Rocket Lab Signs First Customer for Neutron, Targets Mid-2025 Launch

Rocket Lab has secured the first customer for its Neutron launch vehicle as it works toward a mid-2025 inaugural launch.

Rocket Lab has announced it has signed a contract with a yet-unnamed commercial satellite constellation operator for two Neutron launches. The missions are scheduled for mid-2026 and 2027, with potential for additional launches to follow.

“We see this agreement as an important opportunity that signifies the beginning of a productive collaboration that could see Neutron deploy this particular customer’s entire constellation,” - Peter Beck, Rocket Lab’s Chief Executive

Strategic Neutron Marketing

Rocket Lab has been cautious about marketing Neutron before its debut flight.

“Until a vehicle is proven and flying, any launch contract that you can sign is basically worthless. I’d much rather arrive to the market with something that works, that commands a premium, than fill my manifest up with a whole bunch of low-value launches now.” - Peter Beck, Rocket Lab’s Chief Executive

The company’s confidence appears to be growing as discussions with customers mature. This initial Neutron contract aligns with the company’s previously stated goal of offering launches priced between $50 million and $55 million.

“We’re not going to be selling heavily discounted Neutron launches just because it’s a new vehicle,” - Adam Spice, Rocket Lab’s Chief Financial Officer

Scaling Neutron Launch Cadence

Rocket Lab plans to ramp up Neutron launches incrementally. After a single test flight in 2025, the company aims to conduct three launches in 2026, five in 2027, and continue scaling up from there.

“That’s following pretty much the same scaling rate as we saw that we could do with Electron...If you look back through history, it’s pretty difficult to see any examples of a scaling rate faster than that.” - Peter Beck, Rocket Lab’s Chief Executive

The company is making steady progress on Neutron’s development, including qualification testing of flight hardware and the Archimedes engine, which underwent its first hotfire test in August at NASA’s Stennis Space Center in Mississippi.

“Our engine test cadence in Mississippi has doubled over the quarter, and we’ve bought multiple engines to the test stand,” - Peter Beck, Rocket Lab’s Chief Executive

Rocket Lab’s Broader Vision

Neutron is integral to Rocket Lab’s long-term plans, including the potential deployment of its own satellite constellation. While Beck has alluded to this initiative in past earnings calls, he declined to provide specifics during the latest presentation.

“We’re not ready to reveal details on what this constellation or application may be...but I think it’s important to understand the strong foundation we’ve built up across launch and space systems to enable it in due course.” - Peter Beck, Rocket Lab’s Chief Executive

Beck likened Neutron’s importance to that of SpaceX’s Falcon 9 for Starlink.

“Everything is irrelevant without a reusable high-cadence launch. So, Neutron is really the key to unlocking that,” - Peter Beck, Rocket Lab’s Chief Executive

Electron Launch Plans

In addition to Neutron updates, Rocket Lab revealed its next Electron launch is slated for no earlier than November 23 (New Zealand time). The mission will deliver a third batch of five satellites for Kinéis, a French company building a ship-tracking constellation.

Rocket Lab has conducted 12 Electron launches in 2024 so far, including one for an undisclosed commercial customer on November 5. While the company initially projected up to 22 launches this year, it has revised the estimate to 15–18 launches.

“I’m always a little bit gun shy on this these days,...We’ve got certainly a very busy fourth quarter. And at this stage, the customers are looking good, so I think we’ll be within that range.” - Peter Beck, Rocket Lab’s Chief Executive

As Rocket Lab pushes forward with its ambitious plans for Neutron and Electron, the company continues to balance growth, innovation, and cautious market entry strategies.