By Connor Hart
Shares of Viasat jumped after the National Aeronautics and Space Administration selected the company for a contract worth up to $4.82 billion.
The stock rose 27%, to $11.31, in midday trading Tuesday. Shares have gained 31% in so far in 2025, though they are down 55% in the last 52 weeks.
The Carlsbad, Calif., satellite communications company said it will initially support NASA's direct-to-Earth capabilities. It will join other commercial providers in supplying direct-to-Earth connectivity to current and planned NASA space missions, providing low Earth orbit missions with a resilient and high-throughput satellite to ground communications solution, it said.
The contract--a multi-award indefinite delivery, indefinite quantity program--is set to expire in five years, though there is an option to extend it for an additional five years at a total cumulative value of $4.82 billion, as well as to provide additional services under the contract in the future, the company said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 21, 2025 11:45 ET (16:45 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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