Intuitive Machines stock soars after being awarded NASA contract worth up to $719 million

Shares of Intuitive Machines Inc. (LUNR) jumped 16.1% in active morning trading toward a one-month high, after the space exploration company said it awarded a contract from the National Aeronautics and Space Administration (NASA) valued at up to $719 million. The company said Space Networks Solutions LLC, which is doing business as Space & Technology Solutions, which is a joint venture led by Intuitive Machines with KBR Inc. (KBR), was awarded a "fixed-fee indefinite-delivery, indefinite-quantity contract to support work related to NASA's Joint Polar Satellite System. "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, and a validation of the Company's experience in spacecraft development, autonomous systems, and near-space communications," said Intuitive Machines' Chief Executive Officer Steve Altemus. The stock's rally comes while the Nasdaq Composite Index fell 0.4% and the S&P 500 declined 0.3%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

04-19-23 1050ET

Copyright (c) 2023 Dow Jones & Company, Inc.