Lockheed Martin (NYSE: LMT) has submitted an offer to acquire space start-up Terran Orbital (NYSE: LLAP), seeking to lock down an important partner. Terran Orbital's board is still mulling what to do next, but investors are excited about the possibilities, and sent shares of the company up 11% for the week, according to data provided by S&P Global Market Intelligence, as of midday Friday.

Terran Orbital is one of a new generation of space companies trying to get a footing in a complex and competitive market. It came public via a reverse merger with a special purpose acquisition company during the SPAC boom, and its stock has fallen by nearly 90% since its debut.

Lockheed Martin is a partner of Terran Orbital, and relies on it for access to small satellite design and manufacturing capabilities. It also owns 28.6% of Terran Orbital's stock. With questions looming about a potential industry shakeout among small space companies, Lockheed Martin decided to try to bring Terran in-house.

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Source Fool.com