BigBear.ai (NYSE:BBAI) stock is taking off on Thursday thanks to a massive $900 million contract with the U.S. Air Force.
This is an Indefinite Delivery/Indefinite Quantity (IDIQ) contract that allows the company to “compete for task orders.” These include “delivering capabilities, systems, and synthetic environments to the Air Force as a prime contractor.”
BigBear.ai notes that the contract has the Air Force expecting the work on task orders to be completed by 2032. In addition to that, the contract allows BigBear.ai to compete for task orders covering the research and development of new tech, prototypes, testing and more.
Here’s what BigBear.ai President and General Manager of Federal Markets Tony Barrett said about the news:
“BigBear.ai understands the importance in bringing cutting-edge and resilient solutions to each mission and we are honored to be selected for this opportunity […] This contract will allow us to continue our long-term partnership with the U.S. Air Force and support as a prime contractor in future opportunities.”
What This Means for BBAI Stock
Investors are celebrating today’s news as it means BigBear.ai is on the right path for profits with its U.S. Air Force deal. As a result, investors are buying up shares of BBAI stock, which has resulted in heavy trading.
As of this writing, BBAI stock has seen more than 87 million shares change hands. To put that in perspective, the company’s daily average trading volume is about 106,000 shares.
BBAI stock is up 260.6% as of Thursday afternoon.
Investors can read more of the latest stock market news below!
InvestorPlace is home to all of the most recent stock market coverage for Thursday. Among that is what’s moving shares of Alphabet (NASDAQ:GOOG, GOOGL), MultiMetaVerse (NASDAQ:MMV) and Arcimoto (NASDAQ:FUV) stock today. You can learn more at the following links!
More Thursday Stock Market News
- Google Layoffs 2023: What to Know About the Latest Verily Job Cuts
- Why Is MultiMetaVerse (MMV) Stock Up 40% Today?
- Invesco Is Giving Up on Arcimoto (FUV) Stock. Should You?
On the date of publication, William White did not hold (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.