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Rocket Lab USA stock rallied in premarket trade Friday as the company said it’s won a U.S. government contract worth as much as $515 million.

In a Securities and Exchange Commission filing, it said agreed to design, manufacture, deliver, and operate 18 space vehicles.

The base amount of the contract is $489 million and incentives and options total $26 million, it said.

Work under the agreement will begin immediately with launch slated for 2027, operation of the satellites through 2030, and an option to operate the satellites through 2033, the company added.

Rocket Lab stock
rose 17% in premarket trade. Heading into Friday, the stock has gained 18% this year.

Related: These are the space stocks to keep an eye on in 2024

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