Business

Astra Space soars 36% after its rocket successfully reached space, spurring a congrats from Elon Musk

Astra Space
Astra Space

  • Astra Space successfully blasted it LV0007 rocket into space Friday night, causing shares to soar to start the week. 
  • The California-based company received congratulations from SpaceX CEO Elon Musk.
  • It now joins a handful of private space companies to reach Earth’s orbit. 

Astra Space shares soared 36% early Monday after the company’s rocket successfully reached orbit, prompting a congratulatory tweet from Elon Musk.

The Alameda, California-based company completed its first commercial orbital launch for the US Space Force Friday night, according to a press release. Its 43-foot LV0007 rocket carried a test payload for the Space Force and achieved its orbit after 9 minutes at an altitude of 500 kilometers. 

The successful launch prompted a tweet from SpaceX and Tesla Chief Executive Officer Elon Musk. “Congrats! Orbit is not easy,” he wrote in a tweet to Astra Saturday. 

The stock traded at $13.00 at 8:32 a.m. in ET. Among retail traders, who are known for being bullish on space companies and especially all-things related to Musk, Astra Space was the 18th highest traded stock, according to a Fidelity tracker.

“Reaching orbit is a historic milestone for Astra,” Astra CEO and Founder Chris Kemp, said in the press release. “We can now focus on delivering for our customers and scaling up rocket production and launch cadence.”

Astra Space joins a select group of private space companies to reach orbit, along with SpaceX, Virgin Galactic, and Rocket Lab, all of which have attracted the attention of the retail trader cohort. 

The successful launch comes after several failed attempts, including one in August, Insider reported previously. The company hopes to eventually launch a rocket each day by 2025, CNBC said

Read the original article on Business Insider

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