1
00:00:02,400 --> 00:00:06,840
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:07,040 --> 00:00:10,320
Speaker 2: We are live from Rocket Lab in Long Beach, and I.

3
00:00:10,240 --> 00:00:11,840
Speaker 3: Want to be honest with you guys. We're here because

4
00:00:11,840 --> 00:00:14,079
Speaker 3: we've been on the road in Socow. But this is

5
00:00:14,120 --> 00:00:17,520
Speaker 3: where the industries happened. What's started with a single name

6
00:00:17,600 --> 00:00:21,040
Speaker 3: has boomed into thousands of startups, many here in Southern

7
00:00:21,040 --> 00:00:23,400
Speaker 3: California and in commercial space.

8
00:00:24,120 --> 00:00:25,280
Speaker 4: This is how it started.

9
00:00:26,520 --> 00:00:31,160
Speaker 3: SpaceX has become synonymous with commercial space. Elon Musk's company

10
00:00:31,480 --> 00:00:34,360
Speaker 3: is a prolific launch provider, with around three hundred and

11
00:00:34,400 --> 00:00:38,159
Speaker 3: eighty launches of the Falcon nine family of reusable rockets

12
00:00:38,159 --> 00:00:41,320
Speaker 3: to date. The competition is starting to catch up, whether

13
00:00:41,360 --> 00:00:44,320
Speaker 3: abroad or at home in Southern California.

14
00:00:44,479 --> 00:00:46,440
Speaker 1: When you look at sort of the companies that are

15
00:00:46,920 --> 00:00:49,040
Speaker 1: coming out of this defense tech movement, a lot of

16
00:00:49,080 --> 00:00:51,400
Speaker 1: them have been trained at places like SpaceX, or they

17
00:00:51,400 --> 00:00:54,600
Speaker 1: got their start there, and then they're building new startups

18
00:00:54,600 --> 00:00:57,200
Speaker 1: and deciding to build where there's a concentration of talent,

19
00:00:57,280 --> 00:00:58,640
Speaker 1: which is in southern California.

20
00:00:58,760 --> 00:01:02,520
Speaker 5: Tam Mueller, one of the early founders at SpaceX, who

21
00:01:02,560 --> 00:01:05,319
Speaker 5: actually brought rocket technology at Elion Musk because he likes

22
00:01:05,360 --> 00:01:07,720
Speaker 5: to say you can't really throw a rock and also

23
00:01:07,760 --> 00:01:10,399
Speaker 5: going to know I've hitting as SpaceX Alum working on

24
00:01:10,440 --> 00:01:11,200
Speaker 5: another company.

25
00:01:11,319 --> 00:01:14,520
Speaker 3: Others have a home in SoCal take rocket Lab. It's

26
00:01:14,520 --> 00:01:17,520
Speaker 3: an end to end space company providing launch services which

27
00:01:17,600 --> 00:01:22,120
Speaker 3: designs and manufactures small and medium class rockets. It's had

28
00:01:22,200 --> 00:01:26,160
Speaker 3: eleven launch missions so far this year. Elsewhere, another launch

29
00:01:26,200 --> 00:01:30,080
Speaker 3: competitor is United Launch Alliance, which is transitioning from its

30
00:01:30,120 --> 00:01:34,240
Speaker 3: previous rockets to the next generation Vulcan family. The Pentagon

31
00:01:34,280 --> 00:01:37,000
Speaker 3: has brought several Vulcan launches to fly before the end

32
00:01:37,040 --> 00:01:39,800
Speaker 3: of this year, but delays have put pressure on the company.

