Rocket Lab (RKLB) Bank of America Global Industrials Conference 2025 summary

Neutron and Archimedes program updates

• Neutron development tracks three work streams: Archimedes engine, composite structures, and infrastructure.

• Archimedes engine is undergoing an extensive test campaign, with a second test stand being built to double testing capacity.

• Composite structure progress is challenged by reliance on third parties, prompting a shift to more vertical integration.

• Launch Complex 3 in Wallops, Virginia, is progressing well, with a grand opening planned for May-June.

• First Neutron launch is scheduled for the second half of 2025, with risk mitigation focused on composites.

Launch cadence, pricing, and backlog

• Neutron's initial test launch is planned for the second half of 2025, with three commercial launches in 2026 and five in 2027.

• No discounts are planned for Neutron launches due to strong demand and limited near-term capacity.

• Electron's backlog is nearly $400 million, with stable and increasing pricing, averaging over $8 million per launch.

• Customers value Electron for dedicated missions, enabling rapid constellation deployment and premium pricing.

• Neutron is positioned as a direct competitor to Falcon 9, targeting government and commercial launches outside of Starlink.

Government and industry opportunities

• Strong relationships with key Congressional committees and broad support for increased competition in space.

• Bids for major government projects, such as Mars Sample Return, aim to deliver at lower cost and faster timelines.

• Partnerships are situational; prime contractor status is preferred for satellite manufacturing, while subcontracts are used for programs like hypersonics.

• Currently a prime contractor for the SDA contract, with ambitions to on-ramp Neutron into NSSL for expanded market access.