Intuitive Machines (NASDAQ: LUNR) closed Friday at $28.97, a 20.2% gain, driven by surging trading volume and a spike in call option activity ahead of its first-quarter earnings release scheduled for May 14. The Houston-based lunar infrastructure company saw 16,864 call contracts change hands, roughly double the typical daily volume, according to data via StockAnalysis.
The rally was part of a broader upswing in space stocks. Rocket Lab (RKLB) jumped 34.2% after reporting record quarterly sales of $200.3 million and a backlog of $2.2 billion. Planet Labs (PL) rose 10.8%, reflecting renewed investor enthusiasm for the sector.
Intuitive Machines is positioning itself as more than a lunar lander manufacturer. The company designs and builds spacecraft, manages space-based networks, and provides infrastructure for commercial, civil, and national-security clients. It claims to have assembled over 300 spacecraft and delivered more than 260 kilograms of payload to the Moon.
The company's strategic pivot accelerated with the January acquisition of Lanteris Space Systems, formerly Maxar Space Systems, for $800 million. CEO Steve Altemus called the deal a "defining moment," bringing large-scale, flight-proven manufacturing capabilities to the company's existing lunar expertise.
Financial results for the fourth quarter of 2025 showed $44.8 million in revenue and a net loss of $59.7 million. However, management's 2026 revenue guidance of $900 million to $1 billion, coupled with expectations for positive adjusted EBITDA, has fueled optimism. Altemus described 2025 as a "transformational year," citing a second lunar flight, entry into national-security space, and partnerships with KinetX and Lanteris.
NASA remains a key customer. In March, the agency awarded Intuitive Machines a $180.4 million Commercial Lunar Payload Services (CLPS) contract for the IM-5 mission, which will use the company's larger Nova-D lander. The mission targets Mons Malapert, a ridge near the lunar south pole with reliable Earth line-of-sight and consistent lighting, critical for communications and infrastructure.
Analyst sentiment is mixed. KeyBanc's Michael Leshock raised his price target to $27 from $26, while Roth Capital's Suji Desilva increased his to $35 from $25. After Friday's close, LUNR traded at $28.97, above the lower target but below the higher one.
Risk factors remain, including potential delays, launch failures, missed lander milestones, government funding fluctuations, integration challenges from acquisitions, and dependence on a limited supplier base. Investors will look to the May 14 earnings call for clarity on first-quarter revenue, margins, and backlog conversion.
