Terran Orbital Wins $2.four Billion Rivada Satellite tv for pc Contract
The company’s banner above the New York Stock Exchange on March 28, 2022.
Terran Orbital Shares rose in early trade Wednesday after the company announced a $2.4 billion contract to build communications satellites for Rivada Space Networks.
The spacecraft builder will design, manufacture and deploy 288 satellites for Rivada by Terran’s Tyvak subsidiary based in Irvine, California. It will also build 12 spare satellites for a total contract of 300 satellites and develop parts of the ground support.
Rivada intends to begin launching the constellation as early as 2025. The company aims to build an interconnected global satellite network serving telecom, enterprise and government markets.
“We are thrilled to be working with Rivada and look forward to growing their LEO constellation,” said Marc Bell, Terran’s co-founder, chairman and CEO, in a statement.
Terran stock is up as much as 75% in morning trade from its previous close of $1.71 per share. The stock has been falling steadily since its debut a little over a year ago, when it ended its first day of trading at $11.80 a share.
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