1 00:00:00,280 --> 00:00:02,520 Speaker 1: The information provided in this program is of a general 2 00:00:02,600 --> 00:00:05,320 Speaker 1: nature and is not intended to be personalized financial advice. 3 00:00:05,400 --> 00:00:07,760 Speaker 1: We encourage you to seek appropriate advice from a qualified 4 00:00:07,760 --> 00:00:10,039 Speaker 1: professional to suit your individual circumstances. 5 00:00:12,080 --> 00:00:14,600 Speaker 2: Hi Madison, Hi Aeron, Welcome to Rocket Lab. 6 00:00:14,680 --> 00:00:16,480 Speaker 3: I'm not going to touch anybod I promise. 7 00:00:16,520 --> 00:00:18,360 Speaker 1: I'm too terrified to touch anything. 8 00:00:19,160 --> 00:00:23,560 Speaker 4: This is insane. I want to hug it. I'm speechless. 9 00:00:24,280 --> 00:00:25,080 Speaker 4: I don't know what to say. 10 00:00:25,120 --> 00:00:29,800 Speaker 1: I'm standing on a rocket launching platform. So AlSi two 11 00:00:29,960 --> 00:00:33,120 Speaker 1: is dedicated for Electron and HASTE missions. But from what 12 00:00:33,159 --> 00:00:35,080 Speaker 1: you have just shown me, Aaron is way too small 13 00:00:35,159 --> 00:00:39,279 Speaker 1: for Neutron. That baby's going to launch next door. That's right, 14 00:00:40,040 --> 00:00:42,280 Speaker 1: and AlSi three, can we go see it? 15 00:00:42,400 --> 00:00:42,760 Speaker 2: Let's go. 16 00:00:43,640 --> 00:00:46,000 Speaker 1: Before we left for the United States, we came here 17 00:00:46,159 --> 00:00:49,080 Speaker 1: to Rocket Labs and Mission Control in Auckland, New Zealand, 18 00:00:49,479 --> 00:00:52,200 Speaker 1: where I spoke to Sir Peter Beck about the readiness 19 00:00:52,320 --> 00:00:55,440 Speaker 1: of Neutron and why some may be doubting him and 20 00:00:55,480 --> 00:00:56,880 Speaker 1: his company's execution. 21 00:00:57,360 --> 00:01:00,800 Speaker 5: I think there's a lot of suspicion within our industry, 22 00:01:00,840 --> 00:01:04,800 Speaker 5: and we always, you know, always, my CFO always reminds 23 00:01:04,840 --> 00:01:08,920 Speaker 5: me that we have the best house on the worst street. 24 00:01:17,760 --> 00:01:21,560 Speaker 1: This is the engine that will fire rocket Lab's next rocket, Neutron. 25 00:01:22,120 --> 00:01:25,400 Speaker 1: The space company dropped this hot fire hype video last 26 00:01:25,480 --> 00:01:29,639 Speaker 1: month showing the Archimedes being tested at NASA's Stenna Space 27 00:01:29,680 --> 00:01:34,040 Speaker 1: Center in Mississippi, cooling down critics who suggested the company 28 00:01:34,080 --> 00:01:39,319 Speaker 1: had complications heading this critical development milestone. Rocket Lab revealed 29 00:01:39,360 --> 00:01:42,200 Speaker 1: its bold plan to build a bigger rocket in March 30 00:01:42,240 --> 00:01:43,240 Speaker 1: twenty twenty one. 31 00:01:43,760 --> 00:01:46,920 Speaker 5: The some things we said we'll never do, but we're 32 00:01:46,920 --> 00:01:48,280 Speaker 5: going to build a big rocket. 33 00:01:49,160 --> 00:01:50,120 Speaker 2: It's called Neutron. 34 00:01:50,440 --> 00:01:53,800 Speaker 1: The forty three meter high medium lift launch vehicle will 35 00:01:53,840 --> 00:01:57,280 Speaker 1: be twice the height of its existing Electron rocket and 36 00:01:57,440 --> 00:02:02,480 Speaker 1: almost six times its diameter, allowing Neutron to carry forty 37 00:02:02,520 --> 00:02:06,680 Speaker 1: three times more mass to lower orbit. Both rockets are 38 00:02:06,680 --> 00:02:09,799 Speaker 1: made of carbon composite, but the key difference between them 39 00:02:09,960 --> 00:02:14,520 Speaker 1: is reusability. While rocket Lab later added recovery to Electron, 40 00:02:14,919 --> 00:02:17,680 Speaker 1: Neutron will have it built in from the beginning, with 41 00:02:17,760 --> 00:02:20,880 Speaker 1: the ability to re enter Earth's atmosphere and land on 42 00:02:20,880 --> 00:02:22,120 Speaker 1: its launch pad to. 43 00:02:22,120 --> 00:02:24,120 Speaker 4: Be refueled and reflown. 44 00:02:24,919 --> 00:02:27,880 Speaker 1: Parts are already under construction, and a machine has been 45 00:02:27,919 --> 00:02:31,320 Speaker 1: built to automate the production of its carbon fiber components 46 00:02:31,600 --> 00:02:33,720 Speaker 1: in the United States, where. 47 00:02:33,639 --> 00:02:37,520 Speaker 4: Neutron will launch from. But the big question is when 48 00:02:38,760 --> 00:02:40,160 Speaker 4: launching twenty twenty four. 49 00:02:43,760 --> 00:02:47,079 Speaker 1: That timeline has now slipped slightly, with Sir Peter Beck 50 00:02:47,120 --> 00:02:49,919 Speaker 1: announcing this year that Neutron will now launch in mid 51 00:02:50,080 --> 00:02:54,120 Speaker 1: twenty twenty five. On that agenda, Neutron would still be 52 00:02:54,200 --> 00:02:58,840 Speaker 1: the fastest ever commercially developed medium lift rocket because. 53 00:02:58,639 --> 00:03:00,840 Speaker 5: At rocket Lab, when we say we're going to do something, 54 00:03:01,520 --> 00:03:02,000 Speaker 5: we do it. 55 00:03:07,639 --> 00:03:09,359 Speaker 4: But some still have their doubts. 56 00:03:09,680 --> 00:03:12,480 Speaker 1: Short interest in rocket Lab rose five percent in the 57 00:03:12,520 --> 00:03:16,480 Speaker 1: past month, according to market Beat, taking total short interest 58 00:03:16,520 --> 00:03:19,600 Speaker 1: in the company to nineteen point eight percent of its 59 00:03:19,600 --> 00:03:22,560 Speaker 1: float with less than a year ago to a launch. 60 00:03:22,800 --> 00:03:25,639 Speaker 1: We visited Beck in Auckland to ask for a development 61 00:03:25,720 --> 00:03:30,400 Speaker 1: update and how he thinks about investors' emotional ties to neutrons. 