Alexis Dahl – How to ship 800 billion pounds of rock fast
An evening pause: Some early American technology, still in use.
Hat tip Wayne DeVette.
An evening pause: Some early American technology, still in use.
Hat tip Wayne DeVette.
Though Rocket Lab is still not in the black, a new positive analysis of the company this week from Morgan Stanley reflects Wall Street’s generally optimistic view of Rocket Lab during the past year.
Rocket Lab (NASDAQ:RKLB) had its price target raised by equities researchers at Morgan Stanley from $20.00 to $68.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the rocket manufacturer’s stock. Morgan Stanley’s price target would suggest a potential upside of 1.63% from the company’s current price.
The article at the link also notes that Morgan Stanley is not alone in giving Rocket Lab a positive report, and in fact in the past year it shows that the recommendations from many analysts to buy its stock have risen considerably. These positive reviews have been reflected in a steady rise in the company’s stock price in 2025, as shown by the graph on the right.
Nor are these reports written in a vacuum. In recent weeks Rocket Lab has signed a bunch of new launch contracts, some extending deals with old customers, some with new customers of some note.
Buying the stock of a startup like Rocket Lab always carries risk, but it appears Wall Street is beginning to see the future of this particular startup as very promising.
The orbital tug startup Impulse Space, founded by Tom Mueller (one of SpaceX’s first engineers), is now proposing to build its own unmanned lunar lander, with a target for delivering six tons of cargo on two missions, starting in 2028.
Our proposed architecture combines our existing Helios kick stage and a new lunar lander, to be developed by our team in-house. Helios would launch on a standard medium- or heavy-lift rocket. Our lunar lander would ride as a payload on Helios. Once Helios and the lander are deployed in Low Earth Orbit (LEO), Helios serves as a cruise stage, transporting the lander to low lunar orbit within one week. The lunar lander then separates from Helios and descends to the surface of the Moon. By taking advantage of Helios’s high delta-v capabilities, this mission architecture doesn’t require in-space refueling.
This solution can bridge the existing cargo delivery gap by offering direct transportation of the necessary mass to kickstart infrastructure, resource utilization, and economic activities on the Moon. We’ve already begun engine development for our lunar lander solution, and we stand ready to execute as dictated by industry demand and interest.
With this Helios and Impulse-made lander combination, we estimate delivering up to 6 tons of payload mass to the Moon (across two missions) per year starting in 2028 at a cost-effective price point. Each Helios + lander combo would take approximately 3 tons of cargo to the Moon.
It appears the company has identified a need (transporting cargo to the Moon cheaply and quickly) that no one (including NASA) is presently considering. SpaceX will be able to do it with Starship. Blue Origin is also proposing to do it with various versions of its Blue Moon manned lander. Impulse has decided however that both of those spacecraft are too large and tied to SLS and Lunar Gateway, with Starship requiring refueling, that makes their cargo missions more costly than a direct mission. Impulse proposes a simpler option.
This decision is also another indication that the demand for low orbital tugs is not developing as expected. It appears satellite companies and the available rocket companies have worked out ways to get most of their satellites to the orbits they require without tugs.
It will be interesting to watch if this proposal gains traction. If it does, than it will likely encourage other orbital tug as well as the other lunar lander companies to propose their own alternatives.

Figure 2.1-1 of the final environmental assessment report
The Space Force on October 10, 2025 announced it has now finalized and approved the environmental assessment that will permit SpaceX’s to increase its launch rate at Vandenberg to as much as 100 times per year.
