United Launch Alliance is having a rough time competing with SpaceX. The Boeing and Lockheed joint venture is struggling with their new Vulcan rocket, managing only four launches in two years instead of the projected 20 to 30. The latest launch last week showed a burn-through on a booster nozzle, similar to an incident in 2024 where a nozzle fell off. Northrop Grumman builds the boosters, but the quality issues fall on ULA. Longtime CEO Tory Bruno also left recently to join Blue Origin. The article is bearish on BA and LMT given the operational mess and the upcoming SpaceX IPO.