Boeing shares rose Wednesday after the Pentagon selected the aerospace company to develop the U.S. Navy’s next-generation fighter aircraft. The F/A-XX Strike Fighter program represents a major defense award for Boeing and adds another high-profile sixth-generation aircraft program to its portfolio.

The full-scale development phase of the Navy contract is valued at more than $20 billion, according to the Pentagon. The award comes as Boeing continues to strengthen its position in advanced military aviation, providing investors with another potential source of long-term defense revenue.

How Significant Is the F/A-XX Program?

The F/A-XX is intended to become the U.S. Navy’s next-generation fighter, placing Boeing at the center of one of the Pentagon’s major future combat-aircraft programs. The award follows an earlier victory in the U.S. Air Force’s sixth-generation fighter competition.

In March 2025, Boeing was selected to develop the Air Force’s next-generation fighter, officially designated the F-47. Winning both programs gives the company contracts covering sixth-generation fighter development for two major U.S. military branches.

Could Two Fighter Programs Strengthen Boeing’s Defense Business?

The combination of the F/A-XX and F-47 programs could expand Boeing’s role in advanced military aircraft and create opportunities to leverage investments across its next-generation manufacturing operations.

Boeing is investing in additional manufacturing capacity at its St. Louis operations, where the company says a new facility is designed to support multiple next-generation aircraft programs. The Navy award therefore potentially adds another major program to an industrial footprint already being developed around future fighter production.

The dual-program position may also provide Boeing with greater experience and infrastructure in sixth-generation aircraft development, although the ultimate financial impact will depend on program execution, production schedules and future procurement decisions.

What Did Analysts Say About the Award?

BNP Paribas aerospace and defense analyst Matthew Akers said the market had viewed Boeing as the favorite in the competition, particularly after the company had already secured the Air Force’s F-47 fighter contract in 2025.

The latest award nevertheless provides a significant additional milestone for Boeing’s defense business. It also reinforces the company’s position in a segment where advanced aircraft programs can involve lengthy development timelines and substantial government spending.

What Comes Next for Boeing?

The F/A-XX award gives Boeing another long-duration defense program to execute alongside the F-47. The immediate focus will shift from winning the competition to progressing through full-scale development and building the manufacturing capabilities required for next-generation aircraft.

For investors, the key factors to monitor will include development milestones, program costs, production timelines and Boeing’s ability to translate the two fighter awards into sustainable defense-sector growth. The Navy contract also increases the strategic importance of the company’s St. Louis expansion as Boeing prepares its industrial base for multiple future aircraft programs.