Terran Orbital stock surges after winning $2.4 billion contract to build satellites for Rivada

Terran Orbital shares surged successful aboriginal trading connected Wednesday, aft the institution announced a $2.4 cardinal declaration to physique communications satellites for Rivada Space Networks.

The spacecraft builder volition design, manufacture and deploy 288 satellites for Rivada retired of Terran's Tyvak subsidiary based successful Irvine, California. It volition besides physique 12 spare satellites, for a full declaration of 300 satellites, and make portions of the crushed support.

Rivada aims to statesman launching the constellation arsenic aboriginal arsenic 2025. The institution wants to physique an interconnected planetary outer network, with work to telecommunications, endeavor and authorities markets.

"We are ecstatic to enactment alongside Rivada and look guardant to gathering retired their LEO constellation," Terran cofounder, president and CEO Marc Bell said successful a statement.

Terran banal jumped implicit 70% successful premarket trading from its erstwhile adjacent of $1.71 a share. The banal has slid steadily since its debut conscionable implicit a twelvemonth ago, erstwhile it finished its archetypal time of trading astatine $11.80 a share.