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Intuitive Machines Inc (NASDAQ:LUNR) shares are rising in extended trading Thursday after the company announced a contract extension from the U.S. Air Force Research Laboratory.
What Happened: Intuitive Machines said it received an $8.2 million contract extension from the U.S. Air Force Research Laboratory’s Space Vehicles Directorate to develop next-gen nuclear power systems for spacecraft and lunar infrastructure.
The extension follows an earlier $9.5 million contract to develop compact nuclear power systems for space applications. Intuitive Machines said the original program culminated in a successful preliminary design review in September.
The company plans to use the additional funding to accelerate the readiness of its nuclear power conversion technology. Intuitive Machines will begin preparing the system for flight as it aims to ultimately demonstrate space-based nuclear power in orbit.
“This award moves us from design to flight hardware, which is a critical step toward proving that compact nuclear power systems can survive and perform in space,” said Tim Crain, co-founder and chief growth officer of Intuitive Machines.
“Because Intuitive Machines is vertically integrated across space data, infrastructure and delivery services, we can rapidly innovate across the entire mission lifecycle and deliver compact, high-performance technologies and scalable solutions required for sustained operations in space.”
Besides going to a brokerage platform to purchase a share — or fractional share — of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For Intuitive Machines, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
LUNR Price Action: Intuitive Machines shares were up 5.54% in after-hours Thursday, trading at $12 at the time of publication, per Benzinga Pro.
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Image: courtesy of Intuitive Machines.
Posted In: LUNR
