Rocket Lab said the inaugural flight of its medium-lift Neutron rocket will be delayed until the fourth quarter of 2026, according to the company’s 2025 earnings report.
The update pushes the timeline beyond earlier expectations that the rocket could debut sooner and comes after a fuel tank ruptured during testing in January. The delay relates specifically to the tank component, which will need to be redesigned and requalified.
Chief executive Peter Beck said the issue does not affect other parts of the rocket, allowing the company to continue preparing additional vehicles.
“The way to think about follow-on flights, it’s not quite as dire as moving all of the follow-on flights 12 months,” Beck said. “We’re already building—flat out—additional Neutron tail numbers, so it’ll probably be a slightly faster convergence into subsequent flights because none of the other hardware that’s qualified has been halted.”
In previous years, chief financial officer Adam Spice had linked the company’s path to profitability with the launch of the Neutron rocket, which is designed to carry heavier payloads than Rocket Lab’s existing launch vehicle.
Despite the delay, Rocket Lab reported its strongest financial performance to date. The company conducted a record 21 launches of its Electron rocket in 2025, including seven launches in the fourth quarter alone.
Revenue for the fourth quarter reached $179.7 million, up 36% year on year. Full-year revenue rose 38% to $601.8 million, while the company’s backlog increased 73% to a record $1.85 billion. Net losses for the year totaled $198.2 million, up 4% from the previous year.
Other publicly traded space companies also released 2025 results this week. Redwire reported fourth-quarter revenue of $108.8 million, up 56% year on year, and full-year revenue of $335.4 million. Its backlog reached $411.2 million, though net losses widened to $226.6 million.
Meanwhile, BlackSky reported fourth-quarter revenue of $35.2 million, up 16%, with full-year revenue of $106.6 million and a backlog of $345 million. The company posted a net loss of $70.3 million for the year.
Both companies forecast revenue growth in 2026, with Redwire projecting annual revenue of $450 million to $500 million and BlackSky expecting between $120 million and $145 million.
