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Speaker 1: The information provided in this program is of a general

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Speaker 1: nature and is not intended to be personalized financial advice.

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Speaker 1: We encourage you to seek appropriate advice from a qualified

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Speaker 1: professional to suit your individual circumstances. We're inside Rocket Labs

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Speaker 1: Mission Control and Auckland's to film a live launch. While

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Speaker 1: this is a first for us, it's not for them.

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Speaker 1: This is Electron's fiftieth flight. The man who built it

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Speaker 1: says it's just getting started.

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Speaker 2: Not trying to be arrogant or anything. But you know,

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Speaker 2: we plan to win here and we'll continue to scale

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Speaker 2: and we want to keep that graph line pointing skywards.

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Speaker 2: You know, the team here at Rocket Lab is incredible

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Speaker 2: and I can put my hand on my heart now

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Speaker 2: and say they are the best in the world because

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Speaker 2: we have the statistics to prove it.

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Speaker 1: It's five am on a Friday in New Zealand and

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Speaker 1: Rocket Labs present and past employees and their families are

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Speaker 1: here to watch its fiftieth Electron launch. The mission team

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Speaker 1: are laser focused. They know the stakes are higher than ever.

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Speaker 2: Ten nine so six BHI four.

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Speaker 3: MCD.

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Speaker 1: In just seven years, Rocket Lab's Electron has become the

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Speaker 1: fastest commercially developed rocket to reach fifty launches, beating SpaceX

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Speaker 1: and its Falcon nine by just a few months.

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Speaker 4: The company started.

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Speaker 1: Launching the twelve meter Electron from its own site in

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Speaker 1: New Zealand's Marchia Peninsula. Neick has been in twenty eighteen.

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Speaker 1: This is where it started.

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Speaker 3: Bye four three two one, liftoff, liftoff confirm p calls.

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Speaker 4: Clear the band.

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Speaker 1: They've got the hang of it now and aiming to

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Speaker 1: launch a record twenty two rockets this year alone between

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Speaker 1: its launch sites in New Zealand and the United States.

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Speaker 1: Michael Pearson is the voice behind the countdown. He's been

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Speaker 1: here for every Electron launch.

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Speaker 2: Feels good. Yeah, it's a pretty big milestone. Hasn't really

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Speaker 2: sunk in yet, but yeah, give it time. Once I

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Speaker 2: have a nap, maybe it'll feel good.

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Speaker 1: He's been at mission control since nine pm the night before.

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Speaker 1: Rocket Labs Electron open space for business by putting downward

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Speaker 1: pressure on the price to launch with its carbon composite,

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Speaker 1: smaller vehicle powered by a three D printed engine. Although

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Speaker 1: it's cadence is still far behind the leader SpaceX and

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Speaker 1: it's total three hundred and fifty five launchers with much

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Speaker 1: heavier rockets and its three hundred and eighteen Rocket Landers.

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Speaker 1: Rocket Labs yet to fully master reusability with Electron, but

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Speaker 1: its next rocket, Neutron, is building that in from the beginning.

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Speaker 1: This company is taking everything it's learned with its first

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Speaker 1: rocket to go bigger and better. The forty three meter

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Speaker 1: high medium lift rocket will carry thirteen thousand kilograms worth

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Speaker 1: of payloads to low worth orbit, forty three times that

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Speaker 1: of Electron. The cost of building it is in the

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Speaker 1: tens of millions, and it's been delayed into next year.

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Speaker 4: But the company has one billion US dollars worth of orders.

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Speaker 1: In its backlog and just signed a ten launch deal

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Speaker 1: with Japan's Inspected. I caught up with Rocket Labs founder

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Speaker 1: and CEO Sir Peter Beck, just before.

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Speaker 4: He left for Japan.

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Speaker 1: In this interview, the chief engineer takes a look down

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Speaker 1: launch memory lane and points out who he plans to

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Speaker 1: prove wrong next. Well, Sir Peter, thank you for having

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Speaker 1: us on today. Always in to be yet, oh, I

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Speaker 1: thank thanks very much. Have you got used to that yet?

