Intuitive Machines (NASDAQ:LUNR) stock is up nearly 50% today after the lunar orbit deliver company completed new milestones as it proceeds towards the moon. Indeed, LUNR is currently trading at $10.40 per share, overtaking its $10.03 share price it achieved after it went public via special purpose acquisition company (SPAC) merger in early 2023.
It appears most investors have hopped back aboard Intuitive’s rocket as a result of the company’s recent space ventures. The company’s IM-1 mission, which launched on a SpaceX rocket, has completed a notable portion of its 16 highlighted milestones it hopes to achieve on the mission. This includes the successful engine-launch of its lander, Odysseus.
The Houston-based company has issued a series of updates since last Friday, including confirmations of the status of its lander, and updates on its location — preparing to enter the moon’s orbit. Intuitive is currently gearing up for a moon landing, estimated to occur on Thursday at 5:49 p.m. Eastern.
The IM-1 expedition marks Intuitive’s second mission under NASA’s Commercial Lunar Payload Services initiative, which promises to use comparably inexpensive private spacecrafts to deliver various projects and cargo to the moon with more regularity. Of the 12 payloads the lander is carrying, six are for NASA as part of a $118 million contract with the government agency.
LUNR Stock Soars Ahead of Moon Landing
LUNR stock is up a staggering 380% year-to-date after sinking about 70% in the past 12 months. This marks a massive upswing for LUNR, as it entered the year at just $2.36 per share.
It appears investors have taken to the high flyer since its Q3 earnings report back in September. In its fiscal third quarter, Intuitive announced strong year-over-year earnings per share (EPS) and revenue growth.
There’s no denying that its current expedition to the moon is what’s grabbing investor dollars currently. Indeed, should Intuitive pull it off on Thursday it would mark the first private company ever to reach the moon. It would also mark the first American moon landing in more than half a century.
For context, moon landings remain a technical difficulty, even with modern technology. Just a month ago, Astrobotic Technology’s Peregrine lander malfunctioned on its way to the moon, causing a propellant leak.
“When you have unlimited funds like they did during at the Apollo days, yes, you can do incredible things,” said Trent Martins, Intuitive Machines Vice President of Space Systems. “Now, can we find a way to do it for a lower cost, where there is a marketplace that is not driven solely by government funds?”
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
