Lockheed Martin Wins $1.2 Billion US Army Contract for Precision Strike Missile Upgrade

05:57 PM EDT, 09/21/2026 (MT Newswires) -- Lockheed Martin (LMT) won a $1.2 billion US Army contract to produce Increment 2 of the Precision Strike Missile, an upgraded version designed to engage moving land and maritime targets. The contract covers initial procurement and future orders of PrSM Increment 2 missiles, follow-on production, and continued development, Lockheed said Monday in a statement. Lockheed Martin also plans to expand capacity to quadruple PrSM production while continuing to develop additional increments.