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DeepSpace: Rocket Lab bucks the saying that ‘space is hard’ with 4th Electron success
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Rocket Lab continues to buck the adage that “space is hard” with its small but increasingly reliable Electron rocket. After a slight range hardware malfunction caused a launch abort just shy of orbit during Electron’s inaugural May 2017 launch attempt, Rocket Lab fixed the issue and returned to flight, successfully completing Electron’s first orbital launch in January 2018. On November 11th, 2018, the rocket completed its first truly commercial launch, placing seven various satellite into Low Earth Orbit (LEO), rapidly followed by Electron’s fourth successful launch on December 16th, barely one month later.
On March 29th, Rocket Lab completed yet another milestone launch for Electron, successfully placing its heaviest payload – an experimental ~150 kg DARPA spacecraft known as R3D2 – into an accurate orbit. Even relative to SpaceX’s barebones Falcon 1 launch campaign, which attempted five launches – two successfully – over a three year career, Rocket Lab’s Electron has progressed at an extraordinary pace, taking less than two years to complete its fifth launch and achieving its first launch success after just one attempt and eight months of flight operations.
Relentless progress
- To find a rocket with a comparable record of success less than two years after its first launch attempt, one must jump back more than half a century to the late 1950s and early 1960s, when Russia and the US were putting their industrial mights to the challenge of achieving spacefaring ‘firsts’. Almost all of those original vehicles – including Redstone, Atlas, Delta, Thor, Titan, and even Saturn V – were able to weather early failures and achieve extraordinary launch cadences just 12-24 months after their debuts.
- None, however, were developed as an entirely commercial rocket with almost exclusively private funds, although ESA’s Ariane 3 and 4 vehicles nearly fit the bill, with exemplary commercial track records and impressive acceleration from debut to high launch cadences.
- Incredibly, Rocket Lab has brought Electron from paper to its fourth successful launch in ~16 months on what can only be described as a shoestring budget relative to all past efforts, perhaps even Elon Musk and SpaceX.
- According to public investment records, the small US-based, New Zealand-operated company may have reached orbit for the first time with less than $100M, including ~$70M in equity investment and unspecified development funding from DARPA in the early 2010s.
- Rocket Lab’s Electron rocket is quite small, measuring 1.2 m (~4 ft) wide, 17 m (56 ft) tall, and 12,500 kg (27,600 lb) at liftoff, anywhere from a quarter to half the size of SpaceX’s Falcon 1, by most measures.
- Electron is capable of placing 150–225 kg (330–495 lb) into either a 550 km (340 mi) sun synchronous orbit (SSO) or a lower low Earth orbit (LEO).
- Electron is advertised with a commercial list price of around $6M.
- Aside from Electron’s industry-defying record of achievement, its R3D2 launch is impressive for another reason: the cost of the payload relative to the cost of launch. For a rocket on its fifth-ever launch, DARPA reportedly spent no less than $25M to fund the development of the experimental R3D2 smallsat, while – as mentioned above – the cost of Electron’s launch could have been as low as ~$6M from ink to orbit.
- In slightly different terms, Electron has now launched a payload that could be 4-5X more valuable than itself after just three prior launch successes and less than two years after beginning operations.
- While ~$30M would not be a huge loss for a military agency like DARPA (FY19 budget: $3.4B), DARPA’s trust in Electron demonstrates impressive confidence in not just Electron, but also Rocket Lab’s standards of manufacturing, operations, and mission assurance.
- Relative to a vehicle like Falcon 9 or Atlas V, Electron’s R3D2 mission would be comparable to launching spacecraft worth ~$250M to $500M after just five launches. Both larger rockets accomplished similar feats, but small launch vehicles are historically known for less than stellar reliability.
Go[ing] forth and conquer[ing]
- Put simply, Rocket Lab has managed to build what appears to be a shockingly reliable small launch vehicle with a budget that would make Old Space companies whimper, all while offering a potential cadence of dozens of annual launches at per-launch costs as low as $6M.
- While the cost-per-kg of a $6M Electron launch is still extremely high relative to larger rockets and rideshare opportunities, what Rocket Lab has achieved is nothing short of spectacular in the commercial spaceflight industry.
