What is the best long waterproof raincoat to buy for temperatures in the 32-50 F (0-10 C)?
What is the best long waterproof raincoat to buy for temperatures in the 32-50 F (0-10 C)?
u/The-zKR0N0S — 4 days ago
▲ 64 r/RKLB
Neutron Updates per Q2 2026 10-Q
Neutron Update
We continue to make significant progress in the development of the Neutron launch vehicle. Neutron qualification testing from large structures through to component level systems is ongoing. During Q2, we achieved significant milestones across the Neutron program with ongoing integration and readiness of first-flight hardware, continued progress on Archimedes engine testing, and advancement of the second stage and reusable fairing systems.
Production of the Stage 1 tank is currently aligned with the target delivery of Neutron to the launch pad in Q4 2026. While the window for an end of-year launch date is narrowing, we are balancing the schedule of the first launch with entering Neutron into service as a system ready for full-scale production and high-cadence launch beyond flight one. Exact launch timing will also depend on the outcome of first stage qualification and other critical tests occurring later in 2026.
Risk and uncertainty remains in the complex development cycle of a new launch vehicle which could impact our current best estimate of a targeted timeline for first launch.
###
My takeaways are:
- The combination of the comments that the stage 1 tank is aligned to get to the launch pad in Q4 2026 and that they are balancing the scheduling of flight 1 with the ability to scale to high cadence leads me to believe that a Q1 2027 launch is as early as can be expected.
- We should expect testing to continue through the rest of the year. We should expect to see critical tests and hopefully the remaining components qualified in the coming months.
Neutron slides per the earnings release:
u/The-zKR0N0S — 2 months ago
▲ 39 r/RKLB
Excerpt from Iridium’s earnings release regarding their strategic growth initiatives
As we all know, Rocket Lab announced their acquisition of Iridium. Key to the success of the combined company will be to accelerate the growth initiatives that Iridium was already undertaking in addition to identifying additional growth vectors. See below for an excerpt from Iridium’s earnings release that highlights their strategic growth initiatives that were announced earlier this year.
——
In February 2026, Iridium announced four strategic initiatives that are driving new activity with business partners and designed to drive revenue growth and business expansion into new industries and applications. The Company remains focused on investing in and expanding its presence through the following initiatives:
1. Satellite IoT
Iridium continues to make progress on both proprietary and standards-based products and services to expand its IoT offering with key target markets. The introduction of the Iridium 9604, a new tri-mode module launched on June 23, 2026, combines Iridium Short Burst Data® (SBD®) satellite connectivity, LTE-M cellular, and GNSS positioning in a power efficient, small form factor module. The integrated architecture provides operational and economic benefits that are engineered to simplify device design, reduce costs, and allow the Iridium 9604 to serve as a next-generation platform for satellite IoT services.
Iridium will also introduce its new standards-based service, Iridium NTN Direct, later this year. Live over-the-air demonstrations with mobile network operators, semiconductor companies, and existing business partners are underway to extend the reach of terrestrial services with satellite connectivity. These standardized services will provide direct-to-device (D2D) capabilities and support low-cost IoT applications, where reliability and coverage are critical, and even for connecting consumer devices from space.
2. Assured PNT
The recent announcement of the commercial availability of Iridium's new PNT ASIC, expands the potential applications and addressable market for Iridium's global PNT services. Designed to help protect GPS- and GNSS-dependent devices from growth jamming, spoofing, and other threats, Iridium PNT is used by commercial, civil, and government enterprises to ensure resilience for critical infrastructure, communications, and transportation.
3. National Security Missions
Iridium continues to build off its successful history of providing mission critical communications under the EMSS program to develop and deploy efficient and resilient operations supporting the U.S. Space Force. Leveraging its ongoing work developing ground systems and managing the operations centers for the Space Development Agency's Proliferated Warfighter Space Architecture (PWSA), Iridium is positioned to expand its strategic relationship with the U.S. government. As new requirements and demand for systems take shape, additional opportunities to leverage Iridium's expertise and capabilities for other national security initiatives continue to emerge.
