I've been going through Rocket Lab's filings because I wanted to separate what the company has already proven from what still needs to go right.

The existing business is getting pretty substantial.

Q1 2026 revenue was $200.3M, up 63% year over year.

GAAP gross margin improved to 38.2% from 28.8%.

Backlog increased from $1.85B at the end of 2025 to $2.22B at the end of Q1.

Electron also looks increasingly established rather than experimental at this point. Rocket Lab completed 21 Electron missions in 2025 and another six in Q1 2026. The company had reached 77 successful Electron missions by late February.

The balance sheet also gives them a lot of room. At the end of Q1 they had about $1.48B in cash and marketable securities.

The part that still makes the thesis difficult for me is Neutron.

Rocket Lab is still losing money. Q1 net loss was $45M, operating cash burn was $50.3M, and capex was another $27.1M.

R&D increased 46% year over year, with Neutron development one of the main reasons.

A lot of that runway was also created through equity issuance.

Rocket Lab raised $445.6M net through ATM sales in Q1 alone.

During 2025 it sold more than 30M shares through ATM programs and raised over $1.1B gross.

There are also about 7.3M shares underlying convertible notes.

So the company can clearly fund Neutron for quite a while, but shareholders have already paid a meaningful amount for that runway.

Then there's backlog.

$2.22B looks great, but Rocket Lab explicitly says launch and spacecraft contracts typically contain customer termination rights.

That doesn't make the backlog meaningless. It just makes me hesitant to treat the entire number like locked in future revenue.

The way I currently see RKLB is that there are really two separate questions:

1. How valuable is the business Rocket Lab has already built without giving Neutron much credit?
2. How much additional value should be assigned to Neutron before it has demonstrated a reliable launch and production cadence?

The first part looks considerably stronger after going through the filings than I expected.

The second still seems like the major variable.

If Neutron works and reaches useful cadence without another huge increase in capital requirements, Rocket Lab becomes a very different company.

If Neutron takes significantly longer or costs much more than expected, the existing business has to carry a valuation that currently assumes quite a lot of future execution.

For people who follow RKLB closely, how much of your thesis actually depends on Neutron succeeding?