Rocket Lab nails first big launch in bid to follow in Elon Musk's success.
There's a new name in commercial space we could hear a lot more in the months to come. California-based Rocket Lab successfully sent six small satellites into orbit aboard one of its Electron rockets from the company's private launch site in New Zealand on Sunday.
Inspired by SpaceX, another California space venture, Rocket Lab aims to be able to launch at a higher frequency and cheaper than the mainstream launch operators. Sunday's launch was its first fully commercial mission and the company is shooting for weekly launches by the end of 2020.
It's Business Time Launch - 11/11/2018 - Rocket Lab
Rocket Lab is building small rockets priced at about $5.7 million a launch. The company’s Electron rocket is designed to launch spacecraft up to the size of a refrigerator, especially for the premium small satellite part of the rocket market. Small rockets like Electron can save customers months of time getting to orbit but come at a higher cost compared to flying as a “rideshare” on a larger rocket like the SpaceX Falcon 9.
Sunday's mission, named "It's Business Time," included satellites belonging to Spire Global, Tyvak Nano-Satellite Systems, Fleet Space Technologies and the Irvine CubeSat Stem Program. The launch also also carried a so-called "drag sail" technology demonstration, which is designed to pull old, inactive satellites down into Earth's atmosphere where they burn up and reduce the amount of space junk in orbit.
On the live webcast of the launch, Rocket Lab touted the last-minute adds to its manifest as an indication of its ability to get to space quickly.
"The world is waking up to the new normal. With the Electron launch vehicle, rapid and reliable access to space is now a reality for small satellites," founder and CEO Peter Beck said in a statement.
Rocket Lab Wants To Be The FedEx Of Space - CNBC
The launch keeps Rocket Lab – valued at more than $1.2 billion and based in New Zealand and California – at the front of the pack in the small rocket race. Beck estimates there are over 100 companies trying to catch up. But Rocket Lab has another launch scheduled for December, as well as 16 launches planned for 2019.
Rocket Lab has a backlog of launches for the next 18 months, Beck said, which is “around a $3 billion pipeline.” The factories in New Zealand and California “have been specifically designed to produce one rocket a week,” Beck said. Rocket Lab aims to be launching at a weekly rate in 2020.