SpaceX-Linked Stock Momentus Is Rocketing Higher: What's Going On?

Momentus Inc MNTS shares are trading higher Thursday after the company signed a contract with FOSSA systems to place its satellites into low-Earth orbit.

What To Know: Momentus will launch FOSSA's satellites as part of two Vigoride Orbital Service Vehicle missions starting in 2023.

The first group of satellites will be launched on the SpaceX Transporter-8 mission no earlier than June. The mission will act as a demonstration for a second batch of satellites expected to launch onboard a follow-on Vigoride vehicle on a later SpaceX Transporter mission.

"FOSSA Systems flew with us on our inaugural mission that launched in May 2022. We're pleased to have earned their trust in selecting us as their space transportation provider for their new satellites, and we look forward to building a long-term partnership toward our first large-scale constellation deployment," said John Rood, CEO of Momentus.

Momentus is a U.S.-based commercial space company that offers transportation and other in-space infrastructure services. The company signed multiple launch agreements with Elon Musk's SpaceX in mid-2022. 

Check This Out: Elon Musk's SpaceX Raising $750M In Fresh Funding Round Led By a16z: Report

MNTS Price Action: Momentus shares are up 25.4% at $1.14 at the time of writing, according to Benzinga Pro.

Photo: courtesy of SpaceX.