Nuburu (NYSEMKT:BURU) stock is rocketing higher on Wednesday after it was revealed that the Department of Defence (DOD) has selected it for a contract.
The DOD has added Nuburu to its Indefinite Delivery/Indefinite Quantity (IDIQ) contract. This covers the creation and supply of prototypes and equipment to support solid-state, high-energy laser (HEL) weapon systems.
Nuburu joins six other companies as part of the IDIQ contract. The amount of work it will receive from the DOD is still unknown but the contract has a cap of $75 million. Also, the company’s work is expected to be done by March 2028.
Dr. Mark Zediker, CEO and co-founder of Nuburu, said the following about the news:
“NUBURU has the ability to manufacture laser diode, fiber optic and optical subsystems in the U.S. making us well positioned to support the DOD with its needs regarding this critical next-generation national security issue. We are proud to use our automated manufacturing capabilities and a workforce entirely based in the U.S. to provide high-power laser subsystems for our customers.”
How This Affects BURU Stock Today
Investors are celebrating today’s news by buying up shares of BURU stock. As of this writing, more than 17 million shares of the stock have changed hands. That’s a massive surge compared to the company’s daily average of 104,000 shares.
BURU stock is up 96% 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.
