Raytheon Technologies Corp. RTX has won a nearly $1 billion contract to design, develop and produce a new hypersonic weapon for the US Air Forcebeat rivals Lockheed Martin Corp. LMT and Boeing Co B.A.
What happened: According to that Pentagonthe “Order Order” for the Hypersonic Attack Cruise Missile (HACM) has been handed over to Raytheon. The $985 million contract will allow the company to develop prototype hypersonic attack cruise missiles, putting it well ahead of its competitors in the race to become the leading strategic weapons manufacturer.
The work includes “weapons system design, development and initial delivery” and will be conducted in Tucson, Arizona with an estimated completion date of March 2027. Hypersonic weapons can move and travel at speeds of at least Mach 5.
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Raytheon did not immediately respond to gasoline gas requests for comment.
It will be the USAF’s second hypersonic missile after Lockheed’s ARRW, launching into the atmosphere and gliding to its destination.
Why it matters: According to the Congressional Research Service, USAF officials have suggested the HACM could be used on both fighters and bombers, with one official saying a B-52 bomber could carry up to 20. According to the service, there are at least eight hypersonic weapons in development.
Last year, a Reuters The report found that the US and China were engaged in an arms race to develop the deadliest hypersonic weapons.
In May, Russia successfully tested a hypersonic zircon Cruise missiles – described by the President Wladimir Putin as “unsurpassed” system – over a distance of nearly 625 miles, as per Reuters.
Price promotion: On Thursday, Raytheon shares ended down 1.03% in the regular session at $83.45 Data from Benzinga Pro.
