Momentus Inc. (Momentus (MNTS)) shares climbed more than 6% on Wednesday after the commercial space company announced a new contract for its Vigoride-9 orbital service vehicle. The deal signals that demand for in-space services is picking up.

The stock outperformed the broader market, with the S&P 500 ETF (SPY) down 0.08%. Small caps were stronger, though, as the Russell 2000 ETF (IWM) gained 0.76%.

Momentus Wins University of Colorado Contract

Momentus said it signed a commercial contract with the University of Colorado Boulder's Laboratory for Atmospheric and Space Physics (LASP). The agreement covers in-orbit services for the company's Vigoride-9 Orbital Service Vehicle and expands its commercial space services portfolio.

The announcement appeared to drive Wednesday's rally. Under the agreement, Momentus will host and operate LASP's Occultation Wave Limb Sounder (OWLS) mission aboard Vigoride-9. The mission is scheduled to launch in 2027.

The OWLS instruments will measure atmospheric density waves between 100 and 400 kilometers using solar occultation techniques. Researchers expect the data to improve models of space weather, atmospheric drag and the operating environment for satellites in low Earth orbit.

Commercial Pipeline Continues To Grow

Momentus said the contract strengthens its hosted payload and in-orbit services business across government, academic and commercial customers.

The company launched Vigoride-7 in March and said the mission continues to meet all objectives. Vigoride-8, which is scheduled to launch in 2027, is fully booked with NASA missions. Meanwhile, Vigoride-9 still has capacity for additional customers.

Momentus Price Action

MNTS Stock Price Activity: Momentus shares were up 5.91% at $9.86 at the time of publication on Wednesday.