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Rocket Lab USA Gains 5% On Winning $24 Mln Contract From U.S. Space Force

Shares of launch services and space systems provider Rocket Lab USA, Inc. (RKLB) are rising more than 5% Monday morning on winning a $24.35 million contract from the U.S. Space Force to develop Neutron launch vehicle's upper stage.

The award is part of a $75 million research and development program approved by U.S. Congress to advance the state-of-the-art in the upper stage technology of domestic launch systems.

The agreement will fund the development of Neutron's upper stage launch system in support of national security and defense requirements, the company said.

"We're dedicated to building a next-generation rocket that will transform space access for constellations through to the most critical missions in support of national security, and it's an honor to be partnering with the U.S. Space Force to develop Neutron. This award is a vote of confidence in Neutron and our ability to deliver low-cost, responsive, dedicated launch for the U.S. Government," said Rocket Lab founder and CEO, Peter Beck.

RKLB is at $14.85 currently. It has traded in the range of $9.50- $21.34 in the past 52 weeks.

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