SpaceX Competitor Rockets Higher After Hours: What's Going On?

Rocket Lab USA Inc RKLB shares are trading higher in Wednesday's after-hours session after the company announced it was selected by NASA to launch the TROPICS mission.

TROPICS, or the Time-Resolved Observations of Precipitation Structure and Storm Intensity with a Constellation of Smallsats, is part of NASA's Earth System Science Pathfinder Program.

The TROPICS constellation targets the formation and evolution of tropical cyclones, including hurricanes. TROPICS will provide rapidly updating observations of storm intensity to help scientists better understand the processes that impact storms.

The launches are scheduled to take place no earlier than May 2023.

"The TROPICS satellites need a responsive and reliable path to orbit to equip people with near real-time, actionable weather data and Rocket Lab is honored to provide a dependable launch solution as we approach the 2023 hurricane season," said Peter Beck, founder and CEO of Rocket Lab.

Rocket Lab is an end-to-end space company offering launch services, satellite manufacturing, spacecraft components and on-orbit management solutions.

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RKLB Price Action: Rocket Lab has a 52-week high of $16.97 and a 52-week low of $3.53.

The stock was up 5.23% in after hours at $4.63 at time of publication, according to Benzinga Pro.

Photo: courtesy of Rocket Lab.