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Lockheed Awarded $316M Navy Contract Modification for Hypersonic Missile Test, Fielding

Lockheed Martin‘s (NYSE: LMT) space business has secured a $315.9 million contract modification from the U.S. Navy for continued work in support of the service branch’s intermediate range hypersonic missile program.

The award covers options for equipment design, development, construction and integration for the Navy Intermediate Range Conventional Prompt Strike weapon system flight test demonstrations and fielding, the Department of Defense said Thursday.

Lockheed Martin Space will perform almost 75 percent of work at its Littleton, Colorado location while the remaining will be conducted in Massachusetts, Connecticut and California. Efforts will run through Feb. 25, 2025.

The Navy will use its fiscal year 2023 research, development, test and evaluation funds to obligate $25 million to the contractor at the time of award. The contract modification is a sole-source award.

In December 2018, Lockheed received the initial $40 million contract for the Navy program.

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