BigBear.ai Holdings Inc stock has skyrocketed more than 250% after the AI-powered analytics and cyber engineering solution provider announced that it has secured a multiple award $900 million Indefinite Delivery/Indefinite Quantity (IDIQ) contract with the US Air Force.
The company said in a statement that the contract vehicle allows BigBear.ai to compete for task orders delivering capabilities, systems, and synthetic environments to the Air Force as a prime contractor.
The Air Force Life Cycle Management Center Architectures and Integration Directorate expects the work on awarded task orders to be completed by 2032, BigBear.ai added.
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Further, the company noted that under the terms of the contract, BigBear.ai can also compete for task orders supporting the research and development of new technologies, the creation of rapid prototypes, capability testing, and solution implementation.
BigBear.ai president Tony Barrett commented: “This contract will allow us to continue our long-term partnership with the US Air Force and support as a prime contractor in future opportunities.”
BigBear.ai shares were up 258.1% at about US$3 at noon on Thursday.
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