33
00:01:39,920 --> 00:01:43,840
Speaker 3: It has launched two Vulcan rockets so far, neither has

34
00:01:43,880 --> 00:01:48,280
Speaker 3: cracked reusability. Bezos's Blue Origin also has new Glen, a

35
00:01:48,360 --> 00:01:51,960
Speaker 3: heavy lift orbital rocket, but it has yet to launch

36
00:01:52,000 --> 00:01:55,000
Speaker 3: to space. Meanwhile, in Europe, delays and malfunctions left the

37
00:01:55,040 --> 00:01:57,760
Speaker 3: continent unable to get to orbit with its own rockets

38
00:01:57,920 --> 00:02:00,840
Speaker 3: for quite some time. The Arian six rocket, operated by

39
00:02:00,880 --> 00:02:04,640
Speaker 3: the European consortium Arian Space, which lifted off early in July,

40
00:02:04,800 --> 00:02:07,800
Speaker 3: was Europe's first Arian rocket launch in a year. Arian

41
00:02:07,920 --> 00:02:10,760
Speaker 3: Space launched the final mission of its smaller Vega rocket

42
00:02:10,919 --> 00:02:15,360
Speaker 3: on September fourth. In the age of commercial space, SpaceX

43
00:02:15,520 --> 00:02:18,040
Speaker 3: is still the most reliable way to hitch a ride

44
00:02:18,280 --> 00:02:19,200
Speaker 3: to Earth's orbit.

45
00:02:21,960 --> 00:02:26,880
Speaker 2: And talking of SpaceX, a California state commission voted against

46
00:02:27,240 --> 00:02:30,040
Speaker 2: a request by the US military to approve more SpaceX

47
00:02:30,080 --> 00:02:33,760
Speaker 2: launches now. Commissioners expressed a concern about why SpaceX was

48
00:02:33,840 --> 00:02:36,720
Speaker 2: not applying for a permit itself, and some also voice

49
00:02:36,760 --> 00:02:40,440
Speaker 2: concern over working conditions at SpaceX. Elon Musk's increasing role

50
00:02:40,880 --> 00:02:42,080
Speaker 2: in US politics as well a.

51
00:02:42,120 --> 00:02:44,400
Speaker 4: New story that came out early this morning.

52
00:02:44,480 --> 00:02:47,320
Speaker 3: We're going to dig deep into SpaceX throughout the show,

53
00:02:47,600 --> 00:02:48,880
Speaker 3: but right now we're going to talk about one of

54
00:02:48,880 --> 00:02:53,160
Speaker 3: SpaceX's competitors, rocket Lab, which is a rocket company and

55
00:02:53,280 --> 00:02:56,680
Speaker 3: much more. It's a launch provider and it's where we're at.

56
00:02:56,680 --> 00:03:00,120
Speaker 3: We're in the Long Beach headquarters. Also a focus on

57
00:03:00,160 --> 00:03:02,520
Speaker 3: a company that has a home in southern California and

58
00:03:03,000 --> 00:03:06,680
Speaker 3: in New Zealand. The company's CFO, Adam Spice, is with us.

59
00:03:06,880 --> 00:03:09,239
Speaker 3: Thank you very much for hosting us, Thanks for coming.

60
00:03:10,040 --> 00:03:12,440
Speaker 3: Let's start with the basics for the audience that might

61
00:03:12,480 --> 00:03:14,440
Speaker 3: just be tuning in for the first time, wondering where

62
00:03:14,440 --> 00:03:19,160
Speaker 3: we are. Rocket Lab is an end to end space provider,

63
00:03:19,360 --> 00:03:23,320
Speaker 3: space launch services systems provider. Bring us up to speed

64
00:03:23,360 --> 00:03:24,600
Speaker 3: on what that means.

65
00:03:25,520 --> 00:03:27,760
Speaker 6: Yeah, you know, we think that the space companies of

66
00:03:27,800 --> 00:03:29,640
Speaker 6: the future are ones that aren't just a launch company

67
00:03:29,760 --> 00:03:32,040
Speaker 6: or just a satellite company or just an operator of satellites.

68
00:03:32,080 --> 00:03:34,480
Speaker 6: It's really all about providing an end d service. So

69
00:03:34,520 --> 00:03:37,200
Speaker 6: what you're seeing here in Long Beach is really our headquarters.

70
00:03:37,720 --> 00:03:39,760
Speaker 6: We make a lot of the rocket components here at

71
00:03:39,840 --> 00:03:41,600
Speaker 6: rocket engines, the avionics.

72
00:03:41,080 --> 00:03:41,520
Speaker 7: And so forth.