- If there ever was an actual ‘space race’ to fill the small launch vehicle void created by the growth of small satellite launch demand, Rocket Lab has won that race beyond the shadow of a doubt. There is still plenty of room for competition and additional cost savings from a customer perspective, but Electron is so early to the party that future competition will remain almost entirely irrelevant for the better part of 2-3 more years.
- According to CEO Peter Beck, the company’s ambition is to sustain monthly Electron launches in the nine remaining months of 2019. Flight 6 hardware is likely already on its way to Rocket Lab’s Mahia, New Zealand Launch Complex 1 (LC-1).
Mission Updates
- The second launch of Falcon Heavy – the rocket’s commercial debut – is still scheduled to occur as early as April 7th, but a slip to April 9-10 is now expected. The massive rocket’s static fire – the first for a Block 5 Falcon Heavy – is set to occur as early as Wednesday, April 3rd.
- After Falcon Heavy, Cargo Dragon’s CRS-17 resupply mission is firmly scheduled for April (April 25th), while the first dedicated Starlink launch is now NET May 2019.
- In late May, SpaceX could launch Spacecom’s Amos-17 spacecraft, effectively free to the customer as part of a settlement following the tragic Amos-6 Falcon 9 anomaly that destroy the rocket, satellite, and large swaths of the LC-40 pad in September 2016.
Photo of the Week
Tesla has apparently revised the policy it previously had listed for Full Self-Driving transfers on the newest All-Wheel-Drive Cybertruck that the company had sold for a steal price of just $59,000 earlier this year.
After initially stating that customers who bought the pickup would be able to transfer FSD purchases, Tesla recently changed the language in those terms and conditions to reflect that this would no longer be the case.
Tesla launches new Cybertruck trim with more features than ever for a low price
The adjustment in terminology has caused a handful of orderers to cancel their reservations due to the loss of FSD transfer:
Just cancelled my 59k CT order today. My screenshot from that day of order (feb 20th) clearly shows that it would be eligible.
Terms were retroactively modified. Our 2020 Y and 2023 S are just fine for now. pic.twitter.com/D9PFnId1B4
— Ryan Scanlan 👥 (@Xenius) June 8, 2026
Tesla said orders for the new Cybertruck AWD must be placed by March 31, 2026, to qualify for the FSD transfer. The language in the document from earlier this year explicitly states that they “may qualify” for the transfer program, but the date of March 31 is explicitly mentioned.
Additionally, Tesla Delivery Advisors reached out to some orderers of the AWD Cybertruck, who were told there was “an update to the eligibility of the Full Self-Driving (Supervised) transfer.” Tesla stated they could:
- proceed without the transfer,
- upgrade to a Premium or Cyberbeast trim and request an FSD Transfer
- cancel the order and be refunded the $250 order fee.
Tesla turning around and changing these terms will undoubtedly result in a handful of cancellations on the part of those who have placed an order for this truck. They could pay $99 per month for an FSD subscription, which is now the only option available, but having purchased the suite outright on another vehicle and being told the transfer policy would be upheld, only to have it cancelled, is a tough pill to swallow.
These moves were also made by Tesla just before deliveries were set to begin on the Cybertruck AWD configuration. Reservation holders have started receiving VINs for their trucks, and Tesla is preparing to hand over the first units.
It’s a disappointing move from Tesla that will undoubtedly make some of its fans who have bought the truck frustrated.
In the world of autonomous ride-hailing, there are only a handful of names. Among those few companies lies a strategy play by each to keep the opposition on their toes. Tesla, on the other hand, already tipped its hand at where it is headed next.
Tesla has signaled its next major push in the autonomous ride-hailing market by filing for an Autonomous Vehicle Network Company permit in Nevada (Docket 26-05015). Through Tesla Robotaxi, LLC, the company seeks approval to operate up to 5,000 robotaxis in Clark County, including high-traffic areas like Las Vegas and Henderson airports, within the first 12 months of launch.
This filing builds on Tesla’s earlier testing approvals from the Nevada DMV in September 2025 and preparations such as maintenance hubs in the Las Vegas area. Nevada represents a strategic expansion into a major tourist destination, where high visitor volumes could drive strong utilization and showcase the reliability of unsupervised autonomy to a broad audience.
We’d have to assume this means Tesla is targeting Las Vegas, and it’s a great move from a business perspective.
