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The equilibrium constant for the reaction $\ce{2H2 + O2 <=> 2H2O}$ is colossal, equal to $\mathrm{2.4 \times 10^{47}}$ at $\mathrm{500\ K}$ (source). This would ensure virtually 100% yield for the combustion of a stoichiometric mixture of oxygen and hydrogen in equilibrium conditions. However, a rocket engine is a reaction vessel that is far from ...