1 00:00:00,640 --> 00:00:04,640 Speaker 1: Today we have a very special Shared Lunch episode. I'm 2 00:00:04,680 --> 00:00:09,200 Speaker 1: literally at NASA and a very hot Virginia Wallops Islands. 3 00:00:09,240 --> 00:00:12,600 Speaker 1: Behind me, there's Complex three, the brand new launch pad 4 00:00:12,680 --> 00:00:15,320 Speaker 1: for the Neutron rocket that is expected to go to 5 00:00:15,360 --> 00:00:18,080 Speaker 1: space by the end of this year. Today we're catching 6 00:00:18,160 --> 00:00:20,440 Speaker 1: up with Sir Peter Beck on Rocket Labs progress. 7 00:00:20,640 --> 00:00:23,279 Speaker 2: I'm a conservative engineer, where you know, when you know 8 00:00:23,320 --> 00:00:25,400 Speaker 2: when Rocketlabs says we're going to do something, it's going 9 00:00:25,440 --> 00:00:25,840 Speaker 2: to happen. 10 00:00:25,920 --> 00:00:29,200 Speaker 1: As well as Rocket Labs CFO Adam Spice and. 11 00:00:29,200 --> 00:00:31,120 Speaker 3: I love growth's That's kind of what attracted me to 12 00:00:31,160 --> 00:00:33,360 Speaker 3: Rocket Lab is like, there's no question that the growth 13 00:00:33,360 --> 00:00:34,879 Speaker 3: opportunity here are saggering. 14 00:00:35,280 --> 00:00:38,560 Speaker 1: And then also Shawn de Mallow hit of the Neutron program. 15 00:00:38,640 --> 00:00:41,040 Speaker 4: You have to be in this constant sense of baranoia 16 00:00:41,080 --> 00:00:43,720 Speaker 4: and your constant have to be on edge, very complex machine, 17 00:00:43,800 --> 00:00:45,479 Speaker 4: you know, and it doesn't take much for it to 18 00:00:45,479 --> 00:00:47,440 Speaker 4: go wrong before. 19 00:00:47,240 --> 00:00:49,159 Speaker 1: We get started. Here's some important information. 20 00:00:49,800 --> 00:00:52,440 Speaker 5: Investing involves the risk you might lose the money you 21 00:00:52,479 --> 00:00:55,760 Speaker 5: start with. We recommend talking to a licensed financial advisor. 22 00:00:56,480 --> 00:00:59,760 Speaker 5: We also recommend breeding product disclosure documents before deciding to 23 00:01:00,040 --> 00:01:02,800 Speaker 5: best everything you're about to see and here is current 24 00:01:02,840 --> 00:01:03,880 Speaker 5: at the time of recording. 25 00:01:04,400 --> 00:01:07,160 Speaker 1: This is the furthest we've ever traveled for an episode. 26 00:01:08,040 --> 00:01:11,720 Speaker 1: Rocket Lamb very kindly invited Cheersys along with a select 27 00:01:11,760 --> 00:01:16,960 Speaker 1: group of NASA officials, senators, and even the Governor of Virginia. 28 00:01:16,400 --> 00:01:21,520 Speaker 6: The most vibrant space industry complex in America. That is 29 00:01:21,560 --> 00:01:22,840 Speaker 6: what we are building. 30 00:01:22,640 --> 00:01:25,640 Speaker 1: To Wallops Island to give investors an inside look at 31 00:01:25,640 --> 00:01:29,760 Speaker 1: the LC three launch pad. After fifteen hours in the 32 00:01:29,800 --> 00:01:31,640 Speaker 1: air and four hours on the road. 33 00:01:34,000 --> 00:01:35,800 Speaker 7: The day badged, we. 34 00:01:35,840 --> 00:01:38,080 Speaker 1: Made it just in time for the official opening. 35 00:01:39,319 --> 00:01:41,559 Speaker 7: Welcome everybody to LC three today. 36 00:01:41,640 --> 00:01:44,520 Speaker 2: Mark's an extraordinary mastone not just for Rocket Lamb, but 37 00:01:44,560 --> 00:01:46,880 Speaker 2: for the future of space access in America. 38 00:01:46,959 --> 00:01:48,360 Speaker 7: Three two. 39 00:01:49,520 --> 00:01:51,480 Speaker 2: With the opening of Pluche Complex three, we take a 40 00:01:51,480 --> 00:01:55,000 Speaker 2: major step board in ensuring resilient and insured space access 41 00:01:55,240 --> 00:01:55,760 Speaker 2: for the nation. 42 00:01:57,920 --> 00:01:58,320 Speaker 4: Wow. 43 00:01:58,400 --> 00:02:00,640 Speaker 1: And what better place to chat to Serit Peter Beck 44 00:02:01,360 --> 00:02:03,880 Speaker 1: than from the top of the pad that neutron will launch. 45 00:02:04,040 --> 00:02:06,200 Speaker 1: Let's start with the location, because it's you know, sort 46 00:02:06,200 --> 00:02:08,760 Speaker 1: of difficult place to get to yep, but well not 47 00:02:08,919 --> 00:02:11,679 Speaker 1: the MESA site. So what makes this a great site 48 00:02:11,720 --> 00:02:13,480 Speaker 1: for the neutron launch pad in America? 49 00:02:13,720 --> 00:02:16,280 Speaker 7: You've got really two launch sites on the East Coach. 50 00:02:16,320 --> 00:02:18,880 Speaker 2: You've got Cape Canaveral, which everybody is aware of, a 51 00:02:18,919 --> 00:02:22,840 Speaker 2: super famous place, and then you have what opside in 52 00:02:22,919 --> 00:02:25,320 Speaker 2: Virginia where we are now. You know, the Cape is 53 00:02:25,360 --> 00:02:28,960 Speaker 2: an incredible launch site, but it's very busy and you know, 54 00:02:29,000 --> 00:02:31,160 Speaker 2: we're trying to stand up a high cadence launch vehicle, 55 00:02:31,320 --> 00:02:34,280 Speaker 2: so it's much more difficult to come here because as 56 00:02:34,280 --> 00:02:36,239 Speaker 2: you can see, we've had to build so much infrastructure, 57 00:02:36,440 --> 00:02:39,400 Speaker 2: whereas a Cape there's so much existing infrastructure there. But 58 00:02:39,480 --> 00:02:42,760 Speaker 2: the advantage with that is that we're at and you know, 59 00:02:42,840 --> 00:02:44,880 Speaker 2: we're you know, we're really you know, pushing for a 60 00:02:44,919 --> 00:02:46,639 Speaker 2: high cadence, so we don't have to wait in line 61 00:02:46,680 --> 00:02:47,239 Speaker 2: for anybody. 62 00:02:47,360 --> 00:02:50,239 Speaker 1: And we're pretty close to Washington d C. Here is 63 00:02:50,280 --> 00:02:52,239 Speaker 1: that important? Has it been close to the Pentagon and 64 00:02:52,280 --> 00:02:52,680 Speaker 1: that sort of thing. 65 00:02:53,040 --> 00:02:53,760 Speaker 7: So it certainly helps. 66 00:02:53,760 --> 00:02:57,000 Speaker 2: I mean, you have great access to to the Senators, 67 00:02:57,040 --> 00:02:59,000 Speaker 2: you know, all of all of the folkes that you 68 00:02:59,040 --> 00:03:00,239 Speaker 2: know help help the wheels go round. 69 00:03:00,320 --> 00:03:01,760 Speaker 1: Can you talk us through some of what goes into 70 00:03:01,760 --> 00:03:03,040 Speaker 1: developing our launch site? 71 00:03:03,120 --> 00:03:05,079 Speaker 7: Like I said, it's a huge infrastructure program. 72 00:03:05,360 --> 00:03:07,320 Speaker 2: You can see the diameters and the size of the 73 00:03:07,360 --> 00:03:09,520 Speaker 2: tanks and the pipes and everything. 