Intuitive Machines' Moon Mission Nears End, Shares Crash Harder Than Lunar Lander

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by Tyler Durden
Tuesday, Feb 27, 2024 - 12:45 PM

Shares of Intuitive Machines plummeted once again in premarket trading following the announcement by the space exploration company that its Odysseus moon lander is expected to lose communication capabilities today.

"Flight controllers intend to collect data until the lander's solar panels are no longer exposed to light. Based on Earth and Moon positioning, we believe flight controllers will continue to communicate with Odysseus until Tuesday morning," Intuitive Machines wrote in a post on social media platform X. 

Intuitive Machines posted an image of the lander on the lunar surface. While landing late last week, the lander tipped over when it touched down. This landing position means the solar array cannot be properly deployed, and antennas are pointed toward the moon's surface, slowing communications down with operators on Earth. Without power, the lander's heaters won't work, so it might not survive the frigid lunar night. 

Shares are down as much as 27% in premarket trading in New York. From the high of nearly $14 a share before the landing last Thursday, shares have crashed 67%. 

"There is a lot of retail activity driving volatility in the stock right now, and probably shorting associated with that ... would be helpful to get more color on the reliability of (moon lander) comms," Canaccord Genuity analyst Austin Moeller said.

Thanks for playing the space bubble.