I think the market may be underestimating Rocket Lab's upcoming financing pressures and future debt issues, which are perhaps more concerning than the Neutron rocket delays. Yesterday's earnings report was actually quite good. Revenue reached $268 million, a 73% year-over-year increase, with an order backlog of $3.57 billion, and quarterly operating cash flow finally turned positive. However, I'm starting to worry about something else: RKLB's business is growing rapidly, but can its cash generation capacity really keep pace with its expansion? Is its FCF really that healthy? I think this is the core issue that investors care about. In the first nine months of 2026, RKLB raised $3.912 billion through ATM offerings, while experiencing a net outflow of $127 million in operating cash flow and capital expenditures of $84.2 million. The company currently has approximately $4.7 billion in cash and marketable securities, which seems quite ample. But the problem is that this money is primarily from capital market financing, not rocket launches. I think these two things must be considered separately. Let's look at the Iridium acquisition. The enterprise value is $8 billion, involving over $3 billion in cash expenditure. RKLB has already completed the financing required for the acquisition through a share issuance, even proactively cancelling a previous $3.6 billion bridge loan. But what's truly noteworthy is that it has entered a phase where it needs to manage massive debt. Iridium's existing loans of approximately $1.775 billion will be retained after the acquisition. This means that RKLB not only needs to consider its own R&D and capacity expansion, but also faces post-merger interest payments, debt maturities, and capital allocation issues. Meanwhile, Neutron's first flight has been postponed to 2027. Even if the first flight is successful, subsequent commercialization, capacity expansion, and increased launch frequency will still require continuous investment. A typical problem arises: RKLB is short of funds. In the past, RKLB could rely on rising stock prices to continuously raise funds through share issuance. But if the market is unwilling to continue offering such high valuations in the future, how will it raise funds? Continuing to issue shares means diluting shareholders. Shifting to debt financing means more interest and leverage. Especially when a company wants to maintain rapid expansion, I think the possibility of further utilizing debt financing in the future is not low. Of course, Iridium itself has stable cash flow, and acquisitions could improve RKLB's financing capabilities. Therefore, I don't believe that new debt issuance in the short term is inevitable. What I really want to express is that RKLB may be gradually transitioning from a growth story reliant on valuation financing to a stage where it needs to demonstrate returns on capital. In the past, the market was willing to pay for its growth over the next ten years. But going forward, the market may increasingly focus on how much investment this growth will require and how much cash it will leave for shareholders. This is also a question I've repeatedly focused on when researching AI, semiconductor, and data center companies recently. When an industry enters a stage where capital expenditures remain high and growth increasingly requires more financial support, valuation will no longer be determined solely by revenue growth rate. For those interested in US stocks and earnings trading, here's my MSX referral link: http://(msx.com)/?code=h5cc95