Rocket Startup Signs $640 Million Contract With Saudi Space Firm

Innovative Rocket Technologies Inc., a developer of reusable space rockets, has entered into a five-year contract to launch satellites into space for SpaceBelt KSA, the private space logistics and satellite security firm that aims to help Saudi Arabia build an autonomous, encrypted communication network.

New York-based iRocket will collect as much as $640 million in exchange for supporting satellite launch integration, mission planning and propulsion systems for as many as 30 upcoming SpaceBelt KSA orbital launches across Saudi Arabia and the Gulf region, according to a statement.