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Speaker 1: It's still still.

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Speaker 2: Very old, very old.

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Speaker 4: Indeed, I was going to Curtsey when you came.

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Speaker 1: Please do I don't think I'd be very good at it,

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Speaker 1: but look, fifty launches, congratulations. It's not just a number though,

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Speaker 1: As a Peter Electron is the fastest commercial developed rocket ever,

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Speaker 1: even beating SpaceX to it. But take us behind that

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Speaker 1: number into the operation. What has actually been required from

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Speaker 1: you as a leader of this company and your team

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Speaker 1: and the engineering innovation that's gone on.

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Speaker 2: To achieve it.

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Speaker 4: Yeah.

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Speaker 2: So, I mean everybody sees the rocket, right, but as

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Speaker 2: you kind of allude to, there's just so much behind it.

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Speaker 2: And the one thing I would say is, like the

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Speaker 2: very first rocket that we put on the pad, if

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Speaker 2: you if you sat the first and the fiftieth beside

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Speaker 2: each other, they look the same. And I think that's

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Speaker 2: that's kind of key to the success here, as we

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Speaker 2: didn't put a minimum viable product on the pad for

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Speaker 2: some promotion, you know. We put something there that was

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Speaker 2: going to be the enduring thing that was going to work,

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Speaker 2: and you know, and and that's been very successful for us,

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Speaker 2: and we've been able to scale it, scale it very successfully.

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Speaker 2: But I think what a lot of people underestimate is

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Speaker 2: the real hard thing here is not building one rocket.

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Speaker 2: It's actually building many meny me over and over again

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Speaker 2: and making sure they launch reliably. That is just it's

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Speaker 2: hard to describe how immensely difficult that is. I mean,

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Speaker 2: the product is very complicated, but all of the stuff,

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Speaker 2: and you know, all I meant in calling it boring

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Speaker 2: stuff because it's not, but all of the supply chain

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Speaker 2: and logistics and we're constructions and er P m RP systems,

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Speaker 2: Like there's just so much goes in behind all that,

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Speaker 2: you know, to make like a fifty number.

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Speaker 4: Does any of it get easier by fifty?

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Speaker 2: Some gets easier, some gets harder. You know, by the

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Speaker 2: time you're at fifty. You know, there's some processes that

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Speaker 2: are very very well developed in some things. You know,

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Speaker 2: they're very very well controlled. Launch day is just the

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Speaker 2: same as number one. Like launch day is just as

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Speaker 2: kind of stressful as the very first rocket.

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Speaker 4: Do you have a ritual on launch day that keeps

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Speaker 4: you calm?

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Speaker 2: I struggle on launch day. You know generally you still

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Speaker 2: at fifty absolutely, because I mean, customers are relying on

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Speaker 2: you just so much. Like whether it's a commercial customer,

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Speaker 2: their business could be on the line, whether it's a

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Speaker 2: national security customers, people's lives could be on the line.

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Speaker 2: So you launches never you know, a low sum game

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Speaker 2: like it is, it is always incredibly important.

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Speaker 1: I know you though, and you will be thinking about

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Speaker 1: the next fifty, probably the next fifty after that. So

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Speaker 1: in your long term mindset, where does fifty launches actually sit?

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Speaker 4: Is it still the infancy of everything that Rocket Lab

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Speaker 4: has ahead of it yet?

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Speaker 2: Yeah? Absolutely, Like will continue to scale and we want

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Speaker 2: to keep that graph line pointing skywards, so we'll continue

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Speaker 2: to scale. And you know, I would say that part

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Speaker 2: of Electron also is providing it a new capability. So

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Speaker 2: the market has to scale with us. And you know,

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Speaker 2: this year we sold the most amount of rockets we've

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Speaker 2: ever sold, and next year is shaping up to be

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Speaker 2: the same. So you know, can you produce them fast enough?

