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Astra stock surges after rocket builder reached orbit successfully


On November 20, 2021, the company’s rocket LV0007 takes off from Kodiak Spaceport Complex.


Rocket builder shares AstraAfter the firm reached orbit on the weekend, trading surged Monday.

On Saturday, the company’s rocket LV0007, which was carrying a payload test for U.S. Space Force, launched from Kodiak’s Pacific Spaceport Complex.

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“Getting to orbit took a lot of work. Astra and only a few other companies – I can count them on one hand – have done this, ever,” Astra CEO Chris Kemp told reporters on Monday.

Kemp said, “We are now focusing to deliver for our customers” and on scaling up production and the launch time of our system.

Astra stock surged as high as 42% after trading from its prior close of $9.53. Trading volume is unusually high and the stock has traded anywhere between 30%-40% since the peak. At 10:00 am, the stock was 31% higher. ET.

Astra became the first U.S. company to orbit using a privately funded rocket. Rocket LabAnd Virgin Orbit.

It measures 43 feet in height and is suitable for the small-sized rocket market. Kemp stated that Rocket 3.3 can be used to carry 50kg of payloads to low earth orbit. A Rocket 4.0 version will likely increase this capacity. Astra’s ultimate goal is to eventually launch all of its small rockets. It aims to launch at least one rocket per day until 2025, and to reduce its price by $2.5 million.

Astra went public earlier this year after completing a SPAC merger, with the company raising funds to build out production of its small rocketsExpand its facilities in Alameda, CaliforniaIncrease its sales of spacecraft and other spaceport products.

Kemp stated that the success of the LV0007 rocket launch suggests there won’t be much attention to any further modifications to Rocket 3.3. Kemp indicated that Kemp will soon provide more details about the company’s next launch schedule, adding that it expects the LV0008 vehicle to be included for the mission in the near future.