"Shares in Rocket Lab Corp were heading for their second day of gains on Monday after the aerospace manufacturer was named as one of four companies that will build tracking satellites for the U.S. Space Development Agency (SDA). The stock (Nasdaq: RKLB) was up more than 4% in premarket trading on Monday as of this writing. That's in addition to a jump of 17% on Friday when the news was announced. Share are now trading at record highs."
"The SDA, a unit of the United States Space Force, said on Friday that it awarded four companies with contracts to build 72 satellites-or 18 apiece-with the aim of expanding missile tracking and defense systems. The total value of the award is $3.5 billion. In addition to Rocket Lab, the SDA also named Lockheed Martin, Northrop Grumman, and L3Harris Technologies. The constellation of satellites is expected to launch in 2029."
"Long Beach California-based Rocket Lab has been gaining more attention recently for its Electron orbital rocket, which is lighter than the heavier vehicles manufactured by rivals SpaceX and Blue Origin. As Fast Company previously reported, the Electron's lightweight nature gives it an edge in certain complex missions where precision and speed are prioritized. After going public during the ill-fated SPAC craze of 2021, Rocket Lab stock struggled to rise above $10 a share. It limped along for well over three years."
Rocket Lab was named one of four companies awarded contracts by the U.S. Space Development Agency to build a portion of a 72-satellite tracking constellation, receiving a contract for 18 satellites. The total value of the SDA award across the four companies is $3.5 billion. The constellation aims to expand missile tracking and defense systems and is expected to launch in 2029. Rocket Lab's Electron orbital rocket is lighter than heavier vehicles from rivals and offers advantages in precision and speed for complex missions. Recent successful launches and the SDA contract drove Rocket Lab shares to record highs and strong year-to-date gains.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]