Shares of Momentus Inc. (NASDAQ:MNTS) traded higher on Monday, adding to gains of nearly 17% over the past week. The momentum appears to be linked to political developments. Here's what you need to know.

What To Know: Several space stocks are rallying following Donald Trump's victory in the 2024 presidential election last week. Trump is expected to support further advancements in Mars exploration, viewing the moon as a "launching pad" for future Mars missions by potentially reducing regulatory barriers for space exploration companies, according to Semafor.

During his first term, Trump established the U.S. Space Force, revitalized Space Command and promoted NASA's return to lunar missions.

Trump's support aligns closely with SpaceX's vision, as Elon Musk has long aimed to send humans to Mars. Musk's endorsement of Trump and various appearances in an "Occupy Mars" t-shirt further highlight his Mars ambitions. Potential deregulation could ease the Federal Aviation Administration (FAA) constraints that have hindered Starship's development, per Reuters.

Momentus, which has collaborated with SpaceX on past missions, secured a contract with NASA's Venture-Class Acquisition of Dedicated and Rideshare (VADR) program in October. The contract will allow the company to transport high-risk payloads like CubeSats to various orbits.

Momentus is a U.S. commercial space company that offers commercial satellite buses and in-space infrastructure services including in-space transportation, hosted payloads, and other in-orbit services. The company has launched satellites on SpaceX Transporter missions in the past.

MNTS Price Action: Momentus shares closed Monday up 8.57% at approximately 66 cents, according to Benzinga Pro.

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