74 00:03:09,520 --> 00:03:11,360 Speaker 7: It's you know, it's just huge scale. 75 00:03:11,400 --> 00:03:13,240 Speaker 2: And when we're pouring all the foundations for this, we 76 00:03:13,280 --> 00:03:15,800 Speaker 2: had all the concrete trucks in the wider region just 77 00:03:15,880 --> 00:03:18,760 Speaker 2: lined up all down the freeway, just delivering load after 78 00:03:18,800 --> 00:03:20,760 Speaker 2: load after load after load for a couple of days. 79 00:03:21,200 --> 00:03:24,320 Speaker 2: So you know, there's a tremendous kind of you know 80 00:03:24,360 --> 00:03:25,760 Speaker 2: scale projects. 81 00:03:25,400 --> 00:03:29,480 Speaker 1: Launch pairs. They are expensive, clearly massive projects. Presumably you 82 00:03:29,480 --> 00:03:30,880 Speaker 1: don't want a whole lot of them. Is he more 83 00:03:30,880 --> 00:03:32,320 Speaker 1: in the pipeline or not? 84 00:03:32,320 --> 00:03:32,600 Speaker 7: For now? 85 00:03:32,639 --> 00:03:35,320 Speaker 2: I mean, the one upside is really cool because it 86 00:03:35,320 --> 00:03:37,600 Speaker 2: gives us all that sort of mid inclination stuff. 87 00:03:37,840 --> 00:03:39,720 Speaker 7: We can do a dog leg, which is a maneuver 88 00:03:40,320 --> 00:03:41,680 Speaker 7: to do a sunynchronous launch. 89 00:03:42,360 --> 00:03:43,920 Speaker 2: But you know, at some point in time, you know 90 00:03:43,920 --> 00:03:47,000 Speaker 2: that we'll need to expand into other inclinations. But you know, 91 00:03:47,080 --> 00:03:49,480 Speaker 2: right now we can serve as a tremendous portion of 92 00:03:49,480 --> 00:03:50,480 Speaker 2: the market out of this pad. 93 00:03:50,760 --> 00:03:53,560 Speaker 1: One of the things that was announced by the governor 94 00:03:53,600 --> 00:03:56,360 Speaker 1: was that we're expecting a launch by Christmas. 95 00:03:56,360 --> 00:03:59,600 Speaker 6: Before the end of this year. We will all gather 96 00:04:00,040 --> 00:04:04,200 Speaker 6: and we will watch the first Neutron rocket lift off 97 00:04:04,240 --> 00:04:07,440 Speaker 6: from Pad zero D right here together. 98 00:04:07,120 --> 00:04:08,680 Speaker 1: And the governments. I think you said that he would 99 00:04:08,680 --> 00:04:10,640 Speaker 1: bring the Christmas breath if it was on Christmas Day. 100 00:04:10,680 --> 00:04:11,440 Speaker 1: How are you feeling about that? 101 00:04:11,560 --> 00:04:13,760 Speaker 2: Yeah, look, I mean we've we're pushing to get one 102 00:04:13,800 --> 00:04:16,080 Speaker 2: down and out by the end of the year. You know, 103 00:04:16,120 --> 00:04:18,400 Speaker 2: that's that's been the goal. You know, it's a green 104 00:04:18,480 --> 00:04:21,280 Speaker 2: light program schedule and doing a try as hard as 105 00:04:21,279 --> 00:04:23,480 Speaker 2: we can, but you know, the end of the day, 106 00:04:23,480 --> 00:04:26,280 Speaker 2: we always caveat It's a rocket program, right, So we've 107 00:04:26,279 --> 00:04:28,400 Speaker 2: got a couple of really big tests to go. If 108 00:04:28,400 --> 00:04:30,240 Speaker 2: they go well, then we will be in good shape. 109 00:04:30,279 --> 00:04:33,000 Speaker 2: If they don't, then it will be less good shape. 110 00:04:33,040 --> 00:04:35,920 Speaker 2: But the reality is, like for a thirty forty year 111 00:04:36,000 --> 00:04:38,120 Speaker 2: launch vehicle program, a few months here and there is 112 00:04:38,320 --> 00:04:39,280 Speaker 2: totally irrelevant. 113 00:04:40,120 --> 00:04:41,760 Speaker 7: So you know, we're obviously we're all. 114 00:04:41,640 --> 00:04:44,040 Speaker 2: Shooting for a date, but but if it's you know, 115 00:04:44,040 --> 00:04:45,599 Speaker 2: we're not going to put something on the pad that's 116 00:04:45,640 --> 00:04:47,320 Speaker 2: not perfect, and we're not going to put something on 117 00:04:47,360 --> 00:04:49,880 Speaker 2: the pad that's not ready to fly for some arbitrary date. 118 00:04:50,800 --> 00:04:53,040 Speaker 2: The life cycle of the program, it's irrelevant. 119 00:04:52,720 --> 00:04:55,000 Speaker 1: And the pace of delivery so far has been on 120 00:04:55,040 --> 00:04:55,480 Speaker 1: the right. 121 00:04:55,520 --> 00:04:57,280 Speaker 7: It's insane. It's totally insane. 122 00:04:57,400 --> 00:05:00,440 Speaker 2: I mean, if you look at the most recent rocket developed, 123 00:05:00,760 --> 00:05:04,120 Speaker 2: it was seven billion dollars in like ten years. 124 00:05:03,880 --> 00:05:04,920 Speaker 7: Or something like that. 125 00:05:05,120 --> 00:05:08,159 Speaker 2: Yeah, and you know, the whole program for Neutron, including 126 00:05:08,160 --> 00:05:11,159 Speaker 2: all this launch side, is three and fifty million dollars 127 00:05:11,400 --> 00:05:13,799 Speaker 2: and we're four years so it's crazy. 128 00:05:14,080 --> 00:05:17,080 Speaker 1: We'll head back to Sir Peter to talk Mars plans shortly, 129 00:05:17,480 --> 00:05:21,560 Speaker 1: but first VP of Neutron, sewan To Mellow, tells us 130 00:05:21,560 --> 00:05:24,960 Speaker 1: about the time frame and how he wound up leading Neutron. 131 00:05:25,040 --> 00:05:27,360 Speaker 4: I've been with the company for a while, started around 132 00:05:27,400 --> 00:05:29,760 Speaker 4: eleven years ago. I was working on the previous program, 133 00:05:29,760 --> 00:05:32,559 Speaker 4: which is called Electron, and was really responsible for standing 134 00:05:32,600 --> 00:05:35,560 Speaker 4: up that whole launch organization, right from selecting the early 135 00:05:35,600 --> 00:05:38,800 Speaker 4: launch sites, building those, building the teams that operate the launches, 136 00:05:38,880 --> 00:05:42,600 Speaker 4: and then really yeah, got Electron running from an operational 137 00:05:42,839 --> 00:05:46,240 Speaker 4: and testin mission operation standpoint. In the last three years, 138 00:05:46,279 --> 00:05:49,279 Speaker 4: got asked by Pete to lead the Neutron development program. 139 00:05:49,800 --> 00:05:52,800 Speaker 4: Another opportunity to go build a rocket taking all the 140 00:05:52,880 --> 00:05:55,640 Speaker 4: lessons learned from the past, so I couldn't pass that up. 141 00:05:55,800 --> 00:05:58,760 Speaker 1: Right from the start, the hype around this project's been very, 142 00:05:58,839 --> 00:06:04,600 Speaker 1: very large. The ambition for the timeline probably equally as large, 143 00:06:04,880 --> 00:06:07,800 Speaker 1: like like what's what's your true feeling on that, Like 144 00:06:07,800 --> 00:06:09,840 Speaker 1: when do you get confident that this is actually going 145 00:06:09,880 --> 00:06:12,040 Speaker 1: into space or and how far away do you think 146 00:06:12,040 --> 00:06:14,240 Speaker 1: that is from? Like sort of being quite solid on 147 00:06:14,240 --> 00:06:15,000 Speaker 1: that timeline. 