WEBVTT - Rocket Lab CFO Adam Spice Talks Space & Defense Tech Industry

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>We are live from Rocket Lab in Long Beach, and I.

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<v Speaker 3>Want to be honest with you guys. We're here because

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<v Speaker 3>we've been on the road in Socow. But this is

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<v Speaker 3>where the industries happened. What's started with a single name

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<v Speaker 3>has boomed into thousands of startups, many here in Southern

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<v Speaker 3>California and in commercial space.

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<v Speaker 4>This is how it started.

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<v Speaker 3>SpaceX has become synonymous with commercial space. Elon Musk's company

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<v Speaker 3>is a prolific launch provider, with around three hundred and

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<v Speaker 3>eighty launches of the Falcon nine family of reusable rockets

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<v Speaker 3>to date. The competition is starting to catch up, whether

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<v Speaker 3>abroad or at home in Southern California.

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<v Speaker 1>When you look at sort of the companies that are

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<v Speaker 1>coming out of this defense tech movement, a lot of

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<v Speaker 1>them have been trained at places like SpaceX, or they

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<v Speaker 1>got their start there, and then they're building new startups

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<v Speaker 1>and deciding to build where there's a concentration of talent,

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<v Speaker 1>which is in southern California.

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<v Speaker 5>Tam Mueller, one of the early founders at SpaceX, who

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<v Speaker 5>actually brought rocket technology at Elion Musk because he likes

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<v Speaker 5>to say you can't really throw a rock and also

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<v Speaker 5>going to know I've hitting as SpaceX Alum working on

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<v Speaker 5>another company.

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<v Speaker 3>Others have a home in SoCal take rocket Lab. It's

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<v Speaker 3>an end to end space company providing launch services which

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<v Speaker 3>designs and manufactures small and medium class rockets. It's had

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<v Speaker 3>eleven launch missions so far this year. Elsewhere, another launch

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<v Speaker 3>competitor is United Launch Alliance, which is transitioning from its

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<v Speaker 3>previous rockets to the next generation Vulcan family. The Pentagon

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<v Speaker 3>has brought several Vulcan launches to fly before the end

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<v Speaker 3>of this year, but delays have put pressure on the company.

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<v Speaker 3>It has launched two Vulcan rockets so far, neither has

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<v Speaker 3>cracked reusability. Bezos's Blue Origin also has new Glen, a

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<v Speaker 3>heavy lift orbital rocket, but it has yet to launch

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<v Speaker 3>to space. Meanwhile, in Europe, delays and malfunctions left the

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<v Speaker 3>continent unable to get to orbit with its own rockets

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<v Speaker 3>for quite some time. The Arian six rocket, operated by

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<v Speaker 3>the European consortium Arian Space, which lifted off early in July,

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<v Speaker 3>was Europe's first Arian rocket launch in a year. Arian

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<v Speaker 3>Space launched the final mission of its smaller Vega rocket

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<v Speaker 3>on September fourth. In the age of commercial space, SpaceX

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<v Speaker 3>is still the most reliable way to hitch a ride

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<v Speaker 3>to Earth's orbit.

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<v Speaker 2>And talking of SpaceX, a California state commission voted against

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<v Speaker 2>a request by the US military to approve more SpaceX

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<v Speaker 2>launches now. Commissioners expressed a concern about why SpaceX was

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<v Speaker 2>not applying for a permit itself, and some also voice

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<v Speaker 2>concern over working conditions at SpaceX. Elon Musk's increasing role

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<v Speaker 2>in US politics as well a.

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<v Speaker 4>New story that came out early this morning.

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<v Speaker 3>We're going to dig deep into SpaceX throughout the show,

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<v Speaker 3>but right now we're going to talk about one of

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<v Speaker 3>SpaceX's competitors, rocket Lab, which is a rocket company and

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<v Speaker 3>much more. It's a launch provider and it's where we're at.

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<v Speaker 3>We're in the Long Beach headquarters. Also a focus on

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<v Speaker 3>a company that has a home in southern California and

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<v Speaker 3>in New Zealand. The company's CFO, Adam Spice, is with us.

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<v Speaker 3>Thank you very much for hosting us, Thanks for coming.

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<v Speaker 3>Let's start with the basics for the audience that might

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<v Speaker 3>just be tuning in for the first time, wondering where

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<v Speaker 3>we are. Rocket Lab is an end to end space provider,

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<v Speaker 3>space launch services systems provider. Bring us up to speed

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<v Speaker 3>on what that means.

