Boeing Co. won a contract to design and build the U.S.’s next-generation stealth fighter jet, beating out rival Lockheed Martin Corp. for the multibillion dollar program aimed at preparing the military for possible conflict with China.

The new sixth-generation fighter jet, whose overall cost is expected to run in the hundreds of billions of dollars, “will ensure that the USA continues to dominate the skies,” President Donald Trump said in an unveiling at the White House. Trump, the 47th president, said with a smile that it will be dubbed the F-47.

The award caps more than two years of competition between the defense giants for the full-scale development phase of the Next Generation Air Dominance manned fighter, or NGAD. The jet, which will replace the F-22 Raptor, is envisioned to operate in tandem with drones, which are being developed in a separate program.

An artist’s rendering of the plane placed next to Trump in the Oval Office showed a sharp-nosed craft with tinted cockpit glass beneath an American flag. Its tail was obscured in shadow, reflecting how the plane’s development is still incomplete.

While little has been made public about the project, budget figures released last year showed that the Air Force plans to spend as much as $20 billion on NGAD research and development through 2029. Overall costs will be many times that if the most recent stealth jet, Lockheed’s F-35, is any guide. That jet is expected to cost U.S. taxpayers almost $2 trillion by the end of its lifespan.

“The F-47 will be the most advanced, most capable, most lethal aircraft ever built,” Trump said. The U.S. plans to sell the jets to “certain allies,” though “perhaps toned-down versions,” he said.

Boeing shares rose as much as 6.2% after the announcement while Lockheed erased earlier gains to fall 5.8% as of 2:47 p.m. in New York.

A key driver for developing the F-47 has been keeping pace with China’s air defense and electronic warfare systems, which have become more sophisticated since the F-22 entered service in 2005, according to a January report by the Congressional Research Service. China is also working on a so-called sixth-generation fighter jet, and images and videos of its triangle-shaped aircraft have appeared online in recent weeks.

The CRS report also noted that the Raptor could be hamstrung in a potential conflict over the Pacific Ocean, where islands are many hundreds of miles apart, due to its fuel and payload limitations. A key design priority for the F-47 will be its ability to fly at longer ranges.

For Boeing, winning NGAD is a rebound after losing the F-35 fighter program to Lockheed Martin in 2001. Boeing’s defense business has been hammered by billions of dollars in cost overruns on fixed-price development programs such as the KC-46 aerial refueling tanker and the next-generation Air Force One presidential aircraft.