Lockheed Martin secures $220M for new long-range strike weapon

The U.S. Department of Defense announced Tuesday that Lockheed Martin has been awarded a $220 million contract modification for Precision Strike Missile (PrSM) Early Operational Capability Lot 3.

The work will be carried out in Grand Prairie, Texas, with an estimated completion date of March 6, 2026. The funds, including fiscal 2023 and 2024 missile procurement from the Army, along with fiscal 2023 reimbursable cooperative funds totaling $219,705,220, were obligated at the time of the award.

Although the Lot 4 award is slated for September, a portion of the FY24 funds is being allocated early.

The PrSM represents the U.S. Army’s advancement in long-range precision strike capabilities, with the ability to neutralize targets beyond 400 kilometers. Designed with an open systems architecture for flexibility, modularity for future growth, and compatibility with HIMARS and Multiple Launch Rocket System (MLRS), it stands as a significant modernization asset.

In December 2023, Lockheed Martin achieved a crucial milestone by delivering the first PrSMs to the U.S. Army, enhancing the military’s long-range precision fire capabilities.