The $RKLB Project
Originally published: 2/25/2025; Last revised: 2/25/2025.
Disclaimer
This document is for informational purposes only and does not constitute investment advice. I am not a licensed financial advisor, and the opinions and information presented here are based on my personal knowledge and research at the time of writing. Some content within is speculative or set in a future scenario. While every effort has been made to ensure accuracy, some information may be incorrect or subject to change. Readers should independently verify all data and consult a qualified financial professional before making any investment decisions. I also hold positions in certain mentioned securities (e.g., RKLB).
Preface
Wow. This one's a long one. Rocket Lab (referred to as RKLB throughout this document) has certainly earned their premier spot in the ever growing space sector. From providing launch services and support infrastructure in-house to providing other space sector associated companies hardware to support their goals, RKLB truly does it all. I've included a whole wealth of information, sources, and infographics within the length of this document and have gone ahead and dividing this into sections and subsections to make navigation and organization easy, both on my part and your part as a reader. My education regarding RKLB stems from many hours of research and cross-referencing various different sources, such as their website (which is a whole heap of information in and of itself), NASDAQ, Trading View, NASA, Customer websites and news filings, financial documents, and several other sources. All financial info & figures were gathered from RKLB's filings, Trading View, and NASDAQ primarily, as well as Yahoo News verified publications from reputable authors secondarily. I consider this one of my "No ChatGPT" projects (except to help me understand some high-level scientific and space topics, provided the LLM can provide source links that I can also review for accuracy, as well as the creation of charts that I manually fed source information into for time saving measures, with all figures and data verified through a cross-reference of data). Some of this info may be “copy-paste esque” (similar wording available on their website but more, less, or similar information on here due to cross-referencing other sources or absurdly long PDF’s on their website with too many details to list) due to the sheer amount OR lack of information available. If you have any questions or this work needs to be corrected due to incorrect information (which I’m highly confident that all should be correct), please feel free to leave a comment or shoot me a message on discord and I’ll be sure to revise or address the issue brought up. Should you wish for me to expand on a topic, please let me know as well and I can certainly come back in here and add additional info or amend current info. All information is dated as of 23/24 Feb, 2025 or prior, including figures. With this being said, let's get right into it.
I - Background and Leadership
I.1 - Company Background
RKLB was founded in New Zealand in June 2006, with its first rocket launch in 2009, claiming the title of the first private company in the Southern Hemisphere to reach space using the Atea-1, and began trading on NASDAQ through a SPAC merger with Vector Acquisition Corporation on 25 August, 2021 with an initial evaluation of $4.8 Billion and cash on hand of $777 million. At its core, RKLB is an end-to-end space launch company that delivers reliable launch services, spacecraft, satellite components, and on-orbit management. Currently, RKLB provides many cutting-edge rockets used by industry leaders of the space sector, notably NASA in support of the Artemis Campaign. While first headquartered in New Zealand, RKLB has since moved its headquarters to California in 2014, to support its Engine Development Complex in Long Beach, California, which support the development of its Electron rocket, the second most frequently launched U.S. rocket, and Neutron rocket, a new rocket for larger missions with much more expanded range. The company aims to provide an "all-in" platform for the commercial, civil, and defense markets. RKLB maintains advanced manufacturing and mission operations centers in Virginia, New Mexico, Colorado, Maryland, Toronto, and New Zealand.
I.2 - Sir Peter Beck
Sir Peter Beck, the current CEO and President since 2013, along with being the companies sole founder, hails from New Zealand. Beck was also appointed as Chairman of the Board of Directors on May of 2021.
Beck originally comes straight from an engineering background, starting his career with no college background in 1993 as an apprentice with the title "precision engineer" at Fisher & Paykel, a global appliance manufacture. Eventually, he transitioned over to production machinery design, product design, and analysis in a lateral move within the same company. Afterwards, Beck sought out a higher tier of work, landing at a government research institute in 2003 where he began working on advanced composites structures and materials for high performance applications. During both of these early stages of Beck's professional life, he was always encapsulated with the idea of space and the technology it takes to reach there, often building rockets in his spare time - This is where RKLB began. In 2006, Beck took the leap and founded RKLB, a true modern marvel within the space industry and humanity itself.
Beck has served in all walks of life within the RKLB team, from management to development lead of several projects, such as but not limited to Electron and Launch Complex 1, a private orbital launch site requiring an international treaty and legislation due to the involvement of both New Zealand and the United States.
Alongside these incredible achievements and skills, Beck is an award-winning engineer with 4 different medals: a gold medal from the Royal Aeronautical Society, a meritorious medal from the New Zealand Division of the Royal Aeronautical Society, and a Cooper medal and Pickering medal from the Royal Society of New Zealand. Through these many achievements, Beck was made a Knight Companion of the New Zealand Order of Merit for services to the aerospace industry, business, and education, and officially awarded the title of "Sir". He was also appointed an adjunct professor in aerospace engineering by the University of Auckland as well.
I.3 - Other Notable Executive Leadership
I.3a - Adam Spice
Adam Spice is the current Chief Financial Officer for RKLB since May 2018. Spice previously hails from MaxLinear, Inc, a company that provides wired and wireless signal infrastructure and support for home, industrial, and multimarket applications, where he served for 7 years as the Vice President and Chief Financial Officer at as well. Prior to this, Spice served several companies, notably Broadcom and Intel, in various financial and operation roles. Spice has a bachelor of business administration from the Brigham Young University and a masters of business administration from the University of Texas at Austin.
I.3b - Frank Klein
Frank Klein is the current Chief Operational Officer at RKLB since September 2024. Klein previously hails from many large well-known companies, such as Mercedes-Benz Group, where he served 27 years in many different divisions with, at his peak, being responsible for 14,000 employees globally as the Vice President of Mercedes-Benz Vans Operations, and most recently and notably, Rivian Automotive, where Klein served as COO. During his time at Rivian Automotive, Klein helped transform the company from a low volume start-up to a high volume premium electric vehicle manufacturing business. Klein has a masters degree in electrical and industrial engineering from Baden-Wuerttemberg Cooperative State University Stuttgart and a bachelors degree in business administration from Fern Universität in Hagen.
I.3c - All Other Executive Leadership
I.4 - General Employee Background
No specifics are available on RKLB's website regarding employee data, such as the number of employees, but current estimates, provided via the company page on LinkedIn, are between 1,001 to 5,000.
II - Major Product Offerings
II.1 - Launch
RKLB's launch sector of the company is the core of what RKLB does and does well: Provide launch services and support in a bespoke manner for clients of all type, whether a commercial, private, or government entity.
II.1a - Electron
Electron, the core component surrounding the business model of RKLB, is the main launch unit developed and deployed in house by RKLB. Toting 60 launches to date across 3 dedicated launch pads with payloads totaling 210 satellites, Electron is the only reusable-capable small launch rocket on the market today.
