Terran Orbital wins $2.4 billion Rivada satellite contract

Terran Orbital wins $2.4 billion Rivada satellite contract

The company’s banner above the New York Stock Exchange on March 28, 2022.

Terran Orbital

Terran Orbital shares surged in trading on Wednesday, after the company announced a $2.4 billion contract to build communications satellites for Rivada Space Networks.

The spacecraft builder will design, manufacture and deploy 288 satellites for Rivada out of Terran’s Tyvak subsidiary based in Irvine, California. It will also build 12 spare satellites, for a total contract of 300 satellites, and develop portions of the ground support.

Rivada aims to begin launching the constellation as early as 2025. The company wants to build an interconnected global satellite network, with service to telecommunications, enterprise and government markets.

“We are ecstatic to work alongside Rivada and look forward to building out their LEO constellation,” Terran cofounder, chairman and CEO Marc Bell said in a statement.

Terran stock jumped as much as 75% in trading from its previous close of $1.71 a share. The stock has slid steadily since its debut just over a year ago, when it finished its first day of trading at $11.80 a share.

Sign up here to receive weekly editions of CNBC’s Investing in Space newsletter.

Source link

By dreamer_live

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts