Lockheed Martin secured a $1.21 billion contract from the U.S. Army for the Precision Strike Missile (PrSM) Increment 2 program. This indefinite-delivery/indefinite-quantity agreement supports the early operational capability phase. Project work is scheduled to run through September 13, 2031.
The PrSM Increment 2 upgrades the existing system with a multi-mode seeker. This technology allows the missile to engage moving maritime targets. The U.S. Army also designates this capability as the Land-Based Anti-Ship Missile.
Lockheed Martin acted as the sole bidder for the contract awarded on September 14, 2026. The deal was announced while broader markets were trading lower.