US Stock Market Move | SpaceX (SPCX.US) rises over 2% after winning a $1.6 billion launch contract with the U.S. Space Force.

On Thursday, SpaceX (SPCX.US) surged more than 5% at one point, and as of press time, it was up over 2%. According to reports, SpaceX announced that it has secured an $1.6 billion contract from the U.S. Space Force to carry out 18 Falcon 9 rocket launch missions by the end of 2027, sending satellites for the Pentagon used to detect and track aerial targets. These 18 launch missions are allocated to SpaceX through two task orders as part of the core launch procurement program of the U.S. Space Force. With the groundwork laid by the Trump administration for the "Iron Dome" missile defense system project, SpaceX has secured contracts worth at least $7 billion from the Pentagon this year. This multi-year defense project, costing approximately $185 billion, will heavily rely on Elon Musk's rocket launch and satellite company.