Flying as high as the satellites it deploys, shares of Terran Orbital (NYSE: LLAP) are skyrocketing in response to the satellite manufacturer's news that it has won a major award from Rivada Space Networks. 

As of 10:30 a.m. ET, Terran Orbital's stock is up 57.7%, retreating slightly from its earlier climb of 75.4%.

Terran Orbital announced today the signing of a contract valued at $2.4 billion regarding the design, building, and deployment of 288 satellites in low-earth orbit for Rivada Space Networks. Additionally, Terran Orbital will develop 12 "spare" satellites, bringing the total number of satellites to 300.

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Source Fool.com