148 00:06:15,200 --> 00:06:17,719 Speaker 4: Yeah, I think the confidence building for a rocket program 149 00:06:17,800 --> 00:06:18,600 Speaker 4: is just continuous. 150 00:06:18,920 --> 00:06:21,560 Speaker 7: There's never one specific thing and then you're you. 151 00:06:21,480 --> 00:06:23,400 Speaker 4: Know, at least from my point of view, there isn't 152 00:06:23,440 --> 00:06:24,840 Speaker 4: just one thing you do when you say it's going 153 00:06:24,880 --> 00:06:26,600 Speaker 4: to be good. You have to be in this constant 154 00:06:26,680 --> 00:06:28,760 Speaker 4: sense of paranoia and you constant have to be on 155 00:06:28,880 --> 00:06:33,800 Speaker 4: edge to just keep building confidence, retiring risk. Very complex machine, 156 00:06:34,600 --> 00:06:36,279 Speaker 4: you know, and it doesn't take much for it to 157 00:06:36,279 --> 00:06:39,000 Speaker 4: go wrong. So every part of the way, every test 158 00:06:39,040 --> 00:06:42,880 Speaker 4: we do, every integration activity, just raise that conference and 159 00:06:42,920 --> 00:06:44,920 Speaker 4: you just have to constantly keep doing that till you're flying, 160 00:06:45,000 --> 00:06:47,000 Speaker 4: till the second you're flying, and then once you start 161 00:06:47,040 --> 00:06:50,640 Speaker 4: flying too, this conference built in flying over and over again. 162 00:06:51,040 --> 00:06:52,800 Speaker 4: There are some things you can never detect on the 163 00:06:52,839 --> 00:06:54,640 Speaker 4: ground as much as you try to test. So it's 164 00:06:54,760 --> 00:06:57,960 Speaker 4: equally important that once we're flying, we're learning from every 165 00:06:57,960 --> 00:06:59,479 Speaker 4: flight and moving that board as well. 166 00:06:59,680 --> 00:07:01,520 Speaker 1: How many neutrons are there in progress at the moment. 167 00:07:01,560 --> 00:07:04,680 Speaker 4: So right now we're already building flight two, so build 168 00:07:04,760 --> 00:07:06,840 Speaker 4: number two is started and in some cases we even 169 00:07:06,880 --> 00:07:10,239 Speaker 4: have parts on the floor for the third neutron be built. 170 00:07:10,840 --> 00:07:13,120 Speaker 4: You know, our goal is to build three next year, 171 00:07:13,280 --> 00:07:15,600 Speaker 4: so we're going from one this year, three next year, 172 00:07:15,840 --> 00:07:16,680 Speaker 4: five the year after that. 173 00:07:17,200 --> 00:07:20,080 Speaker 7: So it's a you know, pretty steep steep curve. 174 00:07:20,120 --> 00:07:23,480 Speaker 4: But we've invested in all the production infrastructure we need, 175 00:07:23,880 --> 00:07:27,120 Speaker 4: so they'll just keep producing. And you know, while the 176 00:07:27,160 --> 00:07:28,960 Speaker 4: first one is being built, I expect the second one 177 00:07:28,960 --> 00:07:29,960 Speaker 4: to be halfway built. 178 00:07:30,000 --> 00:07:33,000 Speaker 1: And if you were an in Vista in rocket Lab, 179 00:07:33,320 --> 00:07:35,040 Speaker 1: how would you be thinking about this opportunity? 180 00:07:35,080 --> 00:07:38,120 Speaker 4: Immense potential, right I think we're we're just about to 181 00:07:38,120 --> 00:07:41,760 Speaker 4: get started. So we've seen a lot of growth already 182 00:07:42,000 --> 00:07:44,720 Speaker 4: and then we're about to embark on this really you 183 00:07:44,720 --> 00:07:48,640 Speaker 4: know next pick phase the company with this multitne rocket 184 00:07:49,040 --> 00:07:52,280 Speaker 4: capable to go to atbit our own space applications. 185 00:07:52,280 --> 00:07:55,400 Speaker 7: There's a lot of you know, exciting future ahead of. 186 00:07:55,440 --> 00:07:57,680 Speaker 1: Us, even while the rockets are taken off and the 187 00:07:57,720 --> 00:07:59,680 Speaker 1: business has to stay grounded so to go over the 188 00:07:59,760 --> 00:08:03,560 Speaker 1: number we have talking to rocket lamps see if anem sprue. 189 00:08:03,760 --> 00:08:05,920 Speaker 3: Ultimately, you know, even if you go back seven or 190 00:08:05,920 --> 00:08:07,560 Speaker 3: eight years ago, wh Pete and I were talking, I mean, 191 00:08:07,600 --> 00:08:09,880 Speaker 3: our our goal was to have a mix of thirty 192 00:08:09,880 --> 00:08:12,560 Speaker 3: percent from launch, seventy percent from space systems, and of 193 00:08:12,560 --> 00:08:18,160 Speaker 3: course space systems is representative of selling subsystems, full platforms, software, 194 00:08:18,360 --> 00:08:21,120 Speaker 3: ultimately having our own applications down the road. So I 195 00:08:21,120 --> 00:08:22,640 Speaker 3: think if we can, if we can kind of maintain 196 00:08:22,680 --> 00:08:24,320 Speaker 3: the cur mix, we're out. I think that's a comfortable 197 00:08:24,320 --> 00:08:27,760 Speaker 3: spot because launch is great. It's very enabling, it's very sexy. 198 00:08:27,800 --> 00:08:32,200 Speaker 3: People love launch, but it's volatile, it's it's lumpy, and 199 00:08:32,440 --> 00:08:35,360 Speaker 3: you know, unlike like space systems, where we can largely 200 00:08:35,360 --> 00:08:38,040 Speaker 3: control our own destiny, because we're so vertically integrated. At 201 00:08:38,040 --> 00:08:39,440 Speaker 3: the end of the day, we can't launch a rocket 202 00:08:39,520 --> 00:08:41,800 Speaker 3: until somebody shows up with a payload. Yeah, so you 203 00:08:41,800 --> 00:08:43,560 Speaker 3: do all this great work, have a rocket ready on 204 00:08:43,600 --> 00:08:45,280 Speaker 3: the pad, it's frosty, ready to go, and then all 205 00:08:45,320 --> 00:08:46,840 Speaker 3: of a sudden, the customer might say, oh, we got 206 00:08:46,880 --> 00:08:48,520 Speaker 3: a problem with our radio. We gotta dmate, you gotta 207 00:08:48,559 --> 00:08:50,839 Speaker 3: do so, and we don't get to recognize revenue and 208 00:08:50,920 --> 00:08:52,640 Speaker 3: launch for the most part. And two you actually hit 209 00:08:52,679 --> 00:08:56,640 Speaker 3: the button right. So launch is great, but it's it's 210 00:08:56,720 --> 00:08:58,120 Speaker 3: less pres fickle exactly. 