ML - Intuitive Machines stock jumps on NASA deal LUNR shares up over 4%

2024-04-04 12:12:06 ET

Intuitive Machines Inc. (NASDAQ: LUNR), a space-exploration company, has clinched a groundbreaking contract from NASA worth $30 million.

The contract aims to pave the way for the development of a Lunar Terrain Vehicle (LTV) using the company’s cutting-edge Nova-D lunar lander technology.

Intuitive Machines shares surge

The announcement sent shares of Intuitive Machines soaring by 11.2% in premarket trading on Thursday, marking a significant boost for the space exploration industry.

Intuitive Machines has formed a formidable partnership with leading technology firms including AVL, Boeing Co. (BA), Michelin (FR:ML) (MGDDY), and Northrop Grumman Corp. (NOC) to spearhead the development of the Reusable Autonomous Crewed Exploration Rover (RACER).

As the prime contractor, Intuitive Machines is tasked with driving forward the RACER initiative, a critical step towards achieving NASA’s ambitious Artemis program objectives.

What is NASA’s Artemis program?

NASA’s Artemis program, geared towards establishing a sustained human presence on the lunar surface, envisions leveraging resources such as water ice for life support and fuel.

Intuitive Machines recently made headlines with its IM-1 mission, achieving the historic feat of landing the first commercial lander successfully on the lunar surface. The successful landing of Odysseus on February 22 propelled Intuitive Machines’ stock to new heights.

Despite challenges, including the recent confirmation that the lander has “permanently faded” on the moon, Intuitive Machines remains undeterred in its pursuit of lunar exploration.

Over the past 12 months, shares of Intuitive Machines have surged by an impressive 134.1%, outperforming the broader S&P 500 index’s gain of 27%.

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