Their risk is if SpaceX uses re-usable Falcon 9s to up their launch cadence and clean up their manifest. Imagine if they start launching weekly for example. At

Their risk is if SpaceX uses re-usable Falcon 9s to up their launch cadence and clean up their manifest. Imagine if they start launching weekly for example. At current prices they could sell 500lb spots for $2 - $3M. And theoretically with re-usable boosters they can cut prices as much as by half. Obviously I'm speculating as to how soon and how much, but clearly SpaceX intends to increase cadence relatively soon, and eventually lower prices. I don't really like Rocket Lab's competitive position given that. But maybe there is a big enough market in small payloads, esp. those requiring polar orbits, and those requiring their own specific orbits that can't piggyback on someone elses launches, to have room for both.