211 00:08:58,120 --> 00:08:59,400 Speaker 8: It's a great, great term yea. 212 00:08:59,520 --> 00:09:02,160 Speaker 1: And we know business has left these recurring revenues and 213 00:09:02,200 --> 00:09:05,560 Speaker 1: that's it's very very exciting. Hey, we just touched earlier 214 00:09:05,640 --> 00:09:08,200 Speaker 1: on like different growth and obviously these growth and these 215 00:09:08,240 --> 00:09:12,360 Speaker 1: core business is still but one thing you mentioned was 216 00:09:12,720 --> 00:09:15,079 Speaker 1: an acquisition in Munich, so I'd love to hear a 217 00:09:15,120 --> 00:09:17,000 Speaker 1: little bit more about that, and also how much you 218 00:09:17,080 --> 00:09:19,600 Speaker 1: expect acquisition to make up part of the growth story 219 00:09:19,600 --> 00:09:20,120 Speaker 1: going forward. 220 00:09:20,760 --> 00:09:23,560 Speaker 3: Yeah, So in general, you know, Pete and I, you 221 00:09:23,559 --> 00:09:26,199 Speaker 3: can never count on acquisitions to drive your growth because 222 00:09:26,200 --> 00:09:29,240 Speaker 3: acquisitions are just a culmination of really fortunate events coming 223 00:09:29,240 --> 00:09:32,600 Speaker 3: together and you can't plan for that. So we just 224 00:09:32,679 --> 00:09:35,360 Speaker 3: we're always looking, well, we know we want this capability 225 00:09:35,440 --> 00:09:38,120 Speaker 3: or this functionality or this exposure to a market, and 226 00:09:38,160 --> 00:09:41,080 Speaker 3: so your baseline plan is always just do it yourself. 227 00:09:41,320 --> 00:09:44,160 Speaker 3: And very fortunately, you know, because Pete is such an engineer, 228 00:09:44,400 --> 00:09:46,679 Speaker 3: like he's an engineer's engineer. 229 00:09:46,720 --> 00:09:48,040 Speaker 8: We don't have to buy stuff. 230 00:09:48,360 --> 00:09:50,760 Speaker 3: Yeah, so it becomes a much more liberating thing and 231 00:09:50,760 --> 00:09:53,400 Speaker 3: you can be much more choosy when you basically say, hey, 232 00:09:53,400 --> 00:09:57,080 Speaker 3: you know Okay, well we need the technology, but you 233 00:09:57,120 --> 00:09:59,680 Speaker 3: know there's probably it'll take us maybe six months longer 234 00:09:59,720 --> 00:10:01,840 Speaker 3: and me be take ten million more of P and 235 00:10:01,920 --> 00:10:03,640 Speaker 3: L Burned to do it organically. But then we don't 236 00:10:03,640 --> 00:10:05,120 Speaker 3: have to spend two hundred million dollars and give it 237 00:10:05,120 --> 00:10:08,319 Speaker 3: to a bunch of vcs and founders. So we tend 238 00:10:08,320 --> 00:10:09,679 Speaker 3: to kind of do a mix. If you look at 239 00:10:09,679 --> 00:10:13,520 Speaker 3: space systems, some of the initial pieces were in organic 240 00:10:13,559 --> 00:10:15,439 Speaker 3: thre acquisitions, but we've grown those in a lot of 241 00:10:15,520 --> 00:10:18,480 Speaker 3: organic ways as well, Like we've added you know, radios 242 00:10:18,520 --> 00:10:22,000 Speaker 3: for example, and batteries and all these composite A lot 243 00:10:22,040 --> 00:10:24,320 Speaker 3: of these different things were developed in house. The whole 244 00:10:24,320 --> 00:10:26,840 Speaker 3: satellite manufacturing business was grown in house. We didn't buy 245 00:10:26,880 --> 00:10:28,760 Speaker 3: a company to do that. So I think we find 246 00:10:28,760 --> 00:10:30,640 Speaker 3: that balance. So i'd say will M and A be 247 00:10:30,679 --> 00:10:34,440 Speaker 3: a continuing focus for us? Absolutely. I think when you 248 00:10:34,440 --> 00:10:37,400 Speaker 3: talk about recent deal, so geost is a deal that 249 00:10:37,440 --> 00:10:39,520 Speaker 3: we just closed. In fact, we were there earlier this 250 00:10:39,559 --> 00:10:43,079 Speaker 3: week meeting with a team, great team, and then we're 251 00:10:43,200 --> 00:10:45,560 Speaker 3: hoping to close you know, by the end of the year. 252 00:10:46,320 --> 00:10:49,520 Speaker 3: Before then the year this minoric acquisition which does optical 253 00:10:49,600 --> 00:10:52,840 Speaker 3: terminals to allow Constellation satellites to communicate with each other 254 00:10:52,840 --> 00:10:56,040 Speaker 3: on orbit. And that's a team of around three hundred 255 00:10:56,040 --> 00:11:00,040 Speaker 3: people in Munich will give us a really really helpful footprint. 256 00:10:59,679 --> 00:11:00,120 Speaker 7: In your up. 257 00:11:00,120 --> 00:11:02,240 Speaker 3: Would it be the fifth European business, first European business 258 00:11:02,240 --> 00:11:04,040 Speaker 3: for us, which actually opens up a lot of opportunities 259 00:11:04,080 --> 00:11:07,120 Speaker 3: because if you don't have a European kind of development 260 00:11:07,160 --> 00:11:10,040 Speaker 3: and min manufacturing presence, you get boxed out of a 261 00:11:10,040 --> 00:11:12,200 Speaker 3: lot of EASA program opportunities. In fact, if they have 262 00:11:12,280 --> 00:11:14,959 Speaker 3: any choice, they're going to use European content. So now 263 00:11:15,000 --> 00:11:17,280 Speaker 3: we're considered European to a certain extment because of that 264 00:11:17,320 --> 00:11:19,240 Speaker 3: footprint there, which will and that means we can not 265 00:11:19,320 --> 00:11:21,800 Speaker 3: only sell the minoric stuff, but all the other rocket 266 00:11:21,880 --> 00:11:24,880 Speaker 3: labs sweet of stuff as quasi European. 267 00:11:24,679 --> 00:11:29,120 Speaker 1: Revenues growing at a pretty incredible pace again at thirty 268 00:11:29,120 --> 00:11:32,120 Speaker 1: six percent this year, I think yep. So when when 269 00:11:32,120 --> 00:11:33,240 Speaker 1: do you expect to clear profit? 270 00:11:33,600 --> 00:11:36,560 Speaker 3: In the conversations now, well, there's there's profit and then 271 00:11:36,559 --> 00:11:38,760 Speaker 3: there's cash flow. Yep, And I think in our case, 272 00:11:38,760 --> 00:11:41,079 Speaker 3: they're they're kind of detached at least for now. 273 00:11:41,240 --> 00:11:41,640 Speaker 8: Neutron. 274 00:11:41,640 --> 00:11:44,679 Speaker 3: Getting Neutron's first launch off is really key to driving 275 00:11:44,800 --> 00:11:47,640 Speaker 3: to getting to adjusted depit a positive, so people kind 276 00:11:47,679 --> 00:11:49,560 Speaker 3: of look at as P and L positivity. 277 00:11:49,679 --> 00:11:50,800 Speaker 8: It's going to take a little bit. 278 00:11:50,679 --> 00:11:52,959 Speaker 3: Long because after because we've been having this huge bubble 279 00:11:52,960 --> 00:11:54,480 Speaker 3: of R and D spend that's been pushing us in 280 00:11:54,480 --> 00:11:56,800 Speaker 3: a lost position for the last several years because of neutron. 