Boeing secured a roughly $20 billion contract to build the U.S. Navy’s next-generation carrier-based fighter jet known as F/A-XX, sending its stock about 3% higher in premarket trading to $192.49. The award, announced Tuesday and detailed Wednesday, represents Boeing’s second major sixth-generation fighter win in two years and deals a sharp blow to rival Northrop Grumman, whose stock fell about 4% to $482.94.
The F/A-XX is expected to become a central component of the Navy’s Next Generation Air Dominance system and will eventually replace the aging Boeing-built F-18 Super Hornet fleet. The initial contract covers development of test aircraft, while broader program details—including total costs and production quantities—remain classified.
Many investors had expected Northrop Grumman to win, partly because Boeing already beat Lockheed Martin in 2025 to build the Air Force’s F-47 sixth-generation jet. Instead, Boeing now holds both major sixth-generation programs, prompting analyst questions about whether it has the engineering and production capacity to execute them simultaneously. Former Congressional Research Service analyst J.J. Gertler said the real constraint may become people, citing a shrinking pool of experienced engineers and technicians near Boeing’s St. Louis facility.
Defense Secretary Pete Hegseth and Deputy Secretary Steve Feinberg had previously pushed back against the F/A-XX program, arguing the defense industrial base could not support two overlapping sixth-generation aircraft efforts. Congress disagreed and allocated hundreds of millions of dollars to keep the program moving.
For Boeing’s defense unit, the win is a milestone. The segment posted an operating loss of $128 million in 2025, an improvement from a $5.4 billion loss in 2024, but it has not recorded a full-year profit since 2021. William Blair analyst Louie DiPalma called the Navy award a milestone for Boeing’s recovering defense business.
Elsewhere in equity markets, Ameriprise Financial fell 9% despite announcing a $5.5 billion buyback authorization. GameStop rose about 1% after CEO Ryan Cohen purchased 450,000 shares at $23.48 each. Robinhood advanced roughly 2% after announcing plans for AI agents capable of trading on users’ behalf and 24/7 weekend trading for equities. Concentrix slumped 11% after missing third-quarter revenue targets, while Amentum gained 2% and Pyxis Oncology fell 3.5% on a stock offering. Broader futures were mixed as investors monitored Treasury yields, oil prices, Federal Reserve rate expectations, and upcoming earnings from Micron, Conagra Brands and FactSet.
