Moon Mission
Trading on Friday saw a 20% surge following the company’s triumphant inaugural Moon Mission.
On Thursday, Intuitive Machines’ Nova-C cargo moon lander, dubbed “Odysseus,” achieved a significant milestone by becoming the first privately developed spacecraft to successfully land on the lunar surface. This accomplishment also marks the first soft landing by a U.S. spacecraft on the moon in over 50 years.
The Houston-based company has confirmed that the IM-1 mission lander is in an upright position and successfully transmitting data to Earth.
“Odysseus has discovered his new abode,” remarked Tim Crain, Intuitive Machines’ CTO and director of the IM-1 mission, Thursday evening from the company’s mission control.
Intuitive Machines’ stock surged 40% from its previous close of $8.28 per share before retracing some gains amidst significant trading activity. The company now boasts a market valuation of approximately $1 billion.
Over the past month, the company’s stock has been on a steady rally fueled by anticipation surrounding the IM-1 mission. Intuitive Machines, which went public through a SPAC a year ago, saw its shares plummet to record lows near $2 in January before experiencing a remarkable turnaround.
Prior to the landing, Wall Street analysts cautioned weekly wakeup about the unique nature of the event, suggesting that it might trigger volatile momentum trading.
“We’ve never seen a publicly traded company attempt a moon landing before. This is uncharted territory for investors and analysts alike,” remarked Andres Sheppard from Cantor Fitzgerald ahead of the landing.
In an investor update following the successful landing, Cantor Fitzgerald has raised its price target for Intuitive Machines’ stock to $13 per share, up from the previous $4 per share.
“This affirms the company’s technology and enhances its credibility substantially. Consequently, we are confident that Intuitive Machines is now excellently positioned to seize opportunities in the expanding commercial space industry and subsequent launches,” Sheppard expressed in the note.
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In a statement released Friday morning, Intuitive Machines reassured that “Odysseus is operational and thriving,” emphasizing the ongoing process of the lander’s solar panel recharging.
The company stated that flight controllers are in communication with and directing the vehicle to retrieve scientific data.
The company and NASA have scheduled a press conference for Friday at 5 p.m. ET.
The Odysseus lander transported a total of 12 payloads, a combination of government and commercial instruments. Notably, six of these payloads were designated for NASA as part of a $118 million contract through the agency’s Commercial Lunar Payload Services (CLPS) initiative.
Intuitive Machines has secured two additional CLPS contracts for upcoming lander missions, with IM-2 slated for a possible launch in the latter half of this year.
Furthermore, Intuitive Machines has secured a portion of a lucrative five-year contract valued at $719 million, aimed at providing engineering services to NASA’s Goddard Space Flight Center in Maryland. Analysts project that this contract with Goddard will generate approximately $11 million in monthly revenue for Intuitive Machines. Cantor Fitzgerald estimates that the company is poised to achieve a revenue of around $338 million in fiscal year 2024.
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