"Terran brings established customer relationships across a broad range of civil, military, commercial and classified customers," said Chris Moran, executive director and general manager of Lockheed Martin Ventures. "The opportunity to invest in a nanosat leader allows us to address our customer's increasing interest in rapid, responsive and cost effective technology missions and demonstrations."

The agreement includes cash and in-kind investments for an equity stake in Terran. Lockheed Martin has partnered with Terran in the past on Department of Defense and NASA missions. This investment will allow for an expansion of that relationship.

"An equity investment by Lockheed Martin allows us to grow our business while further solidifying our relationship with the leader in aerospace and defense to provide a broader range of innovative solutions to our customers," said Tony Previte, CEO of Terran Orbital.