Why Astra Space Shares Are Rocketing Higher Today

Astra Space Inc ASTR is trading significantly higher Monday after the company completed its first commercial orbital launch for the United States Space Force.

The launch, STP-27AD2, was conducted from Astra’s Kodiak Spaceport in Kodiak, Alaska.

Astra's launch system successfully demonstrated the orbital placement of a test payload. The payload achieved an orbital velocity of 7.61 kilometers per second in 8 minutes and 47 seconds.

The United States Space Force contracted the launch through a Defense Innovation Unit Other Transaction Agreement.

"Reaching orbit is a historic milestone for Astra. We can now focus on delivering for our customers and scaling up rocket production and launch cadence," said Chris Kemp, founder, chairman and CEO of Astra.

See Also: 20 Stocks Moving in Monday's Pre-Market Session

Astra is a technology company that provides space services, including satellite launch services and other space services, based on a proprietary, vertically integrated technology platform.

ASTR Price Action: Astra has traded as high as $16.95 and as low as $7.34 since it went public in July.

The stock was up 28.30% at $12.23 at time of publication.

Photo: courtesy of Astra.