Shares of Intuitive Machines (NASDAQ: LUNR) jumped 6% to $20.22 in early Monday trading following a major contract announcement that extended Friday’s 8% rally.
The company disclosed an authorization to proceed on a multi-satellite communications infrastructure program with an anticipated value of more than $600 million from an undisclosed customer.
Intuitive Machines will use its IM 1300 satellite platform to design, build, integrate, and support the spacecraft under the newly authorized program.
Chris Johnson, President of Intuitive Machines Space Systems, stated the program “reflects the trust customers place in partners who can execute complex space missions with precision, reliability, and schedule discipline.”
CEO Steve Altemus described the award as “an important milestone” and said Intuitive Machines is “executing programs across commercial, civil, and national security space markets.”
One important nuance remains: on the Q2 2026 earnings call, the company had already flagged three geostationary communications satellites worth more than $600 million over the next 30 months, and today’s release does not confirm whether this ATP covers that same work or adds new backlog.
Peers including SpaceX (NASDAQ: SPCX) and Rocket Lab (NASDAQ: RKLB) both traded flat at $140 and $80.60 respectively, framing the LUNR move as a single-name catalyst rather than a broader sector re-rating.
Virgin Galactic (NYSE: SPCE), AST SpaceMobile (NASDAQ: ASTS), Planet Labs (NYSE: PL), and the Procure Space ETF (NASDAQ: UFO) were also little changed on the session, reinforcing the company-specific nature of the move.
The award lands against an already strong operational backdrop, with Intuitive Machines reporting a record backlog of $1.8 billion, more than 80 spacecraft under contract, and year-to-date bookings of $1.7 billion including $1.2 billion in Q2 alone.
Management reaffirmed 2026 revenue guidance of $900 million to $1 billion alongside positive adjusted EBITDA for the year, signaling continued confidence in near-term execution.
The company has built a substantial national security footprint, with that segment growing from 3% to 30% of Q2 revenue year over year, reflecting a meaningful shift in its customer mix.
Intuitive Machines delivered all 16 satellites for the Space Development Agency’s Tranche 1 Tracking Layer and added 18 Tranche 3 Tracking Layer satellites and 18 AMDT3 satellites supporting the Golden Dome architecture.
B. Riley trimmed its LUNR price target to $43 from $45 while maintaining a Buy rating, saying softer Q2 revenue was “overshadowed” by the expanded backlog and continued contract wins.
Cantor Fitzgerald also cut its price target to $32 from $43 while keeping an Overweight rating, citing record backlog, reaffirmed guidance, and “multiple lunar and contract catalysts ahead.”
Investors will be watching for customer identification and award confirmation in upcoming filings, alongside the CLPS 2.0 competition and a third lunar mission aboard a SpaceX Falcon 9 slated for between January and March 2027.
