Hi Aaron.

嗨，亞倫。

Welcome to Rocket Lab.

歡迎來到火箭實驗室。

I'm not going to touch anybody, I promise.

我不會碰任何人的，我保證。

I'm too terrified to touch anything.

我太害怕了，什麼都不敢碰。

This is insane.

這太瘋狂了。

I want to hug it.

我想擁抱它。

I'm speechless.

我無言以對。

I don't know what to say.

我不知道該說什麼。

I'm standing on a rocket launching platform.

我正站在火箭發射臺上。

So LC-2 is dedicated for Electron and Haste missions, but from what you've just shown me Aaron, it's way too small for Neutron.

是以，LC-2 是專門用於電子和急速任務的，但從亞倫你剛才給我看的情況來看，它對中子任務來說太小了。

So that baby's going to launch next door.

所以，那個孩子就在隔壁發射。

That's right.

這就對了。

At LC-3.

在 LC-3.

Can we go see it?

我們能去看看嗎？

Let's go.

我們走吧

Before we left for the United States, we came here to Rocket Lab's Mission Control in Auckland, New Zealand, where I spoke to Sir Peter Beck about the readiness of Neutron and why some may be doubting him and his company's execution.

在前往美國之前，我們來到了位於紐西蘭奧克蘭的火箭實驗室任務控制中心，在這裡我與彼得-貝克爵士聊了聊中子號的準備情況，以及為什麼有些人可能會懷疑他和他的公司的執行力。

I think there's a lot of suspicion within our industry and we always, you know, my CFO always reminds me that we have the best house on the worst street.

我認為在我們行業內存在很多猜疑，我們總是，你知道，我的首席財務官總是提醒我，我們在最糟糕的街道上擁有最好的房子。

This is the engine that will fire Rocket Lab's next rocket, Neutron.

這就是火箭實驗室下一枚火箭 "中子 "的發動機。

The space company dropped this hot fire hype video last month, showing the Archimedes being tested at NASA's Stennis Space Center in Mississippi, calling down critics who suggested the company had complications hitting this critical development milestone.

這家太空公司上個月發佈了這段火熱的炒作視頻，展示了阿基米德號在美國宇航局密西西比州斯坦尼斯太空中心進行測試的情況，駁斥了那些認為該公司在實現這一關鍵開發里程碑方面存在複雜問題的批評者。

Rocket Lab revealed its bold plan to build a bigger rocket in March 2021.

火箭實驗室（Rocket Lab）透露了其在 2021 年 3 月建造更大火箭的大膽計劃。

There's some things we said we'd never do, but we're going to build a big rocket.

有些事情我們說過永遠不會做，但我們要造一個大火箭。

It's called Neutron.

它叫 "中子"。

The 43 metre high medium lift launch vehicle will be twice the height of its existing Electron rocket and almost six times its diameter, allowing Neutron to carry 43 times more mass to low Earth orbit.

這枚 43 米高的中型運載火箭將是現有電子火箭高度的兩倍，直徑幾乎是其六倍，使中子號能夠向低地球軌道運載多 43 倍的品質。

Both rockets are made of carbon composite, but the key difference between them is reusability.

這兩種火箭都由碳複合材料製成，但它們之間的主要區別在於可重複使用性。

While Rocket with the ability to re-enter Earth's atmosphere and land on its launch pad to be refuelled and reflown.

而火箭能夠重返地球大氣層，並降落在發射臺上補充燃料和重新飛行。

Parts are already under construction and a machine has been built to automate the production of its carbon fibre components in the United States, where Neutron will launch from.

中子號 "將從美國發射，目前已在美國建造了一臺機器，用於自動生產碳纖維部件。

But the big question is when?

但最大的問題是什麼時候？

Launching 2024.

2024 年啟動。

That timeline has now slipped slightly with Sir Peter Beck announcing this year that Neutron will now launch in mid 2025.

