L3Harris Stock Moves Higher After Being Named In 'Golden Dome' Missile Defense System

L3Harris Technologies Inc LHX shares are rising in extended trading Tuesday after the Trump administration announced plans for a Golden Dome missile defense system that will involve the company’s satellites.

What Happened: President Donald Trump on Tuesday announced the architecture for a $175 billion Golden Dome missile defense system has been decided upon.

Trump announced that Gen. Michael Guetlein will oversee the program, which is expected to be completed in less than three years. Trump also said a budget package that’s currently in the works will include an initial $25 billion to begin construction of the project.

Trump noted that the system will feature “next-generation technologies … including space-based sensors and interceptors.” 

Trump did not name any companies specifically, but Sen. Jim Banks (R-Ind.) said that L3Harris will be involved in manufacturing space satellites for the defense system, which sent shares higher after hours. He added that “a lot” of American companies will be involved in the project.

Trump noted that the system will be made entirely in the U.S., with big contributions from Alaska, Georgia and Indiana. The Trump administration also noted that the project will include some “new, defense-tech companies.”

“Rest assured, there will be nothing like this. Nobody else is capable of building it either,” Trump said.

LHX Price Action: L3Harris shares were up 2.03% after-hours, trading at $235.50 at the time of publication on Tuesday, according to Benzinga Pro.

Read Next:

Photo: Shutterstock.