SpaceX Rival Rocket Lab’s Stock Hits Record High on Double Launch, CHIPS Award | Global News Avenue

Shares of SpaceX rival Rocket Lab USA (KRLB) shares climbed to a record high on Monday as the space satellite services provider announced two successful launches and ultimately millions of dollars in government funding.

Rocket Lab said its “Ice AIS Baby” mission launched from a New Zealand launch site on Monday and deployed five satellites in low-Earth orbit for France’s Kineis Internet of Things (IoT) Horoscope calculator. This happened less than 22 hours after the company launched its rocket from its Virginia factory.

Founder and CEO Peter Baker said launching two missions in such a short period of time demonstrates the company’s “unprecedented capabilities in the small launch market.” Since its inception, the company has completed 56 successful space missions.

Rocket Lab reported that at the same time as the launch, it also received a $23.9 million award from the U.S. Department of Commerce. CHIPS and Science Act of 2022. The funds will be used to increase its compound semiconductor manufacturing capabilities and production capacity at its Albuquerque, New Mexico, facility.

Rocket Lab shares rose at the open on Monday before giving up some of those gains. They were up about 3% in intraday trading to $23.94, having more than quadrupled in value since the start of the year.