[Click e-Stock] "Rocket Lab: Continued Launch Delays Delay Recovery in Investor Sentiment"

Shinhan Securities said on Oct. 16 that the recovery in investor sentiment toward Rocket Lab is being delayed by continued launch postponements.

Rocket Lab postponed the launch of its next-generation rocket, Neutron, until next year. Researcher Lee Joo-eun of Shinhan Securities said, "Rocket Lab has announced its fourth official launch postponement. Building reliability is essential for rapid, repeated launches, but the consecutive delays to the maiden launch schedule and the lack of a specific target launch date are factors delaying a recovery in investor sentiment."

After Neutron's first-stage propellant tank failed certification early in 2026, Rocket Lab changed its manufacturing process from manual layup to automated fiber placement (AFP) and improved the design to strengthen the launch vehicle's durability and enable rapid mass production. Later, an inspection after manufacturing the first-stage forward dome identified voids in areas where the design had been modified. Voids can reduce a tank's strength, durability, and structural reliability. After identifying the cause, the company improved its manufacturing process and completed production of a high-quality carbon-composite aft dome. It resumed production of Neutron's forward dome after confirming the effectiveness of the process improvements. Lee said, "Before Neutron's maiden launch, the company needs to manufacture and inspect a new forward dome, assemble the first stage, and validate the vehicle through hydrostatic and cryogenic testing." She added, "The company plans to manufacture and validate the forward dome by the end of 2026, complete first-stage assembly in the first quarter of 2027, and then conduct validation tests."

Although Rocket Lab is securing growth drivers beyond Neutron, commercializing the rocket is essential to gaining a competitive edge, according to Lee. "Since August, the company has expanded its foundation for mid- to long-term growth through a satellite contract with the U.S. Space Force, progress on procedures related to its acquisition of Iridium, and multiple commercial launch contracts," she said. "However, commercializing Neutron is essential to securing a competitive advantage in the medium-lift launch vehicle market and expanding its services market."

This content was produced with the assistance of AI translation services.