Vegas is such a melting pot of people from all around the country and the world. It will expose people from all corners of the globe to Tesla’s autonomy capabilities https://t.co/Qz3fQmhULF pic.twitter.com/Du5pj2RyWC
— TESLARATI (@Teslarati) June 6, 2026
Approval would mark a significant step toward commercial operations in a new state, following progress in Texas.
Tesla’s shareholder decks and earnings calls have clearly outlined these ambitions. In the Q4 2025 shareholder deck, the company listed planned Robotaxi coverage for the first half of 2026, explicitly naming Las Vegas alongside Phoenix, Miami, Orlando, and Tampa, with Dallas and Houston already advancing. Austin was noted as “ramping unsupervised,” while the Bay Area remained in safety-driver mode.
By Q1 2026, the deck updated statuses to reflect launches in Dallas and Houston, with “preparations underway” for the remaining cities, including Las Vegas. Paid Robotaxi miles nearly doubled sequentially in Q1, underscoring momentum even as broader timelines adjusted slightly for regulatory and operational readiness.
On earnings calls, CEO Elon Musk and executives have emphasized a phased rollout prioritizing safety. Unsupervised operations in Texas have shown strong results with no reported accidents or injuries in the program. Tesla continues groundwork in additional major U.S. metros through testing and permitting, positioning it to scale quickly once approvals clear.
This Nevada move aligns with Tesla’s vision of transforming from an EV maker into an AI and robotics leader. The forthcoming Cybercab, which started production at Giga Texas in April, is expected to eventually dominate the fleet, replacing many Model Y vehicles and driving down costs to enable affordable rides.
For investors and the industry, this signals Tesla’s intent to dominate key Sun Belt and tourist markets where weather, regulations, and demand favor rapid scaling. Success in Las Vegas could validate the model for denser urban and high-tourism environments, accelerating the shift toward a future where robotaxis generate meaningful revenue.
Las Vegas will also expand knowledge among the general public at Tesla’s capabilities, helping people experience driverless ride-hailing from several companies during their time on The Strip.
Investor's Corner
Tesla just did something in South Korea that no foreign carmaker has ever done
Tesla’s Model Y just became South Korea’s best-selling car, beating every domestic model in May.
Tesla did something last month that no foreign car has ever done in South Korea by outselling every vehicle in the country, domestic or imported, finishing the month with Model Y as the single best-selling car across the entire Korean market. According to data from the Korea Automobile Importers and Distributors Association released on June 4, the Model Y recorded 8,762 units sold in May, pushing the Kia Sorento into second place at 7,836 units and the Hyundai Grandeur into third at 5,183 units. It is the first time an imported vehicle has outsold every domestic model on a single-month basis.
Tesla imported 10,866 cars into South Korea in May, making it the top import brand for the fourth consecutive month. BMW followed at 6,555 units, less than two-thirds of Tesla’s total, while BYD registered just 1,032 units. The combined domestic sales of GM Korea, Renault Korea, and KG Mobility last month totaled just 7,019 units, meaning a single Tesla model outsold three Korean automakers combined.
Tesla FSD earns high praise in South Korea’s real-world autonomous driving test
South Korea has historically been one of the hardest markets for foreign automakers to crack. Hyundai and Kia together control close to 70% of the overall market and carry deep consumer loyalty built over decades. Tesla’s path into this market was an uphill battle due to high import duties, limited service infrastructure, and early skepticism about charging networks. In 2024, the Model Y was the best-selling imported car in South Korea with 18,717 units for the full year. By 2025, after the Juniper refresh, it cleared 50,000 units and took the top spot among all EVs.
Year to date, Tesla has a 250.8% increase in the country over the same period last year, and now holds a 30.8% share of the entire imported car segment for 2026. EVs as a category represented 48.6% of all imported passenger car registrations in May. As Teslarati has reported, the Juniper refresh brought meaningful improvements to range, interior quality, and ride refinement that addressed the most common criticisms of earlier Model Y versions. Those upgrades appear to be resonating in markets like South Korea where buyers compare Tesla directly against high end domestic competitors.
Tesla revises FSD transfer policy on new Cybertruck trim, causing cancellations
Tesla tipped its hand at where Robotaxi is heading next