彼得-貝克爵士今年宣佈，"中子 "將於 2025 年中期發射。

On that agenda, Neutron would still be the fastest ever commercially developed medium lift rocket.

按照這一計劃，"中子 "仍將是有史以來商業開發的速度最快的中型運載火箭。

Because at Rocket Lab, when we say we're going to do something, we do it.

因為在火箭實驗室，我們說到做到。

But some still have their doubts.

但有些人仍心存疑慮。

Short interest in Rocket Lab rose 5% in the past month, according to Marketbeat, taking total short interest in the company to 19.8% of its float.

Marketbeat 的數據顯示，過去一個月裡，Rocket Lab 的空頭興趣上升了 5%，使該公司的總空頭興趣達到其流通量的 19.8%。

With less than a year to go till launch, we visited Beck in Auckland to ask for a development update and how he thinks about investors' emotional ties to Neutron.

距離新產品發佈還有不到一年的時間，我們在奧克蘭拜訪了貝克，向他了解新產品的最新進展，以及他如何看待投資者與 Neutron 的情感聯繫。

Sir Peter Beck, good to see you.

彼得-貝克爵士，很高興見到你。

Good to be back.

回來真好

Yeah, great to chat.

是啊，聊得很開心。

Thank you so much for doing this.

非常感謝你們這樣做。

I really appreciate it.

我真的很感激。

This is all about Neutron readiness.

這一切都與中子就緒有關。

So let's go back to the beginning.

讓我們回到開頭。

You announced Neutron and was it March 2021?

你們宣佈了 "中子 "計劃，是 2021 年 3 月嗎？

It would have been about then, yeah.

大概就是那個時候吧

So that's now we're at the end of 2024.

所以，現在已經到了 2024 年底。

It's roughly about four years ago.

大概是四年前。

You thought that you were going to be launching a rocket by now.

你以為你現在就能發射火箭了。

Obviously, we're not there yet.

顯然，我們還沒到那一步。

How would you rate the pace of the Neutron program so far?

您如何評價中子計劃目前的進度？

Yeah, well, I mean, it's a crazy pace.

是啊，我是說，節奏太快了。

And although, you know, we're, call it six months behind or slightly more, if you put that into context of a rocket program, you know, that's the way we roll.

雖然，你知道，我們落後了六個月或更多一點，但如果你把它放在火箭計劃的背景下，你知道，這就是我們的方式。

But, you know, the progress of the team and the vehicle and the pad and the infrastructure and all the stuff that goes along with it has been pretty astounding.

但是，你知道，團隊、車輛、墊子、基礎設施以及所有與之相關的東西的進展都非常驚人。

We are going to talk about all of those details.

我們將討論所有這些細節。

You mentioned an ambitious target.

你提到了一個雄心勃勃的目標。

Is 2025 ambitious or is that realistic at this stage?

2025 年是雄心勃勃還是現階段切合實際？

Well, I mean, we always caveat everything we say with it's a rocket program, right?

嗯，我的意思是，我們說的每句話都要加上 "這是一個火箭計劃 "的警告，對嗎？

And, you know, the program's on track for that launch date and everything's good.

而且，你知道的，項目正在按計劃進行，一切都很順利。

But it only takes one small element to, you know, to reset those sorts of things.

但是，只需要一個小因素，你知道，就能重置這些事情。

But as it stands today, no, we're feeling and looking good for that.

但就目前的情況來看，不，我們感覺良好，看起來也不錯。

But like I say, caveat, it's a rocket program.

但正如我所說的，需要注意的是，這是一個火箭項目。

Like a bad day at the office generally means you have no office anymore.

就像辦公室裡的糟糕一天一般，意味著你再也沒有辦公室了。

So, you know, some of those things can see you back.

所以，你知道，有些事情會讓你回頭。

So tell us everything that has been done so far.

那麼，請告訴我們目前所做的一切。

You have tested Archimedes with the hot fire.

你用熱火考驗了阿基米德。

You've built the pad for LC3.