As seen in the spec sheet above, Electron stands at 59 feet tall with a diameter of 3.9 feet. It weighs 28,600 pounds. and can tolerate a payload of up to 661 pounds.
There are two main points that make the Electron rocket one of a kind: The Kick Stage and the Rutherford Engine.
The Kick Stage is a part of the upper stage of the Electron rocket and acts as the third stage, deploying after the second stage separation, and is powered by a Curie engine for on-orbit maneuvers. It's designed to deliver small satellites to precise and unique/custom orbits in a single package, whereas other rockets deploy satellites often via rideshares on larger missions. The Curie engine that is equipped on the kick stage uniquely allows for multiple burns which, in turn, reduces the need for satellites to maintain their own main propulsion system. After mission success, the Kick Stage is designed to burn up upon re-entry into the atmosphere, reducing space debris. This Kick stage has so far been utilized in many launches, such as the notable NASA CAPSTONE (Cislunar Autonomous Positioning System Technology Operations and Navigation Experiment) launch on June 28, 2022, where NASA and RKLB utilized an Electron rocket to to place a microsatellite in a near rectilinear halo orbit around the moon, to study the orbit in preparation for the future Gateway space station and to support the Artemis program.
The second main point that makes Electron such a unique rocket is the Rutherford Engine. This engine is the world's first 3D-printed electric-pump-fed liquid-fueled rocket engine.
This engine is used in the first and second stage of the Electron Rocket and is designed differently than most other rocket engines. Where others rely on gas-driven turbopumps, the Rutherford Engine relies on battery-powered electric pumps, making this a unique engine in a class of its own. The build and engineering design of this engine also stand out, being 3D printed using a method called direct metal laser solidification. The combustion chamber, injectors, pumps, and main propellant valves all rely on this build process. The propellants of the Rutherford Rocket are largely similar to other rockets, being liquid oxygen (LOX) and kerosene (RP-1).
the Rutherford Engine testing took place in 2013, qualified for flight in March of 2016, and performed its first flight on the 25th of May, 2017. To date (as of April 2024), this engine has powered 47 Electron Rocket flights total. With each Electron rocket powered by 10 Rutherford Engines, in a configuration consisting of 9 engines on the first stage which powers the initial launch from the landing pad to about 80km high, where the first stage then separates, and 1 engine on the second stage to power propulsion in space, this means that there have been approximately 470 engines tested, largely without failure.
One of the most impressive aspects of the Electron rocket that is worth diving further into is the fact that it is the only reusable orbital-class small rocket, as mentioned above. The first stage of the Electron rocket is able to be recovered in two different ways. The first way, showcased in May 2022, is a mid-air recovery using a Sikorsky S-92 helicopter and on-board drogue parachute (often used for high-moving large objects such as planes) which deploys at 13km in altitude to almost physically catch the first stage.
The second way, and the one that RKLB tends to use now due to a safer approach, is ocean recovery after a controlled splashdown. Following these recoveries, RKLB actually reused a recovered first stage in August 2023 to prove viability of their reusability program.
These components that make up the Electron rocket make it a unique approach to getting payloads outside of our atmosphere. With the engineering marvel of these products and approach to rocket flight and recovery, the Electron Rocket will help shape the future of payload delivery and future spacecraft propulsion.
II.1b - Neutron
The Neutron Rocket is an ambitious project currently in development by RKLB and is toted as the path forward for constellation deployment, cargo resupply, and interplanetary missions, to include manned missions in both near and deep space.
Neutron, similarly to Electron, has a reusable first stage. Where it differs in this aspect is how; As seen above, Electron relies off of parachutes in a controlled descent with an ocean recovery compared to Neutron which aims to land propulsively back at the launch site similar to SpaceX's reusable Falcon 9. This will help in cutting costs due to the manpower needed for something like Electron, which requires a full team for recovery. The reusability, however, is where the similarities between Electron and Neutron end.
Neutron will feature RKLB's new Archimedes Engine. This engine is 3D printed and is an oxygen-rich staged combustion engine powered by liquid oxygen and methane.
This engine is brand new to the scene of rocket flight, producing up to 165,000 pounds of thrust per engine, a much higher amount of thrust compared to the Rutherford Engine on the Electron, which produces between 5,800 and 6,000 pounds of thrust per engine. Archimedes engine tests for Neutron, so far, have been deemed a complete success. On August 8, 2024, RKLB performed the first hot fire test at the RKLB Engine Test Complex within NASA's Stennis Space Center in Mississippi, where the Archimedes engine performed phenomenally, surpassing benchmarks and reaching 102% power.
Similar to other rockets, such as SpaceX's or Electron, Neutron will boast 10 engines in a 9+1 configuration, 9 engines on the first stage to launch out of the atmosphere and 1 engine on the second stage to propel the payload to its destination once outside of the atmosphere and separated from stage one. These engines will enable payloads of 13,000 kilograms of payload when targeting low earth orbit (LEO) or 1,500 kilograms of payload when targeting deep space, such as Mars and Venus, two highly sought after planets for missions in the current day and age.
These engines aren't where the engineering marvels stop. Neutron employs a custom made, state of the art automated fiber placement (AFP) machine which produces and lays advanced carbon composites that make up the majority of the outside layer of the rocket. These advanced carbon composites are lightweight yet durable and help achieve the reusability that RKLB seeks to provide their Neutron rockets and customers alike.
Neutron is still within its development phase, which is outlined below:
Currently, we are in progress on milestone 9 of 19, with 19 being the successful launch of Neutron. There's still a lot of the way to go, with many of the future milestones being testing or regulatory related as RKLB has many of the rocket's designing, engineering, and building done.
Neutron is expected to have its first launch during the middle of 2025. Even with no current successful launches, or any launches at all, Neutron already has gained several contracts, with two launches from an undisclosed customer, targeting launches in mid-2026 and 2027, and NASA, under the Venture-Class Acquisition of Dedicated and Rideshare (VADR) contract.
II.1c - Reusable Rockets
One of the core components and common themes throughout RKLB's two main products, the Electron and Neutron rockets, are the reusability factor. Electron, designed as the world's first reusable orbital small rocket, and Neutron, a cutting-edge reusable medium lift rocket, were built from the ground up with this aspect in mind. This in turn reduces launch costs for both RKLB and their clients, speeding up time to launch and empowering the space sector through affordability via accessibility.
Electron, as somewhat described above, relies off of a parachute system as, with it being a smaller rocket that doesn't have the mass capability of larger rockets, a propulsive landing wouldn't work.
Neutron on the other hand, while not yet tested or deployed in any space flights or recoveries due to its ongoing development, is planned to be reusable (or not) based off the payload:
At 8,000 kg to LEO, Neutron will be able to return to the launch site via self propulsion
At 13,000 kg to LEO, Neutron will be able to handle a downrange landing, such as on a floating platform or elsewhere as directed and planned
At 15,000 kg to LEO, Neutron will be expendable
Below both rockets, Electron's Rutherford Engine and Neutron's Archimedes Engine are both designed with reusability in mind as well. RKLB has successfully flown the same Rutherford Engine on multiple missions, proving feasibility of concept.