73
00:03:41,520 --> 00:03:43,640
Speaker 6: So we have a pretty big footprint here in southern California,

74
00:03:43,920 --> 00:03:45,880
Speaker 6: but we since expanded that and of course the company

75
00:03:45,880 --> 00:03:48,000
Speaker 6: got started in New Zealand, but then expanded to the

76
00:03:48,120 --> 00:03:50,840
Speaker 6: US and starting to expand further throughout the United States,

77
00:03:50,880 --> 00:03:54,480
Speaker 6: including locations in places like Denver and Albuquerque and Stennis, Mississippi,

78
00:03:54,560 --> 00:03:57,200
Speaker 6: and Silver Springs, Maryland, and of course a launch site

79
00:03:57,240 --> 00:04:00,640
Speaker 6: in Wallaps Island, Virginia, and a facility in Toronto, Canada

80
00:04:00,640 --> 00:04:03,280
Speaker 6: as well. So we've established ourselves a very broad footprint

81
00:04:03,480 --> 00:04:04,680
Speaker 6: doing much more than just launch.

82
00:04:04,760 --> 00:04:07,480
Speaker 3: An hqu here in Soco, which fits exactly what we're

83
00:04:07,480 --> 00:04:08,240
Speaker 3: talking about.

84
00:04:08,400 --> 00:04:11,040
Speaker 4: Two launch systems. What are they and what are the differences?

85
00:04:11,200 --> 00:04:11,480
Speaker 7: Right?

86
00:04:11,600 --> 00:04:14,440
Speaker 6: So the vehicle you see behind you is Electron, and

87
00:04:14,440 --> 00:04:16,680
Speaker 6: Electron is the second most frequently launched vehicle in the

88
00:04:16,760 --> 00:04:17,360
Speaker 6: United States.

89
00:04:17,560 --> 00:04:18,960
Speaker 7: It's launched fifty three times.

90
00:04:19,080 --> 00:04:21,880
Speaker 6: So we've got a very, let's say significant lead in

91
00:04:21,920 --> 00:04:25,200
Speaker 6: the small dedicated launch market, and we're developing a second vehicle,

92
00:04:25,200 --> 00:04:27,480
Speaker 6: which is called Neutron, which will address the larger medium

93
00:04:27,480 --> 00:04:28,560
Speaker 6: class launch market.

94
00:04:28,760 --> 00:04:32,840
Speaker 2: Go, we dig into the practicalities and how difficult space

95
00:04:33,000 --> 00:04:36,320
Speaker 2: engineering is. Where are we with Neutron, and what are

96
00:04:36,360 --> 00:04:38,160
Speaker 2: some of the issues in the steps of getting it

97
00:04:38,240 --> 00:04:38,800
Speaker 2: up and running.

98
00:04:39,360 --> 00:04:41,400
Speaker 6: Yeah, well, we're quite a ways along the path of Neutron,

99
00:04:41,720 --> 00:04:43,080
Speaker 6: So we've been at it now for a little over

100
00:04:43,120 --> 00:04:45,120
Speaker 6: three years. We announced the program when became public in

101
00:04:45,120 --> 00:04:48,080
Speaker 6: August of twenty twenty one. You know, it's amazing to

102
00:04:48,080 --> 00:04:50,119
Speaker 6: see a rocket program come together. You know, I hadn't

103
00:04:50,160 --> 00:04:52,320
Speaker 6: come from a space background for joining the company about

104
00:04:52,320 --> 00:04:54,840
Speaker 6: six and a half years ago. Just to see what

105
00:04:54,920 --> 00:04:57,000
Speaker 6: it takes to pull together and pull off a rocket

106
00:04:57,040 --> 00:05:00,440
Speaker 6: development program is absolutely staggering. The complexity, you know, not

107
00:05:00,560 --> 00:05:04,560
Speaker 6: just from just the science, it is literally rocket science.

108
00:05:04,600 --> 00:05:06,640
Speaker 6: I'm grateful every day that there's people who have dedicated

109
00:05:06,640 --> 00:05:09,240
Speaker 6: their lives to developing these complex systems that are absolutely amazing.

110
00:05:09,680 --> 00:05:12,440
Speaker 7: So it's it's a very you know, it's a very detailed,

111
00:05:12,560 --> 00:05:13,960
Speaker 7: very arduous task to get there.

