Why Rocket Lab Shares Are Gaining Today

Nabaparna Bhattacharya

June 18, 2024

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares are trading higher in the premarket session on Tuesday.

After yesterday’s closing bell, Rocket Lab disclosed the most significant Electron launch agreement in the company’s history: a ten-launch deal with Japanese Earth observation company Synspective.

The agreement was unveiled in Tokyo during an event attended by Rocket Lab’s founder and CEO, Peter Beck, Synspective’s founder and CEO, Motoyuki Arai, and New Zealand’s Prime Minister Christopher Luxon.

“Japan’s space industry is one of the fastest growing globally and we’re excited to be enabling this growth through the unique collaboration of a U.S. rocket and a New Zealand launch site, delivering an unprecedented level of tailored access to orbit for Japanese small satellites,” said Rocket Lab founder and CEO Sir Peter Beck.

Luxon is currently in Japan, leading a business delegation aimed at strengthening connections and fostering growth across technology and various other sectors.

Since 2020, Rocket Lab has been launching satellites for Synspective, starting with the deployment of the first satellite in Synspective’s synthetic aperture radar (SAR) constellation.

This constellation is specifically designed to provide high-resolution imagery capable of detecting minute changes in the Earth’s surface from space.

Rocket Lab has remained the exclusive launch provider for Synspective’s StriX constellation, successfully deploying four StriX satellites across dedicated Electron launches.

Alongside the two launches already scheduled for this year from Launch Complex 1 in New Zealand, today’s agreement includes 10 dedicated launches planned for 2025 – 2027.

Price Action: RKLB shares are trading higher by 5.30% to $4.57 premarket at last check Tuesday.

Read Next: Photo Of G7 Leaders, Joe Biden’s Seemingly Unusual Actions At Summit Draw Scrutiny

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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