62 00:03:31,560 --> 00:03:33,359 Speaker 3: So, Peter Beck, good to see, good to be Beck. 63 00:03:33,520 --> 00:03:34,320 Speaker 2: Yeah, great to chat. 64 00:03:34,520 --> 00:03:36,440 Speaker 1: Thank you so much for doing this. I really appreciate it. 65 00:03:36,760 --> 00:03:39,320 Speaker 1: This is all about neutron readiness. So let's go back 66 00:03:39,360 --> 00:03:42,040 Speaker 1: to the beginning. You announced Neutron, and was it March 67 00:03:42,080 --> 00:03:44,280 Speaker 1: twenty twenty one? Around me, it would have been about 68 00:03:44,320 --> 00:03:47,040 Speaker 1: then yet, so that's now an end of twenty twenty four. 69 00:03:47,120 --> 00:03:49,120 Speaker 3: It's roughly about four years ago. 70 00:03:49,680 --> 00:03:51,080 Speaker 1: You thought that you were going to be launching a 71 00:03:51,160 --> 00:03:54,520 Speaker 1: rocket by now, obviously we're not there yet. How would 72 00:03:54,520 --> 00:03:57,800 Speaker 1: you rate the pace of the neutron program so far? 73 00:03:58,080 --> 00:04:00,280 Speaker 2: Yeah, well, I mean it's a crazy case. 74 00:04:00,320 --> 00:04:03,280 Speaker 5: And although you know we're call it six months behind 75 00:04:03,360 --> 00:04:06,680 Speaker 5: or slightly more, you should put that into context of 76 00:04:06,720 --> 00:04:10,360 Speaker 5: a rocket program. You know, a rocket program you measure 77 00:04:10,400 --> 00:04:13,280 Speaker 5: in decades, not in years. So it was an ambitious 78 00:04:13,280 --> 00:04:16,080 Speaker 5: target and that's the way we roll. But you know, 79 00:04:16,200 --> 00:04:18,200 Speaker 5: the progress of the team in the vehicle and the 80 00:04:18,200 --> 00:04:20,120 Speaker 5: pad and the infrastructure and all the stuff that goes 81 00:04:20,120 --> 00:04:23,200 Speaker 5: along with it has been pretty astounding. 82 00:04:23,320 --> 00:04:25,080 Speaker 1: We are going to talk about all of those details 83 00:04:25,120 --> 00:04:29,000 Speaker 1: you mentioned. An ambitious target. Is twenty twenty five ambitious 84 00:04:29,080 --> 00:04:30,720 Speaker 1: or is that realistic at the stage? 85 00:04:30,760 --> 00:04:33,359 Speaker 5: Well, we know, I mean we always we always cavit 86 00:04:33,360 --> 00:04:36,240 Speaker 5: everything we say with with it's a rocket program, right, 87 00:04:36,360 --> 00:04:39,000 Speaker 5: and you know, the programs on track for that for 88 00:04:39,040 --> 00:04:42,360 Speaker 5: that launch date, and everything's good. But it only takes 89 00:04:42,400 --> 00:04:45,320 Speaker 5: one small element to you know, to to reset those 90 00:04:45,480 --> 00:04:48,479 Speaker 5: sorts of things. But as it stands today, no, we're 91 00:04:48,560 --> 00:04:50,479 Speaker 5: you know, we're feeling and looking good. 92 00:04:50,480 --> 00:04:50,719 Speaker 2: For that. 93 00:04:50,920 --> 00:04:53,560 Speaker 5: But like I say, kevit, it's a rocket program like 94 00:04:53,600 --> 00:04:55,479 Speaker 5: a bad dad. The office generally means you have no 95 00:04:55,520 --> 00:04:58,520 Speaker 5: office anymore. So you know, some of those some of 96 00:04:58,520 --> 00:05:00,279 Speaker 5: those things can concede it back. 97 00:05:00,520 --> 00:05:02,480 Speaker 3: So tell us everything that has been done so far. 98 00:05:02,600 --> 00:05:05,800 Speaker 1: You have, oh my goodness, tested Archimedes, the whole fire, 99 00:05:06,160 --> 00:05:10,159 Speaker 1: You've built the pad for LC three, You've got the 100 00:05:10,200 --> 00:05:13,280 Speaker 1: water tower up chains, the skyline at Wallops, you're building 101 00:05:13,520 --> 00:05:14,520 Speaker 1: the new ICF. 102 00:05:15,279 --> 00:05:16,320 Speaker 2: What's yet to go. 103 00:05:16,480 --> 00:05:18,560 Speaker 5: There's like a lot of people think of a rocket 104 00:05:18,600 --> 00:05:21,320 Speaker 5: program and you know, it's just the rocket, but the 105 00:05:21,400 --> 00:05:24,840 Speaker 5: rocket is actually a relatively small element. And you know 106 00:05:24,920 --> 00:05:27,600 Speaker 5: that the pad infrastructure is just like we take all 107 00:05:27,600 --> 00:05:29,240 Speaker 5: of the concrete in the in the you know, the 108 00:05:29,320 --> 00:05:32,320 Speaker 5: larger region for days on end just to do one thing. 109 00:05:33,080 --> 00:05:35,960 Speaker 5: So these infrastructure projects are just massive and the amount 110 00:05:36,000 --> 00:05:38,359 Speaker 5: of capital and time that goes into putting steel and 111 00:05:38,360 --> 00:05:41,359 Speaker 5: concrete in the ground is enormous. And then the factories itself. 112 00:05:41,400 --> 00:05:43,520 Speaker 5: You know, we bought the Virgin Orbit factory and just 113 00:05:43,560 --> 00:05:46,280 Speaker 5: converted that that one large factory that used to make 114 00:05:46,320 --> 00:05:49,560 Speaker 5: whole rockets. It just makes engines now for for Neutron 115 00:05:49,600 --> 00:05:52,440 Speaker 5: and Archimedes, so the same with the engine test cells, 116 00:05:52,520 --> 00:05:54,840 Speaker 5: and there's just so much infrastructure that goes in and 117 00:05:54,880 --> 00:05:58,160 Speaker 5: around actually putting something on the pad, the actual rocket itself, 118 00:05:58,240 --> 00:06:01,040 Speaker 5: you know, it's it's a relatively small or element. 119 00:06:01,080 --> 00:06:03,719 Speaker 2: The tanks and what's not a relatively small element. 120 00:06:03,839 --> 00:06:06,599 Speaker 5: So you know, these these these projects are just massive 121 00:06:06,640 --> 00:06:07,880 Speaker 5: infrastructure projects. 122 00:06:08,000 --> 00:06:09,520 Speaker 1: So if you look at everything that's still yet to 123 00:06:09,520 --> 00:06:11,839 Speaker 1: be done until you can actually assemble all the parts 124 00:06:11,839 --> 00:06:14,600 Speaker 1: for neutron, what is the most difficult and there's sort 125 00:06:14,600 --> 00:06:16,320 Speaker 1: of most precarious story. 