112
00:05:13,960 --> 00:05:15,479
Speaker 6: And I think that's what's so exciting from a business

113
00:05:15,520 --> 00:05:17,560
Speaker 6: perspective is the fact that if you can do it,

114
00:05:17,680 --> 00:05:19,800
Speaker 6: you know, you're one of a few numbers of organizations

115
00:05:19,839 --> 00:05:21,760
Speaker 6: in the history we've actually pulled it off. And so

116
00:05:21,839 --> 00:05:24,840
Speaker 6: it creates a very defensible position because again space is very,

117
00:05:24,880 --> 00:05:26,960
Speaker 6: very hard, and you know, we have the you know,

118
00:05:27,000 --> 00:05:29,159
Speaker 6: the I would say, the challenge of wake it up

119
00:05:29,160 --> 00:05:32,680
Speaker 6: every morning and doing battle with physics, but also doing

120
00:05:32,720 --> 00:05:34,560
Speaker 6: battle with some of the most fierce competitors on the plan,

121
00:05:34,640 --> 00:05:37,599
Speaker 6: including SpaceX. And so we look around our industry and

122
00:05:37,600 --> 00:05:39,800
Speaker 6: we see we see bodies everywhere that we have to

123
00:05:39,800 --> 00:05:42,200
Speaker 6: step over, and you know, it kind of makes you

124
00:05:42,240 --> 00:05:43,880
Speaker 6: wake up every morning and kind of like, Okay, this

125
00:05:43,920 --> 00:05:45,480
Speaker 6: is a serious business, Like we got to make sure

126
00:05:45,480 --> 00:05:47,160
Speaker 6: that we make all the right decisions and be very

127
00:05:47,160 --> 00:05:49,960
Speaker 6: efficient with our capital and very very focused on execution.

128
00:05:50,080 --> 00:05:52,120
Speaker 2: I mean, you are the numbers guy. Let's just talk

129
00:05:52,120 --> 00:05:55,520
Speaker 2: about capital efficiency. You have to spend in extraordinary amount

130
00:05:55,600 --> 00:05:58,640
Speaker 2: of money. You took this company public, You're having to

131
00:05:59,000 --> 00:06:01,680
Speaker 2: answer to a whole host of retail investors and more

132
00:06:01,680 --> 00:06:03,240
Speaker 2: increasing the institution investors.

133
00:06:03,800 --> 00:06:04,240
Speaker 4: What's it a.

134
00:06:04,160 --> 00:06:06,120
Speaker 2: Revenue run rate and where is the money coming from?

135
00:06:06,560 --> 00:06:08,520
Speaker 6: Yeah, we're very fortunate that we've been able to get

136
00:06:08,600 --> 00:06:10,880
Speaker 6: now to a scale. So Q two we generated over

137
00:06:10,920 --> 00:06:13,400
Speaker 6: one hundred million dollars in revenue, so we really kind

138
00:06:13,400 --> 00:06:15,560
Speaker 6: of now cross that threshold of scalability.

139
00:06:15,560 --> 00:06:17,080
Speaker 7: We've shown that a model can scale.

140
00:06:17,320 --> 00:06:19,039
Speaker 6: I think it's very important that we've done it, not

141
00:06:19,120 --> 00:06:21,320
Speaker 6: just on launch, because the launch represents about thirty percent

142
00:06:21,360 --> 00:06:24,279
Speaker 6: of our revenues. Space systems actually represent seventy percent.

143
00:06:24,400 --> 00:06:26,520
Speaker 3: And just on that when you say space systems is

144
00:06:26,560 --> 00:06:29,800
Speaker 3: seventy percent of revenue, just in Layman's terms, what are

145
00:06:29,800 --> 00:06:30,880
Speaker 3: you talking about.

146
00:06:31,080 --> 00:06:33,880
Speaker 6: So we sell a variety of solutions, So we sell

147
00:06:33,960 --> 00:06:36,800
Speaker 6: subsystems that into the merchant market. So we sell things

148
00:06:36,839 --> 00:06:40,200
Speaker 6: like you know, solar solutions for spacecraft. We sell radios

149
00:06:40,200 --> 00:06:43,000
Speaker 6: and battery systems and composits and so forth. So we

150
00:06:43,040 --> 00:06:47,080
Speaker 6: really are a very serious in materials merchant subsystem market.

