Rocket Lab Delays Neutron Launch to 2027 on Carbon-Fiber Defect; RKLB Down 21% Over 52 Weeks

Rocket Lab Corp. (RKLB) has pushed its Neutron medium-lift rocket launch from late 2026 to 2027 after inspectors found voids in the carbon-fiber layers of the first-stage propellant domes, which carry liquid oxygen and methane. The company must build, cure and inspect a new forward dome, then integrate it into a complete first stage for testing, with completion targeted for the first quarter of 2027. Stifel now expects one or two Neutron launches in 2027, down from three, delaying launch and milestone revenue but citing limited impact on the broader launch schedule and unchanged demand. KeyBanc cut its price target to $100 from $135 while maintaining an Overweight rating. The delay compounds pressure on a richly valued stock: RKLB trades at a forward adjusted price-to-sales ratio of 33.48x versus an industry average of 1.75x, and shares are down 21% over 52 weeks and 41% over six months. Second-quarter revenue rose 62% year over year to a record $234.07 million, and backlog reached $2.36 billion. Rocket Lab reports third-quarter results on Nov. 9 after the market closes.