281 00:11:57,280 --> 00:11:59,720 Speaker 3: Once it goes into production, you've then it becomes cost 282 00:11:59,720 --> 00:12:01,760 Speaker 3: to say there's revenue associated with it, So your P 283 00:12:01,800 --> 00:12:05,120 Speaker 3: and L looks much much better. Cash Flow will be 284 00:12:05,160 --> 00:12:07,719 Speaker 3: a little bit different because we continue to invest in 285 00:12:07,800 --> 00:12:10,240 Speaker 3: Like right now as we speak, we're ordering the long 286 00:12:10,320 --> 00:12:13,880 Speaker 3: lead parts for Tales two three. Right we're building out 287 00:12:13,920 --> 00:12:16,079 Speaker 3: the barge which isn't required for the first flight yep. 288 00:12:16,200 --> 00:12:19,280 Speaker 3: So that scaling infrastructure is going to continue to be 289 00:12:19,320 --> 00:12:22,600 Speaker 3: a demand on cash through twenty twenty six. So I'd 290 00:12:22,640 --> 00:12:25,360 Speaker 3: expect cash flow positivity no early than I would say 291 00:12:25,400 --> 00:12:27,640 Speaker 3: early twenty seven. Right, But then that's when P and 292 00:12:27,720 --> 00:12:29,600 Speaker 3: L cash flows start to merge more together because you 293 00:12:29,600 --> 00:12:30,880 Speaker 3: will have passed that investment. 294 00:12:31,360 --> 00:12:32,839 Speaker 8: It's a infrastructure investment bubble. 295 00:12:33,600 --> 00:12:35,800 Speaker 1: At the moment, I've got Spacic sort of quite publicly 296 00:12:35,840 --> 00:12:39,000 Speaker 1: burning billions. I think in cash to a chief dominance, 297 00:12:39,040 --> 00:12:42,439 Speaker 1: you seem to be taking a different approach, moving towards 298 00:12:42,480 --> 00:12:45,560 Speaker 1: this profitable path fastest certainly on the times you've just 299 00:12:45,559 --> 00:12:48,360 Speaker 1: given me here with small small losses. Is this like, 300 00:12:48,440 --> 00:12:51,600 Speaker 1: how intentional is this? And do you think it's something 301 00:12:51,600 --> 00:12:54,920 Speaker 1: that will set yourselves apart? Hopefully it's very intentional. 302 00:12:55,000 --> 00:12:55,080 Speaker 8: Right. 303 00:12:55,160 --> 00:12:57,439 Speaker 3: We don't have the luxury of having access to the 304 00:12:57,520 --> 00:12:59,520 Speaker 3: kind of money that Elon can bring to the table, obviously, 305 00:13:00,720 --> 00:13:02,600 Speaker 3: so we have to have a model that gets us 306 00:13:02,600 --> 00:13:05,960 Speaker 3: to profitability and cash flow positivity. I mean, we're we're 307 00:13:05,960 --> 00:13:09,800 Speaker 3: a living, breathing organism that needs to become self sustaining, right, 308 00:13:09,880 --> 00:13:12,640 Speaker 3: so we're kind of moving from that kind of child, 309 00:13:12,760 --> 00:13:14,599 Speaker 3: kind of youngster phase to now kind of becoming a 310 00:13:14,640 --> 00:13:17,080 Speaker 3: self sustaining entity. That's one of the commitments that you 311 00:13:17,120 --> 00:13:19,080 Speaker 3: make when you go public is that you're going to 312 00:13:19,360 --> 00:13:21,440 Speaker 3: make returns for your shareholders, not just on you know, 313 00:13:21,480 --> 00:13:25,160 Speaker 3: and of course share prices can move based on macro conditions, speculation, 314 00:13:25,240 --> 00:13:27,679 Speaker 3: all kinds of waves, but ultimately to build an enduring, 315 00:13:28,320 --> 00:13:31,040 Speaker 3: solid kind of financial base, you've got to become profitable. 316 00:13:31,160 --> 00:13:33,480 Speaker 3: But we're also making sure that we make the right 317 00:13:33,559 --> 00:13:35,480 Speaker 3: kind of initial investments so that we're teed up for 318 00:13:35,679 --> 00:13:39,000 Speaker 3: that long term growth. Yet you endure some relatively intense 319 00:13:39,040 --> 00:13:40,760 Speaker 3: short term pain for the long term gain. And I 320 00:13:40,760 --> 00:13:42,840 Speaker 3: think we've endured quite a bit of pain, you know 321 00:13:42,960 --> 00:13:45,480 Speaker 3: over the last you know, certainly four years as being 322 00:13:45,480 --> 00:13:47,080 Speaker 3: a public company to make sure that we are. 323 00:13:46,960 --> 00:13:47,600 Speaker 8: Positioned to grow. 324 00:13:47,760 --> 00:13:50,640 Speaker 1: One thing that so pay to see it in twenty 325 00:13:50,720 --> 00:13:52,640 Speaker 1: twenty four was the one thing that has always been 326 00:13:52,720 --> 00:13:55,160 Speaker 1: a throddle on this business is talent. We can navigate 327 00:13:55,320 --> 00:13:58,320 Speaker 1: enough engineers, so it's just interested in what you're thinking 328 00:13:58,320 --> 00:14:02,040 Speaker 1: about staff growth, also for out doing the specific anything 329 00:14:02,120 --> 00:14:04,720 Speaker 1: like Australasian this UIs well. 330 00:14:04,760 --> 00:14:07,080 Speaker 3: Actually New Zealand has been a bit of a secret 331 00:14:07,160 --> 00:14:10,200 Speaker 3: weapon for US because unlike in the US, if you, 332 00:14:10,320 --> 00:14:13,040 Speaker 3: if you know, to work on US programs like Neutron, 333 00:14:13,320 --> 00:14:15,800 Speaker 3: you've got to be a US person right right, whereas 334 00:14:16,000 --> 00:14:18,679 Speaker 3: because of itar but New Zealand's not bound by I TAR. 335 00:14:18,840 --> 00:14:22,040 Speaker 3: So actually in New Zealand we can bring talented engineers 336 00:14:22,120 --> 00:14:24,600 Speaker 3: from Canada, from the UK, all over Europe and the 337 00:14:24,640 --> 00:14:26,440 Speaker 3: rest of the world, most of the rest of the 338 00:14:26,480 --> 00:14:27,360 Speaker 3: world that we. 339 00:14:27,320 --> 00:14:28,400 Speaker 8: Can't do that here in the US. 340 00:14:28,480 --> 00:14:32,240 Speaker 3: So actually New Zealand it's been a been actually a 341 00:14:32,280 --> 00:14:33,920 Speaker 3: blessing for us in a lot of ways. I mean, obviously, 342 00:14:34,000 --> 00:14:35,600 Speaker 3: to be able to launch as frequent as you can 343 00:14:36,000 --> 00:14:38,840 Speaker 3: have this this ability to kind of lure talent from 344 00:14:38,880 --> 00:14:41,120 Speaker 3: the rest of the world hugely positive for us. So 345 00:14:41,480 --> 00:14:43,920 Speaker 3: I think that, but talent is always going to be, 346 00:14:44,240 --> 00:14:46,520 Speaker 3: you know, kind of a challenge. I mean, we went 347 00:14:46,560 --> 00:14:49,200 Speaker 3: from competing with the likes of you know, Virgin and 348 00:14:49,280 --> 00:14:52,680 Speaker 3: Astra and Relativity and abl and those all got wiped out. 349 00:14:52,840 --> 00:14:54,080 Speaker 8: So that's become less of a thing. 