to be a certain size or, uh, you know, it gets to grow bigger and bigger again?

Yeah. Well, I mean, uh, you know, I think everybody loves a great big backlog in the thinking, you know, between, you know, the last quarter and now we added nearly $1 billion of backlog, uh, you know, to the, to the company. So, um, but backlog is a great metric, but, um, execution is the true measure. And, uh, you know, if you look at the company, I think we have established ourselves as, you know, as a very strong executed, um, you know, previously and throughout history, we, uh, you know, we do what we say we're going to do.

You know, the iridium deal, as you say, that's pending complete completion. It potentially opens the door for direct to device products. And that. Marcus. How do you see that faring and particularly against some of your competitors, such as basics? Yeah. So, um, look, I've been saying this for many, many years, and I think it's been proven out, um, with, with evidence from, from other companies that, um, you know, the really large space companies of the future are going to look at all a little bit the same.

Uh, they're going to have the ability to build satellites of scale, the ability to launch their own satellites with their own rockets, uh, and, uh, and have a bit of a communications or comms play. And, you know, iridium is the entry point for us. It's by no means, uh, the endpoint. And, you know, one of the reasons why we like the iridium platform so much is that, uh, you know, has a very unique spectrum, being an L-band spectrum that allows you to do, uh, very unique things.

And, you know, iridium has built an amazing business on the back of safety critical defense, critical infrastructure. And, you know, that's something that will continue to, you know, to grow and push. Um, you know, I don't think you're going to see us, uh, going head to head in the in the broadband market. I think that's very well served in a tough place to be. But, uh, but I think there's there's, uh, you know, a tremendous opportunity in some of these, uh, more, um, discrete and unique areas of the commerce market.

Peter, talk to us about the Kepler deal, which you announced yesterday, this deal with Kepler Communications, purchasing a dedicated launch of neutron for no earlier than 2028. Uh, how important is that to you in the business? Well, it's funny because, um, you know, I think I think, um, naturally, a lot of people, um, would expect that we just should, you know, sell all of the rockets that we have for for eternity. And if we were just a rocket company, that would be a that would be a great assumption.

But, um, you know, we have to assure that we have rockets left, uh, and, you know, in production and, and available to launch our own aspirations, uh, also for, uh, you know, some of our defense customers who, um, uh, you know, who need an assured of space and, you know, right now, uh, I've never seen the rocket industry and launch so constrained. So for us, uh, you know, we are extremely selective about who we, uh, we we give up, um, this very valuable capacity to, uh, on the neutron rocket.

So, um, you know, it was great. Great to have to keep the guys on, uh, you know, on contract. You know, we've known that team for a very long time. Um, and, uh, but, you know, it is it is, uh, it is a very, uh, very kind of constrained environment right now. And we have to navigate carefully. Peter, what's the detailed plan for getting to cash flow positive is a just a matter of time. Yeah, absolutely. I mean, neutron, uh, you know, after we have the first flight of neutron and we, we, uh, flick into commercial, we, you know, flight that that's that is a that is a huge point, uh, inflection point for the company.

And then, you know, of course, uh, any acquisition like iridium, uh, it does that immediately. So, um, so, you know, is that we have a fairly short time horizon to that. I look at that pantheon of my network and motive and iridium, which we've talked about. Are you hungry f

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