Rocket Lab delayed its Neutron rocket for the second time this year after a manufacturing flaw was found in a carbon composite tank dome in the first stage, sending the stock sharply lower to about two-thirds below its May all-time high. The first Neutron launch is now expected in 2027, instead of the fourth quarter of 2026. Q2 revenue reached $234 million, up 62% year over year, and backlog stood at $2.36 billion, while the company agreed to acquire Iridium Communications for about $8 billion including debt. The author says the stock is still not cheap at about 40 times sales and remains loss-making, but he is starting a small position and will add as milestones are reached.
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