Rocket Lab just completed its 93rd launch of the smaller Electron rocket, but the stock is still trending down from its May peak. The market seems mostly focused on delays with their upcoming Neutron rocket, which is designed to compete with SpaceX for medium-lift launches. Neutron was originally expected to fly in 2024, but the first launch is now pushed back to 2027. This is making investors nervous as they wait for Rocket Lab to prove it can compete in the larger payload market, especially with SpaceX getting so much attention after its recent IPO. The company is still growing its other segments. Over half of their revenue last year came from products and satellite design, and they recently acquired Iridium for $8 billion. Kepler Communications also just signed on as a future Neutron customer. Despite the delays and ongoing losses, analysts still have a $116 price target on the stock, which is about 70% above current levels.