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Rocket Lab
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== Clear leader in small rockets, but preparing to size up == Rocket Lab has focused on small rockets since its inception, successfully launching its Electron rocket 19 times out of 21 attempts into space, leading to 105 satellites deployed and even recovering 2 rockets (first stage, only reusable small rocket on the market), which can be reused in the future after refurbishment. Rocket Lab is the second-most frequently launched private company after SpaceX. Moving forward, Rocket Lab announced plans to build a larger rocket called Neutron, which will have a 8,000kg payload capacity vs. Electron's 300kg, and be designed to be a constellation launcher while also being able to carry humans onboard. Positioning-wise, Deutsche Bank regards Rocket Lab as the clear #2 in launch behind SpaceX, with a more practical focus on being "Gatekeepers" to orbit starting with small rockets (pathfinder and national security missions), and then expanding into medium-class rockets (constellations) and also providing satellite systems capabilities to enable even greater access to the final frontier. {| class="wikitable" |+'''Figure 12: Electron launch stats'''<ref name=":0" /> ! !Mar-21 !Jul-21 !Current |- |Launches |18 |20 |21 |- |Failures |1 |2 |2 |- |Recovered |1 |2 |2 |- |Satellites deployed |97 |104 |105 |- |Captive |1 |2 |2 |} === Electron strong flight heritage === Diving into more detail, Rocket Lab designed Electron for manufacturability and reliability, understanding that customers would pay up for a dedicated small rocket launch (>$25k per kg vs. ride-share SpaceX Falcon 9's $5k). Electron is a two-stage vehicle with third kick stage standing at 18m tall with a diameter of 1.2m. The design involves use of advanced carbon composite material for the entire structure and propellant tanks, reducing wait by up to 40%. The kick stage allows for satellites to be placed in a circular orbit after launch, which enables them to maintain a consistent altitude and is also capable of engine restarts to deliver multiple payloads to a range of orbits, and also deorbiting to avoid becoming space junk. Also unique to Electron, the company believes it created the world's first 3D printed and electric pump-fed engine. The rocket uses 10 Rutherford engines (9 in the first stage, 1 single vacuum in the second stage) that make use of electric motors and high-performance lithium polymer batteries to drive liquid oxygen and kerosene fuel pumps. Electric pumps are simpler than traditional gas generator cycles yet still achieve high efficiency. Operationally, Electron takes off from the company's private launch complex in Mahia, New Zealand (referred to as Launch Complex 1 or LC1). Typically, US government missions cannot be launched abroad but the two countries signed a bilateral treaty to drop this restriction. LC1 is also the first private FAA-licensed orbital launch site. '''Figure 13: Electron design'''<ref name=":0">Source: Company reports.</ref> [[File:20210924 Deutsche Bank RKLB Rocket Lab- The Gatekeepers of Space- Initiating with Bu Page 12 Image 0001.jpg]] {| class="wikitable" |+'''Figure 14: Small rocket comparison<ref>Source: Company reports, Deutsche Bank.</ref>''' !Company !Rocket Lab !Virgin Orbit !Astra |- !Rocket !Electron !Launcherone !3.3 |- |Height (m) |18 |21 |17 |- |Diameter |1.2 |1.8 |1.3 |- |Payload to LEO (kg) |300 |500 |50 |- |Engine |9x Rutherford/single vacuum |Newton3+4 |5x Delphin/single ether |- |Price |$6-13m |$12m |<$4m |- |per kg |26,667 |24,000 |75,000 |- |Reuseable |Yes |No |No |- |Structure |Carbon composite |Carbon composite |Metal |- |Sites |Mahia, NZ |Mounted to 747 jet |Kodiak, AK |- |Launches |21 |2 |2 |- |Satellites deployed |105 |7 |0 |- |Own satellites |2 |0 |0 |} === Larger Neutron rocket will be the key to the future === In order to expand the market opportunity (by 2-4x, in Deutsche Bank's view), Rocket Lab will build a much larger 46m tall medium-class rocket capable of carrying 8,000kg payloads to LEO or 1,500kg to Mars/Venus. Management believes this size will be able to handle 98% of future satellite launches, targeting commercial and government constellations, representing an alternative to SpaceX Falcon 9 and also legacy carriers such as Soyuz and Antares. Constellation satellites need to be launched in batches to different orbital planes; this cannot be addressed by heavy rockets. Neutron will also have the ability to carry humans, which could be used for crew resupply for the International Space Station. There is also the issue of SpaceX operating its own Starlink satellite constellation, meaning it would likely always prioritize captive deployments. The rocket will be reusable (first stage) and have propulsive landing capabilities (i.e., launch and then come back to land on an ocean platform). While building a larger rocket will take time ($200m development program, maiden voyage in 2024), Rocket Lab anticipates leveraging existing know-how to reduce costs (expertise in avionics, software, communications, GNC, infrastructure). Operationally, Neutron will lift off from Rocket Lab's other site in Wallops Island, Virginia (Mid-Atlantic Regional Spaceport or Launch Complex 2). The launch pad and integration/control facility have already been built, but delays involving the Flight Safety System software certification with NASA have caused delays with December being the most realistic launch window now. Collectively, Rocket Lab will have potentially 132 launch slots annually from its sites (120 in LC1 across 2 pads, 12 in LC2 with potential to expand). '''Figure 15: Mahia, New Zealand (LC1)'''<ref name=":0" /> [[File:20210924 Deutsche Bank RKLB Rocket Lab- The Gatekeepers of Space- Initiating with Bu Page 13 Image 0001.jpg]] '''Figure 16: Wallops, Virginia (LC2)<ref name=":0" />''' [[File:20210924 Deutsche Bank RKLB Rocket Lab- The Gatekeepers of Space- Initiating with Bu Page 13 Image 0002.jpg]] === Vertical integration === In respect to production, Rocket Lab has focused on vertical integration (~90% inhouse), essentially controlling the process from raw material to orbit across 3 global sites. In Auckland, the company houses its launch vehicle R&D and manufacturing facilities along with its propulsion test sites (i.e., place to test-fire engines). Rocket Lab can assemble composite tanks, fairings, electrical harnesses, kick stages and much more here. Moreover, Mission Control Center for Electron is based here along with workstations for payload processing. Long Beach is home to engine and avionics manufacturing, utilizing specialized automated equipment and 3D printing. Rocket Lab is also expanding space systems manufacturing capabilities at this location, supporting Sinclair's existing footprint in Toronto. '''Figure 17: Auckland facilities<ref name=":0" />'''[[File:20210924 Deutsche Bank RKLB Rocket Lab- The Gatekeepers of Space- Initiating with Bu Page 14 Image 0001.jpg]] '''Figure 18: Long Beach HQ<ref name=":0" />''' [[File:Long Beach HQ.png]] '''Figure 19: Neutron designed to carry more and be an alternative to Falcon 9'''<ref>Source : Rocket Lab.</ref> [[File:20210924 Deutsche Bank RKLB Rocket Lab- The Gatekeepers of Space- Initiating with Bu Page 14 Image 0003.jpg|none|thumb]] '''Figure 20: Global locations and capabilities<ref name=":0" />''' [[File:20210924 Deutsche Bank RKLB Rocket Lab- The Gatekeepers of Space- Initiating with Bu Page 15 Image 0001.jpg]]
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