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Speaker 2: But there's also you know, does the market growth continue

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Speaker 2: to keep pace with you?

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Speaker 1: I'm going to talk to you about that a little

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Speaker 1: bit later on, specifically on credibility and sort of your

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Speaker 1: government contracts there as well. But just allong the engineering

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Speaker 1: of this, like you've alluded to, we shouldn't actually underestimate

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Speaker 1: how hard this is. Last time we spoke, you called

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Speaker 1: this and assault on physics every single day. We know

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Speaker 1: that so many other small launch vehicle operators have failed.

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Speaker 4: So why specifically has the Electron succeeded?

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Speaker 2: Well, I think the thing is a number of reasons. One,

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Speaker 2: we built a product that the customer wanted, which sounds obvious,

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Speaker 2: but it's not always in the space industry. Two, we

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Speaker 2: built a product that was scalable from day one, So

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Speaker 2: the engineering decisions that we made were made around how

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Speaker 2: can we produce this over and over again? How can

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Speaker 2: we make sure this is the most reliable thing? And

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Speaker 2: then I would say that Donor and deeds to make

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Speaker 2: being the underdog, never the preordained winner of the small

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Speaker 2: launch race. We went up against folks that were immensely

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Speaker 2: more well funded than us, and well, you know, well

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Speaker 2: resourced in US, and sometimes that's a great thing. And

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Speaker 2: you know, the team here at Rocket Lab is incredible

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Speaker 2: and I can put my hand on my heart now

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Speaker 2: and say they are the best in the world because

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Speaker 2: we have the statistics to prove it. But but honestly,

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Speaker 2: it's it's the team and and that you know, the

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Speaker 2: pure grit in the determination of everybody that that that

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Speaker 2: that makes it through.

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Speaker 1: Did you ever doubt it throughout that journey, doubt that

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Speaker 1: we would be this globally successful and hp fifty.

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Speaker 2: Well, I think as an entrepreneur, if you have those doubts,

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Speaker 2: then you quit. So no, not trying to be arrogant

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Speaker 2: or anything, but you know, we were playing to win here,

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Speaker 2: we're not. We're not playing to kind of you know,

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Speaker 2: fudge around the edges where where we're looking to win.

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Speaker 1: Electrons know one for having democratized space, for putting pressure

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Speaker 1: on the price to access space. Do you have any

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Speaker 1: figures on just how much that price is reduced in

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Speaker 1: the smallest space.

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Speaker 2: Yeah. Absolutely, So when we started with the Electron launched vehicle,

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Speaker 2: the price to get a small payload, say two hundred

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Speaker 2: kg payload to orbit was somewhere between thirty five and

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Speaker 2: fifty million US dollars. More generally sort of in that

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Speaker 2: fifty million dollars fifty million US dollar range, the average

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Speaker 2: sticker price for an Electron rocket is seven point five million.

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Speaker 2: So you know, as a massive change and massive shift,

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Speaker 2: and of course that that creates totally new opportunities in space.

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Speaker 4: It's not just about democratization though, is it.

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Speaker 1: What Electron is also enabled as advances and other things

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Speaker 1: like science, defense and other technology.

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Speaker 4: Can you talk me through what you've seen and what

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Speaker 4: you're proud of in that.

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Speaker 2: Well, I mean, look at the missions. So, I mean

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Speaker 2: the last two missions that we just launched more than

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Speaker 2: a few days and a week ago, two really important

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Speaker 2: climate change missions for NASA measuring you know, the heat

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Speaker 2: rejection out of the poles to understand understand how the

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Speaker 2: ice caps are melting and see the a rises. I mean,

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Speaker 2: you saw it on the sign when you walked in. Here.

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Speaker 2: We go to space to improve life on all Earth,

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Speaker 2: and that is we do that every day. And you

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Speaker 2: know that one mission alone, you know, should be enough.

