Rocket Lab's Neutron delay raises questions, but the bigger picture is hard to ignore

$RKLB has faced pressure following confirmation that Neutron's inaugural launch is now expected in 2027.
The delay is a setback, but Rocket Lab's broader business continues to show momentum.
Its Q2 2026 results highlighted:
- Over $437M in new launch contracts, including post-quarter signings
- A record backlog of more than 90 launches
- $2.36B in total company backlog
- Continued progress on Neutron's development and testing
Neutron could significantly expand Rocket Lab's reach into commercial satellite launches, defense, and government missions.
The bullish case is about more than one rocket. Still, further delays, development costs, and execution risks remain important.
The question is whether investors are pricing in a temporary setback or a more challenging road to commercial operations.
Source: Rocket Lab Q2 2026 Results and October Neutron Update