David Strauss
Wells Fargo Securities, LLC, Research Division

Good afternoon, everyone. Thanks for sitting in here. We have Adam Spice, CFO of Rocket Lab, so we'll run through a bunch of stuff today. Let's start with the launch side before we move to kind of the space systems side of things. So we'll start with Electron. Maybe just talk about where we are in terms of your production cadence, launch cadence, how much capacity you have, where we could get to in terms of Electron?

Adam Spice
CFO & Treasurer

Yes. So Electron is our workhorse today on the launch side of the business. We've got Neutron coming to market ensure we'll talk about a little bit later. We've launched Electron 88 times. Last year, we launched it 21 times. This year, upper 20s is probably the right way to think about the cadence. So it's had a pretty good growth clip to it. We sized our factory at our infrastructure to do 1 launch per week.

So we're kind of approaching a little bit more than half of that as we exit 2026. In order for us to double that again, we probably have to put some more factory footprint in place. I think we're pretty good from a pad perspective. We have 3 launch pads. We have 2 in New Zealand. We have one at Wallops. So -- and across those pads were launched -- licensed to launch roughly 140 times per year. So we have a lot of launch capacity.

Factories are a little bit