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<v Speaker 6>Yeah, you know, we think that the space companies of

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<v Speaker 6>the future are ones that aren't just a launch company

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<v Speaker 6>or just a satellite company or just an operator of satellites.

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<v Speaker 6>It's really all about providing an end d service. So

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<v Speaker 6>what you're seeing here in Long Beach is really our headquarters.

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<v Speaker 6>We make a lot of the rocket components here at

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<v Speaker 6>rocket engines, the avionics.

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<v Speaker 7>And so forth.

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<v Speaker 6>So we have a pretty big footprint here in southern California,

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<v Speaker 6>but we since expanded that and of course the company

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<v Speaker 6>got started in New Zealand, but then expanded to the

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<v Speaker 6>US and starting to expand further throughout the United States,

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<v Speaker 6>including locations in places like Denver and Albuquerque and Stennis, Mississippi,

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<v Speaker 6>and Silver Springs, Maryland, and of course a launch site

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<v Speaker 6>in Wallaps Island, Virginia, and a facility in Toronto, Canada

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<v Speaker 6>as well. So we've established ourselves a very broad footprint

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<v Speaker 6>doing much more than just launch.

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<v Speaker 3>An hqu here in Soco, which fits exactly what we're

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<v Speaker 3>talking about.

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<v Speaker 4>Two launch systems. What are they and what are the differences?

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<v Speaker 7>Right?

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<v Speaker 6>So the vehicle you see behind you is Electron, and

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<v Speaker 6>Electron is the second most frequently launched vehicle in the

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<v Speaker 6>United States.

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<v Speaker 7>It's launched fifty three times.

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<v Speaker 6>So we've got a very, let's say significant lead in

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<v Speaker 6>the small dedicated launch market, and we're developing a second vehicle,

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<v Speaker 6>which is called Neutron, which will address the larger medium

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<v Speaker 6>class launch market.

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<v Speaker 2>Go, we dig into the practicalities and how difficult space

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<v Speaker 2>engineering is. Where are we with Neutron, and what are

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<v Speaker 2>some of the issues in the steps of getting it

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<v Speaker 2>up and running.

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<v Speaker 6>Yeah, well, we're quite a ways along the path of Neutron,

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<v Speaker 6>So we've been at it now for a little over

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<v Speaker 6>three years. We announced the program when became public in

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<v Speaker 6>August of twenty twenty one. You know, it's amazing to

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<v Speaker 6>see a rocket program come together. You know, I hadn't

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<v Speaker 6>come from a space background for joining the company about

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<v Speaker 6>six and a half years ago. Just to see what

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<v Speaker 6>it takes to pull together and pull off a rocket

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<v Speaker 6>development program is absolutely staggering. The complexity, you know, not

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<v Speaker 6>just from just the science, it is literally rocket science.

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<v Speaker 6>I'm grateful every day that there's people who have dedicated

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<v Speaker 6>their lives to developing these complex systems that are absolutely amazing.

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<v Speaker 7>So it's it's a very you know, it's a very detailed,

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<v Speaker 7>very arduous task to get there.

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<v Speaker 6>And I think that's what's so exciting from a business

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<v Speaker 6>perspective is the fact that if you can do it,

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<v Speaker 6>you know, you're one of a few numbers of organizations

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<v Speaker 6>in the history we've actually pulled it off. And so

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<v Speaker 6>it creates a very defensible position because again space is very,

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<v Speaker 6>very hard, and you know, we have the you know,

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<v Speaker 6>the I would say, the challenge of wake it up

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<v Speaker 6>every morning and doing battle with physics, but also doing

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<v Speaker 6>battle with some of the most fierce competitors on the plan,

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<v Speaker 6>including SpaceX. And so we look around our industry and

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<v Speaker 6>we see we see bodies everywhere that we have to

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<v Speaker 6>step over, and you know, it kind of makes you

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<v Speaker 6>wake up every morning and kind of like, Okay, this

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<v Speaker 6>is a serious business, Like we got to make sure

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<v Speaker 6>that we make all the right decisions and be very

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<v Speaker 6>efficient with our capital and very very focused on execution.

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<v Speaker 2>I mean, you are the numbers guy. Let's just talk

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<v Speaker 2>about capital efficiency. You have to spend in extraordinary amount

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<v Speaker 2>of money. You took this company public, You're having to

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<v Speaker 2>answer to a whole host of retail investors and more

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<v Speaker 2>increasing the institution investors.