126 00:06:16,400 --> 00:06:19,359 Speaker 5: Well, I'd say all the really big high risk items 127 00:06:19,360 --> 00:06:21,599 Speaker 5: we've kind of brought down. I mean, you can you 128 00:06:21,640 --> 00:06:24,400 Speaker 5: can break a rocket program into into kind of three things. 129 00:06:24,560 --> 00:06:27,039 Speaker 5: One one is infrastructure, which you talk about, one is propulsion, 130 00:06:27,120 --> 00:06:31,240 Speaker 5: and the other is structures or tanks. And you know, 131 00:06:31,480 --> 00:06:36,000 Speaker 5: propulsion were really we took a relatively different well we 132 00:06:36,040 --> 00:06:40,000 Speaker 5: did to quite a different path with propulsion. For example, Normally, 133 00:06:40,080 --> 00:06:43,760 Speaker 5: you develop elements of an engine and you put them 134 00:06:43,760 --> 00:06:45,960 Speaker 5: on an engine test stand and you test like a 135 00:06:45,960 --> 00:06:48,200 Speaker 5: thrust chamber or a commission chamber, and then you might 136 00:06:48,200 --> 00:06:51,120 Speaker 5: test elements of a pump, elements of a valve, and 137 00:06:51,160 --> 00:06:54,040 Speaker 5: then you know, years later you bring them together and 138 00:06:54,080 --> 00:06:56,200 Speaker 5: then years later than that you actually put it on 139 00:06:56,200 --> 00:07:00,239 Speaker 5: a production line and produce it. We didn't take that approach. 140 00:07:00,279 --> 00:07:02,360 Speaker 5: I mean, we've built five and something engines. We kind 141 00:07:02,360 --> 00:07:05,359 Speaker 5: of know what we're doing these days. So we built 142 00:07:05,360 --> 00:07:08,320 Speaker 5: the production line for that engine. Everything that you know, 143 00:07:08,360 --> 00:07:10,920 Speaker 5: that first engine that went on the stand, there was 144 00:07:11,000 --> 00:07:14,440 Speaker 5: just no flight, you know, no no industrial articles on there. 145 00:07:14,440 --> 00:07:19,280 Speaker 5: It was all flight, whether it be you know, wirring loombs, 146 00:07:19,760 --> 00:07:24,000 Speaker 5: engine controllers, valves, you know, everything, pumps it. It was 147 00:07:24,080 --> 00:07:27,400 Speaker 5: built on a production line by production technicians, and that 148 00:07:27,520 --> 00:07:30,800 Speaker 5: is the engine that we intend to fly. And you 149 00:07:30,840 --> 00:07:33,680 Speaker 5: know that that that is an approach, you know, it's 150 00:07:34,000 --> 00:07:35,480 Speaker 5: just a little bit risky in the fact that if 151 00:07:35,480 --> 00:07:39,960 Speaker 5: that engine had a fundamental issure performed very badly, you know, 152 00:07:40,040 --> 00:07:42,720 Speaker 5: then the program would be behind. But on the flip 153 00:07:42,760 --> 00:07:44,840 Speaker 5: side to that, you know, now we're banging engines out 154 00:07:44,880 --> 00:07:47,280 Speaker 5: of a production line, so the program and unless on 155 00:07:47,280 --> 00:07:50,800 Speaker 5: the propulsion side, is now ahead. So you know, it's swing, 156 00:07:50,880 --> 00:07:53,120 Speaker 5: swings and roundabouts and that in that sense. 157 00:07:53,320 --> 00:07:56,120 Speaker 1: Everyone always talks about the timeline for neutron, but time 158 00:07:56,280 --> 00:07:59,480 Speaker 1: is obviously money. How much money have you spent on 159 00:07:59,560 --> 00:08:03,800 Speaker 1: neutron and how much of the expected total initial cost YEP. 160 00:08:04,000 --> 00:08:06,720 Speaker 5: So when we first came to came public, we kind 161 00:08:06,720 --> 00:08:08,880 Speaker 5: of said that, you know, Neutron was going to consume 162 00:08:08,920 --> 00:08:12,360 Speaker 5: somewhere between two and fifteenth roundred million USD and yeah, 163 00:08:12,360 --> 00:08:15,680 Speaker 5: we're we're on target for that. So you know, as 164 00:08:15,680 --> 00:08:18,000 Speaker 5: far as you know, holding to budget is pretty impressive. 165 00:08:18,280 --> 00:08:20,720 Speaker 5: But once again, you always have to put this into context. 166 00:08:20,840 --> 00:08:25,960 Speaker 5: I mean, you know Vulcan, the Vulcan launch vehicle from ULA, 167 00:08:26,040 --> 00:08:29,040 Speaker 5: I think Tory recently publicized it was somewhere between seven 168 00:08:29,040 --> 00:08:32,000 Speaker 5: and nine billion dollars to put that vehicle on the pad, 169 00:08:32,440 --> 00:08:34,199 Speaker 5: So you know, a f under a million dollars is 170 00:08:34,880 --> 00:08:37,600 Speaker 5: crazy small to do what we're going to do. And 171 00:08:37,640 --> 00:08:41,200 Speaker 5: then you know there's still more expenditure after that, of course, 172 00:08:41,240 --> 00:08:44,040 Speaker 5: as we scale, because that gets us a rocket on 173 00:08:44,080 --> 00:08:46,559 Speaker 5: the pad at a particular rate. But you know, we 174 00:08:46,920 --> 00:08:48,920 Speaker 5: hope to have a pretty decent clip on these vehicles, 175 00:08:48,960 --> 00:08:51,360 Speaker 5: So you need to continue to invest in the program 176 00:08:51,400 --> 00:08:52,040 Speaker 5: as it goes through. 177 00:08:52,120 --> 00:08:53,679 Speaker 1: The reason I ask us because I was wondering if 178 00:08:53,720 --> 00:08:55,319 Speaker 1: you might need to raise capital to senish it. 179 00:08:55,720 --> 00:08:58,240 Speaker 5: Yeah, no, I mean you saw us do that convertible 180 00:08:58,280 --> 00:08:59,760 Speaker 5: note earlier in the year, and that was really to 181 00:08:59,800 --> 00:09:03,319 Speaker 5: put some powder in the barrels for acquisitions. As far 182 00:09:03,360 --> 00:09:06,000 Speaker 5: as far as Neutron goes, we don't need to raise 183 00:09:06,000 --> 00:09:06,840 Speaker 5: any capital. 