U.S. Space Force and ICEYE book Rocket Lab’s unflown Neutron rocket

Rocket Lab has signed more than $515 million in launch contracts for its new Neutron rocket in a single quarter, and has raised the rocket’s base price to $70 million per launch, up from $55 million, the company said on November 9.

The eight missions came from five customers, including the U.S. Space Force and radar satellite operator ICEYE.

The new deals bring Neutron’s order book to 16 missions, even though the rocket has not yet flown. Rocket Lab said its next available launch slots are now in the 2030s. Neutron’s first launch is scheduled for 2027.

The largest order came from ICEYE, the Finnish-founded company that builds and operates synthetic aperture radar satellites, which can take images through clouds and at night. ICEYE booked three dedicated Neutron launches starting in late 2028. Its satellites are used by governments and militaries, and Ukraine uses ICEYE imagery to track Russian forces, which has made the constellation a target of Russian attention, as when a Russian satellite shadowed a radar satellite used by Ukraine.

The U.S. Space Force booked one dedicated Neutron launch for its Space-Based Airborne Moving Target Indicator program, known as SB-AMTI. The program aims to track aircraft and other moving targets in the air from orbit, a job now done mostly by large radar planes such as the E-3 Sentry. The contract was signed during the third quarter.

Other customers include Muon Space, a U.S. satellite manufacturer and operator, which booked two launches in 2029 and 2030, and Starcloud, a U.S. company that plans to build data centers in space, which booked one launch in 2029. Canadian satellite communications provider Kepler Communications signed for one launch earlier in the quarter.

“Neutron is rapidly establishing itself as the backbone of next-generation constellation deployment and government missions in the medium-lift launch class,” said Rocket Lab founder and CEO Sir Peter Beck.

Neutron is a medium-lift, reusable rocket designed to carry up to 13,000 kg (28,700 pounds) to low Earth orbit. That places it between Rocket Lab’s small Electron rocket and heavy-lift vehicles such as SpaceX’s Falcon 9. The rocket is meant to give satellite operators and the military another option at a time when launch capacity is tight across the industry.

Rocket Lab is already lined up for U.S. military work with Neutron. The company was selected for a $5.6 billion U.S. military launch contract under the Space Force’s National Security Space Launch program, which allows it to compete for missions once Neutron is certified. It has also worked with the Pentagon on hypersonic testing, and the U.S. Space Force tapped Rocket Lab for a $266 million missile testing deal.

The debut flight in 2027 will be the first chance to show the rocket works. Rocket Lab has already pushed back Neutron’s first launch before, and the full order book depends on the vehicle entering regular service.