Rocket Lab's Neutron Won't Launch Until 2027. Is the Stock a Buy 65% Below Its Record?

Rocket Lab delayed its Neutron rocket's first launch to 2027 from Q4 2026 due to manufacturing defects found in the first-stage propellant tank's carbon composite dome. The stock fell 10% to $53, now 65% below its May record. While the company's existing Electron rocket and space systems business show strong growth with Q2 revenue up 62% year-over-year to $234 million, profitability remains elusive. Management's timeline for positive adjusted EBITDA now extends into late 2027 at earliest, pushing positive cash flow toward 2029.