These reusability factors are just one of many ways that RKLB stands out among the crowd within the space and aero science sectors as they truly are leading development of cutting edge technologies that stand to shape the future of space travel, both within near and deep space.
II.1d - HASTE
HASTE stands for Hypersonic Accelerator Suborbital Test Electron. This is a modified suborbital version of the Electron rocket that is specifically designed for hypersonic technology testing, such as missile defense systems, reentry vehicles, and high-speed flight experiments. This program was launched in approximately 12 months, from concept to conceptualization, with its first real-life deployment in June of 2023.
For the most part, this Electron rocket is similar to the large majority of others in that it employs the same Rutherford Engines and carbon composite structures, but differs in its second stage, which is removed, and its third stage, which is designed to support a larger payload capacity of up to 700kg with separation altitudes of 80km and higher.
This program is mostly used by the United States Department of Defense and other defense/military agencies and entities and is based out of RKLB's Mid-Atlantic Regional Spaceport (MARS) in Wallops Island, Virginia.
II.1e - On Demand & Bespoke Solutions
RKLB offers on-demand and bespoke solutions when it comes to launching anything into orbit or beyond. Custom tailored to your every need, RKLB is willing to work with any company or private individual with the need for space solutions.
RKLB supports a myriad of custom options such as:
Dedicated missions: Have the whole rocket to yourself, choosing your own orbit, your own rocket, your launch schedule, and your launch site.
Rideshare missions: Utilizing Electron's Kick Stage with its re-light and multi-burn capabilities, you're able to still choose your orbit when sharing a mission with a partner company or individual.
Rapid call-up launches: The path to orbit has truly been streamlined by RKLB via rapid call-up launches for urgent missions, such as constellation replenishment.
Schedule control: RKLB currently maintains 3 launch pads across 2 countries, enabling up to 132 launch slots annually providing customers ultimate control of timing and location of liftoff.
Custom orbits: Due to the high customizability of missions, RKLB is able offer payload delivery to custom orbits, such as Mid-inclination, Sun synchronous Orbit (SSO), Geostationary Transfer Orbit (GTO) or Cislunar orbit.
This bespoke approach to missions operate out of three launch pads spread across 2 launch sites:
Launch Complex 1 in Mahia, New Zealand. This launch complex, which boasts 2 pads, is the only private orbital launch range in the world. As an FAA licensed spaceport, this complex can support up to 120 launch opportunities every year for missions with targets from sun-synchronous orbits through to 30 degrees, which lies in service with the majority of the satellite industry's missions. This complex, in addition to its two launch pads, also houses RKLB's private range control facilities, two 100K satellite cleanrooms, a launch vehicle assembly facility capable of processing multiple Electron rockets at once, and administration offices.
Launch Complex 2 in Wallops Island, Virginia, USA. This launch complex is more so tailored towards government use with a focus on small satellite and rapid call-up missions for the Department of Defense and can support up to 12 missions per year.
In addition to these with regards to the bespoke approach to space delivery that RKLB offers, they also offer what they coined "Responsive Space". The Responsive Space program is a bespoke approach to something similar to a rapid response team where if something were to fail that was already in orbit, i.e. a satellite and a network or service goes down, RKLB is able to rapidly launch and restore services on an expedited timeline of just 24 hours in certain cases (time includes satellite receiving, integration, encapsulation, and launch readiness) using mission equipment and personnel already on standby. The Responsive Space plan looks similar to this:
Mission Planning and Concept of Operations - This first stage includes gathering information and planning, such as understanding mission requirements, reference orbits, mission requirements, and integration specifications.
Satellite Build and Test - This is an optional step and is only integrated into this 8 step plan should the customer's mission require a RKLB satellite instead of opting for their provided satellite or other payload to be integrated.
Standby Period - This period has all equipment and personnel in a state of launch readiness, where activated on your command.
Notice to Launch Issued - When called by the customer, we move into the 4th step, where the clock starts on the timing required by the mission.
Payload Delivered and Integrated - From the time of arrival at the launch site, the payload can be integrated and encapsulated within 24 hours.
Personnel and Assets Readied - A dedicated team of required personnel, to include the mission manager, launch operations engineers, and technicians, are briefed and ready the mission for go.
Launch - After the Notice to Launch is given, and roughly 24 have passed, launch of the payload on your rocket of choice is performed from either LC-1 in New Zealand or LC-2 in Virginia.
On-Orbit Operations - If a RKLB satellite was chosen as the payload, a dedicated team can operate this satellite from one of five mission operations centers in California, Colorado, Virginia, and New Zealand.
II.2 - Space Systems
RKLB's space systems sector of the company is another vital component of what RKLB offers. By providing space-related products, infrastructure, and support, RKLB has set themselves as a pioneer and leader within the sector.
II.2a - Spacecraft
RKLB designs, builds, integrates, test, launches, and operates spacecraft all in house - basically the full work up for a myriad of customers to provide for civil, commercial, defense, and intelligence missions through single spacecraft or constellations. On top of providing the physical hardware needed, RKLB also provides infrastructure, software, and other support needed to smoothly operate.
Following the bespoke principal that RKLB operates on, their spacecraft component is no different. This process looks like:
Mission Design - RKLB partners with customers to tailor spacecraft solutions for their mission needs. Each spacecraft is custom tailored for flexibility and performance to cover all aspects and variables of the mission and its parameters.
Spacecraft Components - Developed fully in-house, RKLB provides manufacturing of hardware and development of software to help drive efficiency and cost savings for customers with their one-stop solution. All RKLB spacecraft incorporate flight proven star trackers, propulsion, reaction wheels, solar cells, panels and arrays, flight and ground software, radios, avionics, composite structures and tanks, and separation systems. To date, RKLB components and subsystems have flown successfully on 1700 missions globally.
Assembly, Integration, and Tests - All spacecraft are manufactured in-house at RKLB's Spacecraft Production Complex in Long Beach, California. This complex houses an 11,000 sq/ft state of the art cleanroom equipped with an array of critical testing facilities for spacecraft tests to include thermal vacuum, vibration, and electromagnetic interference (EMI)/electromagnetic compatibility (EMC). After successfully completing and passing all tests, and given flight certification, spacecraft are shipped to the launch site for integration and encapsulation into the launch vehicle, typically an Electron rocket as of now.
Launch - Through freedom of choice available through this bespoke process, customers can choose to either equip an Electron or Neutron (in the future) rocket to deliver their spacecraft to their chosen destination or select another launch provider to deliver their spacecraft.
Mission Operations - Mission operations for the spacecraft can be handled in house through RKLB's own ground stations, providing customers to communicate, downlink, and process data from satellites. RKLB also provides on-orbit management solutions from satellite operations centers in California, New Zealand, or Colorado. Alternatively, customers can be trained on how to operate their system instead.
