logo-loader
TechHardware & electrical equipment
Maxar Technologies

NASA selects Maxar Technologies to help build lunar spaceship, and its shares rocket higher

Under the $375 million contract, Maxar will develop power, propulsion and communications components for the lunar mobile command and service module

Moon
Maxar is NASA’s first contractor selected for the new program that will establish an outpost starting in 2024 on the moon’s south pole

Shares of Maxar Technologies Inc (NYSE:MAXR) rocketed by double-digits on Thursday after NASA selected the tech company to help build its Gateway platform in lunar orbit that will shuttle astronauts to the moon.

Maxar is NASA’s first contractor to be selected for the new lunar program that will establish an outpost starting in 2024 on the moon’s south pole -- which is also a precursor to human missions to Mars.

The stock on Thursday closed up 28% to $8.85 a share on heavy volume. On Friday, shares dipped nearly 9% to $8.08, apparently on some profit-taking by investors.

The NASA contract amounts to $375 million, and Maxar will develop power, propulsion and communications components for the lunar mobile command and service module.

Nasa said the power and propulsion element is a 50-kilowatt solar electric propulsion spacecraft, three times more powerful than current technologies.

“Our power and propulsion element partnership enables NASA to leverage Maxar’s commercial capabilities to cost-effectively expedite plans for sustainable exploration of the Moon, while also providing significant benefits to American industry,” said CEO Dan Jablonsky.

-- updates share price --

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: Maxar Technologies

Price: $6.44

Market: NYSE
Market Cap: $383.8 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Buds & Duds: Cannabis stocks flat but Valens shares on the rise as it...

Buds today are Valens GroWorks Corp (CVE:VGW) (OTCMKTS:VGWCF), The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF).  Duds are CannTrust Holdings Inc (TSE:TRST) (NYSE:CTST), Canopy Growth Corporation (TSE:WEED) (NYSE:CGC). 

30 minutes ago

2 min read