The stock was at US$80.10 on August 10 when the latest delay was first flagged as a possibility.

Rocket Lab will charge around US$55 million per Neutron flight, compared to US$8.5m for its Electron.

The company has long said its launch operations won’t break into the black until Neutron is in service.

When Neutron was first announced in 2021, Rocket Lab was shooting for a maiden launch before the end of 2024. The target was subsequently pushed into 2025, then the end of this year before the latest delay.

At rival SpaceX, Elon Musk’s motto might be “Move fast and break things” but Beck implied he didn’t want to see the equivalent of Starship blowing up on the launchpad.

“Possible success isn’t our standard,” Beck said in a video explainer released earlier today [see the clip at the top of this story].

“We won’t rush to the launch pad with unnecessary risk.

“Development programmes like Neutron have their challenges. Recently, we hit one of those challenges.

“We’re building the largest pressurised structure ever made out of carbon composite,” Beck said.

SpaceX’s Falcon9 has an aluminium body, while its larger Starship has a stainless steel shell.

Air pockets discovered

In January, Neutron’s first-stage fuel tank ruptured during a test.

The failure was the result of a “third-party manual hand-lay process”, Beck said today.

“Following this, we pivoted to our long-term plan production process using the automated fibre placement (AFP) machine, which lays down the carbon with speed and accuracy,” Beck said.

The introduction of the AFP machine – one of the world’s largest – was an opportunity to introduce design enhancements to several components, including fuel domes.

Carbon components were then “cured” at high temperatures.

“Curing involves a heat-activated chemical reaction that transforms the epoxy into a solid, cross-linked polymer that binds the carbon fibres together,” Beck said.

Because of the unprecedented scale, Rocket Lab had to develop new techniques.

“This includes custom cure cycles for the very large pieces like the forward and aft domes for the propellant tanks on stage one,” Beck said.

“If this process is not perfect, defects can occur, and one such defect is the formation of voids or air pockets that can form between the layers of the carbon fibre, which in turn compromises strength, durability and reliability of the part.”

Beck was confident the cause of the issue had been identified. But before he could offer “more granularity” on a new launch date, a new forward dome had to be built on the AFP machine.

“That’s underway,” Beck said.

The forward dome would then have to be subjected to ultrasonic analysis and testing to confirm no voids or further issues. The dome would then have to be integrated into the first stage before hydrostatic and cryogenic tests.

“All going well, we expect the first two steps to be completed before Q1, with the third wrapped up in that quarter. From there, we expect to be in good shape to share a new target launch date.

“The voids don’t necessarily mean the dome would fail on flight but our practice is to proceed only when we believe the system has the appropriate margins.

Short-term pain for long-term gain

“Neutron is on an ambitious timeline, but we’re focused on more than just reaching the launchpad for flight one. We’re building the programme’s long-term infrastructure,” Beck said.

Taking more time and care before the inaugural launch would ultimately mean better manufacturing infrastructure and more frequent Neutron launches during the new rocket’s early years.

“We’re not rushing to the pad with a minimum viable product.”

A small army of local retail investors will hope the cautious approach ultimately pays off. In July, Sharesies said Rocket Lab had become its most widely held individual stock, displacing Air New Zealand. Around 70,000 of its members held the Kiwi-American company’s shares.

Chris Keall is an Auckland-based member of the Herald’s business team. He joined the Herald in 2018 and is the technology editor and a senior business writer. He has recently written about the tilt toward defence contracts at the 2026 New Zealand Aerospace Summit, Elon Musk’s terrestrial mobile network play and Rocket Lab’s largest-ever civilian contract for its Electron rocket.