What happened
With the S&P 500 inching slightly higher and the Dow Jones Industrial Average sagging slightly at the beginning of the trading session, markets were giving investors mixed signals this morning. But there's no confusion about which direction space infrastructure stock Momentus (MNTS -4.74%) is headed. After providing more insight into an agreement it has inked with SpaceX, Momentus has investors racing to pick up its stock.
As of 10:57 a.m. ET, shares of Momentus have risen 44.4%.
So what
In its fourth-quarter 2021 earnings report, Momentus announced it had signed Launch Service agreements with SpaceX for flights in 2022 and 2023. Today, investors are learning more about the specifics of that arrangement, and they're clearly over the moon about it.
Image source: Getty Images.
Momentus has reserved slots on one mission, Transporter-6, planned for October 2022, and three missions slotted for 2023: Transporter-7, Transporter-8, and Transporter-9. Speaking to the collaboration with SpaceX, Momentus CEO John Rood said: "Our agreements with SpaceX establish a regular launch cadence for Momentus as we bring our initial services to market. ... We'll use these flight opportunities to demonstrate the capabilities of our Vigoride orbital transfer vehicle, deliver customers to orbit, and continue the development of new technologies to expand our service offerings at lower costs."
Investors won't have to wait until October to see Momentus fly on a SpaceX rocket. The company is slated to perform its first Vigoride (a system used to transfer cargo in space) demonstration flight on the SpaceX Transporter-5 mission scheduled for June 1, once Momentus receives the necessary licenses and approvals.
Now what
With SpaceX discontinuing its relationship with its longtime partner Spaceflight Industries and penning agreements with Momentus, it's clear investors recognize this could be the beginning of a beautiful relationship between the two companies. With the space economy in its nascent stages, forward-looking growth investors will certainly want to watch how this partnership proceeds.