Key Points:
- Intuitive Machines’ stock plunged 30% after its lunar lander tipped over on the moon’s surface.
- Despite the setback, the company assured stakeholders that the spacecraft was operational and that engineers were actively sending commands.
- Fellow space startups also experienced declines in stock value in after-hours trading following the news.
- The successful landing marked a significant achievement for the space industry, with potential implications for future investments and government contracts.
Intuitive Machines (LUNR.O), the pioneering company behind the successful landing of the first private spacecraft on the moon, faced a setback as its stock plummeted 30% in extended trading. The decline came after the company announced that its spacecraft, Odysseus, had tipped over shortly after touchdown on the lunar surface.
Despite the tumble in stock value, Intuitive Machines assured stakeholders that the spacecraft is “alive and well,” with engineers actively sending commands to the vehicle. NASA officials also commended the effort, emphasizing the significance of the achievement.
The initial touchdown by Odysseus had sparked enthusiasm among investors, buoying shares of fellow space startups like Astra Space (ASTR.O) and Satellogic (SATL.O). However, following news of the tip-over, these gains were tempered in after-hours trading.
Stephen Altemus, CEO of Intuitive Machines, explained that the lander had caught one of its landing feet on the lunar surface during descent, causing it to tip over and rest propped up on a rock. Despite this setback, teams are working to obtain the first photo images from the landing site.
While the tip-over was a setback, all of the lander’s active payloads, except for an art piece, were facing upwards and expected to fulfill their scientific objectives. Analysts, such as Andres Sheppard from Cantor Fitzgerald, had initially lauded the landing as a major achievement that would enhance credibility for the entire space industry.
Intuitive Machines, co-founded in 2013 by space industry investor Kam Ghaffarian and NASA veterans Altemus and Tim Crain, had seen its stock market value near $1 billion amid Friday’s enthusiasm. However, with only 18% of the company’s shares available for trading, the massive turnover of over $850 million worth of shares on Friday marked a significant event for the company.
The successful landing represented a U.S. spacecraft’s first controlled descent to the lunar surface since 1972. Intuitive Machines had spent approximately $100 million developing its Odysseus lander, with additional funds from NASA’s Commercial Lunar Payload Services program.
Despite the setback, Intuitive Machines remains optimistic about prospects, as the landing could open doors to investments and government contracts, providing a much-needed boost to the space industry amid economic uncertainty.
