Under the terms of the latest deal, the company will provide 40 wing sets for the F-35 Lightning programme.
The contract is a modification of the original $2.5bn contract awarded through Lockheed Martin in 2014 for the production of more than 800 pairs of F-35 wings within ten to 15 years.
IAI president and CEO Joseph Weiss said: "The award reflects a strong vote of confidence in IAI’s abilities and commitment to this partnership, part of the development of the most advanced fighter aircraft ever produced.
"We are extremely proud of this cooperation and believe it will continue to be strengthened in the future."
The company has produced six wing sets in the past and is expected to deliver a total of 12 sets during the first half of 2016 from its newly inaugurated automated F-35 wing production line at its Lahav Division.
Lockheed Martin F-35 programme manager Jeff Babione said: "Lockheed Martin recognises IAI’s commitment to the F-35 programme and understands the importance of the quality delivered by the IAI team.
"This order demonstrates our confidence in the continued performance and we look forward to continuing our healthy relationship long into the future."
A fifth-generation fighter, the F-35 Lightning II combines advanced stealth with fighter speed and agility, fully fused sensor information, network-enabled operations and advanced sustainment.
Image: IAI’s automated F-35 wing production line at its Lahav Division. Photo: courtesy of Israel Aerospace Industries.