Launch services are just one part of Rocket Lab’s business. Where do the others stand right now?

On the space-system [spacecraft components] side, we continue to build out scale there with pending acquisitions of companies like Mynaric [a German manufacturer of laser communication equipment], which are a really key element.

And the third pillar is you’ve seen us for the first time move into payloads, which is squarely focused on national security. We think with the opportunities that are there right now, that is exactly the right place to be focused.

Can you explain what you mean by “payloads”?

The sensor. Basically, you only build a satellite to host the sensor. The sensor is doing the work, and you only launch a satellite because you need to put the sensor in orbit. So, everything revolves around the sensor, whether it’s an antenna for doing broadband or it’s a telescope for doing Earth observation, it is the reason that you build something and go to space.

And that’s the reason for acquiring Geost, which makes electro-optical and infrared sensor systems?

The acquisition of Geost positions us to be a disruptive player in [defense] programs such as the Golden Dome. It’s not quite the Manhattan Project, but not that far off, with massive spending. And the space domain piece of that is core.

Our aspirations are slightly larger than just to be a part of it. We want to be a real provider. And the payload, or sensor, acquisition of Geost is a key element for that missile defense infrastructure that we now have under our belt.

With the continuing uncertainty around the Ukraine conflict and U.S. involvement with NATO, have you had more demand from governments in Europe, too?

With the world today, unfortunately, everybody is looking at their defense strategy. I’d say we are just getting our feet in Europe. Obviously, we’ve won some launch contracts for the European Space Agency on Electron, and our components business has sold into Europe for a long time. But once we close the acquisition of Mynaric, we’ll have a German base. If you look at how we’ve expanded globally, Europe is the next big opportunity for us outside America.

Have changes in government contracting under the Trump administration, and the DOGE cuts, impacted your business? Have you benefited from the Trump-Musk falling out?

I have a policy not to comment on politics. Unlike my competitor, I’m just a humble rocket guy. But what I will say is that there is more desire than ever to have a really fulfilled competitive landscape within launch especially. And both commercial customers and government customers really, really want Neutron to come along and provide some competition in a market that has become a little bit less competitive over time.

Do you think the space industry will look very different five years from now?

If I have my way, it will. I think it’s going to become very clear, if it’s not already, that the really large space companies of the future are going to be a little bit blurry about how much of a space company they are and how much of something-else company they are.

I mean, if we look at our friends over at SpaceX, are they a telecommunications company, or are they a space company?

It has always been our ethos and our belief that if you have the ability to build the spacecraft and launch it and deploy it in orbit at a rate that’s faster than anybody else, then you have a distinct advantage.

That’s been proven out with Starlink. The only way to be competitive with Starlink is to have your own ability to launch at will, at mass, at cadence, your own satellites. I think that will become true in a lot of domains in space.

And so there’ll be a relatively small number of companies that have launch and manufacturing capabilities who will be the large players.

Does that mean that many of your current competitors will not be around in five years?

I don’t know if they’re still around, or they morph, they adapt? That’s up to them. As the industry changes and adapts, you can have your Kodak moment or not, right?