12:07 PM EDT, 03/21/2025 (MT Newswires) -- (Updates to include more details in the second paragraph onwards.)

Boeing ( BA ) has won a multibillion dollar contract to design and build a fighter jet for the US Air Force, beating Lockheed Martin ( LMT ) , according to media reports Friday.

The fighter jet is set to be named Next Generation Air Dominance, or NGAD, and will replace Lockheed Martin's ( LMT ) F-22 Raptor, media outlets said. According to Reuters, the contract is worth over $20 billion, with the winner to receive hundreds of billions of dollars in orders over the multi-decade contract period.

Bloomberg News reported that the NGAD is expected to enter service in the 2030s.

President Donald Trump is set to announce the contract award on Friday, according to media reports.

Boeing ( BA ) and the US Air Force did not immediately respond to MT Newswires' requests for comments.

Boeing ( BA ) shares were up more than 4% in recent trading Friday, while Lockheed Martin ( LMT ) shares were down over 6%.

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