350 00:14:54,400 --> 00:14:56,840 Speaker 3: And now you've got some other disruptive defense tech companies 351 00:14:56,880 --> 00:14:59,280 Speaker 3: like Anderil for example, are super hot, and so you 352 00:14:59,280 --> 00:15:01,000 Speaker 3: know there's a constant and tug of war for talent. 353 00:15:01,040 --> 00:15:03,480 Speaker 8: But so far, you know, we're growing very fast. 354 00:15:03,520 --> 00:15:05,760 Speaker 3: I mean, just to put in context, when I joined 355 00:15:05,840 --> 00:15:08,600 Speaker 3: in May of twenty eighteen, I think there were twenty 356 00:15:08,600 --> 00:15:12,240 Speaker 3: five employees in Huntington Beach. Now we have over eight 357 00:15:12,280 --> 00:15:14,920 Speaker 3: hundred Long Beach. I think we had about one hundred 358 00:15:14,960 --> 00:15:17,120 Speaker 3: people in New Zealand. Now we have about nine hundred 359 00:15:17,120 --> 00:15:19,920 Speaker 3: people in New Zealand. So I don't think talent acquisitions 360 00:15:19,960 --> 00:15:21,040 Speaker 3: are our biggest challenge. 361 00:15:21,080 --> 00:15:23,280 Speaker 1: So you're moving into the satellite constellations, you know, this 362 00:15:23,320 --> 00:15:26,120 Speaker 1: is another place you'll be competing with space, so you know, 363 00:15:26,160 --> 00:15:27,560 Speaker 1: how much room do you think there is for that? 364 00:15:28,520 --> 00:15:30,880 Speaker 3: So constellations it's a broad umbrella, right, So it's basically 365 00:15:31,000 --> 00:15:33,040 Speaker 3: we think of it an application. So what are the 366 00:15:33,080 --> 00:15:34,920 Speaker 3: functions that are going to be done from space that 367 00:15:35,080 --> 00:15:38,080 Speaker 3: you know delivering services and data? So you can think 368 00:15:38,080 --> 00:15:41,240 Speaker 3: it'll range from things that are very well known, like if, 369 00:15:41,600 --> 00:15:44,600 Speaker 3: for example, you know you've got things like startling out 370 00:15:44,600 --> 00:15:48,480 Speaker 3: delivering broadband to consumers. Right, you have direct to mobile 371 00:15:48,600 --> 00:15:50,880 Speaker 3: right where people now directly connecting their cell phones to 372 00:15:50,920 --> 00:15:55,440 Speaker 3: the from space based constellation assets. You have Earth observation, 373 00:15:55,640 --> 00:15:58,120 Speaker 3: like taking images for various purposes, whether that's for weather 374 00:15:58,360 --> 00:16:02,080 Speaker 3: or for national security, or for commercial applications. So there 375 00:16:02,120 --> 00:16:06,000 Speaker 3: are many, many, many dozens of these vertical applications from space, 376 00:16:07,200 --> 00:16:11,360 Speaker 3: and so you know, competing with SpaceX, the question would be, well, 377 00:16:11,440 --> 00:16:13,040 Speaker 3: are we really going to develop a consolation to do 378 00:16:13,120 --> 00:16:16,080 Speaker 3: fixed broadband to the consumer masses? I don't know, hard 379 00:16:16,080 --> 00:16:18,320 Speaker 3: to say, right, I think we're we're not going to 380 00:16:18,360 --> 00:16:20,280 Speaker 3: get into an application where we're going to be at 381 00:16:20,320 --> 00:16:22,720 Speaker 3: such a huge capital disadvantage. And if you look at 382 00:16:22,800 --> 00:16:26,240 Speaker 3: right now like that that fixed broadband is really you've 383 00:16:26,240 --> 00:16:28,680 Speaker 3: got you've got Elon, and you've got Kuyper coming in, right, 384 00:16:28,720 --> 00:16:31,240 Speaker 3: So you've got Starlink and Kuiper. So we've got to 385 00:16:31,240 --> 00:16:34,040 Speaker 3: be careful, Like we've always been very careful about how 386 00:16:34,080 --> 00:16:36,240 Speaker 3: we attack a market. And you know, do you want 387 00:16:36,240 --> 00:16:38,320 Speaker 3: to go head on with somebody who's got unlimited capital? 388 00:16:38,480 --> 00:16:40,560 Speaker 3: And you know, sometimes you do if you really think 389 00:16:40,600 --> 00:16:43,680 Speaker 3: your technology is that differentiated. But you got there's a 390 00:16:43,680 --> 00:16:46,000 Speaker 3: whole bunch of factors that go in. So will we 391 00:16:46,040 --> 00:16:48,880 Speaker 3: have an application? I believe we'll have an application, you know, 392 00:16:49,320 --> 00:16:52,440 Speaker 3: in focus in the not too distant future. But we're 393 00:16:52,440 --> 00:16:54,400 Speaker 3: gonna have to be very cognitive. What's real practical? Because 394 00:16:54,440 --> 00:16:56,720 Speaker 3: back to your point of profitability, right, Like I and 395 00:16:56,720 --> 00:16:58,040 Speaker 3: I'm Pete and I always had this little bit of 396 00:16:58,080 --> 00:16:59,880 Speaker 3: a tug of war from time to time about you know, 397 00:17:00,960 --> 00:17:04,159 Speaker 3: healthy ten Yeah, healthy tension about like leaning forward to 398 00:17:04,240 --> 00:17:06,240 Speaker 3: invest for the future versus how do we get to 399 00:17:06,280 --> 00:17:07,240 Speaker 3: profitability sooner? 400 00:17:07,440 --> 00:17:07,640 Speaker 8: Right? 401 00:17:07,680 --> 00:17:10,840 Speaker 3: And so clearly embarking on an application unless you acquire 402 00:17:10,840 --> 00:17:13,720 Speaker 3: somebody who's already got that momentum. If you do it organically, 403 00:17:13,760 --> 00:17:15,840 Speaker 3: that's a that can be a fairly expensive proposition. 404 00:17:15,960 --> 00:17:18,600 Speaker 1: What was your background before either the spice background. 405 00:17:18,359 --> 00:17:20,360 Speaker 8: Or is this I come from a semi conductor background. 406 00:17:20,400 --> 00:17:23,360 Speaker 1: It sounds like you've had some good choice of the industry. 407 00:17:23,600 --> 00:17:26,080 Speaker 3: Growth is not yeah, not been lacking growth and I 408 00:17:26,119 --> 00:17:27,919 Speaker 3: love growth. That's that's kind of what attracted me to 409 00:17:28,000 --> 00:17:30,040 Speaker 3: rocket Lab is like, there's no question that this the 410 00:17:30,320 --> 00:17:33,680 Speaker 3: growth opportunity here are as saggering. I mean when I 411 00:17:33,680 --> 00:17:35,560 Speaker 3: think about, like again, having been at you know, Intel 412 00:17:35,600 --> 00:17:37,480 Speaker 3: when the Internet was just taking off, Broadcom when that 413 00:17:37,520 --> 00:17:40,840 Speaker 3: was proliferating, and all the different connectivity technologies, I have 414 00:17:40,960 --> 00:17:44,479 Speaker 3: never been in a company with more opportunities coming like 415 00:17:44,720 --> 00:17:47,520 Speaker 3: the it's a target rich environment like you, Yeah, I 416 00:17:47,520 --> 00:17:49,600 Speaker 3: mean some of the places you're hunting for, Hey, where 417 00:17:49,600 --> 00:17:51,359 Speaker 3: can we go to find that next little bit of growth? 