Intuitive Machines (NASDAQ:LUNR) stock is taking off on Wednesday thanks to a $719 million award from NASA.
This was awarded to Space & Technology Solutions, a joint venture led by Intuitive Machines alongside KBR (NYSE:KBR). The award is a cost-plus-fixed-fee indefinite-delivery, indefinite-quantity contract covering NASA’s Joint Polar Satellite System.
The $719 million is the maximum ordering value for the contract. investors will also keep in mind that this contract has a five-year base performance period. This will see LUNR support the NASA GSFC Engineering and Technology Directorate.
Steve Altemus, CEO of Intuitive Machines, said the following about the new contract with NASA:
“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. We look forward to collaborating with NASA to push the boundaries of what’s possible in space.”
How This Affects LUNR Stock
Investors are reacting well to the news of the award from NASA. This has shares of LUNR stock seeing heavy trading on Wednesday. As of this writing, more than 2.3 million shares of the stock have changed hands. That’s well above its daily average trading volume of about 1.3 million shares.
LUNR stock is up 22% as of Wednesday morning.
Investors seeking more of the most recent stock market news today will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
