The asteroid, dubbed 2024 YR4, has a 2.3% chance of colliding with Earth on Dec. 22, 2032, according to a NASA update on Feb. 7. This probability of impact has increased since Jan. 29 when NASA observed that the asteroid had a little over 1% chance of impacting Earth.

YR4 has a roughly 2 percent chance of hitting Earth in 2032, and “is large enough to cause localized damage,” NASA says.

The $10 billion orbiting observatory will give astronomers a better sense of the near-Earth asteroid 2024 YR4's size and position.