Shares of Terran Orbital Corporation (NYSE: LLAP) surged today after Rivada Space Networks awarded the company a $2.4 billion contract to build 300 satellites. This would be a huge win for any company, but it’s especially important to Terran Orbital, given that the contract value is roughly six times the size of its market cap.
Terran Orbital will be responsible for designing and manufacturing satellites that weigh roughly 500 kilograms. In addition, the firm will integrate the communication payload and perform the tests. Rivada Space Networks expects to begin deploying the finished products in 2025.
In the past five trading days, LLAP stock was on a slight decline until today’s news sent the stock surging. As a result, the stock is up over 46% during the timeframe.