151
00:06:47,200 --> 00:06:50,120
Speaker 6: But then we also build full spacecraft solutions. So for example,

152
00:06:50,120 --> 00:06:53,480
Speaker 6: we built full spacecraft for NASA than the action. In fact,

153
00:06:53,520 --> 00:06:55,080
Speaker 6: we built a couple of spacecraft that are gonna be

154
00:06:55,160 --> 00:06:56,480
Speaker 6: orbiting Mars and then not two distant view.

155
00:06:56,560 --> 00:06:58,640
Speaker 3: Yes, this is big news for you recently, very big

156
00:06:58,720 --> 00:07:01,839
Speaker 3: because you originally you weren't on that list and now

157
00:07:01,839 --> 00:07:02,160
Speaker 3: you are.

158
00:07:02,600 --> 00:07:04,640
Speaker 6: Well, that's actually for the marge sample return, okay, so

159
00:07:04,880 --> 00:07:06,760
Speaker 6: forwards sloper return. Yeah, that's and you're right, we were

160
00:07:06,760 --> 00:07:08,679
Speaker 6: not included in the first but we were ultimately added

161
00:07:08,680 --> 00:07:09,280
Speaker 6: to that program.

162
00:07:09,279 --> 00:07:10,120
Speaker 7: So that's very exciting.

163
00:07:10,760 --> 00:07:12,240
Speaker 6: But when you look at all the different programs that

164
00:07:12,240 --> 00:07:14,840
Speaker 6: were across again not just subsystems, but we're actually making

165
00:07:14,840 --> 00:07:18,160
Speaker 6: full satellites for including the Defense Department and their Space

166
00:07:18,200 --> 00:07:21,120
Speaker 6: Development Agency. We want a contract to be the prime

167
00:07:21,320 --> 00:07:24,200
Speaker 6: contractor for over five hundred million dollar contract. So it's

168
00:07:24,200 --> 00:07:25,960
Speaker 6: actually the one thing that's most exciting for me is

169
00:07:26,000 --> 00:07:29,240
Speaker 6: how quickly we've come from a very organic base to

170
00:07:29,240 --> 00:07:31,760
Speaker 6: now building a very significant size revenue and getting again

171
00:07:31,840 --> 00:07:33,840
Speaker 6: past that one hundred million dollars thresholder quarter.

172
00:07:34,000 --> 00:07:36,400
Speaker 2: And you talk about the electron behind us fifty three

173
00:07:36,720 --> 00:07:40,240
Speaker 2: already put into space. How many launches are we looking

174
00:07:40,240 --> 00:07:42,000
Speaker 2: at in terms of the next year, What sort of

175
00:07:42,040 --> 00:07:43,440
Speaker 2: cadence you're trying to live up to.

176
00:07:44,280 --> 00:07:47,160
Speaker 6: Well, you know, we've indicated fifteen to eighteen launches this year.

177
00:07:47,200 --> 00:07:49,200
Speaker 6: We've launched eleven times so far, so we've got a

178
00:07:49,200 --> 00:07:52,240
Speaker 6: big Q four coming up. And then when you look

179
00:07:52,280 --> 00:07:53,480
Speaker 6: at the kind of the rate going to next year,

180
00:07:53,480 --> 00:07:55,400
Speaker 6: we see growth off of that and a lot of

181
00:07:55,440 --> 00:07:57,320
Speaker 6: it's really not depending on how many rockets we can build.

182
00:07:57,320 --> 00:07:59,120
Speaker 7: We can build a lot of rockets we could build.

183
00:07:59,400 --> 00:08:02,280
Speaker 7: You know, we've sized ourselves three D printing a whole

184
00:08:02,280 --> 00:08:04,000
Speaker 7: on We're three D printing a lot of stuff here.

185
00:08:04,360 --> 00:08:05,040
Speaker 7: We could build.

186
00:08:05,080 --> 00:08:06,280
Speaker 4: What is the limiting factor?

187
00:08:06,840 --> 00:08:08,840
Speaker 6: It's really the market at this point. It's really the market.