These steps enable customers a wide variety of flexibility in every aspect of their spacecraft and destination, whether it be LEO, MEO, GEO, or even interplanetary.
Along with this theme of bespoke solutions, RKLB offers several different types of spacecraft for customers to choose from as of now: Explorer, Lightning, Pioneer, and Photon.
II.2a.1 - Explorer
Explorer is RKLB's interplanetary spacecraft platform. This spacecraft contains large propellant tanks, deep space capable avionics, and ranging transponders.
In ideal situations, Explorer is used for deep space missions to destinations of interest, which currently lie in Mars and Venus, as well as the Moon, highly eccentric Earth orbits, geosynchronous Earth orbit (GEO), Earth0Moon Lagrange points, Earth-sun Lagrange points, and near Earth objects (NEO).
Explorer is capable of being deployed on Electron Neutron, or other third party launch vehicles.
Explorer first broke through the Atmosphere on an Electron rocket on June 28, 2022, during the CAPSTONE mission to the Moon in conjunction with NASA.
11.2a.2 - Lightning
Lightning is RKLB's spacecraft for high-power, long-life missions. This spacecraft is unique and in a class entirely on its own, designed for a 12+ year orbital lifespan in LEO. Use cases of this spacecraft are high operational duty cycle telecommunications and remote sensing applications.
Lighting is able to be deployed on Neutron and other medium and heavy third party launch vehicles.
Initially, Lightning was built to support a $143 million subcontract by MDA Space for Globalstar's Low Earth Orbit satellites. This constellation of satellites totals 17 spacecraft and is expected to launch and be deployed by the end of 2025.
In addition to this contract, Lightning will also serve as a core piece to a $515 million contract with the Space Development Agency with the total delivery of 18 satellites, known as modified versions of Lightning called Tranche 2 Transport Layer-Beta (T2TL-Beta), to make up the constellation. These spacecraft are scheduled for launch in mid-2027 as of current.
11.2a.3 - Pioneer
Pioneer is RKLB's highly maneuverable, responsive spacecraft designed to support large payloads and re-entry capabilities. This spacecraft is capable of supporting payloads of up to 120kg and can fill unique mission profiles and space operations. Pioneer is able to be launched on Electron, Neutron, or other third party launch vehicles.
Pioneer is one of RKLB's main spacecraft, providing a complete solution for customers that support a wide range of payloads, whether scientific, commercial, or for defense applications. Pioneer can operate in LEO, MEO, or GEO and is equipped with thrusters for precise maneuvering.
Pioneer has successfully been deployed prior on a mission in conjunction with Varda Space Industries, where Pioneer served as an in-space pharmaceutical processing center in 2023. This mission served as the first time that in-space manufacturing research was carried out autonomously on a non-government space station, such as the International Space Station. This helped massively reduce costs and time needed for mission planning, prep, manufacturing, and return. Varda Space Industries, along with an unnamed customer, is currently planning similar missions in the future utilizing Pioneer.
11.2a.4 - Photon
Photon is the original spacecraft that started RKLB's spacecraft sector. Photon, in short, is an all-in-one solution consisting of a modified Electron Kick Stage with power, propulsion, and communications to deliver a capable LEO, MEO, GEO, Lunar, or interplanetary platform that serves civil, defense, and commercial customers on a range of missions. Photon currently launches exclusively on the Electron rocket (as it is a modified Kick Stage) and weighs roughly 200-300kg. Mission sets currently include, but are not limited to, responsive space, cryogenic fuel demonstrations, precision orbital insertions and launch on demand.
With Photon being a modified Electron Kick Stage, Photon is able to change its trajectory at will using a multi-burn propulsion system powered by a Curie Engine.
II.2b - Star Tracker and Reaction Wheels
Star Trackers and Reaction Wheels are two of the main components that RKLB manufactures for spacecraft that are flight proven, high-performance, and affordable for missions of all varieties.
Star trackers are optical navigation systems that help spacecraft determine their precise location and orientation in all 3 dimensions (X, Y, Z) in space by tracking the position of stars using onboard cameras and star maps. This tracking, in turn, ensures reliable stability and accuracy for precise maneuvers of spacecraft.
RKLB's star trackers can be used in conjunction with Photon or other commercial or defense satellites and is capable of supporting long-duration missions of lunar, interplanetary, or deep-space targets where communication and telemetry with ground stations are limited due to distance or other factors.
As of current, there are 140+ star trackers currently in orbit and being utilized by many different missions for a myriad of customers of different applications.
Reaction wheels, in short, are designed for picosatellites, nanosatellites, and microsatellites and help report digital telemetry regarding speed, temperature, voltage, current, and other health parameters of components used on missions. RKLB currently manufactures 8 different types:
5 Nms - A mid-sized wheel designed for spacecraft with 250-600kg payloads.
12 Nms - The largest wheel RKLB currently produces, ideal for high volume constellation missions and spacecraft with masses up to 600-650 kg.
1 Nms - A wheel ideal for 100kg Earth observation missions. Currently 52 on-orbit aboard 13 spacecraft.
400/200 mNms - A wheel optimized for torque and radiation hardness that is designed for high-agility remote sensing or science microsatellites.
60 mNms - a wheel that consists of a high-torque phase current control electronics in a small package. Currently 52 on-orbit aboard 16 spacecraft.
30 mNms - The most popular of all the reaction wheels. First launched in April of 2008, there are currently more than 50 units on-orbit with many aboard the University of Toronto SpaceFlight Lab's GNB spacecraft.
10 mNms - A wheel ideal for smaller cubestats. Currently 10 on-orbit aboard 4 spacecraft, with the first use in June 2014.
3 mNms - The tiniest wheel that RKLB produces, capable of having 3 of these wheels in a 1U Cubesat.
To date, more than 240 reaction wheels are on-orbit and performing to specification.
II.2c - Radios
RKLB offers two different types of radios, each controlling software-defined telemetry, tracking, and control (TT&C), and are available for use in near Earth and deep space missions. These radios have high tolerance to GEO and Deep Space radiation and provide high reliability for a wide suitability of missions. Both radios are based off the Johns Hopkins University (JHU) Applied Physics Lab (APL) Frontier radio. Both radios also include extended functionality such as a coherent transponder to enable radiometric navigation methods, precision timekeeping functions, and a hardware based critical command decoder (CCD).
The Frontier-S radio is a single board radio. This radio packs Deep Space Network (DSN) and other typical waveforms (TDRSS, NEN, AFSCN, commercial) into an all-in-one package.
The Frontier-X radio is a multi-board, high-speed X-Band radio. This radio packs Deep Space Network (DSN) and other typical waveforms (SN, KSAT, SSC) into an all-in-one package. Where the Frontier-X differs from the Frontier-S in functionality is the inclusion of FEC encoding and decoding.
