TradingKey – Boeing (BA) won the U.S. Navy’s next-generation carrier-based fighter F/A-XX development contract, valued at over $20 billion.

Under the contract, Boeing will be responsible for the full-scale development of the F/A-XX and deliver multiple test aircraft for ground testing, airworthiness verification, systems evaluation, and weapons integration. The program is scheduled to enter service in the 2030s, gradually replacing the F/A-18E/F Super Hornet and EA-18G Growler, while operating alongside the F-35C and unmanned combat aircraft.

Following the announcement, Boeing shares rose over 2% to $191.81 in after-hours trading.