Why Intuitive Machines' Stock Is Blasting Off In Extended Trading

Intuitive Machines, Inc. LUNR shares are blasting higher in extended trading Tuesday after the company announced it was awarded a NASA contract for communication and navigation services in the near space region, which extends from Earth’s surface to beyond the Moon.

The Details: The contract is a new firm-fixed-price, multiple award, indefinite-delivery/indefinite-quantity (IDIQ) task order contract with a base period of five years and an additional five-year option period, with a maximum potential value of $4.82 billion.

The incrementally funded base ordering period begins Oct. 1, 2024 and goes through Sept. 30, 2029, with the option period potentially extending the contract through Sept. 30, 2034.

Intuitive Machines highlighted the debut of its lunar satellite constellation in connection with the contract.  The company said the satellite constellation will deploy lunar relay satellites and provide communication and navigation services that play an essential role in NASA’s Artemis campaign to establish a long-term presence on the Moon.

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“This contract marks an inflection point in Intuitive Machines’ leadership in space communications and navigation,” said Intuitive Machines CEO Steve Altemus. “We’re pleased to partner with NASA, as one team, to support the Artemis campaign and endeavors to expand the lunar economy.”

LUNR Price Action: According to Benzinga Pro, Intuitive Machines shares are up 37.04% after-hours at $7.40 at the time of publication Tuesday. 

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Photo: Courtesy of Intuitive Machines, Inc.