184 00:09:06,600 --> 00:09:08,959 Speaker 2: For the pre and paid for. Yeah, yeah, yeah, I mean, 185 00:09:08,960 --> 00:09:09,480 Speaker 2: and of. 186 00:09:09,360 --> 00:09:12,000 Speaker 5: Course, you know, things start to get much more interesting 187 00:09:12,040 --> 00:09:14,800 Speaker 5: when you start flying customers payloads, because you know, the 188 00:09:14,800 --> 00:09:18,240 Speaker 5: balance sheet looks totally different because it's a it's a 189 00:09:18,280 --> 00:09:21,319 Speaker 5: fifty five million dollar launch at that point, whereas right 190 00:09:21,360 --> 00:09:22,360 Speaker 5: now it's all R and D. 191 00:09:22,640 --> 00:09:24,880 Speaker 2: So things things change pretty quickly. 192 00:09:25,200 --> 00:09:27,960 Speaker 1: You mentioned at the very beginning of this conversation how 193 00:09:28,320 --> 00:09:32,400 Speaker 1: rocket development timelines are typically measured in decades and years, 194 00:09:32,480 --> 00:09:35,679 Speaker 1: and delays of this scale or of even larger and 195 00:09:35,840 --> 00:09:39,440 Speaker 1: not indifferent in this industry. You only have to look 196 00:09:39,440 --> 00:09:41,439 Speaker 1: at Blue Origin and then New Glen, which has now 197 00:09:41,480 --> 00:09:45,280 Speaker 1: impacted your Nasai Escapade mission, which you made some satellites for. 198 00:09:46,000 --> 00:09:47,880 Speaker 3: But how patient do you. 199 00:09:47,880 --> 00:09:53,040 Speaker 1: Think investors generally speaking are in watching and waiting for 200 00:09:53,120 --> 00:09:54,640 Speaker 1: developments in this industry. 201 00:09:54,720 --> 00:09:56,240 Speaker 2: Probably not as impatient as I am. 202 00:09:56,559 --> 00:09:59,880 Speaker 5: I mean, yeah, look, I think if you're if you're 203 00:09:59,880 --> 00:10:02,080 Speaker 5: in besting in a rocket company, and you've done your diligence, 204 00:10:02,200 --> 00:10:05,680 Speaker 5: then then then these things should should should should be 205 00:10:05,760 --> 00:10:08,840 Speaker 5: part part of course really but but at the end 206 00:10:08,880 --> 00:10:11,520 Speaker 5: of the day, I mean, we're we're a commercial enterteering 207 00:10:11,600 --> 00:10:15,640 Speaker 5: where we're trying to build a profitable company. So nobody 208 00:10:15,679 --> 00:10:17,959 Speaker 5: is more motivated than us to you know, to get 209 00:10:17,960 --> 00:10:20,360 Speaker 5: through that development and then and then through the scaling 210 00:10:20,440 --> 00:10:23,640 Speaker 5: and and all the rest of it. But you know, 211 00:10:23,720 --> 00:10:26,040 Speaker 5: if if, if, if you're if you're an investor, and 212 00:10:27,679 --> 00:10:30,720 Speaker 5: you know, I think anybody in the space industry has 213 00:10:30,720 --> 00:10:32,560 Speaker 5: to be a little bit patient for sure. 214 00:10:32,880 --> 00:10:34,199 Speaker 1: So why did you feel I need to drop in 215 00:10:34,440 --> 00:10:36,400 Speaker 1: Archimedes Engine hot fire hype for the it? 216 00:10:37,640 --> 00:10:38,920 Speaker 2: Oh yeah, that was super funny. 217 00:10:39,040 --> 00:10:42,600 Speaker 5: Yeah, well, I mean I think I think one could 218 00:10:42,880 --> 00:10:45,920 Speaker 5: could make a direct correlation between the increasing value of 219 00:10:45,960 --> 00:10:49,760 Speaker 5: the company and the short interest and uh and and 220 00:10:50,280 --> 00:10:54,199 Speaker 5: you know, those kinds of things happen and in this. 221 00:10:54,760 --> 00:10:58,000 Speaker 2: You know, in this world. So look, generally, we we 222 00:10:58,200 --> 00:11:00,960 Speaker 2: just we just keep a HEAs down and just do stuff. 223 00:11:01,679 --> 00:11:05,280 Speaker 5: And you know, so we're not we're not fixated on 224 00:11:05,679 --> 00:11:08,480 Speaker 5: every hot fire, you know, posting and all the rest 225 00:11:08,480 --> 00:11:08,720 Speaker 5: of it. 226 00:11:08,760 --> 00:11:11,400 Speaker 2: But we're opportunities to have a little bit of fun 227 00:11:11,440 --> 00:11:13,040 Speaker 2: come along then not to. 228 00:11:13,520 --> 00:11:16,800 Speaker 1: Just to be clear, that first hot fire did or 229 00:11:16,800 --> 00:11:17,439 Speaker 1: did not fail. 230 00:11:17,800 --> 00:11:18,800 Speaker 2: Of course it didn't fail. 231 00:11:19,000 --> 00:11:23,160 Speaker 5: Yeah, no, no, I mean there was no catastrophic explosion 232 00:11:23,320 --> 00:11:24,959 Speaker 5: or anything anything like that, not at. 233 00:11:24,920 --> 00:11:26,840 Speaker 3: All, So we can dispell that Reddit rumor run. 234 00:11:26,760 --> 00:11:28,160 Speaker 2: Now, well, I think we already have. 235 00:11:28,240 --> 00:11:29,839 Speaker 5: I mean, if you watch the videos, you can see 236 00:11:29,880 --> 00:11:33,960 Speaker 5: serial number one engine running. So I think, yeah, I 237 00:11:33,960 --> 00:11:36,480 Speaker 5: think that's pretty pretty pretty straightforward. 238 00:11:36,679 --> 00:11:39,840 Speaker 1: Short interest when I checked was eighteen percent of the 239 00:11:39,880 --> 00:11:42,880 Speaker 1: total float, eleven percent of the total shares outstanding, if 240 00:11:42,920 --> 00:11:45,240 Speaker 1: you'd prefer that, cigar. What do you make of that 241 00:11:45,520 --> 00:11:47,319 Speaker 1: increasing short interest in your company? 242 00:11:47,360 --> 00:11:49,520 Speaker 2: Well, I mean when we did the convert, there's always. 243 00:11:49,240 --> 00:11:51,800 Speaker 5: More shorts that come along with with the convert, and 244 00:11:52,840 --> 00:11:56,080 Speaker 5: it's not surprising at all. In fact's probably surprising is 245 00:11:56,120 --> 00:12:00,840 Speaker 5: that low given given the amount of failure in space industry. 