Good morning,

Rocket Lab hit a major milestone with its 70th Electron launch, cementing its lead in the small-lift market just as new U.S. policy changes streamline launch licensing and spaceport permitting. With shares already up 74% this year, all eyes are on how quickly the company can bring its reusable Neutron rocket online while keeping pace with Electron’s busy cadence.

Meanwhile, the Pentagon’s X-37B spaceplane has begun its eighth mission, carrying classified payloads that include tests of laser communications and a quantum inertial sensor. Against the backdrop of rising Chinese and Russian counterspace threats, the program highlights how orbital maneuverability and secrecy are becoming central to military strategy — and why Congress just committed $1 billion to future flights.

More from today’s issue:
🌍 Planetary defense lessons from DART
📊 Why SDA is fast becoming critical orbital infrastructure 
🇨🇳 China pushes ahead with new Guowang broadband satellites

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SECTOR SITUATION REPORT

Rocket Lab’s 70th Electron launch underscores leadership in small-lift market amid new U.S. regulatory push