The Missile Defense Agency today awarded a team led by Boeing and its strategic partner Northrop Grumman a $3.48 billion, 7-year contract for the continued development and sustainment of the Ground-based Midcourse Defense system.

The size of the contract aside, it's an important win for Boeing, which since 2001 has been prime contractor for GMD - the nation's only operational defense against long-range or intercontinental ballistic missiles. The system is designed specifically to protect against attacks by rogue states, such as North Korea or Iran.