Boeing, Lockheed Martin Compete For Key Role In Trump's $175 Billion Golden Dome Project

Boeing Co. BA and Lockheed Martin Corp LMT are touting their defense credentials in a bid to secure more contracts in the development of President Donald Trump's Golden Dome missile defense system.

What Happened: "We clearly have a whole number of product lines that will contribute very well, that are going to fit very well with what is necessary to achieve the mission," said Tim Cahill, president of Missiles and Fire Control at Lockheed Martin, in a Reuters report published Monday.

The report outlines that Lockheed Martin already supplies key components that could be incorporated into the Golden Dome, including missile detection systems and other components.

Boeing, too, has signaled its involvement. Interim Defense and Space CEO Steve Parker noted that the aerospace giant has "done a lot of work" on the project, according to the report.

Why It Matters: The news comes in as Trump's Golden Dome project is being eyed by several key players in the defense space as well as in Silicon Valley. Companies like SpaceX, Palantir Technologies Inc. PLTR have emerged as frontrunners for key projects in the initiative.

The project, which will reportedly cost over $175 billion, has also faced criticism from experts, who believe it could trigger a new space-based weapons arms race throughout the globe.

Xi Jinping's China has expressed serious concerns about the initiative, as officials from the CCP have urged the Trump administration to reconsider its decision to go ahead with the project.

Boeing is grappling with serious concerns about its aircraft's safety and quality following the fatal Air India crash in Ahmedabad, which claimed over 241 lives last week. Boeing has been embroiled in controversy over its aircraft in the past few years.

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