Shares of space technology provider Intuitive Machines soared 61.48% in morning trading on Wednesday after the company announced another contract with NASA.
The dip looks large, but shares have been volatile since the start of September, gaining almost 16% through Tuesday. In late August, Intuitive Machines said it had been awarded a $117 million contract to deliver six science and technology payloads to the Moon's South Pole.
The numbers for the latest contract could dwarf that amount, potentially reaching some $4.8 billion over 10 years. Intuitive will provide "communication and navigation services for missions in the near space region, which extends from Earth's surface to beyond the Moon"
The contract is huge for the company. Wall Street projects 2024 and 2025 sales of $223 million and $371 million, respectively.
"This contract marks an inflection point in Intuitive Machines' leadership in space communications and navigation," said CEO Steve Altemus. "We're pleased to partner with NASA, as one team, to support the Artemis campaign and endeavors to expand the lunar economy."
Intuitive burst onto investors' screens after launching its Odysseus lander in February. That became the first soft landing on the moon for a U.S. entity in some 50 years. Odysseus landed on the moon autonomously -- the first-ever such landing for an American company.