$RKLB spent last 6 years using M&A to turn itself into a full space prime by building the spacecraft stack one capability at a time: • SolAero solar power that keeps satellites running • Sinclair Interplanetary navigation hardware that tells satellites where they are & where to point • Advanced Solutions flight software that controls how spacecraft move & operate • Planetary Systems deployment systems that release satellites once they reach orbit • Precision Components high-precision manufacturing for rockets & spacecraft • GEOST sensors for missile warning, tracking & national security missions • Optical Support precision optics for cameras, sensors & advanced payloads • Mynaric laser communications that move data between satellites • Motiv Space Systems robotics & motion systems for more complex missions • Iridium would add a global satellite network & recurring communications revenue The spacecraft in middle is almost less important than everything Rocket Lab has built around it because that network of capabilities is the moat management has been assembling one acquisition at a time.