In March 2016, Lockheed Martin, Boeing, and Raytheon announced they would bid on a missile to meet the US Army's Long Range Precision Fires (LRPF) requirement to replace the ATACMS.

[3] It is also designed to be thinner and sleeker, increasing the number of missiles per pod to two, and doubling the capacity of the M270 MLRS and M142 HIMARS launchers.

[8] In June 2020, the Army had begun testing a new multi-mode seeker, an upgrade for the Precision Strike Missile.

[11][12] In January 2024, Australia committed to continue the partnership with the United States and will subsequently also purchase PrSM Increments 3 and 4.

[14] The United Kingdom, as part of an upgrade to the British Army's M270 MLRS to the M270A2 standard, has hinted that it may possibly acquire PrSM.

[17] On 26 August 2024, it was announced that the US has turned down a request from Norway to acquire the Precision Strike Missile (PrSM).

[21] As the name suggests, the LBASM will be an anti-ship ballistic missile, and in collaboration with the multi-mode seeker will have the ability to engage moving targets.

[22] It is understood that the first procurement of the missile is to be completed in FY2028, with the United States Marine Corps and the Australian Army then receiving them.

"If you’re familiar with an [M270 Multiple Launch Rocket System] MLRS pod, it's about 13-feet long" [4 m], the one-star general told the audience.