$RKLB just showed something interesting: customers are willing to pay serious money for a rocket that hasn’t even flown yet. Rocket Lab added over $515M in new Neutron launch contracts, bringing its backlog to 16 missions. And here’s the interesting part: some contracts carry a $70M base launch price. That’s a pretty strong signal that launch capacity is getting tight and customers want alternatives to SpaceX. But there’s one big problem. Neutron hasn’t proven it can fly yet. The first launch isn’t expected before 2027. And even a successful debut won’t guarantee reliable, profitable launches at scale. A $70M launch price sounds great, but we still don’t know what each mission will actually cost. Neutron’s development milestones, launch delays, spending, and how quickly Rocket Lab can build a repeatable launch schedule. I like $RKLB’s position in the space industry. Customers committing hundreds of millions before the rocket even flies is impressive. But demand isn’t the hard part anymore. Execution is.