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Speaker 2: But we have fifty of those missions of well footy

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Speaker 2: nine of those missions that all have massive, massive impact.

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Speaker 4: Do you have a favorite? Is that like asking me

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Speaker 4: to be brutal child?

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Speaker 2: So, so the favorite for me is very personal in

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Speaker 2: the fact that my dream as a kid and Invercargo

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Speaker 2: was to go and work Vanessa. And you know, when

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Speaker 2: we got to fly the first NASA mission, the first

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Speaker 2: Naessa payload for the VCLS contract that we won, that

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Speaker 2: was very special because it was like it was it

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Speaker 2: was like I didn't get to work Vanessa, but I

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Speaker 2: got to fly their stuff a little bit better, a

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Speaker 2: little bit better. Yeah, yeah, yeah, So so yeah, it

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Speaker 2: was that one was very very personal in that respect

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Speaker 2: because it was very raally. Do you have these moments

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Speaker 2: where you kind of go it didn't expect so, but

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Speaker 2: that was one.

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Speaker 4: I kind of view this all as the new SaaS model.

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Speaker 1: We hear a lot about software as a service, but

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Speaker 1: this is space as a service, and you even have

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Speaker 1: not only NASA, but government's coming to you more so

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Speaker 1: now for endo end missions.

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Speaker 4: Look at the Doctor Hayes mission for example.

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Speaker 1: Tell me about the change and the desires and demand

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Speaker 1: that you've witnessed across fifty launchers in the industry and

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Speaker 1: how that's ultimately benefiting rocket Lab.

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Speaker 2: Yeah. Absolutely, So. Look, we're always of the view that

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Speaker 2: an end to end space company was the logical endpoint.

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Speaker 2: And the very second electron that ever flew had a

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Speaker 2: kickstage that had recesses for solar panels to turn it

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Speaker 2: into a satellite. So the plan here was always you know,

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Speaker 2: build rockets first, you need the keys to space first,

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Speaker 2: then you need the tools once you get to the space,

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Speaker 2: so you need the satellites, but ultimately you need the service.

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Speaker 2: And that's where we're trying to go is build this

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Speaker 2: end to end service and it's become really, really obvious,

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Speaker 2: I would say in the last year or two, with

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Speaker 2: Starlink as a good example. So you know, if you're

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Speaker 2: in the commercial telecoms business from space, you're in a

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Speaker 2: very difficult spot right now because it's impossible to keep

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Speaker 2: up with the ability for someone to build their own

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Speaker 2: rocket and launch it whenever they need to launch it

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Speaker 2: and deploy that service. And that's just that is consistent

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Speaker 2: across all services in space. Soever you here is like

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Speaker 2: the very large space companies in the future are going

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Speaker 2: to look exactly like rocket Lab. They're going to be

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Speaker 2: end to end. You can build whatever satellite you want

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Speaker 2: to build, you can launch whatever you want to launch,

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Speaker 2: and then you can provide that service.

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Speaker 4: And two thirds of this business is space systems.

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Speaker 1: While we're celebrating launching rockets, that's actually only one third

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Speaker 1: of your business and your revenue career. You can't celebrate

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Speaker 1: as much of the space system's success because a lot

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Speaker 1: of it is confidential and customers wouldn't want you to.

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Speaker 1: But can you give us some insight into what's actually

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Speaker 1: been achieved in the bigger part of the business while

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Speaker 1: fifty launchers have been happening.

