Redwire shares soar on major defense contract win

Investing.com -- Redwire Corporation shares surged roughly 28% on Tuesday, after the space and defense company secured a spot in a Defense Department contract worth up to $151 billion to support President Donald Trump's 'Golden Dome' initiative.

The Jacksonville, Florida-based company received an award for the Missile Defense Agency's Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) indefinite-delivery/indefinite-quantity contract.

The SHIELD IDIQ contract covers multiple work areas aimed at delivering capabilities to military personnel with increased speed and agility.

"Redwire's proven space and defense technologies, including unmanned aerial systems, advanced sensors, maneuverable spacecraft platforms, and agent-based modeling and simulation, position us to deliver resilient, multi-domain solutions for national security missions," said Peter Cannito, Chairman and CEO of Redwire.

The company noted that the contract is a multi-award arrangement with no guaranteed revenue associated with the SHIELD IDIQ contract award.

Redwire joins thousands of vendors supporting the Missile Defense Agency contract to create new defense, aerospace and cybersecurity systems to protect the U.S. Other awardees include drone maker AeroVironment, Palantir, Firefly Aerospace, Lockheed Martin, Palmer Luckey's Anduril and Jeff Bezos' Blue Origin.

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