Terran Orbital Corporation (NYSE: LLAP) operates as a manufacturer of satellite products for the aerospace and defense industry. Shares of the satellite solutions provider are surging 80% through early trading on Wednesday, February 22, 2023. Over the past three months, Terran Orbital has seen average daily volume of 730,630 shares. However, volume of 77.1 million shares or dollar volume of around $215.88 million, has already exchanged hands through early trading.
Shares of Terran Orbital are soaring after the company announced its wholly-owned subsidiary, Tyvak Nano-Satellite Systems, Inc., has been awarded a $2.4 billion contract by Rivada Space Networks. Under the terms of the contract, Terran Orbital will design, build and launch 288 low-Earth orbit satellites for Rivada and will also develop 12 “spare” satellites for a grand total of 300 spacecraft.
Tyvak and Terran Orbital will be the prime contractor to design and manufacture the satellites, as well as integrate communications, final assembly, integration and testing. Terran Orbital will also be in charge of developing part of the ground segment. Rivada estimates to launch its satellite cluster as early as 2025, depending on regulatory and compliance approvals.
Rivada Space Networks is a subsidiary of Rivada Networks, Inc., a U.S. wireless technology company, which is focused on open-access wholesale and converging terrestrial and satellite communications. Rivada maintains operations across North and South America and Europe. In addition, the wireless technology company holds a robust IP portfolio of patents related to spectrum sharing, digital spectrum arbitrage, prioritized messaging, open access services, and more.
“Terran Orbital is thrilled to form this new partnership with Rivada Space Networks,” said Marc Bell, Co-Founder, Chairman, and Chief Executive Officer of Terran Orbital. “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.”
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