II.2d - Space Software
RKLB produces industry-leading in-house flight, mission simulation, and Guidance, Navigation, and Control (GNC) software for space solutions spanning launch, spacecraft build, mission design, and operations. To date, at the time of writing, RKLB's space software cumulatively has collected 252 years, 308 days, 16 hours, and 3 minutes (as off 11:48 AM 2/23/25 PST) of use and MAX FSW has operated on 50+ successful satellite missions.
The main focus for software development in support of space software is the MAX Flight Software. This software is an all-in-one solution for planning, designing, testing, and operations for spacecraft. This software is continuously being worked on and developed to achieve greater ease-of-use and ensure better mission success.
RKLB's space software has been divided up into 6 core components:
Guidance, Navigation, & Control (GNC) - GNC is critical to every launch and spacecraft. RKLB's GNC solutions help enable making complex missions, whether it be Earth, interplanetary, or human missions, a reality.
Embedded Software - Embedded software includes MAX FSW which is deployed to all common flight computer architectures and is integrated with numerous onboard actuators, sensors, and payloads for telemetry and health communication of components.
Ground Data Systems - Ground data systems include solutions for simulation environments, AI&T, and operations. Software and infrastructure deployments include ground networks, voice/video systems, private tunnels, and ground station integration and security.
Space Hardware & Avionics - Hardware and Avionics primarily include payload interface units and custom components. Custom payload and instrument control units are poduced using COTS avionics and ASI by Rocket Lab and are designed as microcontroller-based systems that are used for a variety of spacecraft and payload control functions, tailored specifically to your needs to handle complex control and computing functions. When COTS avionics solutions can't meet the requirements of the mission, RKLB will custom design and manufacture space-qualified hardware components and avionics needed for the specific spacecraft. All custom components go through rigorous tests including random vibration, shock, thermal-vacuum, and EMC/EMI tests, where they receive full space and flight certification.
Integration, Test & Ops - Integration and testing are handled by ASI by Rocket Lab and plays a key role in CubeSats, commercial constellations and human-rated spacecraft. Mission ops is handled by an experienced team, who, to date, have operated spacecraft orbiting four planets, asteroids, and large constellations. They're able to quickly respond to anomalies and restore mission functionality even after critical failures. Mission ops operates out of a spacecraft operations center that is fully outfitted with a UHF antenna onsite and connections to multiple remote ground stations, with additional capability to serve as either a primary or backup operations center for constellations.
Systems Engineering - System engineering includes full life-cycle development of system level solutions. Through this, RKLB is able to optimize systems in particular ways that help meet mission requirements.
II.2e - Separation Systems
Separation systems are another core component of what make RKLB so unique in their field. These systems are advanced and lightweight mechanisms that, to date, have gained 100% success on missions.
These systems help enable customers lower missions costs and streamline payload integration from a period of days to just minutes, on top of increasing performance and decreasing lead times. This provides a reliable and streamlined method of payload separation once in orbit or at the target destination.
RKLB currently manufactures 3 different types of seperation mechanisms and a few accessories to go with. These 3 mechanisms are:
Advanced Lightband (ALB)
The ALB is a customizable lightweight and compact mechanical separation system used to separate spacecraft from launch vehicles on-orbit. To date, it has achieved 100% mission success. This mechanism is customizable for a range of applications ranging in size from 8 to 24 inch bolt circles and is made from advanced lightweight materials. Designed with the consumer in mind, this mechanism is able to integrate into the desired spot in less than 5 minutes with minimal training required.
Motorized Lightband (MLB)
Similar to the ALB, the MLB has also achieved 100% mission success. Where the ALB is designed purely to separate spacecraft from launch vehicles on-orbit, the MLB is designed both to separate space vehicles from launch vehicles as well as separate elements of the launch vehicle. This mechanism is customizable for a range of applications ranging in size from 8 to 38 inch bolt circles. Through extensive design and development, the MLB features a primary and a dual redundant release motor and can support up to an 1800lb payload, having been proven over hundreds of missions since its first flight in 2006.
Satellite Dispensers
RKLB's satellite dispensers come in two forms, the first (as seen on the left above) being the Canisterized Satellite Dispenser (CSD) and the second (as seen on the right above) being the Advanced Satellite Dispenser (ASD). The ASD is the most flexible, reliable, and cost-efficient deployment mechanism for small payloads whereas the CSD is a larger (per internal volume available) and reliable deployment mechanism for small secondary or tertiary payloads. These dispensers encapsulate the payload during launch aboard the launch vehicle, helping to provide mission assurance for both the payload and launch vehicle.
II.2f - Solar Solutions
RKLB also manufactures the highest efficiency space-grade solar cells and solar cell assemblies (CIC) on the market currently through their division known as SolAero.
RKLB's solar cells and CICs measure an efficiency rating up to to 34% - industry leading. Cell areas typically measure up to 81.5cm squared but custom sizes can be accommodated should the mission dictate the need. These cells can deliver more than 4MW of power delivery for flight missions.
These solar cells come from two different families of products, the Z4J family and the ZTJ family. Generally speaking, the Z4J is the better family of solar cells, seeing increased EOL power compared to the ZTJ family, as well as a better feature set.
II.2f.1 - Z4J Family
This family of solar cells is divided into two subfamilies, the Z4J and the Z4J+. The Z4J family shares several characteristics across both subfamilies, such as the 4-junction n-on-p solar cell on germanium substrate and full qualification to the AIAA-S111-2014 qualification and characterization standard.
Z4J: The Z4J achieves 30.0% minimum efficiency and has a superior radiation hardness and temperature performance compared to the other Germanium based solar cells. The Z4J produces ~7% greater EOL power than the ZTJ.
Z4J+: The Z4J+ achieves 31.3% minimum efficiency and has a radiation hardened design and produces ~12% greater EOL power than the ZTJ.
II.2f.2 - ZTJ Family
This family of solar cells is divided into three subfamilies, the ZTJ-Ω, the ZTJ, and the ZTJ+.
ZTJ-Ω: The ZTJ-Ω achieves 30.2% minimum efficiency and is optimized for LEO missions.
ZTJ: The ZTJ achieves 29.5% minimum efficiency and has excellent performance under low intensity low temperature (LILT) conditions.
ZTJ+: The ZTJ+ achieves 29.4% minimum efficiency and is optimized for high radiation space environments.
On top of these offerings, RKLB is able to offer flexible and rigid panels that are tested and wired in-house into a full solar array assembly in an onsite 45,000 sq/ft facility. This facility, along with a separate 24,000 sq/ft facility, supports solar cell manufacturing, automated assembly, composite products, panel manufacturing, acceptance testing, and R&D/product development.
RKLB CubeSats, SmallSats, and Constellations are all powered by high performance solar panels. CubeSats and SmallSats are powered by an integrated multi-junction space solar cells.
