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Shares of Firefly Aerospace (NASDAQ:FLY) popped 17% on Monday after the space technology leader made some exciting announcements.
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On Friday, Firefly struck a $1.3 billion deal with AST SpaceMobile (NASDAQ:ASTS) to supply 36 rocket engines, a related technology license, and engineering support for AST's new heavy-lift rocket.
The agreement will help to provide Firefly with the cash it needs to accelerate its production plans for its own launch vehicle.
"The influx of funds allows Firefly to quickly expand hiring, procure long-lead materials, source optimal equipment, and fortify infrastructure, including multiple new test bays," the company said in a press release.
The collaboration also represents a significant vote of confidence for Firefly's engine technology.
"When a company sets out to build its own rocket, the engine is the hardest, highest-stakes decision they make, and AST SpaceMobile chose to partner with Firefly for its most powerful rocket engines," Firefly CEO Jason Kim said.
On Saturday, Firefly was selected as a vendor for NASA's $10 billion Commercial Lunar Payload Services (CLPS) 2 initiative. Firefly can now compete for task orders to advance the agency's goals of accelerating commercial deliveries to the Moon as it strives to build a permanent Moon Base.
Firefly's successful Blue Ghost Mission 1 Moon landing in 2025 helped to establish the company as a leading provider of lunar lander technology.
"Blue Ghost Mission 1 proved Firefly can deliver on the Moon, and now CLPS 2 gives us the opportunity to do it again and again at greater scale," Kim said.
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile and Firefly Aerospace. The Motley Fool has a disclosure policy.
Why Firefly Stock Soared Today was originally published by The Motley Fool