246 00:12:00,880 --> 00:12:03,240 Speaker 5: I mean, you only you don't need to look far 247 00:12:03,400 --> 00:12:07,080 Speaker 5: to see just a large number of you know, space companies, 248 00:12:07,160 --> 00:12:10,400 Speaker 5: especially launch companies that really had no chance, promised the 249 00:12:10,440 --> 00:12:13,520 Speaker 5: Earth and then just absolutely you know, ran into a war. 250 00:12:14,080 --> 00:12:16,320 Speaker 5: So so you know, I think I think there's a 251 00:12:16,320 --> 00:12:20,400 Speaker 5: lot of suspicion within within our industry. And we always 252 00:12:20,520 --> 00:12:23,400 Speaker 5: you know, always, you know, my CFO always reminds me 253 00:12:23,440 --> 00:12:25,440 Speaker 5: that we have the best house on the worst street. 254 00:12:26,360 --> 00:12:29,440 Speaker 5: And you know, along with that comes comes these kinds 255 00:12:29,440 --> 00:12:29,839 Speaker 5: of things. 256 00:12:30,080 --> 00:12:32,600 Speaker 3: Does that sucker then feel you to want to prove 257 00:12:32,640 --> 00:12:33,040 Speaker 3: them wrong? 258 00:12:35,160 --> 00:12:37,360 Speaker 2: I mean no, I'm not. 259 00:12:37,440 --> 00:12:39,040 Speaker 5: I don't wake up every morning and look at the 260 00:12:39,040 --> 00:12:40,840 Speaker 5: short interests and think, oh my goodness. I wake up 261 00:12:40,840 --> 00:12:43,200 Speaker 5: every morning thinking, right, we've got we've got a milestones 262 00:12:43,200 --> 00:12:43,439 Speaker 5: to head. 263 00:12:43,440 --> 00:12:44,160 Speaker 2: How do we get here? 264 00:12:44,200 --> 00:12:48,040 Speaker 5: And and you know, I think you know, Mutron unlocks 265 00:12:48,160 --> 00:12:50,720 Speaker 5: a number of things for the company, right, Look, it 266 00:12:50,760 --> 00:12:54,480 Speaker 5: breaks apart what is essentially a monopoly within within medium launch. 267 00:12:55,200 --> 00:12:57,079 Speaker 2: But the other thing it does for us is it gives. 268 00:12:56,920 --> 00:12:59,440 Speaker 5: Us multi ton capability to deploy our own air seats 269 00:12:59,480 --> 00:13:02,640 Speaker 5: on orbit. So you know, that really opens up the 270 00:13:02,679 --> 00:13:06,360 Speaker 5: third leg of the stool for Rocket Labs. So Neutron 271 00:13:06,440 --> 00:13:09,320 Speaker 5: is important for two very different reasons. 272 00:13:09,440 --> 00:13:11,559 Speaker 1: I do want to talk more about the opportunity, especially 273 00:13:11,559 --> 00:13:14,400 Speaker 1: revenue wise, that Neutron brings to Rocket Lab, But just 274 00:13:14,440 --> 00:13:17,600 Speaker 1: still on this investor thesis and mindset at the moment, 275 00:13:17,800 --> 00:13:19,800 Speaker 1: it feels to me and seems to me like there's 276 00:13:19,840 --> 00:13:23,080 Speaker 1: a bit of a divide among investors. There's the doubts 277 00:13:23,200 --> 00:13:25,160 Speaker 1: who you've just spoken about there. And then there's the 278 00:13:25,720 --> 00:13:30,640 Speaker 1: loyal defenders. When you first announced Neutron, you said, quote, 279 00:13:30,840 --> 00:13:31,760 Speaker 1: when we say we're going to do. 280 00:13:31,800 --> 00:13:35,040 Speaker 3: Something at Rocket Lab, we do it time and time again. 281 00:13:35,280 --> 00:13:35,480 Speaker 2: Yeah. 282 00:13:35,720 --> 00:13:38,720 Speaker 1: Why do you think now there seems to be increasing 283 00:13:39,120 --> 00:13:42,880 Speaker 1: rumors and doubt that you and this company may not 284 00:13:43,000 --> 00:13:44,680 Speaker 1: execute on what you say you're going to. 285 00:13:45,520 --> 00:13:45,880 Speaker 2: Wow? 286 00:13:46,200 --> 00:13:49,360 Speaker 5: I mean, look, I think I think that always, you know, 287 00:13:49,520 --> 00:13:52,400 Speaker 5: always be doubters. But I think you know, the majority 288 00:13:52,440 --> 00:13:55,400 Speaker 5: of people that we talk to and we interface with, 289 00:13:55,600 --> 00:13:57,480 Speaker 5: and I think you can see that judged in the 290 00:13:58,240 --> 00:14:02,760 Speaker 5: increase in performance of of the company is that you know, 291 00:14:03,080 --> 00:14:05,559 Speaker 5: we do do what we said we were going to do. 292 00:14:05,640 --> 00:14:07,320 Speaker 5: You know, we said we're going to build some Mars 293 00:14:07,320 --> 00:14:09,000 Speaker 5: spacecraft and deliver them on time. 294 00:14:09,440 --> 00:14:10,720 Speaker 2: Guess what we did it? 295 00:14:11,480 --> 00:14:14,520 Speaker 5: And you know, and there's there's there's enough history there 296 00:14:14,559 --> 00:14:17,920 Speaker 5: to go back. So look, I mean, if if people 297 00:14:18,120 --> 00:14:22,560 Speaker 5: people want to underestimate us, and you know, whatever, that 298 00:14:22,560 --> 00:14:25,800 Speaker 5: that that's that's their progative. But you know, a reputation 299 00:14:26,280 --> 00:14:28,120 Speaker 5: stands on its own its own feet. 300 00:14:28,480 --> 00:14:31,520 Speaker 1: If we put a reality ruler over Neutron and what 301 00:14:31,560 --> 00:14:34,000 Speaker 1: it means for this company and its future. 302 00:14:34,520 --> 00:14:37,280 Speaker 3: Two thirds of this business today, perhaps not on the future. 303 00:14:37,280 --> 00:14:39,600 Speaker 3: We will talk about how the revenue max may change 304 00:14:39,640 --> 00:14:40,120 Speaker 3: with Neutron. 