Rocket Lab Corp (RKLB) has established a strong foothold in the small satellite launch market through its Electron vehicle, with 75 successful missions and over 200 spacecraft launched as of end-2025. The company’s future growth hinges on successfully scaling launches and commercializing its medium-lift reusable Neutron rocket, which promises significantly higher payload capacity. However, escalating operating expenses, heavy capital investment, ongoing development challenges, and customer concentration risks have led to widening losses and negative operating cash flows through 2025. Monitoring their operational ramp-up, delivery of Neutron milestones, and margin improvements will be critical to assessing sustainability.