County Durham’s Filtronic has seen its share price rocket to a record high after signing a multimillion pound deal with SpaceX.
The company, which designs and manufactures products for the aerospace, defence, space and telecoms infrastructure sectors will fulfil the $20.9m (£16.8m) contract over the next 2 years.
“We are delighted to have secured this substantial order, which underscores Filtronic’s reputation for delivering high-performance RF solutions to our market leading customer,” said Nat Edington, Chief Executive Officer.
“This contract, alongside our growing momentum in strategic markets, provides us with increased confidence in our ability to exceed our growth targets for FY2025 and FY2026″.
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Its share price is currently at 113.00p, compared to 35p a year ago.
Filtronic has offices in Leeds and Manchester, but is registered in County Durham.
It will be providing radio frequency (RF) components to SpaceX’s Starlink satellites.
It’s the latest in a series of multimillion dollar deals between the two companies, which have an ongoing strategic partnership.
In April Filtronic issues 21.7m warrants to SpaceX, allowing the group to acquired 10% of its equity.
Earlier this week, the world’s richest man, Elon Musk, appeared in the White House to take questions in the Oval Office.
The owner of SpaceX and Tesla, who now runs the newly established Department of Government Efficiency (Doge), told reporters:
“Some of the things that I say will be incorrect and should be corrected.”
