Rocket Lab shares surge on CHIPS Act funding, dual launch

November 26, 2024 02:07 AM AEDT | By Investing

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Rocket Lab shares surge on CHIPS Act funding, dual launch

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Investing.com -- Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) jumped over 11% in pre-market trading on Monday after it received a $23.9 million award from the U.S. Department of Commerce and completed two successful satellite launches within 24 hours.

The funding, awarded under the CHIPS and Science Act, will support Rocket Lab's efforts to expand compound semiconductor manufacturing at its Albuquerque, New Mexico facility.

These semiconductors are crucial for producing space-grade solar cells and other optoelectronic components used in national security and commercial applications.

Rocket Lab’s Albuquerque facility has been a cornerstone of space technology for over 25 years, delivering more than four megawatts of power to over 1,100 satellites in orbit.

The facility employs over 370 people and produces critical components for high-profile space missions, including NASA’s Artemis lunar exploration program and the James Webb Space Telescope.

Alongside its progress under the CHIPS Act, Rocket Lab successfully conducted two launches within a 24-hour period, marking a new operational milestone for the company.

The first mission was launched from its facility in Virginia, followed shortly by the “Ice AIS Baby” mission from New Zealand.

This second mission placed five satellites into low Earth orbit for Kinéis, a French operator developing an Internet-of-Things satellite constellation.

The rapid launches bring Rocket Lab’s total satellite deployments to 203, reinforcing its position as a leader in the small launch vehicle market.

CEO Peter Beck described the achievement as “unprecedented” and a testament to the company’s ability to deliver reliable and frequent launches.

The Kinéis constellation, now equipped with 15 satellites, aims to enhance global IoT connectivity, enabling real-time data transmission in remote locations for applications such as maritime tracking, forest fire detection, and infrastructure monitoring.

This article first appeared in Investing.com

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