Sidus Space (NASDAQ:SIDU) stock is rising higher on Wednesday after the company announced an agreement with Elon Musk’s SpaceX.
That agreement has Sidus Space securing five launch agreements with the rocket company. These will start in early 2023 and will take its LizzieSatTM multi-mission low Earth orbit (LEO) satellites into orbit.
Sidus Space already got approval in 2021 to set up a constellation is satellites operating in low earth orbit. The launches will support agreements with NASA and Mission Helios for payload deliveries and space-based data capture.
SpaceX Will Help SIDU Better Serve Customers
Carol Craig, founder and CEO of Sidus Space, said the following about the agreement with SpaceX:
We are excited to partner with SpaceX for safe, reliable launch services for multiple LizzieSatTM satellite deployments into diverse orbits that meet our customer’s needs. We look forward to continuing our journey of ‘Bringing Space Down to Earth’ for a variety of customers, industries, and new use cases.
News of a deal with SpaceX has shares of SIDU stock seeing heavy trading today. As of this writing, more than 26 million shares of the company’s stock have changed hands. That’s quite the leap over its daily average trading volume of about 6.3 million shares.
SIDU stock is up 28.6% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