305 00:14:40,200 --> 00:14:43,120 Speaker 1: But today two thirds of this business as space systems 306 00:14:43,400 --> 00:14:46,920 Speaker 1: makes up the majority of your revenue, right, so how 307 00:14:47,040 --> 00:14:50,720 Speaker 1: much or weight and emphasis should investors actually place on 308 00:14:50,880 --> 00:14:52,280 Speaker 1: Neutron for now? 309 00:14:53,080 --> 00:14:56,120 Speaker 5: Well, I mean, look, I mean, yes, two thirds of 310 00:14:56,160 --> 00:14:58,160 Speaker 5: our revenue is from space systems, but that's because we 311 00:14:58,200 --> 00:14:59,960 Speaker 5: have a launch vehicle that has an ASP of eight 312 00:15:00,080 --> 00:15:03,880 Speaker 5: half million dollars, so you know, and it's it's launch 313 00:15:03,960 --> 00:15:06,320 Speaker 5: launching frequently that that's great, but it's only an eight 314 00:15:06,360 --> 00:15:08,960 Speaker 5: and a half million doll a SP. I mean, if 315 00:15:08,960 --> 00:15:11,960 Speaker 5: you have Neutron at fifty five, then it's then that 316 00:15:12,120 --> 00:15:15,480 Speaker 5: the balance sort of moves again. And we've always wanted 317 00:15:15,520 --> 00:15:18,520 Speaker 5: to have a relatively heavy space systems element to the 318 00:15:18,520 --> 00:15:23,320 Speaker 5: business anyway, because launch is super lumpy and whereas space 319 00:15:23,320 --> 00:15:25,920 Speaker 5: system is very predictable and has a much much greater 320 00:15:26,000 --> 00:15:29,000 Speaker 5: smoothing effect. And you see that today where you know, 321 00:15:29,080 --> 00:15:30,840 Speaker 5: if a customer doesn't turn up to the pad and 322 00:15:30,840 --> 00:15:32,400 Speaker 5: we have to revise a number of launches we're going 323 00:15:32,440 --> 00:15:34,920 Speaker 5: to do in the quarter, it's irrelevant to earnings. And 324 00:15:35,280 --> 00:15:37,160 Speaker 5: I think that's that's you know, you know that's a 325 00:15:37,160 --> 00:15:40,520 Speaker 5: good a good place to be. But you know, I 326 00:15:40,520 --> 00:15:44,440 Speaker 5: think I think neutron going forward, as we've talked about it, 327 00:15:44,440 --> 00:15:48,440 Speaker 5: it unlocks monopoly and it unlocks the third stool to 328 00:15:48,480 --> 00:15:50,200 Speaker 5: create some really significant value. 329 00:15:50,440 --> 00:15:50,920 Speaker 2: Let's do the. 330 00:15:51,000 --> 00:15:53,600 Speaker 1: Maths in lifetime then eight and a half mel to 331 00:15:53,600 --> 00:15:57,520 Speaker 1: fly lectron, fifty five US meal to fly neutron. You've 332 00:15:57,520 --> 00:16:00,000 Speaker 1: told me previously that you target a fifty percent marginal 333 00:16:00,040 --> 00:16:02,480 Speaker 1: on both. So say you take about twenty seven mil 334 00:16:02,560 --> 00:16:05,360 Speaker 1: per neutron launch. You've told me your dream cadence is 335 00:16:05,400 --> 00:16:07,800 Speaker 1: about twice a month. Obviously, wone get there at the 336 00:16:07,840 --> 00:16:10,280 Speaker 1: beginning of neutron, but that means you'll be earning one. 337 00:16:10,400 --> 00:16:12,560 Speaker 5: It's not a dream cadence that that's just like a 338 00:16:12,600 --> 00:16:13,680 Speaker 5: good cadence. 339 00:16:13,360 --> 00:16:14,960 Speaker 3: Right, realistic cadence. 340 00:16:15,160 --> 00:16:17,840 Speaker 2: I like realism, realistic for that period in time. 341 00:16:17,880 --> 00:16:20,320 Speaker 1: But yes, so then if we take the realism and 342 00:16:20,480 --> 00:16:23,000 Speaker 1: those figures, with the fifty percent margin on neutron, you'd 343 00:16:23,000 --> 00:16:27,680 Speaker 1: be collecting and pocketing fifty MILI fifty five mil per 344 00:16:27,760 --> 00:16:30,720 Speaker 1: month if you're doing two launches on neutron, and then 345 00:16:30,800 --> 00:16:32,640 Speaker 1: once you use that money to break even on the 346 00:16:32,640 --> 00:16:34,080 Speaker 1: max three hundred mil spend. 347 00:16:34,520 --> 00:16:35,840 Speaker 3: It's all upside from there. 348 00:16:36,240 --> 00:16:38,440 Speaker 5: Yeah, I mean, the return on investment of a neutron 349 00:16:38,560 --> 00:16:41,680 Speaker 5: is very fast if you can do it for a 350 00:16:41,680 --> 00:16:44,880 Speaker 5: few hundred million dollars. Now if you've if you like 351 00:16:44,920 --> 00:16:47,440 Speaker 5: others have spent billions, then there that ori is a 352 00:16:47,680 --> 00:16:49,680 Speaker 5: is a bit a bit longer. But yeah, I mean, 353 00:16:50,720 --> 00:16:53,720 Speaker 5: and that's all good business, and that's all all important. 354 00:16:54,080 --> 00:16:56,560 Speaker 5: But I think don't forget there's a three hundred and 355 00:16:56,560 --> 00:16:59,000 Speaker 5: twenty billion dollar opportunity sitting off to the right here 356 00:16:59,280 --> 00:17:02,840 Speaker 5: that is enabled by neutron. So yes, as a launch 357 00:17:02,880 --> 00:17:06,320 Speaker 5: business itself great, always going to be lumpy and always 358 00:17:06,320 --> 00:17:08,680 Speaker 5: going to be difficult, but it really is the enabler 359 00:17:08,720 --> 00:17:09,480 Speaker 5: to something. 360 00:17:09,240 --> 00:17:11,040 Speaker 2: Much much larger interesting. 361 00:17:11,359 --> 00:17:13,639 Speaker 1: So once that breaks even, then what are you thinking 362 00:17:13,640 --> 00:17:15,960 Speaker 1: in terms of revenue addition for launch and then also 363 00:17:16,119 --> 00:17:18,159 Speaker 1: for everything else that will go on it. 364 00:17:18,720 --> 00:17:22,879 Speaker 5: Well, I mean, look, the grand vision here is to 365 00:17:22,880 --> 00:17:26,919 Speaker 5: build an end to end space company. So you launching 366 00:17:27,280 --> 00:17:29,560 Speaker 5: and breaking apart in the monopolis is great, and their 367 00:17:29,640 --> 00:17:32,600 Speaker 5: space system's business continues to grow. But I think, as 368 00:17:32,640 --> 00:17:36,159 Speaker 5: we've always said, the real opportunity here is to utilize 369 00:17:36,240 --> 00:17:40,640 Speaker 5: those things to build infrastructure in orbit and that's where 370 00:17:40,640 --> 00:17:43,040 Speaker 5: you crack open this three hundred and twenty billion dollar 371 00:17:43,080 --> 00:17:46,600 Speaker 5: market in applications and services and everything from space. And 372 00:17:46,680 --> 00:17:48,840 Speaker 5: I think you only need to look as far as 373 00:17:48,840 --> 00:17:53,800 Speaker 5: Starlink to see what kind of kind of value creation 374 00:17:53,920 --> 00:17:56,840 Speaker 5: can be made in disruption to an industry when you 375 00:17:56,920 --> 00:17:57,919 Speaker 5: own the keys to space. 