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<v Speaker 4>What's it a.

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<v Speaker 2>Revenue run rate and where is the money coming from?

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<v Speaker 6>Yeah, we're very fortunate that we've been able to get

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<v Speaker 6>now to a scale. So Q two we generated over

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<v Speaker 6>one hundred million dollars in revenue, so we really kind

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<v Speaker 6>of now cross that threshold of scalability.

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<v Speaker 7>We've shown that a model can scale.

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<v Speaker 6>I think it's very important that we've done it, not

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<v Speaker 6>just on launch, because the launch represents about thirty percent

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<v Speaker 6>of our revenues. Space systems actually represent seventy percent.

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<v Speaker 3>And just on that when you say space systems is

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<v Speaker 3>seventy percent of revenue, just in Layman's terms, what are

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<v Speaker 3>you talking about.

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<v Speaker 6>So we sell a variety of solutions, So we sell

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<v Speaker 6>subsystems that into the merchant market. So we sell things

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<v Speaker 6>like you know, solar solutions for spacecraft. We sell radios

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<v Speaker 6>and battery systems and composits and so forth. So we

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<v Speaker 6>really are a very serious in materials merchant subsystem market.

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<v Speaker 6>But then we also build full spacecraft solutions. So for example,

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<v Speaker 6>we built full spacecraft for NASA than the action. In fact,

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<v Speaker 6>we built a couple of spacecraft that are gonna be

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<v Speaker 6>orbiting Mars and then not two distant view.

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<v Speaker 3>Yes, this is big news for you recently, very big

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<v Speaker 3>because you originally you weren't on that list and now

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<v Speaker 3>you are.

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<v Speaker 6>Well, that's actually for the marge sample return, okay, so

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<v Speaker 6>forwards sloper return. Yeah, that's and you're right, we were

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<v Speaker 6>not included in the first but we were ultimately added

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<v Speaker 6>to that program.

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<v Speaker 7>So that's very exciting.

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<v Speaker 6>But when you look at all the different programs that

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<v Speaker 6>were across again not just subsystems, but we're actually making

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<v Speaker 6>full satellites for including the Defense Department and their Space

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<v Speaker 6>Development Agency. We want a contract to be the prime

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<v Speaker 6>contractor for over five hundred million dollar contract. So it's

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<v Speaker 6>actually the one thing that's most exciting for me is

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<v Speaker 6>how quickly we've come from a very organic base to

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<v Speaker 6>now building a very significant size revenue and getting again

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<v Speaker 6>past that one hundred million dollars thresholder quarter.

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<v Speaker 2>And you talk about the electron behind us fifty three

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<v Speaker 2>already put into space. How many launches are we looking

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<v Speaker 2>at in terms of the next year, What sort of

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<v Speaker 2>cadence you're trying to live up to.

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<v Speaker 6>Well, you know, we've indicated fifteen to eighteen launches this year.

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<v Speaker 6>We've launched eleven times so far, so we've got a

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<v Speaker 6>big Q four coming up. And then when you look

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<v Speaker 6>at the kind of the rate going to next year,

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<v Speaker 6>we see growth off of that and a lot of

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<v Speaker 6>it's really not depending on how many rockets we can build.

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<v Speaker 7>We can build a lot of rockets we could build.

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<v Speaker 7>You know, we've sized ourselves three D printing a whole

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<v Speaker 7>on We're three D printing a lot of stuff here.

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<v Speaker 7>We could build.

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<v Speaker 4>What is the limiting factor?

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<v Speaker 6>It's really the market at this point. It's really the market.

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<v Speaker 6>We can build as many rockets as the market demands.

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<v Speaker 6>But it's a new market, it's a nascent market. I think,

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<v Speaker 6>you know, it just takes time for these markets.

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<v Speaker 3>I want to get into this the business of space

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<v Speaker 3>and just bear with me.

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<v Speaker 4>Carry elon, musk, I'm bear with you.

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<v Speaker 3>A lot has a big gap right over you, a

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<v Speaker 3>big sort of lead with SpaceX, and he talks about

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<v Speaker 3>this idea that the business of sending payload to orbit

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<v Speaker 3>tops out for them at three billion dollars. Now that's

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<v Speaker 3>a scale that you're not near yet, but it makes

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<v Speaker 3>it seem like there's a gap. There's a ceiling on

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<v Speaker 3>how much money you can ever make in this business.

