Rocket Lab pushes back first Neutron launch to 2027

Rocket Lab has delayed the maiden launch of its Neutron rocket again, due to carbon composite manufacturing issues. It is more than five years since Rocket Lab said it was developing the launcher, a step up from its workhorse Electron, and capable of sending up to 13,000 kg to Low Earth Orbit. At the time, 2024 was mooted as the first launch date. Then perhaps 2025. Then 2026. And now it is "expected to occur in 2027." It won't be early in 2027 either. During a briefing, boss Peter Beck said he expects to complete testing of the problematic components before the end of Q1 2027, at which point it will set a new launch date. According to Beck, Rocket Lab identified problems with a first-stage tank that failed qualification due to third-party processing. The space biz switched to its own internal processes, and things appeared to be going swimmingly until, Beck said, "we identified an issue with the manufacturing process for the propellant dome." The issue was voids that formed within the carbon composite layers during manufacturing. Beck explained, "They don't necessarily mean that the dome would fail in flight," but they would reduce the margin, so a rethink was required. The good news, according to Beck, is that the problem is solved. The bad news? Dealing with it has delayed things. In August, Rocket Lab said it targeted delivery of Neutron to the launch pad in Q4 2026. Beck now reckons the cryo and hydrostatic test campaigns will not wrap up until Q1 2027. Rocket Lab's shares have taken a battering following the announcement, dropping from about $63 yesterday to near $53 in after-hours trading. When it becomes operational, Neutron will feature an entirely reusable first stage with a "Hungry Hippo" clamshell fairing, opening to deploy a second stage before closing for a return to Earth. The timing of Neutron's availability is of note since it could come as SpaceX reportedly seeks to wind down Falcon 9 in favor of Starship. While Falcon 9 can loft heavier payloads, Neutron's mass capability puts it firmly in the same class. Assuming, of course, it makes it to the launchpad. (R)