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Intuitive Machines Stock Skyrockets on Big NASA Contract
MARK FELIX / AFP via Getty Images
Intuitive Machines CEO Stephen Altemus (third from right) participate in a press conference to announce the new vehicle which will help Artemis astronauts explore the Moon on future missions, at the Johnson Space Center in Houston, Texas, on April 3, 2024.
Key Takeaways
Shares of Intuitive Machines ( LUNR ) blasted off nearly 60% Wednesday, a day after the space travel support firm received a contract worth up to $4.82 billion from the National Aeronautics and Space Administration (NASA).
The company announced the agreement will have Intuitive Machines provide "communication and navigation services for missions in the near space region, which extends from Earth's surface to beyond the Moon."Â The deal includes the deployment of lunar relay satellites for NASA's planned Artemis moon exploration program, which the company believes "is a strategic element in its vision to commercialize lunar activities."
Intuitive Machines explained that the agreement is for five years with an option for an additional five years.
Intuitive Machines CEO Calls Deal 'Inflection Point'
Chief Executive Officer (CEO) Steve Altemus called the contract "an inflection point in Intuitive Machines' leadership in space communications and navigation," and that the company is pleased to support "endeavors to expand the lunar economy."
Intuitive Machines shares surged 58% to $8.53 in late-morning trading Wednesday and have skyrocketed more than 200% this year. They reached a peak of $13.25 on Feb. 21, soon after the company reported its IM-1 mission Nova-C class lunar lander had successfully launched on SpaceX’s Falcon 9 rocket.
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