188
00:08:08,880 --> 00:08:10,880
Speaker 6: We can build as many rockets as the market demands.

189
00:08:10,880 --> 00:08:13,240
Speaker 6: But it's a new market, it's a nascent market. I think,

190
00:08:13,240 --> 00:08:14,800
Speaker 6: you know, it just takes time for these markets.

191
00:08:15,040 --> 00:08:18,080
Speaker 3: I want to get into this the business of space

192
00:08:18,160 --> 00:08:18,920
Speaker 3: and just bear with me.

193
00:08:19,040 --> 00:08:20,480
Speaker 4: Carry elon, musk, I'm bear with you.

194
00:08:20,520 --> 00:08:23,400
Speaker 3: A lot has a big gap right over you, a

195
00:08:23,400 --> 00:08:26,160
Speaker 3: big sort of lead with SpaceX, and he talks about

196
00:08:26,160 --> 00:08:28,760
Speaker 3: this idea that the business of sending payload to orbit

197
00:08:29,200 --> 00:08:32,000
Speaker 3: tops out for them at three billion dollars. Now that's

198
00:08:32,040 --> 00:08:34,760
Speaker 3: a scale that you're not near yet, but it makes

199
00:08:34,800 --> 00:08:37,480
Speaker 3: it seem like there's a gap. There's a ceiling on

200
00:08:37,520 --> 00:08:40,840
Speaker 3: how much money you can ever make in this business.

201
00:08:41,280 --> 00:08:42,280
Speaker 4: What do you make of that?

202
00:08:42,840 --> 00:08:44,959
Speaker 6: I think it depends on how you define this business, right,

203
00:08:45,000 --> 00:08:46,679
Speaker 6: I think, yeah, even as we've seen the space X,

204
00:08:46,720 --> 00:08:49,080
Speaker 6: I don't think they stopped it just launch. So launch

205
00:08:49,120 --> 00:08:51,840
Speaker 6: is a very critical part of the ecosystem, but it's

206
00:08:51,840 --> 00:08:54,480
Speaker 6: not the biggest piece of the ecosystem. So the applications

207
00:08:54,520 --> 00:08:57,160
Speaker 6: and creating that ongoing revenue stream from applications and having

208
00:08:57,200 --> 00:08:59,720
Speaker 6: a constallation orbit that is really what people are shooting for.

209
00:08:59,840 --> 00:09:01,960
Speaker 6: Is is where the real scale for this industry comes from.

210
00:09:02,160 --> 00:09:04,360
Speaker 6: And that's exactly what we're oriented around. We're all about

211
00:09:04,360 --> 00:09:05,920
Speaker 6: being an end to end space company where we can

212
00:09:05,960 --> 00:09:08,599
Speaker 6: design the spacecraft, we can build the spacecraft in a

213
00:09:08,720 --> 00:09:11,120
Speaker 6: very vertically integrated way with our own subsystems, we can

214
00:09:11,200 --> 00:09:12,960
Speaker 6: launch them on a variety of rockets, then we can

215
00:09:13,000 --> 00:09:15,440
Speaker 6: operate those on orbit. So it's a very very important

216
00:09:15,480 --> 00:09:17,240
Speaker 6: thing to think about yourself as an end end player

217
00:09:17,240 --> 00:09:20,160
Speaker 6: because again, if you're a bespoke kind of one solution provider,

218
00:09:20,160 --> 00:09:22,480
Speaker 6: it's probably not the path to survive ability for.

219
00:09:22,600 --> 00:09:25,960
Speaker 2: Those institution investors sat watching and indeed retail investors who

220
00:09:25,960 --> 00:09:28,720
Speaker 2: are excited about putting money into rocketing very excised. What

221
00:09:29,440 --> 00:09:32,640
Speaker 2: tell us about how the market scales up? What is needed?

222
00:09:32,679 --> 00:09:34,600
Speaker 2: You're saying you can get these, you can build these

223
00:09:34,600 --> 00:09:36,360
Speaker 2: as quickly as the market wants. Well, what gets the

224
00:09:36,400 --> 00:09:38,600
Speaker 2: market to the next iteration to the size that you

225
00:09:38,640 --> 00:09:39,480
Speaker 2: want to be able to serve it?

