Jacob Brown
Shares of Intuitive Machines bounced for a second straight day after the firm gave an update that said its moon lander mission “is in excellent health.”
Intuitive Machines Launches Inaugural Cargo Mission
Texas-based lunar company, Intuitive Machines, successfully launched its first cargo mission, IM-1, aboard a SpaceX rocket early Thursday morning. In a subsequent update, the company confirmed that the lander had been powered on and its batteries fully charged.
Although a minor issue with the spacecraft’s navigation system was reported, it was swiftly resolved through a software update.
Market Response
Intuitive Machines’ stock experienced a significant surge, initially jumping up to 30% in early trading on Friday. However, the gains were later pared down to about 16% above the previous day’s closing price of $6.70 per share.
This followed a 35% increase in stock value on Thursday, following the successful launch of the IM-1 mission.
Overall, since the launch, Intuitive Machines’ stock has risen by 75% as of Friday’s trading high, although it remains below its post-SPAC merger debut pricing from a year ago.
Analyst Perspective
Andrew Chanin, CEO of ProcureAM, which manages the “UFO” space-focused ETF, commented on the volatility surrounding space companies like Intuitive Machines.
He highlighted that while such volatility is not uncommon, particularly for smaller, yet-to-be-profitable companies in the space sector, there is optimism for their success.
Chanin emphasized the significance of achievements in space exploration, as they could attract further investment and attention to the industry.
Moon Mission Details
The IM-1 lander is carrying a variety of government and commercial research payloads and is projected to spend approximately eight days traveling to the moon. Its landing attempt is scheduled for February 22nd.
Growing Interest in Lunar Exploration
Chanin also pointed out the increasing interest in lunar exploration, both from governmental and commercial entities.
He noted that while many investors currently have limited exposure to space-related stocks, successful missions like IM-1 could spur greater interest and investment in the sector.
