Rocket Lab Corp. delayed the first launch of its larger Neutron rocket until next year, a setback in the space transportation company’s push to compete more directly with Elon Musk’s SpaceX.

The Long Beach, California-based company said it will deliver Neutron to its launch site during the first three months of 2026, with an inaugural mission “thereafter,” pending completion of final testing and other work.

Rocket Lab originally hoped Neutron would debut in 2024 but more recently had been targeting a first launch before the end of this year.

Rocket Lab unveiled the delay when it reported better-than-expected quarterly revenue and net loss per share, fueled by launches of its current Electron rocket. Shares rose as much as 11% in postmarket trading on Monday.

The stock was up about 100%

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