It’s been a good day for Sidus Space (NASDAQ:SIDU) so far. SIDU stock is surging today on news from the National Oceanic and Atmospheric Administration (NOAA). The scientific and regulatory agency has granted the space tech company a Tier 1 remote sensing license. As Proactive reports, it is intended for “Panchromatic (PAN) and Shortwave Infrared (SWIR) imaging capabilities, allowing Sidus’ LizzieSat satellites to collect and distribute images and data to government and commercial customers.”
This isn’t the only positive catalyst that has helped boost SIDU stock recently. However, it assures that the company will start the year off on a positive note as it gears up to be one of 2024’s breakout sensations. If this momentum continues, Sidus could take its place as one of the nation’s leading space stocks.
What’s Happening With SIDU Stock
Since news of this development broke this morning, SIDU stock has been surging. As of this writing, it is up almost 80% for the day and isn’t showing signs of slowing down. Since the week began, though, SIDU has skyrocketed more than 200%, rising from well above its previous penny stock levels. And at only $11 per share, it still has plenty of room to run.
What does the new Tier 1 license mean for Sidus Space? According to MarketWatch, it will allow the company’s LizzieSat satellites to “collect and distribute images and data to government and commercial customers supporting a wide range of applications.” These satellites will launch in the first quarter of 2024 as part of the SpaceX Transporter-10 mission, where they will remain in orbit for four years.
That’s plenty of time to collect valuable data for which there will likely be plenty of demand. The global market for satellite data services is projected to reach a $45.85 billion valuation by 2030, expanding at a compound annual growth rate of 22.5%. SIDU stock is in an excellent position to secure an even bigger share of the lucrative data-as-a-service market.
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On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