4. Aviation Safety
Iridium's leadership position in aviation safety advanced further with the Company's acquisition of Aireon LLC, the world's only space-based Automatic Dependent Surveillance-Broadcast (ADS-B) air traffic surveillance system, on July 2, 2026. This acquisition of Aireon accelerates Iridium's growth into services for airlines and air navigation service providers, while adding valuable commercial data services capabilities and incremental revenue streams.
Iridium is actively developing new products that leverage Aireon's existing satellite-based aviation safety surveillance services and global high-fidelity data set to deliver greater value to the entire aviation industry. This acquisition is expected to result in at least an additional consolidated $100 million of service revenue and $30 million of OEBITDA on an annualized basis.
u/The-zKR0N0S — 3 months ago
▲ 9 r/RKLB
Video on SpaceX and Rocket Lab
Despite the video title, much of the content of this is on Rocket Lab.
u/The-zKR0N0S — 3 months ago
▲ 45 r/RKLB
What acquisition targets should Rocket Lab consider?
A core part of the investment thesis with RKLB is that management can efficiently allocate capital by acquiring companies via cash raised from equity offerings or equity issued as part of the transaction.
Who do you think are viable acquisition targets for management?
The couple that immediately come to mind are:
• BKSY ($928 million market cap)
• SPIR ($591 million market cap)
The negatives I see for these two is that they are both FCF negative still.
u/The-zKR0N0S — 3 months ago
▲ 36 r/RKLB
Iridium Russia
Hopefully this doesn’t become an issue for Rocket Lab at any point.
“Valiyev admits that the drone, even during the full-scale invasion, can perform its tasks solely thanks to the American navigation system produced by the US company Iridium.”
u/The-zKR0N0S — 3 months ago
▲ 176 r/RKLB
I just read Iridium's most recent 10-K. The key here is how enmeshed they are in NATIONAL SECURITY.
Iridium's relationship with the U.S. government goes well beyond selling satellite airtime. The company provides secure gateway operations, engineering and integration services, tactical communications, NSA-certified encrypted communications, and plays a role in the ground infrastructure supporting the military's next generation of space-based networks.
The government has also invested heavily in infrastructure built specifically around Iridium's network. Most notably, it operates a dedicated gateway that is compatible only with the Iridium constellation. That level of integration creates significant switching costs, as replacing Iridium would require far more than awarding a new communications contract; it would involve rebuilding years of operational procedures, network architecture, security certifications, and supporting infrastructure.
The relationship also appears to be expanding rather than maturing. Iridium continues to win work supporting the Space Development Agency's Proliferated Warfighter Space Architecture (PWSA), gateway modernization initiatives, resilient positioning, navigation and timing (PNT), and future NTN Direct capabilities. These programs suggest the company's role within the national security ecosystem is becoming broader over time.
On the financial side, their TTM revenue is $876 million, gross profit is $415 million, operating income is $226 million, interest expense is $98 million, and net income is $106 million.
There is $1.75 billion of long term debt, the majority of which is due in 2030. Other liabilities are relatively immaterial. They hold $112 million of cash, and there is $1.95 billion of property plant and equipment.
Operating cash flow has increased $376 million (2024), $400 million (2025), and $411 million (Q1 2026 TTM). Maintenance capex is in the $100 million range, putting free cash flow based on current operations $311 million.
Adjusting for ~$50 million of annual stock based compensation gets you to free cash flow of about $260 million.
That is a 3.25**% free cash flow yield** at the $8 billion purchase price.
RKLB's TTM cash from operating activities was -$162 million with another $155 million spent in capital expenditures. Buying Iridium plugs that cash burn.
u/The-zKR0N0S — 4 months ago
▲ 622 r/RKLB
Here is some perspective for some of you who are freaking out right now
u/The-zKR0N0S — 4 months ago
▲ 73 r/RKLB
SpaceX S-1 Filing
Here is the link to SpaceX’s S-1 filing.
I thought this would be a good place for us to discuss anything interesting in the filing or any relevant information to Rocket Lab now that we have a more transparent view into SpaceX.
u/The-zKR0N0S — 5 months ago