418 00:17:51,600 --> 00:17:54,520 Speaker 8: That's not our problem. We have opportunities coming in everyweth. 419 00:17:54,840 --> 00:17:58,440 Speaker 1: Lots of opportunity means lots of keen investors watching closely. 420 00:17:59,040 --> 00:18:02,600 Speaker 1: As a public company, the Rocket Lab faces constant scrutiny 421 00:18:02,600 --> 00:18:06,800 Speaker 1: from shareholders and the market. We asked Sir Peter, what 422 00:18:06,840 --> 00:18:08,800 Speaker 1: that pressure feels like behind the scenes. 423 00:18:08,960 --> 00:18:10,240 Speaker 7: Look that the pressure is real. 424 00:18:10,400 --> 00:18:13,240 Speaker 2: I mean, you know, there's there's there's so many people 425 00:18:13,280 --> 00:18:16,160 Speaker 2: that own the stock and and I know both Adam 426 00:18:16,160 --> 00:18:19,040 Speaker 2: and I feel a deep sense of responsibility to you know, 427 00:18:19,080 --> 00:18:21,440 Speaker 2: to do right by the shareholders and create value. 428 00:18:21,440 --> 00:18:24,080 Speaker 7: And you'll be lucky to date to create some value. 429 00:18:24,080 --> 00:18:27,919 Speaker 2: And you know, people are just so nice, but it 430 00:18:27,960 --> 00:18:31,480 Speaker 2: all comes down to execution. And you know, every person 431 00:18:31,520 --> 00:18:34,359 Speaker 2: in this company understands that, you know, a lot of 432 00:18:34,359 --> 00:18:37,359 Speaker 2: the company of stockholders themselves, so you know, we all 433 00:18:37,359 --> 00:18:39,160 Speaker 2: feel it and we will push and work super had 434 00:18:39,320 --> 00:18:42,360 Speaker 2: Funny enough, and it wasn't that hard for us to 435 00:18:42,359 --> 00:18:44,240 Speaker 2: to to move from being a private company to a 436 00:18:44,240 --> 00:18:46,600 Speaker 2: public company because you'll notice that a lot of space 437 00:18:46,600 --> 00:18:49,879 Speaker 2: companies are extremely aspirational and they make, you know, really 438 00:18:49,920 --> 00:18:51,800 Speaker 2: wild and outlandish claims. 439 00:18:52,359 --> 00:18:54,359 Speaker 7: Maybe it's the kind of the key we are. 440 00:18:54,160 --> 00:18:57,879 Speaker 2: We've always been very kind of reserved and we're you know, 441 00:18:58,160 --> 00:19:01,720 Speaker 2: I'm a conservative engineer where you know conservative people, so 442 00:19:02,200 --> 00:19:03,959 Speaker 2: you know, when you know, when Rocket Labs says we're 443 00:19:03,960 --> 00:19:05,520 Speaker 2: going to do something, it's going to happen. 444 00:19:06,119 --> 00:19:08,080 Speaker 7: So we don't don't get out in front of our skis. 445 00:19:08,080 --> 00:19:10,120 Speaker 2: And I think that's where a lot of public companies 446 00:19:10,119 --> 00:19:12,720 Speaker 2: can get in trouble writers is make these forward looking 447 00:19:12,720 --> 00:19:15,680 Speaker 2: statements that they have that are aspirational rather than realistic. 448 00:19:15,960 --> 00:19:18,119 Speaker 1: Once you have rockets any customers. So you've got some 449 00:19:18,160 --> 00:19:21,320 Speaker 1: customers lined up and what's like a customer profile for 450 00:19:21,359 --> 00:19:22,480 Speaker 1: a rocket of the size of like. 451 00:19:22,800 --> 00:19:25,560 Speaker 7: Oh, so tremendous different type of customer profile. 452 00:19:25,600 --> 00:19:27,560 Speaker 2: So we have, you know, customers that are looking to 453 00:19:27,560 --> 00:19:32,639 Speaker 2: put up constellations. Obviously Neutron as an ideal vehicle for 454 00:19:32,720 --> 00:19:36,600 Speaker 2: national security. This year we're onboarded onto the NSSL program, 455 00:19:36,680 --> 00:19:40,840 Speaker 2: that's the National Space Launch Program. That program is exquisite 456 00:19:40,840 --> 00:19:43,440 Speaker 2: in the fact that there's only five launch providers onboarded 457 00:19:43,480 --> 00:19:46,719 Speaker 2: onto that and they launch the most important national security 458 00:19:46,760 --> 00:19:50,800 Speaker 2: missions for the government. So it's a real feather in 459 00:19:50,800 --> 00:19:52,879 Speaker 2: your cap to be to be on boarded onto that. 460 00:19:53,240 --> 00:19:55,879 Speaker 2: So we have a good range of both commercial and 461 00:19:56,000 --> 00:19:57,679 Speaker 2: government customers for the product. 462 00:19:57,960 --> 00:20:00,000 Speaker 1: So just touch on the fence sector a little bit. 463 00:20:00,320 --> 00:20:02,440 Speaker 1: I mean, you know, you'd have to have completely in 464 00:20:02,480 --> 00:20:04,919 Speaker 1: the sand to not appreciate that that's a very growing 465 00:20:05,000 --> 00:20:06,480 Speaker 1: and active part of the market. 466 00:20:06,600 --> 00:20:08,560 Speaker 7: Yeah, it's always been. You know, about half half of 467 00:20:08,560 --> 00:20:09,280 Speaker 7: our business. 468 00:20:09,600 --> 00:20:11,800 Speaker 1: Always makes that question how much it makes up roughly. 469 00:20:11,600 --> 00:20:13,920 Speaker 2: Off, Yeah, so about some on the launch side, it's 470 00:20:13,920 --> 00:20:17,119 Speaker 2: about fifty percent commercial, fifty percent government, and then of 471 00:20:17,160 --> 00:20:20,399 Speaker 2: that government, it's about thirty percent defense and twenty percent 472 00:20:20,440 --> 00:20:23,600 Speaker 2: civil civil being like NASA and those kind of organizations. 473 00:20:24,119 --> 00:20:27,080 Speaker 7: So yeah, the government is a big part of our. 474 00:20:28,000 --> 00:20:29,840 Speaker 1: And if some of the talk going on at the 475 00:20:29,840 --> 00:20:32,560 Speaker 1: moment is about Golden Dome, Golden Dome, I was just wondering, like, 476 00:20:32,760 --> 00:20:35,240 Speaker 1: is Rocke lay I've got a front seat in this? 477 00:20:35,600 --> 00:20:35,760 Speaker 4: Yeah? 478 00:20:35,800 --> 00:20:36,280 Speaker 1: Absolutely. 479 00:20:36,400 --> 00:20:38,919 Speaker 2: I mean, so the Golden Dome is a missile defense system, 480 00:20:39,000 --> 00:20:43,359 Speaker 2: So if another country launches a missile attack, this is 481 00:20:43,359 --> 00:20:45,679 Speaker 2: supposed to detect it and eliminate the threat. 