SpaceX got Starship into orbit and deployed 26 Starlink satellites, though an engine issue ended the mission early. This could create some headwinds for Rocket Lab (RKLB). Rocket Lab is spending heavily on its new Neutron rocket to compete with the Falcon 9. The main risk is that if Starship takes over SpaceX's internal Starlink launches, a lot of Falcon 9 capacity will free up for commercial use. That could push launch prices down right as Neutron tries to enter the market. Rocket Lab makes most of its money from space systems right now, but its launch backlog is growing fast. Investors are paying a premium for that launch growth. At $70 a share, the stock trades at 40 times revenue with negative free cash flow. With the first Neutron launch likely pushed past 2026 and cheaper Falcon 9s potentially on the horizon, the current valuation seems high.