376 00:17:58,520 --> 00:18:00,920 Speaker 1: You've spoken to me twice now you've mentioned it again today, 377 00:18:00,920 --> 00:18:02,639 Speaker 1: and we spoke about this last time as well, that 378 00:18:02,760 --> 00:18:06,119 Speaker 1: neutron breaks up that monopoly that a competitor has. I'm 379 00:18:06,160 --> 00:18:09,600 Speaker 1: assuming you're talking about SpaceX. You've mentioned Starlink there, and 380 00:18:09,640 --> 00:18:12,880 Speaker 1: you're not only going to go after SpaceX's launch business, 381 00:18:13,119 --> 00:18:13,920 Speaker 1: but you're also. 382 00:18:13,760 --> 00:18:15,479 Speaker 3: Going to go after Starlink directly. 383 00:18:15,560 --> 00:18:18,040 Speaker 5: Well, we don't talk about what application we're going after 384 00:18:18,080 --> 00:18:20,760 Speaker 5: because it's just too early, you know, and it's kind 385 00:18:20,760 --> 00:18:23,600 Speaker 5: of irrelevant. I'm a very kind of methodical person. I 386 00:18:23,680 --> 00:18:25,760 Speaker 5: like to finish one thing before I start the next. 387 00:18:25,840 --> 00:18:28,520 Speaker 5: And there's no point about, you know, really digging into 388 00:18:28,560 --> 00:18:31,440 Speaker 5: applications until neutrons flying. 389 00:18:31,600 --> 00:18:33,600 Speaker 2: It's it's it's just irrelevant. 390 00:18:34,800 --> 00:18:38,560 Speaker 5: But looks you have a whole spectrum of things you 391 00:18:38,600 --> 00:18:45,360 Speaker 5: do in space, and you know, the broadband space vertical 392 00:18:45,440 --> 00:18:48,359 Speaker 5: is one one shaft of light and a giant spectrum. 393 00:18:48,680 --> 00:18:50,359 Speaker 5: So I think there's a lot of things to a 394 00:18:50,359 --> 00:18:52,520 Speaker 5: lot of a lot of opportunities to go after there. 395 00:18:52,600 --> 00:18:56,280 Speaker 1: When it is flying just quickly on cadence. What licenses 396 00:18:56,280 --> 00:18:57,919 Speaker 1: if that's the correct term, it may not be in 397 00:18:58,040 --> 00:19:00,520 Speaker 1: NASA terms, but what sort of approval do you have 398 00:19:00,600 --> 00:19:02,960 Speaker 1: to be able to fly at its first and second year? 399 00:19:03,000 --> 00:19:04,560 Speaker 3: Do you need to renew anyfl. 400 00:19:05,000 --> 00:19:06,600 Speaker 2: It's no different too to an electron. 401 00:19:06,720 --> 00:19:10,960 Speaker 5: So you know, every license is launched, every launches is licensed. 402 00:19:11,560 --> 00:19:14,800 Speaker 5: Now it is slight peculiarity or slight difference from electrons 403 00:19:14,800 --> 00:19:16,639 Speaker 5: its launched out of the US, So you know, we 404 00:19:16,640 --> 00:19:19,600 Speaker 5: don't need New Zealand government launch license approval. But you 405 00:19:19,640 --> 00:19:22,639 Speaker 5: know every vehicle has it's it's required, you know, licenses, 406 00:19:22,680 --> 00:19:24,480 Speaker 5: and and then of course you have all of the 407 00:19:24,960 --> 00:19:28,119 Speaker 5: all of the other kind of reglatory things that go 408 00:19:28,119 --> 00:19:29,800 Speaker 5: go along with with launch vehicles. 409 00:19:30,359 --> 00:19:34,200 Speaker 1: So if we go back to those maths equations, once 410 00:19:34,240 --> 00:19:37,920 Speaker 1: it is revenue additional, when neutron. 411 00:19:37,600 --> 00:19:39,800 Speaker 3: Is, when could investors see a dividend? 412 00:19:41,160 --> 00:19:44,040 Speaker 5: Well, I mean, look, I don't think where where we've 413 00:19:44,200 --> 00:19:47,639 Speaker 5: we've publicly spoken about that. I mean right now, as 414 00:19:47,680 --> 00:19:49,760 Speaker 5: a as a keep saying like it's it's it's all 415 00:19:49,800 --> 00:19:52,320 Speaker 5: hands to the pump to get to get you know, neutron, 416 00:19:52,440 --> 00:19:55,159 Speaker 5: neutron to the pad. But you know, the business changes 417 00:19:55,160 --> 00:19:58,040 Speaker 5: pretty significantly, you know, once we start, once we start 418 00:19:58,080 --> 00:20:01,800 Speaker 5: flying that vehicle. And you know, if you if you 419 00:20:02,000 --> 00:20:06,200 Speaker 5: just minus out neutron investment today, then you know the. 420 00:20:06,119 --> 00:20:07,720 Speaker 2: Company looks looks very profitable. 421 00:20:07,800 --> 00:20:10,320 Speaker 5: But you know, we've taken made a conscious decision to 422 00:20:10,320 --> 00:20:12,399 Speaker 5: to to heavily invest in the product. 423 00:20:12,880 --> 00:20:15,159 Speaker 1: And in the meantime, you're also going to Mars to 424 00:20:15,200 --> 00:20:17,280 Speaker 1: retrieve some samples for scientific purposes. 425 00:20:17,640 --> 00:20:20,600 Speaker 3: Just casually on the side, let's. 426 00:20:20,440 --> 00:20:23,520 Speaker 5: Be clear here where we are. We are we are 427 00:20:23,560 --> 00:20:27,800 Speaker 5: studying whether or not we can put together an architecture 428 00:20:28,200 --> 00:20:32,720 Speaker 5: that NASA thinks is sufficiently viable to to to then 429 00:20:32,800 --> 00:20:35,680 Speaker 5: go and do so. Where we're we're you know, we're 430 00:20:35,680 --> 00:20:38,320 Speaker 5: at the early stages of of you know, of that program. 