Intuitive Machines, a lunar company, is making headlines with its soaring stock prices. The company’s stock experienced a notable 50% surge, surpassing its SPAC debut price in trading. This surge comes as the company’s first mission, IM-1, approaches the moon and completes significant milestones.
The stock surged as much as 65% in trading on Tuesday, reaching an intraday high of $12.05 per share. This price is higher than the $10.03 per share that shares traded at after the company completed its SPAC merger in February 2023. The stock closed the day at $10.99 per share, marking a 50% increase. Just last month, the stock was trading near $2 per share, making its current price more than double.
Intuitive Machines’ success can be attributed to the progress of its mission, IM-1. The mission launched on a SpaceX rocket and has already achieved several key milestones identified by the company. One significant milestone was when the lander, named “Odysseus,” successfully fired its engine for the first time. This engine adjustment allowed the lander to remain on target and adjust its trajectory.
In daily updates, Intuitive Machines has reported that its cargo lander is in excellent health and is preparing to enter the moon’s orbit on Wednesday. This lunar orbit insertion will be the mission’s largest challenge to date. If successful, the company plans to make its moon landing attempt on Thursday at 5:49 p.m. ET.
The IM-1 lander is carrying 12 government and commercial payloads, six of which are for NASA under a $118 million contract. This mission is part of NASA’s Commercial Lunar Payload Services initiative, which aims to use low-cost private spacecraft to deliver science projects and cargo to the moon in support of the agency’s Artemis crew program.
Intuitive Machines’ success comes at a time when lunar missions have had mixed success in the past. Since the early 1960s, there have been more than 50 attempts to land on the moon, with varying degrees of success. Last month, U.S. company Astrobotic encountered problems shortly after launch and failed to make a lunar landing attempt. Intuitive Machines’ progress in its mission is a significant achievement in the field.
Overall, Intuitive Machines’ stock surge reflects the success and progress of its IM-1 mission. With the company approaching the moon and completing key milestones, investors are showing confidence in its future prospects. As the company continues to make strides in lunar exploration, it is positioning itself as a key player in the space industry.