你為 LC3 搭建了墊子。

You've got the water tower up, changed the skyline at Wallops.

水塔拔地而起，改變了沃洛普斯的天際線。

You're building the new ICF.

你們正在建造新的集成電路框架。

What's yet to be done?

還有什麼工作要做？

A lot of people think of a rocket program and, you know, it's just the rocket.

很多人一想到火箭計劃，就會想到火箭。

But the rocket is actually a relatively small element.

但火箭實際上是一個相對較小的元素。

And, you know, the pad infrastructure is just like we take all of the concrete in the larger region for days on end just to do one thing.

而且，你知道，墊層基礎設施就像我們在更大的區域內連續幾天使用所有混凝土來做一件事一樣。

So these infrastructure projects are just massive.

是以，這些基礎設施項目規模龐大。

And the amount of capital and time that goes into putting steel and concrete in the ground is enormous.

將鋼筋水泥埋入地下所耗費的資金和時間是巨大的。

And then the factories itself, you know, we bought the Virgin Orbit factory and just converted that one large factory that used to make whole rockets.

然後是工廠本身，你知道，我們買下了維珍軌道工廠，並改建了那家曾經生產火箭的大型工廠。

It just makes engines now for Neutron and Archimedes.

它現在只是為中子和阿基米德製造引擎。

So same with the engine test cells.

發動機測試單元也是如此。

And there's just so much infrastructure that goes in and around actually putting something on the pad.

要把東西放到墊子上，需要很多基礎設施。

The actual rocket itself, you know, it's a relatively small element, the tanks and what's not a relatively small element.

實際的火箭本身，你知道，它是一個相對較小的元素，坦克和什麼都不是一個相對較小的元素。

So, you know, these projects are just massive infrastructure projects.

所以，你知道，這些項目都是大規模的基礎設施項目。

So if you look at everything that's still yet to be done until you can actually assemble all the parts for Neutron, what is the most difficult and the sort of most precarious?

那麼，如果你看看在真正組裝好《中子》的所有部件之前還有哪些工作要做，什麼是最困難、最危險的？

Well, I'd say all of the really big, high risk items we've kind of bought down.

好吧，我想說的是，所有真正大的、高風險的項目，我們都買下來了。

I mean, you can break a rocket program into kind of three things.

我的意思是，你可以把火箭計劃抽成三類。

One is infrastructure, which we talked about.

其一是基礎設施，這一點我們已經談過。

One is propulsion and the other is structures or tanks.

一個是推進器，另一個是結構或油箱。

And, you know, propulsion, we really, we took a relatively different, well, we took quite a different path with propulsion, for example.

而且，你知道，在推進力方面，我們確實採取了相對不同的方式，例如，我們在推進力方面採取了相當不同的方式。

Normally you develop elements of an engine and you put them on an engine test stand and you test like a thrust chamber or a combustion chamber.

通常情況下，開發出發動機元件後，將其放在發動機試驗檯上進行推力室或燃燒室等試驗。

Then you might test elements of a pump, elements of a valve.

然後可以測試泵的元件和閥門的元件。

And then, you know, years later you bring them together and then years later from that, you actually put it on a production line and produce it.

然後，你知道，幾年後，你把它們放在一起，幾年後，你再把它放到生產線上生產出來。

We didn't take that approach.

我們沒有采取這種方法。

I mean, we built 500 and something engines, we kind of know what we're doing these days.

我的意思是，我們製造了 500 臺發動機，我們知道自己在做什麼。

So we built the production line for that engine, everything that, you know, that first engine that went on the stand, there was just no flight, you know, no industrial articles on there.

是以，我們為那臺發動機建造了生產線，所有的一切，你知道，第一臺上架的發動機，沒有任何飛行，你知道，沒有任何工業產品。

It was all flight, whether it be, you know, wiring looms, engine controllers, valves, you know, everything pumps.

