Rocket Lab stock dropped more than 9% in premarket trading Tuesday after CEO Peter Beck told investors that the window for launching its Neutron rocket this year is narrowing.
The company had previously indicated it was on track to debut Neutron before the end of 2025. Now, the first flight could slip into 2027.
Rocket Lab said it is still planning to deliver Neutron to a launch pad in Q4 2026. But it stopped short of committing to an actual launch this year.
“The window for an end-of-year launch is narrowing,” Beck said during the earnings call. “The work we’re doing now is about risk trading, balancing the timing of our first launch against how quickly and seamlessly we can scale.”
This is not the first time Neutron has faced delays. The reusable medium-lift rocket has been in development to compete with SpaceX’s Falcon 9.
Neutron is designed for satellite constellation deployment, national security missions, and planetary exploration. It features a reusable booster, which is key to its competitive case.
The delay overshadowed what was otherwise a strong earnings report.
Q2 revenue jumped 62% year-over-year to a record $234.06M, beating analyst estimates by $3.12M.
The GAAP net loss narrowed to $0.08 per share, compared to $0.13 a year earlier.
The company’s backlog hit a record $2.36B in Q2, up 137% year-over-year. Beck noted that new deals signed since the quarter ended push new contracts to more than $1B in Q3 alone.
Rocket Lab secured more than $437M in new launch contracts across its Electron, HASTE, and Neutron vehicles during Q2 and the period since.
That lifted the total launch backlog to more than 90 missions, another record.
Looking ahead, Rocket Lab guided Q3 revenue of $250M to $265M. That is above the analyst consensus of around $236M.
The strong guidance and backlog numbers show the core business is growing. But investors are clearly focused on Neutron.
Neutron is the rocket Rocket Lab needs to move into a bigger, more competitive market. A delay to 2027 pushes that timeline back and adds uncertainty.
Beck did not give a firm date for the first Neutron flight. The company said production is tracking toward a Q4 pad delivery, but the actual launch timing remains open.
Rocket Lab’s total launch backlog now sits at more than 90 missions, supported by a record $2.36B backlog across launch and space systems.
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