Shares of Intuitive Machines Inc. LUNR appropriately skyrocketed 146.0% in afternoon trading, making them the best performer among those listed on major U.S. exchanges, and have tripled in the three days since the space exploration company went public. The company’s merger with special purpose acquisition company (SPAC) Inflection Point Acquisition Corp. (ticker was “IPAX”) was completed on Feb 13. Starting Feb. 14, the company, with the new name “Intuitive Machines Inc.” started trading on the Nasdaq. The company supplies space products and services to support “sustained robotic and human exploration to the moon, mars and beyond.” The stock slipped 3.7% on Feb. 14, then surged 27.0% on Feb. 15 and with Thursday’s moon shot the stock has run up 200.8% in three days. The company has a market capitalization of $1.29 billion at current prices, according to FactSet. The stock’s surge comes at a time that shares of fellow space travel company Virgin Galactic Holdings Inc. SPCE have climbed 14.7% over the past three months, the ARK Space Exploration & Innovation exchange-traded fund ARKX has advanced 7.6% and the S&P 500 SPX has gained 4.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.