這些都是飛行用的，無論是佈線、發動機控制器、閥門，還是所有的泵。

It was, you know, it was built on a production line by production technicians and that is the engine that we intend to fly.

你知道，它是由生產技術人員在生產線上製造出來的，這就是我們打算飛行的發動機。

And, you know, that is an approach, you know, it's a little bit risky in the fact that if that engine had a fundamental issue or performed very badly, you know, then the program would be behind.

而且，你知道，這種方法有點冒險，因為如果引擎出現根本性問題或表現非常糟糕，那麼項目就會落後。

But on the flip side to that, you know, now we're banging engines out of a production line.

但反過來說，你知道，現在我們正在生產線上製造發動機。

So the program, at least on the propulsion side, is now ahead.

是以，該計劃，至少在推進方面，現在已經走在了前面。

So, you know, it swings in roundabouts in that sense.

所以，你知道，從這個意義上說，它是迂迴曲折的。

Everyone always talks about the timeline for Neutron, but time is obviously money.

每個人都在談論《中子》的時間表，但時間顯然就是金錢。

How much money have you spent on Neutron and how much of the expected total initial cost?

你們在 Neutron 上花了多少錢，佔預計初始總成本的多少？

Yep.

是的。

So when we first came public, we kind of said that, you know, Neutron was going to consume somewhere between 250 and 300 million USD.

是以，當我們第一次公開時，我們說過，你知道，Neutron 將耗資 2.5 億至 3 億美元。

And yeah, we're on target for that.

是的，我們正朝著這個目標前進。

So, you know, as far as, you know, holding to budget is pretty impressive.

所以，你知道的，就預算而言，保持在預算範圍內是非常令人印象深刻的。

But once again, you always have to put this into context.

不過，還是那句話，你總得結合實際情況。

I mean, you know, Vulcan, the Vulcan launch vehicle from ULA, I think Tory recently publicized it was somewhere between 7 and 9 billion dollars to put that vehicle on the pad.

我的意思是，你知道，火神號，ULA的火神號運載火箭，我想托里最近公開說，將該運載火箭送上發射臺大約需要70億到90億美元。

So, you know, a few hundred million dollars is crazy small to do what we're going to do.

所以，你知道，幾億美元對於我們要做的事情來說實在是太少了。

And then, you know, there's still more expenditure after that, of course, as we scale, because that gets us a rocket on the pad at a particular rate.

當然，隨著規模的擴大，之後還會有更多的支出，因為這樣我們就能以特定的速度將火箭送上發射臺。

But, you know, we hope to have a pretty decent clip on these vehicles.

但是，你知道，我們希望這些車輛能有一個相當不錯的剪輯。

So you need to continue to invest in the program as it goes through.

是以，您需要在計劃實施過程中繼續投資。

The reason I ask is because I was wondering if you might need to raise capital to finish it.

我之所以這麼問，是因為我想知道你們是否需要籌集資金來完成它。

Yeah, no.

是啊，沒有。

I mean, you saw us do that convertible note earlier in the year, and that was really to put some powder in the barrels for acquisitions.

我的意思是，你看到我們在今年早些時候發行了可轉換票據，那確實是為了給收購注入一些火藥。

As far as Neutron goes, we don't need to raise any capital for that project.

至於 Neutron，我們不需要為該項目籌集任何資金。

Bought and paid for.

已購買並付款。

Yeah, yeah.

是啊，是啊。

I mean, and of course, you know, things start to get much more interesting when we start flying customers payloads because, you know, the balance sheet looks totally different because, you know, it's a $55 million launch at that point, whereas right now it's all R&D, so things change pretty quickly.

我的意思是，當然，你知道，當我們開始飛行客戶有效載荷時，事情就開始變得更加有趣了，因為，你知道，資產負債表看起來完全不同，因為，你知道，在那個時候，它是一個價值 5500 萬美元的發射，而現在它是所有的研發，所以事情變化得很快。

You mentioned at the very beginning of this conversation how rocket development timelines are typically measured in decades, not years, and delays of this scale or of even larger are not indifferent in this industry.