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Speaker 2: Yeah, Look, I mean, we acquired four companies within six

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Speaker 2: months of becoming public. Don't recommend that, but it needed

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Speaker 2: to be done and it was a very unique time

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Speaker 2: in the industry to consolidate. So, you know, we really

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Speaker 2: build a repertoire of all of the basic key elements

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Speaker 2: to build whatever spacecraft we need to build. This year,

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Speaker 2: we'll see two spacecraft designed built exclusively by rocket Lab

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Speaker 2: go to Mars, and when they get to Mars, twenty

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Speaker 2: percent of everything in orbit around Mars we'll have a

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Speaker 2: rocket Lab logo on it. So you know, we get

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Speaker 2: to play in these in these really really important in

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Speaker 2: fund missions. But you know, as you say, the space

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Speaker 2: system is part of the business represents you know, over

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Speaker 2: two thirds of the revenue. Once Neutron comes online, that

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Speaker 2: will probably shift a little bit and then things will

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Speaker 2: move around a little bit, but you know, it is

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Speaker 2: really really important element to the business.

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Speaker 1: We are definitely going to talk about Neutron, but just

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Speaker 1: still quickly on Neutron. What this feels like is a

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Speaker 1: real celebration of not Rocket labs success so much as

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Speaker 1: it is its credibility.

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Speaker 4: And what it's achieved there as well.

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Speaker 1: You're now getting funding from governments it seems like every

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Speaker 1: week in your announcement. Now you just had more funding

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Speaker 1: in the US Chips Act, and also some from the

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Speaker 1: state of New Mexico. Talk to me about the ramp

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Speaker 1: up and credibility and where you think rocket Lab has

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Speaker 1: sort of achieved and hit its highest credibility and perhaps

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Speaker 1: we're in other markets it still has more space to run.

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Speaker 2: Yeah, that's a great question. So I think depending on

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Speaker 2: where you sit in the industry in the world, generally

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Speaker 2: where accepted as the number two to SpaceX in that sense,

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Speaker 2: So and I would say that, yeah, credibility comes with execution.

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Speaker 2: You know, you can have all the flowery videos you

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Speaker 2: want and proclamations of things you're going to do, but

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Speaker 2: at the end of the day, you actually have to

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Speaker 2: just do it and do it well. And it's almost

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Speaker 2: it's almost like the liberth and the curve in some respects,

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Speaker 2: because the bigger you get, the more missions you can do.

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Speaker 2: The more missions you do, the more credibility you get,

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Speaker 2: and so on and so forth. So you know, it

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Speaker 2: feels like any overnight success, right, you just slave away

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Speaker 2: for years and years and years, and then you reach

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Speaker 2: the point where you start to get on the hockey

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Speaker 2: stick and and you know that's that's that's where we

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Speaker 2: are now. I would say, is that, yeah, we have

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Speaker 2: a critical mass. We have a couple of thousand people

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Speaker 2: and you know, a critical mass of projects and expertise

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Speaker 2: and quite frankly, reputation and reputation is is earned, especially

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Speaker 2: in the space industry. You know, it's it's it's earned

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Speaker 2: with blood, sweat and tears.

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Speaker 1: And that curve is that a signal of what's to

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Speaker 1: come with neutrol the same speed to fifty.

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Speaker 2: Well, we certainly hope. So yeah, I mean that that

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Speaker 2: is that is the plan, and we're following the exact

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Speaker 2: same methodology as we did with with with Electron. You know,

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Speaker 2: you may have seen the Archimene's rocket engine going to

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Speaker 2: test stand and you know that that wasn't that that's

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Speaker 2: not you know, a tech demo of a rocket engine

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Speaker 2: that came off a production line, and that's kind of

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Speaker 2: how we roll. So you know, we're following the same

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Speaker 2: same song sheet as we did with Electron and that's

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Speaker 2: been very successful for us.

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Speaker 4: Give us an update on neutrol. We know that you've

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Speaker 4: pushed it out.

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Speaker 1: It's the first arch to twenty twenty five Archimedes is

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Speaker 1: about to be tested.

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Speaker 4: What are you still left to do before we can

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Speaker 4: see it on a launch pan.

