Shares of Rocket Lab USA Inc. (RKLB) tumbled over 10% on Tuesday after Bleecker Street Capital disclosed a short position on the stock. Bleecker Street said Rocket Lab has materially misled investors about the likelihood that its Neutron rocket will launch in mid-2025.

Bleecker Street starts off its short report by naming the catalyst that's primarily responsible for Rocket Lab's 485% surge in stock market value over the last year. It says, " [I]nvestor and analyst excitement over the upcoming launch of Neutron, a medium-lift rocket that RKLB hopes will compete with SpaceX's Falcon 9."