Lockheed Martin Secures $509M Contract for GPS III Satellite Program
On May 28, Lockheed Martin Corporation (NYSE:LMT) secured a $509.76 million contract modification from the U.S. Air Force for the development of GPS III Follow-On Space Vehicles 21 and 22, increasing the total contract value to $4.1 billion.
A shot of a prototype aircraft taking to the skies, the symbol of the companies innovation in aerospace & defense.
This contract builds upon Lockheed Martin's ongoing work with GPS III satellites. The project features advanced anti-jamming and anti-spoofing M-code technology designed to improve secure access to military GPS signals for US and allied armed forces. The GPS III program has shown rapid development capabilities in recent months. In mid-December, SpaceX launched Lockheed's seventh GPS III satellite, known as Rapid Response Trailblazer (RRT-1). This came after the pre-launch planning period was slashed from two years to less than five months. The upcoming launch of the eighth GPS III satellite is expected to further reduce this timeline to just three months.
The latest contract modification comes as Lockheed Martin is expanding its international defense partnerships. The company was recently selected to collaborate with Vrgineers, a Czech-based virtual and mixed-reality technology firm, as part of an industrial cooperation project for the Czech Republic's purchase of F-35 Lightning II aircraft.
Lockheed Martin Corporation (NYSE:LMT) is a Bethesda, Maryland-based global aerospace, defense, and security company. The company specializes in research, design, development, manufacture, integration, and sustainment of advanced technology systems, products, and services. It operates through four main segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space.
While we acknowledge the potential of Lockheed Martin Corporation (NYSE:LMT) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than LMT and that has 100x upside potential, check out our report about the cheapest AI stock.
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