The Defense Advanced Research Projects Agency (DARPA) has awarded Boeing (BA) - Get Report the contract to manufacture its experimental space plane.

The XS-1, the spacecraft, would provide a relatively inexpensive trip to space, making launching and testing satellites easier.

The aim is to get costs to as little as $5 million per launch for 10 flights a year.

It's meant to be a combination of the high-tech properties from NASA, the Air Force, and private sector aerospace and should be able to reach speeds of up to Mach 10, and transport payloads weighing up to 3,000 pounds. 

Shares of Boeing were moving higher during the final hour of trading on Wednesday.

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