226
00:09:39,559 --> 00:09:39,599
Speaker 4: That?

227
00:09:40,120 --> 00:09:41,599
Speaker 6: I think the most exciting thing about what's going on

228
00:09:41,640 --> 00:09:43,920
Speaker 6: in this market right now is that you think about

229
00:09:44,280 --> 00:09:47,880
Speaker 6: what typically drives the hockey stick growth of characteristic of

230
00:09:47,880 --> 00:09:50,160
Speaker 6: an industry, and it's usually commercial. But I think we're

231
00:09:50,160 --> 00:09:52,000
Speaker 6: in a really interesting period where we're actually seeing the

232
00:09:52,000 --> 00:09:55,120
Speaker 6: hockey stick being derived building from commercial opportunities. So everyone

233
00:09:55,200 --> 00:09:57,120
Speaker 6: seeing what SpaceX is doing with startlinks, that's kind of

234
00:09:57,160 --> 00:09:59,000
Speaker 6: old news to a certain extent. But then you see

235
00:09:59,040 --> 00:10:01,600
Speaker 6: Amazon Kuiper, you see tallesid light Speed, you see the

236
00:10:01,679 --> 00:10:04,480
Speaker 6: SDA constollation. So you're actually seeing a combination of government

237
00:10:04,760 --> 00:10:07,679
Speaker 6: and commercial all presenting hockey stick opportunities. And that's really

238
00:10:07,800 --> 00:10:10,040
Speaker 6: You're not a one bet kind of situation right now.

239
00:10:10,080 --> 00:10:11,920
Speaker 6: There's lots of different cliers you can put your fired.

240
00:10:11,760 --> 00:10:12,120
Speaker 4: Too, Adam.

241
00:10:12,120 --> 00:10:13,679
Speaker 3: There's so much more to come, as you know, in

242
00:10:13,960 --> 00:10:16,679
Speaker 3: this hour. But before we let you go, a word

243
00:10:16,720 --> 00:10:20,400
Speaker 3: for SpaceX. What they enabled your company to do, particularly

244
00:10:20,480 --> 00:10:22,480
Speaker 3: here in California, Well.

245
00:10:22,520 --> 00:10:24,160
Speaker 6: I think you have to give them, you know, amazing

246
00:10:24,160 --> 00:10:25,319
Speaker 6: credit for what they've accomplished.

247
00:10:25,360 --> 00:10:27,400
Speaker 7: They really kind of are a I would.

248
00:10:27,200 --> 00:10:30,559
Speaker 6: Say, kind of a an inspiration and aspirational target as well.

249
00:10:30,559 --> 00:10:32,760
Speaker 7: Like we've we've seen that it could be done right.

250
00:10:32,800 --> 00:10:34,040
Speaker 6: I think that's the one thing is we don't We

251
00:10:34,080 --> 00:10:36,800
Speaker 6: wake up every morning understanding the challenge that faces us,

252
00:10:37,040 --> 00:10:38,200
Speaker 6: but we're not intimidated by it.

253
00:10:38,400 --> 00:10:38,559
Speaker 7: Never.

254
00:10:38,600 --> 00:10:41,079
Speaker 6: That's one thing that this company does not ever get

255
00:10:41,160 --> 00:10:43,840
Speaker 6: is intimidated by competition, whether it's SpaceX or anybody else.

256
00:10:43,880 --> 00:10:45,080
Speaker 7: So we're up for the challenge.

257
00:10:45,080 --> 00:10:47,240
Speaker 6: It's exciting and there's a tremendous amount of opportunity, and

258
00:10:47,240 --> 00:10:48,840
Speaker 6: I think we're in a great position to exploit it.

259
00:10:49,200 --> 00:10:51,520
Speaker 2: You were up early for us. We give you great

260
00:10:51,520 --> 00:10:54,560
Speaker 2: thanks for it, Adam. It's wonderful to have us here

261
00:10:54,760 --> 00:10:57,200
Speaker 2: and you here with us. Adams by CFO of Rocket

262
00:10:57,280 --> 00:10:57,480
Speaker 2: Lab