Intuitive Machines, a Houston-based aerospace company, saw a surge in its stock price during Friday’s trading session following the successful landing of its Nova-C cargo moon lander, nicknamed “Odysseus,” on the lunar surface. The landmark achievement marked a significant milestone in space exploration, with Odysseus becoming the first privately developed spacecraft to soft-land on the moon and the first U.S. spacecraft to do so in over five decades.
At the time of this publication, Intuitive Machines Inc stock (LUNR) has witnessed a surge.
Intuitive Machines Inc
Current Price: $10.46
Change : +2.18
Change (%): (26.33%)
Volume: 68.5M
Source: Tomorrow Events Market Data
Tim Crain, Intuitive Machines’ Chief Technology Officer and IM-1 mission director, announced the successful moon landing from the company’s mission control, confirming that Odysseus was standing upright and transmitting data back to Earth. The news sent Intuitive Machines’ stock soaring by an initial 40% from its previous closing price of $8.28 per share, with heavy trading volume amplifying the market’s response. As a result, the company’s market valuation surged to approximately $1 billion.
The impressive rally in Intuitive Machines’ stock comes amid a broader uptick in investor enthusiasm over the past month, fueled by anticipation surrounding the progress and eventual success of the IM-1 mission. Notably, Intuitive Machines went public via a SPAC (Special Purpose Acquisition Company) a year ago, and despite experiencing a decline in its share price to all-time lows near $2 in January, the company has since rebounded significantly.
Analysts cautioned investors about the potential for volatility in the stock’s momentum trading, highlighting the unprecedented nature of the moon landing attempt for a publicly traded company. Cantor Fitzgerald’s Andres Sheppard emphasized the novelty of the event, suggesting that both investors and analysts were navigating uncharted territory.
Following the successful landing, Intuitive Machines provided updates on Odysseus’ status, indicating that the lander was communicating with flight controllers and beginning to download scientific data. The company also noted that the lander was in the process of charging its solar panels, with plans for a press conference later in the day.
In addition to its groundbreaking lunar mission, Intuitive Machines has secured multiple contracts with NASA, including two future CLPS (Commercial Lunar Payload Services) missions and a significant engineering services contract with NASA’s Goddard Space Flight Center. Analysts estimate that the Goddard contract could generate approximately $11 million per month in revenue for Intuitive Machines, further bolstering the company’s position in the aerospace industry.