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<v Speaker 4>What do you make of that?

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<v Speaker 6>I think it depends on how you define this business, right,

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<v Speaker 6>I think, yeah, even as we've seen the space X,

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<v Speaker 6>I don't think they stopped it just launch. So launch

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<v Speaker 6>is a very critical part of the ecosystem, but it's

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<v Speaker 6>not the biggest piece of the ecosystem. So the applications

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<v Speaker 6>and creating that ongoing revenue stream from applications and having

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<v Speaker 6>a constallation orbit that is really what people are shooting for.

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<v Speaker 6>Is is where the real scale for this industry comes from.

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<v Speaker 6>And that's exactly what we're oriented around. We're all about

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<v Speaker 6>being an end to end space company where we can

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<v Speaker 6>design the spacecraft, we can build the spacecraft in a

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<v Speaker 6>very vertically integrated way with our own subsystems, we can

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<v Speaker 6>launch them on a variety of rockets, then we can

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<v Speaker 6>operate those on orbit. So it's a very very important

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<v Speaker 6>thing to think about yourself as an end end player

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<v Speaker 6>because again, if you're a bespoke kind of one solution provider,

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<v Speaker 6>it's probably not the path to survive ability for.

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<v Speaker 2>Those institution investors sat watching and indeed retail investors who

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<v Speaker 2>are excited about putting money into rocketing very excised. What

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<v Speaker 2>tell us about how the market scales up? What is needed?

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<v Speaker 2>You're saying you can get these, you can build these

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<v Speaker 2>as quickly as the market wants. Well, what gets the

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<v Speaker 2>market to the next iteration to the size that you

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<v Speaker 2>want to be able to serve it?

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<v Speaker 4>That?

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<v Speaker 6>I think the most exciting thing about what's going on

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<v Speaker 6>in this market right now is that you think about

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<v Speaker 6>what typically drives the hockey stick growth of characteristic of

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<v Speaker 6>an industry, and it's usually commercial. But I think we're

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<v Speaker 6>in a really interesting period where we're actually seeing the

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<v Speaker 6>hockey stick being derived building from commercial opportunities. So everyone

0:09:55.200 --> 0:09:57.120
<v Speaker 6>seeing what SpaceX is doing with startlinks, that's kind of

0:09:57.160 --> 0:09:59.000
<v Speaker 6>old news to a certain extent. But then you see

0:09:59.040 --> 0:10:01.600
<v Speaker 6>Amazon Kuiper, you see tallesid light Speed, you see the

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<v Speaker 6>SDA constollation. So you're actually seeing a combination of government

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<v Speaker 6>and commercial all presenting hockey stick opportunities. And that's really

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<v Speaker 6>You're not a one bet kind of situation right now.

0:10:10.080 --> 0:10:11.920
<v Speaker 6>There's lots of different cliers you can put your fired.

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<v Speaker 4>Too, Adam.

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<v Speaker 3>There's so much more to come, as you know, in

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<v Speaker 3>this hour. But before we let you go, a word

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<v Speaker 3>for SpaceX. What they enabled your company to do, particularly

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<v Speaker 3>here in California, Well.

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<v Speaker 6>I think you have to give them, you know, amazing

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<v Speaker 6>credit for what they've accomplished.

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<v Speaker 7>They really kind of are a I would.

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<v Speaker 6>Say, kind of a an inspiration and aspirational target as well.

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<v Speaker 7>Like we've we've seen that it could be done right.

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<v Speaker 6>I think that's the one thing is we don't We

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<v Speaker 6>wake up every morning understanding the challenge that faces us,

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<v Speaker 6>but we're not intimidated by it.

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<v Speaker 7>Never.

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<v Speaker 6>That's one thing that this company does not ever get

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<v Speaker 6>is intimidated by competition, whether it's SpaceX or anybody else.

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<v Speaker 7>So we're up for the challenge.

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<v Speaker 6>It's exciting and there's a tremendous amount of opportunity, and

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<v Speaker 6>I think we're in a great position to exploit it.

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<v Speaker 2>You were up early for us. We give you great

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<v Speaker 2>thanks for it, Adam. It's wonderful to have us here

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<v Speaker 2>and you here with us. Adams by CFO of Rocket

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<v Speaker 2>Lab