Irvine-based Terran Orbital has been awarded a $2.4 billion contract to design, build and deploy 300 Low Earth Orbit, or LEO, communications satellites.
Terran will build the approximately 1,100-pound satellites for Rivada Space Networks, an American wireless company that wants to launch a global satellite network in 2025.
“I believe this is the largest small-satellite deal in the history of small satellites,” Terran co-founder and Chairman Marc Bell said recently.
Terran, which leases four floors of office space at 400 Spectrum, is the world’s leading provider of nanosatellites and microsatellites. Terran’s stock price doubled after the Rivada contract was announced.
“Our partnership will show why Terran Orbital continues to be a satellite manufacturer of choice for aerospace and defense companies worldwide,” Bell said.
Following the deal, Terran agreed to lease another 94,000 square feet of office space in Irvine, bringing its citywide footprint to more than 300,000 square feet, according to the Orange County Business Journal.
Terran, which aims to produce 1,000 spacecraft per year, employed 312 people in and around Irvine last August, according to Business Journal data. That’s up 121% from a year ago, making it one of the fastest-growing tech firms in the area.
“The vast majority of our company’s employees are based in Irvine, at our corporate office at 400 Spectrum, or in our satellite factory at 50 Technology,” Bell told the Irvine Standard, adding, “Convenience is central to everything we do. And the proximity of our offices to the Spectrum Center is a highlight.”