431 00:20:38,359 --> 00:20:40,760 Speaker 5: So yes, we've been awarded to study contract from from 432 00:20:40,840 --> 00:20:44,119 Speaker 5: NASA to to retrieve the samples that are sitting on 433 00:20:44,200 --> 00:20:46,640 Speaker 5: the on the surface of Mars right now and bring 434 00:20:46,680 --> 00:20:50,160 Speaker 5: them back home to Earth. And you know, I think 435 00:20:50,200 --> 00:20:52,399 Speaker 5: I think we're uniquely placed for that because if you. 436 00:20:52,640 --> 00:20:55,119 Speaker 5: If you asked around the industry, who's the best of 437 00:20:55,200 --> 00:20:57,919 Speaker 5: the world of building a super small rockets for launching 438 00:20:57,960 --> 00:21:02,200 Speaker 5: off planets, it's US. And then there's only two commercial 439 00:21:02,200 --> 00:21:04,480 Speaker 5: companies that have re entered a capsule and landed it. 440 00:21:04,520 --> 00:21:06,760 Speaker 2: Safely back on Earth, and one of them is US. 441 00:21:07,359 --> 00:21:10,199 Speaker 5: So these are like two core elements like launching off 442 00:21:10,240 --> 00:21:12,720 Speaker 5: another planet with a little rocket and bringing a little 443 00:21:12,720 --> 00:21:15,679 Speaker 5: thing home and landing it safely. Let alone, you know 444 00:21:15,720 --> 00:21:17,960 Speaker 5: some of some of the other technologies, and you know 445 00:21:18,000 --> 00:21:19,879 Speaker 5: who's building mass spacecraft right. 446 00:21:19,720 --> 00:21:21,840 Speaker 3: Now, you bought you actually built two of them. 447 00:21:21,960 --> 00:21:23,360 Speaker 2: Yep, So all that are. 448 00:21:23,320 --> 00:21:24,560 Speaker 3: Yet to be following you. We're gonna have to wait 449 00:21:24,560 --> 00:21:25,000 Speaker 3: a year for that. 450 00:21:25,040 --> 00:21:28,480 Speaker 5: But well yeah, yeah, yeah, yeah yeah. But but the point, 451 00:21:28,560 --> 00:21:31,160 Speaker 5: the point being is like we have really critical key 452 00:21:31,200 --> 00:21:36,159 Speaker 5: elements that that that enable that mission. So you know, 453 00:21:36,200 --> 00:21:38,000 Speaker 5: we think whatever, we're going to have a good crack 454 00:21:38,040 --> 00:21:40,159 Speaker 5: at seeing if if we can put something together and 455 00:21:40,480 --> 00:21:41,119 Speaker 5: make that happen. 456 00:21:41,280 --> 00:21:43,520 Speaker 1: After this conversation, I don't think you would go and 457 00:21:43,520 --> 00:21:45,199 Speaker 1: have a crack at something if you didn't think you 458 00:21:45,200 --> 00:21:46,080 Speaker 1: could execute on it. 459 00:21:46,520 --> 00:21:47,199 Speaker 2: Well, absolutely not. 460 00:21:47,440 --> 00:21:50,120 Speaker 5: No, No, I don't know, No, I think I think 461 00:21:51,000 --> 00:21:52,720 Speaker 5: you know, I think I think we'll put something together 462 00:21:52,760 --> 00:21:53,680 Speaker 5: that that will work. 463 00:21:54,480 --> 00:21:55,040 Speaker 2: You know that the. 464 00:21:55,040 --> 00:21:57,800 Speaker 5: Question is, you know, this big political question about who 465 00:21:57,880 --> 00:21:58,479 Speaker 5: ends up doing it. 466 00:21:59,119 --> 00:22:02,800 Speaker 3: This kind of speaks to you call the desegregation. 467 00:22:02,880 --> 00:22:06,520 Speaker 1: We were talking before about government contracts now going to 468 00:22:07,119 --> 00:22:09,840 Speaker 1: increasingly private operators, especially in space. 469 00:22:09,880 --> 00:22:10,879 Speaker 3: It's a real trend, isn't that. 470 00:22:11,480 --> 00:22:13,639 Speaker 2: Yeah, well, I think it's funny. 471 00:22:13,680 --> 00:22:15,840 Speaker 5: When I first started the company, everybody was talking about 472 00:22:15,880 --> 00:22:19,320 Speaker 5: the democratization of space, and then now we find ourselves 473 00:22:19,440 --> 00:22:21,000 Speaker 5: like right in the middle of it, and it's super 474 00:22:21,040 --> 00:22:23,159 Speaker 5: cool to be a part of that. I mean, you know, 475 00:22:23,600 --> 00:22:28,320 Speaker 5: governments no longer really apartment sls really invest in launch vehicles, 476 00:22:28,440 --> 00:22:31,280 Speaker 5: and you know, the space Station is retiring in twenty 477 00:22:31,359 --> 00:22:34,360 Speaker 5: thirty and the replacement for that is commercial. Now we've 478 00:22:34,359 --> 00:22:37,760 Speaker 5: got commercial science missions and even the Escapade mission. You know, 479 00:22:38,160 --> 00:22:40,359 Speaker 5: although it's a government mission, it was a commercial entity 480 00:22:40,359 --> 00:22:44,879 Speaker 5: that built those two spacecraft. So yeah, the democratization of 481 00:22:44,960 --> 00:22:46,800 Speaker 5: space is truly happening. 482 00:22:46,960 --> 00:22:50,240 Speaker 1: Would Rocket Land build or apply to build the next 483 00:22:50,320 --> 00:22:51,440 Speaker 1: International Space Station? 484 00:22:52,960 --> 00:22:55,720 Speaker 2: Look, that's currently not not on our roadmap. 485 00:22:56,760 --> 00:22:59,960 Speaker 1: If it ever happens, please give me a call. So Feterbeck, 486 00:23:00,040 --> 00:23:00,919 Speaker 1: thank you so much for your time. 487 00:23:01,000 --> 00:23:01,920 Speaker 2: Appreciate it. 488 00:23:02,560 --> 00:23:03,520 Speaker 3: Now, stay, there's. 489 00:23:03,240 --> 00:23:05,520 Speaker 1: Gonna ask you a few more questions just about the 490 00:23:05,560 --> 00:23:06,400 Speaker 1: wallets facility. 491 00:23:06,440 --> 00:23:08,280 Speaker 3: What are we going to see? How efflick is it? 492 00:23:08,880 --> 00:23:11,840 Speaker 5: Well, I mean there's a there's a lot, so there's 493 00:23:11,840 --> 00:23:14,119 Speaker 5: a it's kind of like an iceberg. For whatever concrete 494 00:23:14,160 --> 00:23:16,520 Speaker 5: you see sticking in the ground, there's like two thirds 495 00:23:16,560 --> 00:23:18,880 Speaker 5: of that below the ground. So you're going to see, 496 00:23:19,119 --> 00:23:21,240 Speaker 5: you know, a lot of concrete, a lot of steel, 497 00:23:22,080 --> 00:23:24,760 Speaker 5: you know, and a lot of a busy site, you know, 498 00:23:24,960 --> 00:23:27,560 Speaker 5: working together to get that get that pad or operational. 499 00:23:28,359 --> 00:23:33,920 Speaker 1: Stay tuned for part two.