tiprankstipranks
Amazon (NASDAQ:AMZN) Is Setting Up $120M Kuiper Project Satellite Facility in Florida
Market News

Amazon (NASDAQ:AMZN) Is Setting Up $120M Kuiper Project Satellite Facility in Florida

Online retail giant Amazon (NASDAQ:AMZN) is setting up a satellite processing plant at the Kennedy Space Center in Florida, according to Reuters. The $120 million facility is for the company’s Kuiper project and is part of its $10 billion planned outlay for 3,200 LEO (low earth orbit) satellites aimed at providing broadband connectivity worldwide.  

The Kuiper project is expected to complement the company’s sprawling web services vertical and could go toe-to-toe with Elon Musk’s Starlink. While Amazon’s satellites will be produced at its Redmond, Washington facility, they will begin the voyage into space after a visit to the Florida facility.

The setup of the Florida facility began earlier this year and is expected to be completed by the end of next year. Amazon is aiming to begin processing the satellites in H1 2025 with ambitions to have half the fleet in orbit by 2026. Additionally, the first prototypes are anticipated to be launched by the end of 2023.

Overall, the Street has a $144.65 consensus price target on Amazon alongside a Strong Buy consensus rating.  Shares of the company have surged nearly 32.8% over the past six months.

Read full Disclosure

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
RUT
Russell 2000
TNX
10-Yr-Bond
Bitcoin

Popular Articles