II.2g - Composite Structures
Composite structures make up the last component of RKLB's offerings. RKLB produces and supplies advanced, flight-proven carbon composite structures and integrated assemblies for the aerospace industry, claiming the title of the world's first composite orbital launch vehicle.
Capabilities of the composite structures component of RKLB include:
Design - An experienced team of designers and analysts work together to develop tailored composite solutions for a diverse range of applications and missions.
Product Development - Working with the customer closely, the development team ensures the project is on track, on time, and within budget.
Analysis and Testing - An expert team oversees end-item and material testing, which could include developing in depth testing procedures according to your specific composite product to ensure mission readiness.
Manufacturing - At one of four facilities, composite parts are produced in large or small volumes depending on mission and customer needs utilizing the latest materials, technologies, and techniques.
Products of the composite structures component of RKLB include:
Satellite Bus Structural Panels and Assemblies
Primary Structures
Solar Panel Substrates
Custom Projects
Composite Tanks
Production locations of the composite structures component of RKLB include:
Middle River, Baltimore, USA
Albuquerque, New Mexico, USA
Auckland, New Zealand
Warkworth, New Zealand
III - Prior and Upcoming Notable Events & Missions
RKLB has had many successful missions, for both commercial and government customers alike, in the past and is currently undergoing planning of many future missions, but several stand out among the crowd.
III.1 - Prior Major Missions
III.1a - CAPSTONE Mission
CAPSTONE (Cislunar Autonomous Positioning System Technology Operations and Navigation Experiment) was a mission launched on June 28, 2022 aboard an Electron rocket with a payload of a CubeSat encapsulated within a Lunar Photon upper stage and the target of the Moon, where it performed a Lunar Orbit insertion manuever on November 13, 2022.
This mission served as a pathfinding mission to support the Artemis Program with a primary objective to test and verify the calculated orbital stability of a near rectilinear halo orbit around the moon, which will serve as the orbit for NASA's Gateway space station. This directly helps reduce risk for the Gateway space station and other spacecraft. This Gateway space station will act as a new home to astronauts, complete with living quarters, a lab for science and research, and a base of operations for incoming and outgoing spacecraft to the Moon and its lunar surface. CAPSTONE also tested a navigation system developed by Advanced Space that will measure its absolute position in cislunar space using interactions with NASA's Lunar Reconnaissance Orbiter without relying on ground stations for navigational support.
The primary payload of the CAPSTONE Mission, the 25kg CubeSat satellite, was the first satellite to operate in a near rectilinear halo orbit around the moon and will pass as close as 1,600km and as far as 70,000km from the lunar surface.
CAPSTONE is still a currently active mission.
III.2 - Future Major Missions
III.2a - ESCAPADE Mission
ESCAPADE (Escape and Plasma Acceleration Dynamics Explorers) is a multi-spacecraft first-of-its-kind orbiter mission to the planet Mars in support of NASA's Small Innovative Missions for Planetary Exploration (SIMPLEx) program. This mission aims to analyze how Mars' magnetic field guides particle flows around the planet, how energy and momentum are transported from the solar wind through the magnetosphere, and what processes control the flow of energy and matter into and out of the Martian atmosphere. This mission was originally planned for launch on October 13, 2024 but has been delayed and is currently planned to launch NET Spring 2025.
The two identical spacecraft used are nicknamed "Blue" and "Gold" and are identical versions of RKLB's Photon bus with many onboard RKLB mechanisms and components. Each Photon spacecraft will house EMAG, EESA, and ELP experiments. EMAG is a magnetometer that will measure DC magnetic fields up to 1000 nT, EESA is an electrostatic analyzer designed to measure suprathermal ions from 2 eV to 20 keV and suprathermal electrons from 3 eV to 10 keV, and ELP is a Langmuir probe measuring plasma density from 20,000 to 30,000 particles per cubic cm and solar EUV flux from 5029 mw per square meter.
III.2b - Mars Sample Return
The Mars Sample Return (MSR) Mission is one of the most ambitious missions to our neighboring planet, Mars, in NASA's history. This mission serves as a joint mission between NASA and ESA, the European Space Agency. The primary objective of the mission is to collect and bring carefully selected samples to Earth from Mars to help revolutionize our understanding of our neighboring planet and prepare for human explorers.
The MSR Mission will require a myriad of custom developed and built technology including, but not limited to, a Mars telecommunications orbiter, a Mars ascent vehicle, a Mars lander and retrieval vehicle, an entry and descent system, an Earth return orbiter, and an Earth entry system. This mission can be broken down into 7 main steps (which can be seen all together in the illustration above):
Mars Telecommunication Orbiter (MTO) Launched - The MTO is launched first to provide support for the arrival of the Earth Return Orbiter and entry of the Sample Return Lander at Mars. The MTO will also serve as an upgraded telecommunication relay asset for MSR surface operations and future missions.
Multi-Launch from Earth - Three dedicated launches will provide orbital and surface assets to Mars following the MTO launch.
Entry and Descent System - An entry and descent system will deliver sample retrieval lander and Mars ascent vehicle to the surface of Mars.
Mars Lander Vehicle and Mars Ascent Vehicle (MAV) - The Mars Lander Vehicle will house the Mars Ascent Vehicle (MAV) and will land on the surface of Mars, where it will then serve as the launch pad for the MAV. The MAV includes the orbiting sample (OS) container which will house carefully selected Martian samples. Once launched, the MAV will rendezvous with the Earth Return Orbiter to capture the OS.
Earth Return Orbiter (ERO) - The Earth Return Orbiter (ERO) will rendezvous with and capture the OS, sterilizing and then containing it within the Earth Entry System (EES) before returning to Earth.
Earth Entry System (EES) - Housed within the ERO, the Earth Entry System (EES) will safely deliver the Martian samples to Earth.
Earth Re-Entry Capsule - The EES will ballistically enter the atmosphere and make impact within the Utah desert.
It is important to note that this plan, while complete, is not concrete on the books. NASA and the ESA have yet to announce how the MSR Mission will be ran and who will run it, whether it be a government led mission or a commercial led mission by the likes of RKLB or other company specializing in aerospace. RKLB has stated, with regards to the unfound decision, that they could slash costs to under $4 billion and return samples as early as 2031 if acted on soon. RKLB remains just one of 11 private firms commissioned to study the Mars Sample Return architecture needed to complete this mission. Where RKLB comes ahead of peers in this matter is the fact that RKLB is already familiar with Mars and its unique mission requirements due to its dealings with the neighboring planet before, as seen in the infographic below.
III.2c - Venus Life Finder Mission
The Venus Life Finder Mission is an atmospheric probe mission with the primary goal of detecting signs of life in the Venusian atmosphere. In 2019, a study from NASA Goddard Institute for Space Studies found that Venus could have had shallow oceans on the surface for two to three billion years and would have supported temperatures between 68 to 122 degrees Fahrenheit. However, around 700 million years ago, a resurfacing event released carbon dioxide into the atmosphere, which turned Venus into a dangerous and inhospitable planet in which temperatures could have reached 1,000 degrees Fahrenheit. Even with over 30 missions launched to Venus, this mission will serve as the first private mission to Venus.
This mission, as currently planned, is planning on utilizing an Electron launch vehicle and Photon spacecraft to send a probe to around 30 miles altitude. Not much is currently known about this mission, as NASA and RKLB currently do not have mission pages setup yet for this mission. No time period has been set as of current for this mission.
III.2d - Other Assorted Future Missions
RKLB currently has many missions in the works, too many to go into great detail regarding, with some planning on launching very soon. Due to the unique approach that RKLB takes and their rapid design and deployment of rockets and associated hardware, multiple launch locations across the globe, and many teams in different stages of mission work collaborating to achieve mission success, RKLB is a true leader in their field. Other missions currently upcoming consist of, but are not limited to:
Synspective - A 10 mission Electron multi-launch deal between 2025 and 2027 to place a constellation in orbit.
BlackSky - An Electron multi-launch deal for placing satellites into an existing constellation for Earth imaging.
HASTE for the U.S. Department of Defense's Defense Innovation Unit (DIU) - A mission utilizing a modified Electron that will deploy a suborbital payload by Australian company Hypersonix called DART AE, a scramjet-powered hypersonic vehicle capable of flying non-ballistic flight patterns at speeds of up to Mach 7.
Victus Haze - A mission utilizing an Electron part of the responsive space sector of RKLB that will demonstrate rendezvous and proximity operations for the U.S. Space Force. This mission, as being part of responsive space, will receive just 24 hour notice of launch from the U.S. Space Force's Space Systems Command (SSC). At its core, this mission is designed to improve Tactically Responsive Space (TacRS) processes and timelines of response to on-orbit threats.
IV - Contracts
Contracts for RKLB consist of both government and commercial awards and make up the large majority of the financial inflow that RKLB receives continuously. Below are two recent and large contracts that have helped propel RKLB forward within the sector.
IV.1 - VADR Launch Contract
The Venture-Class Acquisition of Dedicated and Rideshare (VADR) Contract is a newly acquired and exciting contract that RKLB was awarded in January 2025. This contract, awarded by NASA, calls for the new Neutron Rocket to be used across multiple missions with objectives of payload delivery of CubeSats, Class D missions, and other payloads into a range of orbits. VADR currently already is employing Electron Rockets and has demonstrated reliability of time-sensitive back-to-back launches within a two week period for the VADR PREFIRE missions and similarly for 2 launches in May of 2023 for the VADR TROPICS missions.
This will be one of the first major missions that Neutron will serve as a core part of, where RKLB will be able to debut Neutron and its technological marvel that have been continuously in development for the last couple years. Apart from this, Neutron has contracts for several other launches with an undisclosed company already on the books.
This contract builds upon previous contracts and is expected to act as an on-ramp to the United States Space Force's OSP-4 program, a $986 million IDIQ contract. Additionally, this contract is expected to act as an on-ramp to the U.S. Government's National Security Space Launch (NSSL) Lane 1 program, an IDIQ contract worth $5.6 billion over a five-year period.
In its totality, the VADR contract is worth $300 million spread across all contracts and companies involved and is scheduled as a firm-fixed-price, indefinite-delivery/indefinite-quantity (IDIQ) agreement from NASA from a time period extending through February 3, 2027.
IV.2 - Multi-Service Advanced Capability Hypersonic Test Bed (MACH-TB) 2.0 Contract
The MACH-TB contract is also a newly acquired contract and includes RKLB as one of the primary team members, led by Kratos Defense & Security Solutions, Inc. This contract award is a five-year OTA contract under Task Area 1 with a potential value of $1.45 billion, spread over the life of the contract.
Utilizing the HASTE rocket, a suborbital variant of the Electron launch vehicle, this contract will support the Office of the Under Secretary of Defense for Research and Engineering (OUSD R&E) by creating an affordable flight test bed to rapidly increase hypersonic flight test capacity. Beyond providing HASTE, RKLB will also provide systems engineering, assembly, integration, and test (AI&T), mission planning and execution, and launch services.
Beyond these two large contracts, RKLB has many more contracts in the pipeline for many different services spanning all sectors and offerings of RKLB.
V - Customers
RKLB currently has a wide variety of commercial and government customers, as seen in the infographic below:
Beyond this impressive list of customers, RKLB continuously innovates to attract and gain new customers and clients with needs of all types, whether it be launch services aboard one of several launch vehicles, components for spacecraft, or satellite development and manufacturing, among other offerings. These customers help generate anywhere from hundreds of thousands to potentially hundreds of millions, if not billions, in revenue over the course of years by demonstrating continued success in everything they do and delivering client needs as promised in an exceptional manner.
VI - Finances and Economics (As of 2/24/2025)
All data taken directly from NASDAQ or Trading View. With regards to the charts, charts are made utilizing ChatGPT's 4o model (for ease of time), verified by myself for accuracy of numbers.
VI.1 - Quick Figures
~11.2B Market Cap
-11% 3M
+11.1% YTD
+414% 1 Year
VI.2 - All Things Stock Related
499.91M Shares Total (Trading View)
Free float 409.11M Shares (81.84%)
Includes 244.26M Shares of Institutional holdings (48.86%)
Closely held 90.8M Shares (18.16%)
VI.3 - Latest Earnings Report Summary Q3 2024 (Reported 11/12/2024)
In November of 2024, RKLB held their Q3 earnings call where they highlighted new achievements and ongoings within the company.
"In the third quarter 2024 we once again executed against our end-to-end space strategy with successes and key achievements reached across small and medium launch, as well as space systems. Revenue grew 55% year-on-year to $105 million and we continue to see strong demand growth with our backlog at $1.05 billion. Significant achievements for the quarter included signing a launch service agreement for multiple launches on Neutron with a confidential commercial satellite constellation customer; successfully launching twelve Electron launches year-to-date, making 2024 a record year for launches with more still to come; signing $55 million in new Electron launches, further cementing Electron’s position as a global launch leader; and being selected by NASA to complete a study contract for a proposal to retrieve samples from Mars and return them to Earth as part of a world-first mission. We expect to close out the year strongly with more Electron launches scheduled in November and December, alongside continued progress across Neutron and space systems, that is behind our guidance for a record $125-$135 million revenue quarter in Q4" (Sir Peter Beck)
Electron achieved several new key milestones, such as setting a new company annual launch record of 12 launches, not including any launches in November or December, as well as cementing itself as the third most frequently launched rocket annually by vehicle type and is the United States' second most frequently launched rocket annually. Contracts ramped up for Electron during this time period with a total award of $55M in new launches cumulatively.
