Flip the Neutron gate
Rocket Lab: two revenue engines feed the ~59x trailing-sales multiple, gated by Neutron first flight launch engine recurring Electron cadence 90+ launches in backlog space systems engine build-to-print satellites reaction wheels · solar arrays pipeline / backlog pool record $2.36B backlog · +$437M new launch Electron · HASTE · Neutron contracts backlog conversion → revenue +62% YoY · Q1 +63.5% ~59x trailing sales no operating profit — unproven optionality upside: avg PT ~$110 · +45% net loss ~$49M op margin -33% Neutron gate first flight · Q4 '26 gate open on-time success medium-lift + defense missions reach the pool → 59x can hold / expand further slip no new medium-lift primary de-rating event → 59x P/S de-rates