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Speaker 2: Well, so here's the thing with a rocket program is

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Speaker 2: is everybody focuses on the rocket, and I would say

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Speaker 2: the rocket is like twenty percent of the program. You know,

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Speaker 2: there's the launch site, all the launch infrastructure, the factories,

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Speaker 2: the engine test facilities, and all the productionizing of all

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Speaker 2: of that stuff. So so you know, there's and it's

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Speaker 2: not that sexy and it's and it's all kind of

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Speaker 2: hidden in the background, but you know, tremendous amount of

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Speaker 2: work that's gone on in there. So I mean, the

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Speaker 2: really exciting kind of milestones, obviously for neutral that everybody's

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Speaker 2: just following is obviously Arcnedeese engine big structures rolling out

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Speaker 2: and kind of the big integrated tests.

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Speaker 4: But like I.

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Speaker 2: Say, it's like it's it's really it's it's really frustrating.

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Speaker 2: It's like, you know, you're baking a cake and all

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Speaker 2: the ingredients in themselves are completely uninteresting, and you know,

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Speaker 2: when it's all mixed up in a go, it's kind

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Speaker 2: of doesn't look that a trade to be the but

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Speaker 2: actually when you bring it out of the oven, it's like,

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Speaker 2: you know, it's done, we.

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Speaker 4: Want to eat the cake.

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Speaker 2: We want to eat that's right, but there's there's just

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Speaker 2: so much work and preparation that's gone in before you

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Speaker 2: know you pull it out of the oven. And that's

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Speaker 2: kind of the same deal.

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Speaker 4: And there's no room for error? Is there really not

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Speaker 4: in this industry?

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Speaker 2: No?

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Speaker 1: You know.

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Speaker 2: This is this is kind of and maybe the success

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Speaker 2: of electron as well as you know, when we designed

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Speaker 2: that vehicle, we constantly think of every failure mode possible,

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Speaker 2: like you know, could could could there be a failure

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Speaker 2: in this area? Could there be a failure in that area?

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Speaker 2: And we're constantly looking to try and mitigate those failures

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Speaker 2: before you occur. We don't kind of blindly move forward

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Speaker 2: on a design without considering every little possible element.

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Speaker 4: With neutron, you effectively get to start over on a

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Speaker 4: new rocket.

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Speaker 1: Right. You're probably doing a lot of things with neutron

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Speaker 1: that you wish you could have or knew how to

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Speaker 1: do with electron at the very beginning. You're now having

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Speaker 1: to build those on secondary with electron, like reusability, and

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Speaker 1: we know that neutron has far better unit economics because

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Speaker 1: it's massed all bit.

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Speaker 4: It's load is much higher.

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Speaker 1: Does that mean that once Neutron is consistently in play,

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Speaker 1: you would look to retire Electron?

365
00:18:08,560 --> 00:18:12,360
Speaker 2: No, no, no, Look, Electron is serving a really important

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Speaker 2: market need and it's a great product, and that market

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Speaker 2: continues to grow. So yeah, it's true. Electron has been

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Speaker 2: a wonderful kind of training environment, if you will, for

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Speaker 2: neutron in a lot of respects, and so much of

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Speaker 2: electron ports directly across over to neutron. But Electron is

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Speaker 2: an amazing product. It enables so many other businesses and

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Speaker 2: so many other capabilities. So absolutely not. It is a

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Speaker 2: critical part of the space industry right now.

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Speaker 1: And you're targeting a similar margin on Electron that you

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Speaker 1: are a neutron fifty percent, right.

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Speaker 2: Yeah, absolutely, yep, yep, yep. So we think that's I

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00:18:46,400 --> 00:18:49,600
Speaker 2: think that's the real sweet spot. And you know, the

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Speaker 2: biggest leaver to pull there is really Cadence launch. Cadence

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Speaker 2: kind of allows us to advertise all of the infrastructure

380
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Speaker 2: that requires, you know, to launch anything.

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Speaker 1: What's the dream on Cadence? What would you love to

382
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Speaker 1: at least the Electron get to per year?

