Intuitive Machines, a Houston-based aerospace company, experienced a surge in its stock price following the successful landing of its lunar lander, “Odysseus,” on the moon. This historic achievement marked the first time a privately developed spacecraft had landed on the lunar surface and the first soft landing by a U.S. spacecraft in over 50 years.
The IM-1 mission lander, affectionately referred to as “Odysseus,” touched down on the moon’s surface on Thursday, standing upright and transmitting data back to Earth. Tim Crain, Intuitive Machines’ CTO and IM-1 mission director, expressed his excitement from the company’s mission control, stating, “Odysseus has found his new home.”
The news of the successful moon landing sent Intuitive Machines’ stock soaring, initially rising 40% from its previous close of $8.28 per share. However, as trading volume increased, the gains were slightly pared back. Nonetheless, the company’s market valuation reached approximately $1 billion.
This recent surge in stock price is not an isolated event for Intuitive Machines. Over the past month, the company’s stock has been rallying due to growing anticipation and progress surrounding the IM-1 mission. It is worth noting that Intuitive Machines went public through a special purpose acquisition company (SPAC) a year ago, and its shares had previously hit all-time lows near $2 in January.
Wall Street analysts have been closely monitoring Intuitive Machines’ journey to the moon, acknowledging the unprecedented nature of this event and its potential impact on momentum trading. Andres Sheppard from Cantor Fitzgerald commented, “We’ve never witnessed a publicly traded company go through [a moon landing attempt]. So this is new, not just for investors, but for us analysts as well.”
Intuitive Machines provided an update on the status of the Odysseus lander, stating that it is functioning well and communicating with flight controllers. The lander is currently charging its solar panels, and the company, along with NASA, plans to hold a press conference to share further details.
In addition to its successful moon landing, Intuitive Machines has secured multiple contracts with NASA. The Odysseus lander carried 12 government and commercial payloads, six of which were for NASA under an $118 million contract through the agency’s Commercial Lunar Payload Services (CLPS) initiative. Furthermore, Intuitive Machines has already won two more CLPS contracts for future lander missions, with the IM-2 mission expected to launch in the second half of this year.
The company has also entered into a five-year, $719 million contract to provide engineering services to NASA’s Goddard Space Center in Maryland. Analysts estimate that this contract could generate approximately $11 million in monthly revenue for Intuitive Machines.
With its groundbreaking moon landing and promising contracts with NASA, Intuitive Machines has positioned itself as a key player in the aerospace industry. As the company continues to push the boundaries of space exploration, investors and analysts eagerly await further developments and opportunities for growth.