482 00:20:46,560 --> 00:20:48,800 Speaker 7: So you know, that's a very difficult thing to do. 483 00:20:48,800 --> 00:20:51,239 Speaker 2: If you've got a missile, you know, being launed from 484 00:20:51,240 --> 00:20:52,680 Speaker 2: the other side of the world and coming in, it's 485 00:20:52,680 --> 00:20:54,960 Speaker 2: a very difficult thing to try and press detect and 486 00:20:54,960 --> 00:20:58,359 Speaker 2: then then you know, neutralize. So and a lot of that, 487 00:20:58,400 --> 00:21:00,800 Speaker 2: a lot of that's that that came ability, you know, 488 00:21:00,880 --> 00:21:05,240 Speaker 2: especially the sensing capability is in space. So so yeah, 489 00:21:05,359 --> 00:21:07,880 Speaker 2: we we think we're well positioned to be a really 490 00:21:07,920 --> 00:21:10,760 Speaker 2: good contractor and provider to that. 491 00:21:10,880 --> 00:21:12,640 Speaker 1: And there's a new John likely be a big part 492 00:21:12,680 --> 00:21:13,040 Speaker 1: of that as well. 493 00:21:13,119 --> 00:21:14,439 Speaker 2: Yeah, I mean there's there's a lot of launch that 494 00:21:14,440 --> 00:21:16,200 Speaker 2: needs a lot of spacecraft and satellites that need to 495 00:21:16,240 --> 00:21:18,239 Speaker 2: be launched, so so Neutron to be a part of that. 496 00:21:18,720 --> 00:21:22,080 Speaker 2: We have our Hayes launch vehicle that's doing hypersonic so 497 00:21:22,240 --> 00:21:23,080 Speaker 2: sub orbital tests. 498 00:21:23,119 --> 00:21:26,480 Speaker 1: So I think we heard Mars about five times today. 499 00:21:27,080 --> 00:21:29,840 Speaker 1: We heard Venus. I think you touched on it. Yeah, 500 00:21:29,840 --> 00:21:32,040 Speaker 1: it came up another couple of times. But with regards 501 00:21:32,119 --> 00:21:35,199 Speaker 1: to Mars, firstly, their ambition so interesting, like you know, 502 00:21:35,240 --> 00:21:37,159 Speaker 1: how you feel about that and how realistic of that 503 00:21:37,280 --> 00:21:39,520 Speaker 1: is and what's the time frame. But the other thing 504 00:21:39,560 --> 00:21:41,359 Speaker 1: that came up was the idea of people in this 505 00:21:41,520 --> 00:21:44,159 Speaker 1: rocket and that's something that I don't think has been 506 00:21:44,280 --> 00:21:48,520 Speaker 1: hugely on Rocket Labs radar, but like how you feel 507 00:21:48,520 --> 00:21:48,920 Speaker 1: about that. 508 00:21:48,880 --> 00:21:49,280 Speaker 8: At the moment. 509 00:21:49,760 --> 00:21:52,399 Speaker 2: Yeah, well, you know, so Mars is obviously the planet 510 00:21:52,400 --> 00:21:54,960 Speaker 2: of destination, and you know there's a number of really 511 00:21:54,960 --> 00:21:55,960 Speaker 2: really important missions. 512 00:21:56,560 --> 00:21:58,720 Speaker 7: You know the Mars Sample return mission previously. 513 00:21:58,760 --> 00:22:01,920 Speaker 2: Now there's the Mars tele Telecommunications all Bitter program. 514 00:22:02,640 --> 00:22:05,280 Speaker 7: And look, we're great at building Martians spacecraft. 515 00:22:05,280 --> 00:22:07,280 Speaker 2: We've got two Escapade spacecraft that are about to go 516 00:22:07,320 --> 00:22:10,240 Speaker 2: to Mars here shortly, so we really know Mars well 517 00:22:10,440 --> 00:22:13,199 Speaker 2: and we were able to build things that operate in 518 00:22:13,200 --> 00:22:14,160 Speaker 2: Mars and no problems at all. 519 00:22:15,000 --> 00:22:16,360 Speaker 7: Just about everything on the surface of. 520 00:22:16,320 --> 00:22:18,760 Speaker 2: Mars right now has some rocket Lab technology on it, 521 00:22:19,160 --> 00:22:22,800 Speaker 2: So Mars is a friendly place to us, and you know, 522 00:22:22,880 --> 00:22:26,520 Speaker 2: the administration and the President is made as aspirations clear 523 00:22:26,560 --> 00:22:29,119 Speaker 2: that we go into Mars and Neutron is a perfect 524 00:22:29,160 --> 00:22:31,480 Speaker 2: vehicle to go and do that. And then on the 525 00:22:31,600 --> 00:22:35,160 Speaker 2: human spaceflight element, you know, we've always intended to be 526 00:22:35,640 --> 00:22:39,800 Speaker 2: for Neutron to be human spaceflight rateable, so when you 527 00:22:39,840 --> 00:22:41,879 Speaker 2: fly humans, you have to have different safety factors on 528 00:22:41,960 --> 00:22:45,119 Speaker 2: tanks and different kind of levels of redundancy in the vehicle, 529 00:22:45,560 --> 00:22:47,760 Speaker 2: and we designed that in from day one. Now we 530 00:22:47,800 --> 00:22:52,080 Speaker 2: don't have any human spaceflight programs currently or anything like that, 531 00:22:52,440 --> 00:22:57,439 Speaker 2: but if the opportunity arose that was required that you know, 532 00:22:57,480 --> 00:23:00,840 Speaker 2: there was an additional capabilities or service is required for 533 00:23:00,920 --> 00:23:03,439 Speaker 2: human spaceflight, then we weren't going to build a vehicle 534 00:23:03,440 --> 00:23:04,560 Speaker 2: that wasn't able to do it. 535 00:23:04,680 --> 00:23:06,480 Speaker 7: So we baked it in from day one. 536 00:23:06,640 --> 00:23:07,480 Speaker 8: You know, for the. 537 00:23:07,400 --> 00:23:11,119 Speaker 1: Future, rocket Lab has no shortage of big goals, but 538 00:23:11,240 --> 00:23:14,679 Speaker 1: the multi billion dollar question now, will Neutron make it 539 00:23:14,720 --> 00:23:16,800 Speaker 1: to the pad before the end of twenty twenty five. 540 00:23:17,400 --> 00:23:19,520 Speaker 1: We put that to Shaun to Mallow, how did you 541 00:23:19,560 --> 00:23:22,560 Speaker 1: feel about the December deadline that the government it's. 542 00:23:22,400 --> 00:23:24,680 Speaker 4: A deadline, all right, but no, it's it's good. We're 543 00:23:24,720 --> 00:23:27,560 Speaker 4: aggressively marching towards it. And if there's anything that can 544 00:23:27,600 --> 00:23:28,640 Speaker 4: do it, it's Rocket Labs. 545 00:23:28,680 --> 00:23:30,000 Speaker 7: So I'll get it done. 546 00:23:30,359 --> 00:23:31,880 Speaker 8: And that's us from Virginia. 547 00:23:32,000 --> 00:23:35,240 Speaker 1: Thanks to Sir Peter Beck, Adam Spice, Shawn to Mallow, 548 00:23:35,520 --> 00:23:37,880 Speaker 1: and the Rocket Lab team for having us. You can 549 00:23:37,880 --> 00:23:42,159 Speaker 1: watch Shared Lunch on YouTube or follow the podcast on Apple, Spotify, 550 00:23:42,560 --> 00:23:45,680 Speaker 1: or wherever you get your podcasts. Thanks for tuning in.