$RKLB delivered record $234M revenue, a $2.36B backlog and more than $1B of new launch and Space Systems contracts, so the selloff is not about demand but about Neutron timing, weaker near-term margins and rising cash burn. Peter Beck says “the window for an end year launch is narrowing” because Rocket Lab is prioritizing qualification for reuse and high cadence over rushing Flight 1, which matters because Neutron only becomes economically transformative if it can progress from one launch to three, five and eventually many more. That added spending is painful near term but underneath Neutron keeps getting stronger as Space Systems approaches $190M quarterly revenue, HASTE expands Rocket Lab deeper into missile defense and hypersonics, and its component stack gives it more control over spacecraft economics. If Neutron works and Iridium closes, Rocket Lab increasingly becomes a full-stack space platform that can build the components, manufacture the satellite, launch it, operate the constellation and eventually monetize recurring communications services on top.