383
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Speaker 2: Yeah, Look, I mean if we're launching, we're launching twice

384
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Speaker 2: a month, the economics exactly where they need to be,

385
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Speaker 2: so that that that's that's that's kind of the super

386
00:19:08,359 --> 00:19:11,280
Speaker 2: sweet spot for us. But also, you know, as we

387
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Speaker 2: launch more, we get better at building them and the

388
00:19:13,720 --> 00:19:18,080
Speaker 2: cost goes down, so you know, the you know, the

389
00:19:18,160 --> 00:19:21,320
Speaker 2: cadence doesn't need to be some crazy number to be

390
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Speaker 2: a really great business, which is which is great.

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Speaker 4: Let's just finish on competition.

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Speaker 1: I know you're a very busy man, and you're probably don't

393
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Speaker 1: pay too much attention to it because you're hustling in here.

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Speaker 4: You're you've got a lot to do being chief engineer

395
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Speaker 4: at this company.

396
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Speaker 1: But SpaceX just had its fourth starship test flights. The

397
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Speaker 1: splashdown was pretty successful. How much attention do you pay

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Speaker 1: to that and as any at all, how does that

399
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Speaker 1: kind of up the ante for you and for the

400
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Speaker 1: team in here.

401
00:19:44,880 --> 00:19:47,000
Speaker 2: Yeah, that's a great question. So I mean, look, there

402
00:19:47,040 --> 00:19:48,520
Speaker 2: was it was a great flight. I think I think

403
00:19:48,560 --> 00:19:51,480
Speaker 2: everybody was surprised, you know, how how far that that

404
00:19:51,480 --> 00:19:53,200
Speaker 2: that that mission got through. So I think I think

405
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Speaker 2: it's great with respect to like, how does how does

406
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Speaker 2: that affect what we're doing? It's it's it's not really.

407
00:19:58,760 --> 00:20:01,119
Speaker 2: I mean, you look, ship is designed for a very

408
00:20:01,160 --> 00:20:04,600
Speaker 2: specific purpose, and that is that is to put humans

409
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Speaker 2: on Mars, which I think is wonderful. You know, we

410
00:20:07,840 --> 00:20:11,080
Speaker 2: have a very own purpose and mission, and you know,

411
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Speaker 2: Electron and Neutron and all the space systems and everything

412
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Speaker 2: we do feeds into that directly. So you know, the

413
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Speaker 2: space industry is kind of a crazy place in that respect.

414
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Speaker 2: You have, you know, you have very flamboyant kind of

415
00:20:24,280 --> 00:20:28,720
Speaker 2: characters and missions on their own journey. I mean, you know,

416
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Speaker 2: Jeff Bezos has his own journey as well. But I

417
00:20:31,560 --> 00:20:34,080
Speaker 2: guess from a Rocket Lab perspective, you know, what we

418
00:20:34,160 --> 00:20:38,479
Speaker 2: are really focused on is trying to build a large,

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Speaker 2: multi generational space company that really does focus on delivering

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Speaker 2: services and good to the Earth as opposed to other planets.

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Speaker 1: When I was in here last you kind of laughed

422
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Speaker 1: off the idea of space tourism, like what Jeff Bezos

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Speaker 1: is doing.

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Speaker 4: You said you didn't want to go to Mars. You

425
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Speaker 4: change a view on any of.

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Speaker 2: Those absolutely not yet. No, I love Earth. Earth is

427
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Speaker 2: the best plan in our Solar system. I'm going to

428
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Speaker 2: stay here for while.

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Speaker 1: Yeah, day, Hey, thank you so much, and again congratulations

430
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Speaker 1: on fifty electron launchers.

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Speaker 2: Thanks, better sent cheers.

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Speaker 1: If we look at fifty launchers, the cadence each year

433
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Speaker 1: has been different. You've gone up and then you've had

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Speaker 1: some down years. Last year, for example, was a bit

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Speaker 1: of a hitch.

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Speaker 2: What's my question today? You're just going to rub it

437
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Speaker 2: in the