你在談話一開始就提到，火箭研製的時間通常是以幾十年而不是幾年來計算的，在這個行業中，這種規模或更大的延誤並不是無動於衷的。

You only have to look at Blue Origin and then New Glenn, which has now impacted your NASA escapade mission, which you made some satellites for.

你只要看看 "藍色起源 "和 "新格倫 "就知道了。"藍色起源 "和 "新格倫 "現在已經影響到了你為美國國家航空航天局（NASA）製造衛星的 "逃亡 "任務。

But how patient do you think investors, generally speaking, are in watching and waiting for developments in this industry?

但您認為，一般來說，投資者在觀察和等待這一行業的發展方面有多大耐心？

Probably not as impatient as I am.

可能沒我這麼沒耐心。

I mean, yeah, look, I think if you're investing in a rocket company and you've done your diligence, then these things should be part and course, really.

我的意思是，是的，你看，我認為如果你投資的是一家火箭公司，而且你已經盡了你的努力，那麼這些事情就應該是一部分，是當然的，真的。

But at the end of the day, I mean, we're a commercial entity and we're trying to build a profitable company, so nobody is more motivated than us to get through that development and then through the scaling and all the rest of it.

但歸根結底，我的意思是，我們是一個商業實體，我們正試圖建立一個盈利的公司，所以沒有人比我們更有動力去完成開發，然後完成擴展和其他所有工作。

But, you know, if you're an investor and, you know, I think anybody in the space industry has to be a little bit patient, for sure.

但是，你知道，如果你是一個投資者，你知道，我認為太空行業的任何人都必須有點耐心，這是肯定的。

So why did you feel the need to drop in Archimedes engine hype video?

那麼，你為什麼覺得有必要把阿基米德發動機的炒作視頻放進來呢？

Oh, yeah, that was super funny.

哦，是啊，真是超級搞笑。

Yeah.

是啊

Well, I mean, I think one could make a direct correlation between the increasing value of the company and the short interest and, you know, those kinds of things happen in this world.

嗯，我的意思是，我認為公司價值的增長和利空之間有直接的關係，你知道，這種事情在這個世界上時有發生。

So, look, generally, we just keep our heads down and do stuff.

所以，一般來說，我們只是低頭做事。

And, you know, so we're not fixated on every hotfire, you know, posting and all the rest of it.

而且，你知道，這樣我們就不會糾結於每一次熱點事件，你知道，發帖和所有其他的事情。

But when opportunities to have a little bit of fun come along, then we're not too.

但是，當有機會玩得開心的時候，我們就不會太計較了。

Just to be clear, that first hotfire did or did not fail?

我只想問清楚，第一次點火到底有沒有失敗？

Of course it didn't fail.

當然，它沒有失敗。

Yeah.

是啊

No, no.

不，不

I mean, there was no catastrophic explosion or anything like that.

我的意思是，沒有發生災難性的爆炸或類似的事情。

Not at all.

完全沒有。

So we can dispel that Reddit rumor right now?

那麼我們現在就可以闢謠了嗎？

Well, I think we already have.

我想我們已經有了。

I mean, if you watch the videos, you can see serial number one engine running.

我的意思是，如果你觀看視頻，你可以看到序列號 1 的發動機正在運轉。

So I think, yeah, I think that's pretty straightforward.

所以我認為，是的，我認為這很簡單明瞭。

Short interest, when I checked, was 18% of the total float, 11% of the total shares outstanding, if you'd prefer that figure.

我查了一下，空頭佔總流通股的 18%，佔總流通股的 11%，如果你喜歡這個數字的話。

What do you make of that increasing short interest in your company?

您如何看待貴公司不斷增加的空頭興趣？

Well, I mean, when we did the convert, there's always more shorts that come along with the convert.