The DAF [Air Force] has decided to increase the annual Falcon launch cadence at VSFB [Vandenberg] through launch and landing operations at SLC-4 and SLC-6 [the two SpaceX launchpads], including modification of SLC-6 for Falcon 9 and Falcon Heavy launch vehicles to support future U.S. Government and commercial launch service needs. The overall launch cadence will increase from 50 Falcon 9 launches per year at SLC-4 to up to 100 launches per year for Falcon 9 and Falcon Heavy at both SLCs combined. Falcon Heavy, which has not previously launched from VSFB, would launch and land up to five times per year from and at SLC-6. The DAF will authorize SpaceX to construct a new hangar south of the HIF [SpaceX’s horizontal integration facility] and north of SLC-6 to support Falcon 9 and Falcon Heavy integration and processing.
You can read the full environmental assessment here [pdf]. The map to the right, from the assessment, shows the location at Vandenberg of the two SpaceX launch sites. SLC-4 (pronounced “slick-four”) is the pad SpaceX has been using for years to launch Falcon 9s. SLC-6 was originally built for the space shuttle but never used for that purpose. Subsequently ULA leased it to launch its Delta family of rockets. When that rocket was retired SpaceX won the lease to reconfigure the site for both Falcon 9 and Falcon Heavy launches.
The Space Force apparently decided to ignore the objections of the California Coastal Commission as well as a number of anti-Musk leftwing activist groups. And its decision is well grounded in facts. The report documents at length the lack of any consequential environmental impacts from the increase of launches, which is further supported by almost three quarters of a century of actual use.
The decision is also well founded in basic American culture and law. The Space Force as a government agency must act as a servant of the American people, in this case represented by the private company SpaceX. It must therefore do whatever it can to aid and support that company, not put up roadblocks because it doesn’t like what the company proposes.
At least under Trump, this is the approach the Space Force is taking. I fear what will happen if a Democrat regains the presidency, based on the radical and enthused communist make-up of that party today.
Even as all eyes focused on SpaceX’s 11th test launch of Starship/Superheavy yesterday, there were three other launches in the past fourteen hours taking place on three different continents by China and two different American companies.
First, China placed a technology test satellite into orbit, its Long March 2D rocket lifting off from its Jiuquan spaceport in northwest China. The only information about the satellite is that it will test “new optical imaging.” No information at all was released on where the rocket’s lower stages, using very toxic hypergolic fuels, crashed inside China.
Next, SpaceX placed 24 of Amazon’s Kuiper satellites into orbit, its Falcon 9 rocket lifting off from Cape Canaveral in Florida. The first stage completed its second flight, landing on a drone ship in the Atlantic.
With this launch, Amazon now has 154 satellites in orbit, out of a planned constellation of about 3,200. Its FCC license requires it to have about 1,600 in orbit by July of ’26, but that goal seems increasingly unlikely to be met. With this launch SpaceX completed its three-launch contract for Amazon. It has contracts with ULA for 46 launches (having so far completed three in 2025), and that company appears ready to launch regularly in the coming months. Amazon’s other launch contracts with Blue Origin’s New Glenn (27 launches) and ArianeGroup’s Ariane-6 (18 launches) however are more uncertain. Neither company has achieved any launches on their contracts, and it is not clear when either company, especially Blue Origin, will ever begin regular launches.
Finally, this morning Rocket Lab placed the seventh radar satellite into orbit for the company Synspective, its Electron rocket lifting off from one of its two launchpads in New Zealand. Rocket Lab has a contract for another twenty Synspective launches over the next few years. The launch also featured a larger fairing that will give the company the ability to launch bigger-sized satellites with Electron.
The leaders in the 2025 launch race, now including yesterday’s Starship/Superheavy launch:
131 SpaceX
60 China
13 Russia
13 Rocket Lab
SpaceX now leads the rest of the world in successful launches, 131 to 101.
The Spanish rocket startup PLD today released a detailed video update outlining the work it is doing designing and building its Miura-5 rocket for its first launch, now targeting 2026.
I have embedded that video below. Its engineers and managers describe and show in detail the hard metal they are cutting. Their goal is to produce one upper stage engine every two weeks by the end of this year. The company has already build eight tanks for both stages, and has even tested one tank to failure. PLD has also started construction of its launch site in French Guiana.
