The company’s banner above the New York Stock Exchange on March 28, 2022.
Terran Orbital
Terran Orbital shares surged on 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 from Terran’s Tyvak subsidiary, based in Irvine, California. It will also build 12 replacement satellites, representing a total contract of 300 satellites, and develop parts of the ground support.
Rivada aims to start launching the constellation as early as 2025. The company wants to build an interconnected global satellite network with services for the telecommunications, enterprise and government markets.
“We are thrilled to be working with Rivada and look forward to building their LEO constellation,” Terran co-founder, chairman and CEO Marc Bell said in a statement.
Terran shares jumped as much as 75% in trading from their previous close of $1.71 per share. The stock has been falling steadily ever since made its debut over a year agowhen it ended its first day of trading at $11.80 per share.
