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May 25, 2022, 12:49 p.m. EDT

BlackSky stock rockets higher as company lands U.S. intelligence contract

Shares of BlackSky Technology Inc. (NYS:BKSY) have nearly doubled in Wednesday trading after the geospatial-intelligence company announced that it nabbed a contract with the National Reconnaissance Office, a U.S. intelligence agency. BlackSky will provide imagery services as part of the contract, which has a five-year base subscription and a starting value of $85.5 million, according to a filing with the Securities and Exchange Commission. The company further noted that the total contract with options carries a value of up to $1.021 billion, spanning the five-year base period and with an option for five one-year periods of additional service. The contract award begins in the second quarter of 2022 "and includes multiple options with additional growth potential for BlackSky through 2032," per a press release. "This contract is a pivotal moment in the expansion of the partnership between commercial space and the U.S. Government," BlackSky Chief Executive Brian O'Toole said in the release. The company operations a low-earth-orbit satellite constellation.

Link to MarketWatch's Slice.