All in all, PLD seems moving aggressively towards that first launch, making it one of three European rocket startups on the brink of operations. The other two are Isar Aerospace and Rocket Factory Augsburg, both from Germany.

Starship and Superheavy during ascent today.
On the eleventh orbital test flight today of Starship/Superheavy, SpaceX basically achieved all its engineering goals, with both Superheavy and Starship completing their flights as planned, with Superheavy doing a soft vertical splashdown in the Gulf of Mexico, and Starship doing a soft vertical splashdown in the Indian Ocean.
The Superheavy flown was on its second flight, having flown on test flight #8. Of its 33 Raptor engines, 24 had flown previously. In returning, it successfully used a new configuration of engine burns, first firing thirteen engines, then six, then three.
More significant was Starship’s flight. The engineers had purposely left tiles off in some locations that would experience the greatest heat during re-entry, to find out if the ship could survive a loss of those tiles. It did, and did so in a truly remarkable manner, always flying in a controlled manner, even as it attempted a radical and previously untried banking maneuver as it approached the ocean in order to simulate a return to the launch tower chopsticks at Boca Chica.
Prior to splashdown and during its coast phase, Starship once again successfully tested the deployment of eight dummy Starlink satellites, as well as a relight of one of its Raptor engines to demonstrate it will be able to do a planned de-orbit burn once it enters a full orbit on future test flights.
Once again, the word to describe this flight is remarkable. While no else has yet been able to recover a first stage and reuse it, SpaceX has been doing it with its Falcon 9 for almost a decade, and doing it hundreds of times.
And now it has twice reused a Superheavy booster, out of only eleven test launches. Based on this and the last test flight, the company will almost certainly begin reusing Starship prototypes during next year’s orbital test flights, when it will begin flying full orbits using its third version of Starship, including returns to Boca Chica for chopstick tower catches. Furthermore, expect the deployment of real Starlink satellites on those missions.
The next mission should likely take place close to the end of this year, and it should likely be followed by additional flights about every two months.

“Proclaim liberty throughout all the land unto all
the inhabitants thereof.” Photo credit: William Zhang
While politicians and media swamp creatures focus on the relatively inconsequential race to do an Apollo-like manned landing on the Moon, the real American space program is being run privately by SpaceX, and its goal is to not only go to Mars, but to do so in a manner that will quickly establish a human colony. Along the way the company will help facilitate that government space program, but only as it helps SpaceX learn better how to get humans to Mars.
Most significantly, SpaceX is doing its space program entirely on its own dime. It is being financed by the revenues coming in to the company from the now more than seven million subscribers to Starlink. And those numbers will only rise with time, as Starship begins launching the next generation of satellites with capabilities that will dwarf all of SpaceX’s competitors.
Once again, freedom, private enterprise, and the American dream wins. May all humans someday live under rules that will allow them the same possibilities.
A mid-day pause: I posted twice in the past, but think it should be seen again. As I wrote in 2021,
On this day when all should be celebrating Christopher Columbus and his willingness “sail beyond the sunset,” to use a phrase from Tennyson, this short video give us an accurate picture of the man, his times, and his achievements. It also puts the lie to the bigoted, hateful, leftist slanders that have been used in recent years to poison his legacy.
The eleventh orbital test launch of Starship/Superheavy is scheduled for 6:15 (Central) today. It will be the last flight for version 2 of Starship, and will also include the second reuse of a Superheavy booster.
Starship will repeat its flight plan from the previous flight, testing the deployment of dummy Starlink satellites, the relighting of its Raptor engines once in orbit, and various new configurations of its thermal protection system. It will come down in the Indian Ocean, either controlled or not. Future flights will use version three, and quickly move towards orbital flights and a return to Boca Chica for a tower chopstick capture and later reuse.
Superheavy, which flew previously on the eighth test flight, will do more engine configuration tests on its return, and will attempt a soft vertical splashdown in the Gulf.
