After the rocket maker successfully entered orbit, Astra’s stock price soared

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The company’s rocket LV0007 was launched from the Pacific Spaceport complex in Kodiak, Alaska on November 20, 2021.

Astra

Rocket maker Astra’s stock price soared on Monday after it entered orbit for the first time over the weekend.

The company’s rocket LV0007 was launched from the Pacific Spaceport complex in Kodiak, Alaska on Saturday, carrying a test payload for the US Space Force.

“It’s really hard to get into orbit. Astra and only a few other companies-I can count them with one hand-have done this before,” Astra CEO Chris Camp Monday Told reporters.

“We are now focusing on serving our customers and expanding the production and release cadence of our system,” Kemp added.

Astra’s stock price is up 42% from the closing price of $9.53 on the previous trading day. Due to the unusually large trading volume, the stock has traded between 30% and 40% since it hit the high. In fact, it was up about 31% around 10:00 AM Eastern Time.

This launch makes Astra the latest of a handful of US companies to use privately funded rockets to enter orbit, joining SpaceX, Rocket Lab and Virgin Orbit.

The company’s rocket is 43 feet tall and is suitable for launching the small rocket segment of the market. Kemp pointed out that its Rocket 3.3 variant can transport approximately 50 kilograms of payload to low-Earth orbit, and its planned Rocket 4.0 version is expected to increase this capacity. Astra’s goal is to eventually launch as many small rockets as possible. The goal is to launch one rocket per day by 2025 and further reduce its $2.5 million price point.

Astra went public earlier this year after completing the SPAC merger. The company raised funds to build its small rocket production, expand its facilities in Alameda, California, and develop its spacecraft and spaceport business lines.

Kemp said that the successful release of LV0007 “shows that there will not be too much attention” to further changes to its Rocket 3.3 variant. Kemp said the company will share the timetable for its next launch “faster,” and expects the LV0008 vehicle to be integrated into the mission soon.


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