Terran Orbital (NYSE:LLAP) stock is taking off on Wednesday after the company signed a massive satellite agreement with Rivada Space Networks.
That agreement has Terran Orbital agreeing to design, build and deploy 288 low-earth orbit satellites for Rivada Space Networks. It also covers the creation of 12 spare satellites, for a total of 300 units.
Terran Orbital will receive $2.4 billion for the satellite order from Rivada Space Networks. It’s acting as the prime contractor of the order, which was signed with its wholly-owned subsidiary, Tyvak Nano-Satellite Systems.
Terran Orbital notes the satellites will be 500 kg and they will carry a communications payload from Rivada Space Networks. Rivada Space Networks is a wireless company that operates across North America, South America and Europe. The company expects the satellites to launch as early as 2025.
Marc Bell, co-founder, chairman and CEO of Terran Orbital, said the following about the deal:
“Our partnership will show why Terran Orbital continues to be a satellite manufacturer of choice for aerospace and defense companies worldwide. We are ecstatic to work alongside Rivada and look forward to building out their LEO constellation.”
LLAP Stock Movement Today
Following news of the $2.4 billion order, shares of LLAP stock are seeing incredibly heavy trading today. As of this writing, more than 8 million shares of the stock have changed hands. That’s already well above its daily average trading volume of about 736,000 shares.
LLAP stock is up 98.9% as of Wednesday morning.
Investors will want to keep reading for all of the latest stock market news!
We’ve got the most recent stock happenings traders need to know about on Wednesday! That includes the biggest pre-market stock movers this morning, as well as the latest on Microsoft (NASDAQ:MSFT) and Mullen Automotive (NASDAQ:MULN). You can read about that news at the following links!
More Wednesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- Microsoft and Nvidia Just Struck a Gaming Deal. What It Means for NVDA Stock.
- Mullen CEO David Michery Just Received 22.6 Million Shares
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.