You can watch SpaceX’s X live stream at the link above. I have also embedded Space Affairs youtube feed below.
» Read more
In what appears to be a significant slap at its own rockets (especially its delayed Epsilon-S rocket), Japan’s space agency JAXA this week signed a two-launch deal with the American rocket company Rocket Lab.
Launching from Rocket Lab Launch Complex 1 in New Zealand, the two Electron missions will deploy satellites for JAXA’s Innovative Satellite Technology Demonstration Program. The first launch, scheduled from December 2025, will deploy the agency’s RApid Innovative payload demonstration SatellitE-4 (RAISE-4) spacecraft, a single satellite that will demonstrate eight technologies developed by private companies, universities, and research institutions throughout Japan.
The second launch, scheduled for 2026, is a JAXA-manifested rideshare of eight separate spacecraft that includes educational small sats, an ocean monitoring satellite, a demonstration satellite for ultra-small multispectral cameras, and a deployable antenna that can be packed tightly using origami folding techniques and unfurled to 25 times its size.
Rocket Lab has previously won contracts from several private Japanese satellite companies (Q-Shu, Astroscale, ALE), but this I think is the first JAXA contract it has won. What makes it significant is that JAXA has always focused on using its own rockets, the large retired H2A and the new H3 as well as the smaller Epsilon-S. To go to an American company is somewhat unprecedented.
Though larger than Rocket Lab’s Electron rocket, Epsilon-S was being developed to compete for the same market. That development however has been plagued by failure, including explosions of engines during tests of both its upper and first stages in ’23 and ’24 respectively. After the second explosion JAXA announced in December 2024 the rocket’s first launch would not occur in the spring of 2025 as planned, but provided no additional information. Since then there have been no updates.
This Rocket Lab deal suggests the Epsilon program is in big trouble. In the long run however this might be a very good thing for both JAXA and Japan’s own nascent rocket industry. JAXA might finally be recognizing that building and owning its own rockets is not the best plan, that it would be better to use the capitalism model and simply be a customer buying the services from the private sector. At the moment Japan doesn’t yet have a viable commercial rocket sector, with only Mitsubishi having an operational commercial rocket, the H3 (mostly controlled by JAXA). There are a number of new startups however, including Interstellar, Honda, Space One, and Tispace, all of which have done tests of one kind or another. If JAXA is ready to abandon its own government rockets and buy the service from the private sector, those Japanese startups will start to prosper.
An evening pause: This remains the place that Americans go to after church.
Enjoy the weekend. And find a great diner to eat at!
Hat tip Cotour.
The orbital tug startup Momentus yesterday announced that NASA has awarded it two contracts worth $7.6 million total to fly two experimental NASA payloads on its Vigoride tug.
One payload will test “test the ability to make semiconductor crystals in microgravity”, while the second will “test a rotating detonation rocket engine, a propulsion system designed to provide higher efficiency than traditional engines.” In this case the propellants used will be nitrous oxide and ethane.
Both will fly on the same Vigoride tug on a mission to be launched no earlier than October 2026. Momentus also says there is room for additional payloads on that mission.
It appears the increase in the number and launches of rockets has actually hurt the orbital tug business:
Momentus is among several companies that developed orbital transfer vehicles, or OTVs, like Vigoride to ferry spacecraft between orbits. They are designed to provide last-mile delivery to specific orbits for spacecraft launched on rideshare missions such as [SpaceX’s] Transporter [launches]. However, demand for such services has been slower to materialize than expected. “Candidly, that part of the market has not developed as much as people thought, say, five years ago,” [said John Rood, Momentus’ chief executive] during a panel at World Space Business Week in September. “The reason is many small manufacturers are multi-manifesting satellites to deploy a single plane with a single launcher.”
As a result, Momentus has focused on getting technology demonstration contracts such as the two above, with the tug acting more like a service module.