Rocket Lab executives announced on Feb. 27 that it plans to launch a new Neutron rocket by the end of this year. The development process for a multi-purpose missile with a medium payload is progressing as planned, and the first launch is expected to take place in 2024.

Rocket Lab CEO Peter Beck shared information about progress on various components of the Neutron rocket, including the avionics and launch pad, at Wallops Island, Virginia. However, the company has not yet started firing tests of the Archimedes engine to be used in the Neutron rocket.

Rocket Lab plans to complete the test environment for the Archimedes engine at the Stennis Space Center in Mississippi, after which testing is expected to begin. The results of the tests will clarify the exact schedule for the first launch of the Neutron rocket.

Industry experts said the time from first engine ignition to the first launch of a Neutron rocket could be at least nine months; This is still an extremely optimistic figure, given the typical development time for rocket programs, where first engine testing can take years until the first launch. . However, Rocket Lab’s chief financial officer, Adam Spies, assures that the Neutron rocket is planned to be launched without delay by the end of the year.

One of the reasons the company aims to launch its Neutron rocket before the end of the year is to qualify for funding under U.S. Space Force contracts.

Completion of the rocket project will also allow Rocket Lab to reduce costs and become a profitable company in the near future. Completing work on Neutron will allow the company to reduce costs and transition to profitability. The company reported adjusted losses before interest, taxes, depreciation, and amortization (EBITDA) of $29,000,000 for the fourth quarter of 2023 and approximately $91,000,000 for all of 2023, but capital expenditures when Neutron transitioned to Neutron will decrease. According to Spice’s expectations, the company will be on track to achieve positive adjusted EBITDA in the near future.

The company had previously developed several different models, all under the Photon name, but now offers four different models. It is a Photon designed to carry small spacecraft into low Earth orbit. and Explorer for interplanetary missions such as NASA’s ESCAPADE Mars Rocket Laboratory. Beck said that the company has already received orders for all four models, and the total order portfolio consists of more than 40 spacecraft. However, the company is not limited to launching satellites, but aims to have its own “constellation” in orbit. For example, he cited SpaceX, which builds Starlink satellites and launches them on its own rockets.

However, timelines and plans for the company’s own satellite constellation and the services it offers have not yet been announced. Rocket Lab focuses on the development and launch of the Neutron rocket, which plays a key role in realizing its long-term business model.