After shedding more than 61% of its value since a peak earlier in 2026, Rocket Lab (NASDAQ: RKLB) delivered a sharp reversal Tuesday, with shares jumping as much as 10% during the session.
The rebound was triggered by a concrete hardware milestone: the Neutron rocket’s second stage and accompanying thrust module left the company’s factory and began a barge journey through Chesapeake Bay toward Wallops Island, Virginia.
That destination, Launch Complex 3, will serve as the test site for a series of systems checks before the full vehicle is assembled and prepared for flight.
Rocket Lab detailed the move in a post on X, noting that the thrust module is the rocket’s sole physical connection to the launch pad, a deliberate design choice with significant implications for ground testing.
The company’s post stated: “With no strongback on the launch mount by design, Neutron’s Thrust Module is the rocket’s only physical interface to the launch pad, which this upcoming test campaign enables us to test early before the entire vehicle comes together.”
Planned tests at the site include integrated fluids evaluations and module-to-launch-mount interface checkouts, representing early but meaningful progress toward an eventual launch.
The milestone arrives after a bruising stretch for the company, which delayed the Neutron rocket twice in 2026 after a manufacturing inspection uncovered a flaw in the carbon composite of a tank dome within the rocket’s first stage, forcing the construction of a replacement component.
The first Neutron launch had already slipped multiple times before that discovery, with the most recent target window having been the fourth quarter of 2026.
Cantor Fitzgerald analyst Andres Sheppard responded to Tuesday’s news by reiterating his overweight rating on the stock and maintaining a price target of $122, which implies potential upside of 127% relative to Monday’s closing price.
Sheppard anticipates that Neutron will reach orbit in the second quarter of 2027, framing the stock’s steep recent decline as an entry opportunity for investors willing to look past the near-term turbulence.
Much of that turbulence traces back to the public debut of Space Exploration Technologies (NASDAQ: SPCX), which intensified competitive pressure on Rocket Lab and sent its shares into a prolonged slide after a stunning 115% rally in the first five months of 2026.
While Neutron’s path has been rocky, Rocket Lab’s smaller Electron rocket continues to perform steadily, having recently completed its 98th mission by deploying three HawkEye 360 satellites, marking the company’s 19th launch of 2026.
