Neutron slipping into 2027 is obviously disappointing but I would much rather $RKLB lose several months fixing a known manufacturing issue than protect a launch date and increase the risk of losing the vehicle. The details are also much more reassuring than headline because Rocket Lab says problem came from tiny voids forming inside thicker sections of carbon composite dome after redesigning the structure to eliminate joints which makes this look much more like a manufacturing process issue than evidence that underlying Neutron architecture is flawed. I will say that Rocket Lab isn't giving a new launch date until stage one testing finishes in Q1 so realistically I think first flight moves into middle of 2027 and potentially later so that obviously pushes out the biggest near term catalyst but the important distinction is that Rocket Lab doesn't need Neutron revenue tomorrow to survive because Space Systems already represents ~80% of revenue while the company has built a record backlog around $2.4B across satellites, components, spacecraft and government programs. Thats also why I think market and long term investors are going to view this very differently because if your thesis was Neutron launching in Q4 and creating a near term rerating then a several month delay matters a lot but if your thesis is that Rocket Lab can become one of only scaled vertically integrated space infrastructure companies outside $SPCX then a manufacturing delay matters much less as long as engineering problem gets solved and rest of the business keeps executing. It is also worth remembering that SpaceX failed its first three Falcon 1 launches before eventually building one of most valuable private companies in the world but I do fully expect market to punish Rocket Lab because it prices the company quarter by quarter but I'm buying it over next decade.