Why Sidus Space Stock Is Soaring

Sidus Space Inc SIDU shares are surging Thursday on continued momentum after the company on Wednesday announced that it's part of the Collins Aerospace team, which was awarded NASA's Exploration Extravehicular Activity (xEVAS) services contract.

The xEVAS contract has a potential value of $3.5 billion through 2034 with a 10-year base contract plus two additional option years. NASA awarded the contract to Collins Aerospace and Axiom Space. Sidus Space will serve as a "major subcontractor" to Collins during the period of performance of the NASA xEVAS contract and other contracts with independent commercial entities.

The xEVAS Program is expected to include the design, development and production of an integrated Extravehicular Activity capability that includes a new spacesuit and ancillary hardware.

Sidus Space is a Space-as-a-Service company focused on mission critical hardware manufacturing, multi-disciplinary engineering services, satellite design, production, launch planning, mission operations and in-orbit support.

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SIDU Price Action: Sidus Space has traded between $29.70 and $1.26 over a 52-week period.

The stock was up 70.5% at $7.98 at press time, according to data from Benzinga Pro.

Photo: LoganArt from Pixabay.