Neutron, during this quarter, signed launch service agreements for multiple launches with a confidential commercial satellite constellation operator. In addition to this, Neutron was also awarded a federal defense contract by the U.S. Air Force's Research Laboratory. In regards to development, Neutron performed successful testing of the Archimedes Engine and made significant progress of its structures and infrastructure, including the completion of construction on the rocket's Assembly, Integration, and Test (A.I.T.) facility in Virginia. Due to its current status and successful testing, Neutron is positioned well to on-ramp to the U.S. Space Force's National Security Space Launch (NSSL) Lane 1 program, which is an indefinite delivery indefinite quantity (IDIQ) contract valued at $5.6 billion over a 5 year period.
With regards to Space Systems, RKLB has successfully completed production and delivery of two spacecraft on time and on budget for NASA's ESCAPADE mission to Mars. They were also prompted by NASA to submit a proposal for the MSR contract that is currently still up in-the-air for grabs. RKLB has also successfully completed two new spacecraft for Varda Space Industries to conduct the 2nd and 3rd missions to return-in-space manufacturing capsules to Earth. Lastly, RKLB was successfully executed a $515 million prime contract with the Space Development Agency to build 18 spacecraft for its Tranche 2 Transport Layer program.
All in all, RKLB has signaled great progress across all spectrums within the Q3 earnings report, from earning and completing contracts, to successful testing and development of new and ongoing technologies and facilities, among other details.
The Q4 earnings report is scheduled for 2/27/2025.
VII - Notable Visuals
VIII - Closing Remarks
VIII.1 - Risk
Like all space sector companies, RKLB inherently carries a bit of risk. Basing a company off of the principles of off-world largely autonomous or ground-crew remote missions and products can bring several challenges as unknown variables, whether human, technological, or natural, may present themselves at any time that can disrupt products and/or services provided or entire missions, bringing them to a grinding halt temporarily or indefinitely. With the currently in-development Neutron rocket, should something happen on its maiden flight that brings about a catastrophic result, RKLB would surely feel pressure from both its customers and shareholders alike that may result in the loss of funding, regulatory approval, or more.
From their own financial standpoint, the two main risks posed are:
Unprofitability - RKLB continuously operates within the negative due to its high R&D and operating costs that are associated with running an ever-expanding company with assets and locations spanning all over the globe.
Large reliance on government contracts - RKLB relies largely on government entities, such as NASA, DoD, and NRO, to name a few, to bring in large ticket contracts to help fuel the R&D and other associated costs needed to expand further into the commercial sector. RKLB has already undertaken many contracts with other commercial companies, and has many launches and product deliveries planned to commercial companies in the future, but the size of these pale in comparison to government contracts from a financial standpoint.
VIII.2 - Competitors
With the core of RKLB's offerings being within the launch vehicle space, there are many competitors all over the globe that they are in active competition with. It's important to note that they operate within 2 main launch spaces, small launch via Electron and medium/large launch via Neutron.
Small Launch Competitors
Firefly AeroSpace: Firefly Aerospace directly competes with RKLB in the small launch category, where RKLB provides Electron and Firefly Aerospace provides Alpha, their small launch, 1000kg payload capable LEO rocket. Alpha is similar to Electron in that it supports responsive launches and is designed and built with many of the same principles, such as vertical integration and the utilization of carbon composites within its structure. Firefly Aerospace recently launched an unmanned mission to the lunar surface for NASA, showing promise of continued cooperation pending success of this mission, aboard a SpaceX Falcon 9 Heavy rocket.
Medium/Large Launch Competitors
SpaceX: SpaceX remains the absolute dominant player in the field, with their tried and true reusable Falcon 9 launch vehicle. With their impressive self-propulsion launch pad landing capable system that has been used hundreds of times, this rocket is the most frequently used launch vehicle of the U.S. government. On top of this, SpaceX provides several other rockets, such as the Falcon Heavy, and offerings available to its customers.
Blue Origin: Blue Origin is currently in development of a new heavy payload rocket called New Glenn. New Glenn poses as upcoming competition for the also in-development Neutron rocket by RKLB. Beyond this, RKLB and Blue Origin compete to gain contract awards from a similar crowd of government entities, such as NASA and the DoD.
VIII.3 - Space Sector under the Trump Administration
The Administration and the President view space, and more specifically Mars, as a crucial need for the United States, and has goals of rapid expansion and scientific discovery of our moon and neighboring planet.
The Department of Government Efficiency, headed by President Trump's right hand man, Elon Musk, CEO and President of SpaceX, sent representatives to NASA to perform a spending review on February 14, 2025, in an attempt to help lower government spending. Acting Administrator Janet Petra stated on this matter that the agency has strong conflict of interest policies that will be put in place for DOGE representatives, seeing as how DOGE is headed by Musk who is the current CEO of SpaceX, one of the United States’ largest commercial space agencies due primarily to its involvement with providing rockets for missions. No major changes were made to NASA as a result of the DOGE spending review.
With regards to Elon Musk and his role in government and close relationship with President Trump, Musk's company SpaceX seems to be the favorable option, as it already is as the company holding the most launches for the U.S. Government, for many launches that NASA and the government will require in the future in order to support our goal of expansion via the Artemis Program and other space-related programs. This lies mostly in the requirement of NASA and other government agencies needs of having medium to large launch vehicles, something that RKLB doesn't yet have available for flight, but will soon with the official introduction and maiden flight of Neutron later this year. While this doesn't necessarily affect RKLB currently, due to their main position being in small launch offerings with the tried-and-true Electron, this may pose some challenges for rolling out Neutron to NASA and other customers who currently utilize SpaceX or other companies for medium and large launch vehicles.
VIII.4 - My OPINION on the Future of this Company and Holdings
This project was a vast undertaking for me, initially starting out as a branch off of my LUNR research within the space sector, and has taken me quite a bit of time, much more than I had hoped it would.
After all this research, writing, and cross-referencing for verification of data over the last couple of weeks that I've been working on this, I truly believe that RKLB has a future as one of the corner stones of space expansion. From humble beginnings, RKLB is doing amazing one-of-a-kind things for customers all over the globe. Taking the prize as the U.S.' second most launched vehicle, Electron itself is already a corner stone in launch vehicles and technology. With the upcoming maiden flight of Neutron later this year, RKLB is sure to propel itself forward far and wide as it gains more contracts and its capabilities grow. Even with it not gaining any flight capabilities yet, it is already gaining large contracts for both reputable and unknown entities and companies.
I currently hold a meager 30 shares as of writing this but I hope to increase this vastly in the future as my finances and investments grow, seeking out an initial goal of 100, then 200, and so on and so forth. This company, in my opinion, has a bright future ahead of it as it works towards our common goal of setting mankind back on the Moon and then eventually Mars. We're still quite a few years off from both, with the Moon coming first, but I consider getting in here getting in at a ground level. No better time than the present, yeah?
By Ben, @Intenxe on AfterHour and Discord, @IntenxeAlpha on X
Updates can be found on the continued pages and will be posted in near-real time (I'll try my absolute best to get the pertinent info out in a timely manner.)
IX - Works Cited
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