我的意思是，當我們進行轉換時，總會伴隨著更多的短片。

And it's not surprising at all.

這一點也不奇怪。

In that low, given the amount of failure in the space industry, I mean, you don't need to look far to see just a large number of space companies, especially launch companies that really had no chance, promised the Earth and then just absolutely ran into a wall.

在這種情況下，考慮到航天工業的失敗數量，我的意思是，你不需要走多遠，就能看到大量的航天公司，尤其是發射公司，它們真的沒有機會，它們向地球許下諾言，然後就絕對碰壁了。

So I think there's a lot of suspicion within our industry.

是以，我認為我們行業內存在很多猜疑。

And we always, you know, always, my CFO always reminds me that we have the best house on the worst street.

我的首席財務官總是提醒我，我們在最糟糕的街道上擁有最好的房子。

And along with that comes these kinds of things.

隨之而來的就是這類事情。

Does that figure then fuel you to want to prove them wrong?

那麼，這個數字是否會激起你想證明他們是錯的？

I mean, no, I'm not, I don't wake up every morning and look at the short interest and think, oh my goodness, I wake up every morning thinking, right, we've got milestones to hit, how do we get here?

我的意思是，不，我不是，我不是每天早上醒來，看著短期利益，然後想，哦，我的天哪，我每天早上醒來想，對了，我們有里程碑要達到，我們怎麼到這裡？

And, you know, I think, Neutron unlocks a number of things for the medium launch.

我認為，"中子 "為中型發射開啟了許多大門。

But the other thing it does for us is it gives us multi-tonne capability to deploy our own assets on orbit.

但它為我們帶來的另一個好處是，它使我們有能力在軌道上部署自己的多噸位資產。

So, you know, that really opens up the third leg of the stool for, you know, for Rocket Lab.

是以，你知道，這為火箭實驗室開闢了第三條道路。

So Neutron is important for two very different reasons.

是以，中子之所以重要，有兩個截然不同的原因。

I don't want to talk more about the opportunity, especially revenue-wise that Neutron brings to Rocket Lab, but just still on this investor thesis and mindset at the moment, it feels to me and seems to me like there's a bit of a divide among investors.

我不想談論更多的機會，尤其是中子給火箭實驗室帶來的收入方面的機會，但就目前投資者的理論和心態而言，我感覺投資者之間似乎存在一些分歧。

There's the doubters who you've just spoken about there, and then there's the loyal defenders.

有你剛才提到的懷疑者，也有忠誠的捍衛者。

When you first announced Neutron, you said, quote, when we say we're going to do something at Rocket Lab, we do it. Time and time again.

當你第一次宣佈 "中子 "計劃時，你說過，"我們火箭實驗室說到做到"。 一次又一次

Yeah.

是啊

Why do you think now there seems to be increasing rumours and doubt that you and this company may not execute on what you say you're going to?

你認為為什麼現在似乎有越來越多的傳言和懷疑，說你和這家公司可能不會按你說的去做呢？

Wow.

哇

I mean, look, I think there will always, you know, always be doubters, but I think, you know, the majority of people that we talk to and we interface with, and I think you can see that judged in the, you know, the increase in performance of the company is that, you know, we do do what we said we were going to do.

我的意思是，你看，我認為總會有懷疑者，但我認為，你知道，與我們交談和溝通的大多數人，我認為你可以從公司業績的增長中看出，你知道，我們確實說到做到了。

You know, we said we were going to build some Mars spacecraft and deliver them on time.

你知道，我們說過要建造一些火星飛船，並按時交付。

Guess what?

你猜怎麼著？

We did it.

我們做到了

And, you know, there's enough history there to go back.

而且，你知道，那裡有足夠的歷史可以追溯。

So, look, I mean, if people want to underestimate us and, you know, whatever, that's their prerogative.

所以，你看，我的意思是，如果人們想低估我們，你知道，不管怎樣，那是他們的特權。

But, you know, a reputation, you know, stands on its own feet.