There's nothing like a nine-figure contract to give a company some powerful bullish momentum. That's been the case over the past few days with space technology solutions company Spire Global (SPIR 12.30%), following its announcement that it won a big-ticket project from the federal government.

According to data compiled by S&P Global Market Intelligence, Spire's share price was up just shy of 20% week to date as of early Friday morning as a result.

Collaborating with Space Force

After market close Wednesday, Spire announced that the U.S. Space Force had selected it, among a clutch of companies, for a 10-year contract to supply materials for satellites operated by the military branch. This is an indefinite quality/indefinite quantity contract, and it falls under the Force's Space Test Experiments Platform (STEP) 2.0 initiative.

Image source: Getty Images.

STEP 2.0 is a program that aims to speed the development of space technologies through a partnership of Space Force with private companies that specialize in such solutions.

In the press release touting its inclusion in the contract, Spire quoted its director of program sales, Mark Carhart, as saying that his company's "vertically integrated approach to satellite manufacturing and mission operations offers government partners the speed, flexibility, and reliability they need to advance critical space technologies."

First quarter nothing to phone home about

That was exciting news for shareholders, to the point where they weren't all that bothered with an earnings report, published almost concurrently, that showed declining revenue and a bottom line still deep in the red.

For its first quarter of 2025, Spire's top line fell by 31% year over year to just under $23.9 million. Non-GAAP (adjusted) net loss narrowed from $25.5 million to $20.7 million, meanwhile.