Rocket Lab USA, Inc. (NASDAQ:RKLB) shares are trading higher premarket on Monday after the company successfully completed its 56th Electron mission and finalized a $23.9 million award from the U.S. Department of Commerce.

The company deployed five satellites into Low Earth Orbit for French IoT constellation operator Kinéis.

Rocket Lab's "Ice AIS Baby" mission successfully launched from New Zealand on November 25, deploying five satellites into a 643 km orbit.

The company set a record for its fastest turnaround, completing the launch just 21 hours and 55 minutes after another mission in Virginia.

This marks Rocket Lab's 14th mission of 2024 and its 56th overall, bringing its total satellites launched to 203.

Rocket Lab founder and CEO Sir Peter Beck said, "Two successful launches less than 24 hours apart from pads in different hemispheres. That's unprecedented capability in the small launch market and one we're immensely proud to deliver at Rocket Lab."

Kinéis CEO Alexandre Tisserant, added, "With 15 Kinéis satellites now in orbit, we're one step closer to the full deployment of our dedicated IoT constellation for transmitting data in near-real time, anywhere on the globe."

Apart from this, in a seperate release, Rocket Lab disclosed that it finalized a $23.9 million award from the U.S. Department of Commerce to expand its compound semiconductor manufacturing in Albuquerque, New Mexico.

These semiconductors are critical for space-grade solar cells and optoelectronic products essential to national security and commercial applications.

This month, the company also announced a multi-launch agreement with a confidential customer and was awarded a defense contract worth up to $8 million.

Investors can gain exposure to the stock via Procure Space ETF (NASDAQ:UFO) and SPDR S&P Kensho Final Frontiers ETF (NYSE:ROKT).

Price Action: RKLB shares are up 7.7% at $25.05 premarket at the last check Monday.