The US Air Force is awarding almost $1 billion (£700m) to Lockheed Martin to develop a hypersonic missile as it tries to keep up with recent strides made by Russia and China in building ever faster weapons.

Moscow last month claimed the lead in the race to develop missiles that can travel at many times the speed of sound. Its defence ministry revealed video footage of its plane-launched Kinzhal missile, which is reportedly capable of accelerating to ten times the speed of sound.

American officials have also expressed concern that China was building missiles that could outrace or outfox its existing defence and interceptor systems.

Now the Pentagon says Lockheed is to receive up to $929 million to design and build a “hypersonic conventional strike weapon”.

“This contract provides for the design, development, engineering, systems integration, test, logistics planning, and aircraft integration support of all the elements of a hypersonic, conventional, air-launched, stand-off weapon,” it said in a statement.