Why Intuitive Machines Stock Is Blasting Off Today

Intuitive Machines Inc LUNR shares are trading higher Wednesday after the space exploration company announced it was awarded a $719 million NASA contract.

What To Know: NASA awarded Intuitive Machines a cost-plus-fixed-fee indefinite-delivery, indefinite-quantity contract meant to support work related to the Joint Polar Satellite System. The contract has a five-year base performance period with a maximum value of $719 million. 

"Humanity's advancement into the solar system is built upon more than a decade of innovation under NASA's OMES contract, and Intuitive Machines intends to continue that legacy," said Steve Altemus, CEO of Intuitive Machines.

"This win is of strategic importance, allowing Intuitive Machines to support NASA in designing, developing, and demonstrating critical technology required to support the emerging orbital servicing market."

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LUNR Price Action: Intuitive Machines has a 52-week high of $136 and a 52-week low of $8.55.

The stock was up 30.8% at $13.60 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Intuitive Machines.