Intuitive Machines Shares Slide 7% After NASA Delays Artemis Space Campaign

Dow Jones12-06

By Connor Hart

Shares of Intuitive Machines fell after NASA said it is delaying its Artemis space program due to heat-shield problems.

The stock fell 7%, to $11.88, in Thursday afternoon trading. Shares have quintupled since the beginning of the year.

Intuitive was awarded a National Aeronautics and Space Administration contract in September worth up to $4.82 billion, under which the Houston space-exploration company would deploy lunar-relay satellites and provide communication and navigation services that help the agency's Artemis campaign to establish a long-term presence on the moon.

However, NASA on Thursday said its Artemis program would be delayed after the agency's Orion spacecraft's heat shield experienced what it called an unexpected loss of charred material during re-entry of the Artemis I uncrewed test flight.

The agency is now targeting its Artemis II mission--which would send four astronauts on a lunar flyby lasting 10 days--to occur in April 2026, compared with a prior target as early as September 2025. Its Artemis III mission--which would send four astronauts to the surface of the Moon over the course of about 30 days--is now expected to occur in mid-2027, whereas it had previously been targeted for as early as September 2026.

These updated timelines would allow engineers to address the spacecraft's environmental-control and life-support systems, NASA said.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

December 05, 2024 13:46 ET (18:46 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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