Boeing defeats Northrop Grumman to win U.S. Navy next-generation fighter contract

The Pentagon and the White House announced that Boeing defeated Northrop Grumman to win the contract to build the U.S. Navy's next-generation top fighter jet the highly classified and stealth-capable F/A-XX. This is the second major fighter jet program Boeing has won this year. In March, Boeing defeated Lockheed Martin to win the Air Force stealth fighter F-47 program. The U.S. Navy has not yet disclosed many details of the program which is intended to replace the F/A-18 "Hornet" such as the projected total development and procurement costs, the number of aircraft to be purchased, and the expected timeline for entering service. Boeing shares rose 3.4% after hours. Northrop Grumman shares fell 5%.