What is the logic behind JR Research, an independent analyst at Seeking Alpha, downgrading RKLB's investment rating? JR has lowered RKLB from "buy" to "hold" this time, with the core logic being that the delayed realization of Neutron neutron star catalysis is putting pressure on Rocket Lab's valuation. We have been tracking RKLB for almost a year now, and we should not only listen to the good but also look at the negative opinions. JR's reason is: 1) The first flight of Neutron still lacks clear implementation, and high valuations require support from key technologies and commercial milestones. Prolonged waiting periods will increase uncertainty; 2) Electron orders are growing, but the limited scale can support the existing business, making it difficult to fulfill all the expectations of the market for the company alone; 3) Iridium has financial growth, but it does not automatically prove the reasonableness of high growth valuation as it does not expand its revenue and profit base through the acquisition of high growth assets; 4) The valuation is still high, and the forward-looking EV/Release adopted by the author is about 34 times, which requires strong future growth even if it significantly decreases from a higher level; 5) The stagnation of stock price momentum lacks sufficient clear catalysis, and there is no strong reason for momentum funds to re-enter These principles collectively point to the risk return ratio and timing of fund allocation, mainly supporting the idea of "delaying pursuit and waiting for redemption under high valuations", which is not enough to prove that Rocket Lab's long-term competitiveness has deteriorated, nor is it "the company has no future". From a personal perspective, I agree with JR's vigilance towards the commercialization time, valuation tolerance, and cash consumption of Neutron; But there are a few points that are considered underestimated: 1) Dedicated launch clients have control over designated orbits, task timelines, and deployment progress. The latest addition of 20 Electron launches by Perspective, scheduled for 2028-2031, is evidence of the customer's willingness to continue signing contracts for such services; 2) The independent value of Space Systems' business; 3) HASTE is aimed at the needs of hypersonic suborbital testing. The task requirements it solves are not the same as large-scale orbital transportation, and cannot directly utilize the transportation advantages of heavy rockets; 4) Iridium's changes to the cash flow structure should be underestimated. Some institutions estimate that after the integration of Iridium is completed, there is a chance to push the combined revenue to approximately $2.9 billion by the year 28, and bring in an additional adjusted EBITDA of approximately $500 million. Of course, these are only estimates and need time to be verified. Of course, now it seems that in the face of SpaceX's strong position, the market's emphasis on Neutron far exceeds the business development in the last three quarters (signing many new orders and the progress of Iridium's acquisition), and it can also be understood that the success of the mid size rocket means that RKLB can leap to a very large level in launch capability. The downturn is a reality, and it is normal to see many pessimistic comments about RKLB recently. If the wind hasn't come, then you may need to be patient. From a personal perspective, I believe that RKLB still has a lot of long-term value potential. In addition to the business itself, there are actually several other logics: 1) NASA, the Space Force, the Department of Defense, and other organizations all require a second choice beyond SpaceX; 2) Old Ma is too closely tied to the Republican Party, and there are still certain political risks if the Democratic Party returns in the future. The negative impact of SpaceX's large size may not be significant, but its positive impact on RKLB is significant (I need to declare that I also have a high opinion of SpaceX and have written many tweets in the past); 3) The space economy is essentially searching for new living spaces for humanity, and the scale of this field may far exceed our imagination. If it is large, it can accommodate several players.