- Amazon.com Inc's (NASDAQ:AMZN) satellite venture, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk-led SpaceX's Starlink network, and other satellite firms won a combined $278.5 million in contracts from NASA to demonstrate communications in space.
- Amazon's Project Kuiper, a planned network of over 3,000 satellites built to beam broadband internet to remote regions, won $67 million, Reuters reports.
- SpaceX's Starlink venture, a more extensive satellite-internet network with some 2,000 satellites in space, won $70 million.
- The other awardees include Inmarsat, SES, Telesat Corp (NASDAQ:TSAT), and Viasat Inc (NASDAQ:VSAT).
- NASA looked to replace its current satellite network in orbit with privately-built systems.
- The companies are bound to complete the development and demonstrations of their satellites under the contract by 2025.
- NASA sees the companies develop these capabilities for customers beyond NASA, bringing down the costs.
- The U.S. space agency increasingly aimed to rely on private space companies for its operations and stimulate more commercial activity in areas from space communications to sending humans to orbit.
- Price Action: AMZN shares traded lower by 0.79% at $3,055.72 on the last check Thursday.
