Intuitive Machines Sinks on Concerns Lander Tipped on Moon

(Bloomberg) — Intuitive Machines Inc. shares sank Monday, after the spacecraft company said its lander, which successfully touched down on the moon last week, likely landed on its side.

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The stock dropped 35%, its biggest drop in about a year, and roughly 44 million shares exchanged hands — well above its daily average over the past three months, and a sign of heavy investor interest. The drop represents a pronounced reversal from recent excitement over the Houston-based company’s mission; shares remain up nearly 145% this year.

In a Monday update, the company wrote that “flight controllers intend to collect data until the lander’s solar panels are no longer exposed to light,” and that “based on Earth and Moon positioning, we believe flight controllers will continue to communicate with Odysseus until Tuesday morning.”

The landing was touted as the first by a private-sector company to reach the moon intact, as well as the first US spacecraft to reach the moon’s surface since 1972. In a Friday press briefing, Intuitive Machines initially said the vehicle had landed upright, an incorrect belief it subsequently said was due to faulty data.

The company continues to download data from the lander, which still has “quite a bit of operational capability,” including the ability to charge.

While the stock has seen steep gains this year, it lost about three-fourths of its value over the course of 2023.

(Updates to market close.)