capexScore 85/100Add to thesis
Beck: at least 50% of Neutron capacity reserved for Rocket Lab's own satellites, incl. constellation post-Iridium
“At least 50% of Neutron's capacity is going to be consumed by ourselves... with the pending acquisition of Iridium, we really need a rocket to launch our own satellites.”
Why it matters
This quantifies the degree of vertical integration — Rocket Lab is becoming its own anchor Neutron customer, effectively reserving half the medium-lift rocket's manifest internally, which reduces reliance on external launch demand and supports the constellation/comms thesis.
Investment implication
Bullish for RKLB as a vertically integrated space company (build + launch + own satellites + L-band comms); implies Neutron ramp is underpinned by captive demand, and external Neutron launch contracts (e.g., Kepler NET 2028) will be scarce, commanding premium pricing.