Intuitive Machines Jumps 8% on Third NASA Contract in Six Months; Rocket Lab Climbs 5%, SpaceX Gains 3%
NASA just handed Intuitive Machines its third Earth science contract in six months, sending shares surging, but a record backlog and soaring revenue forecasts sit alongside a balance sheet that still worries skeptics ahead of a critical earnings test.
A fresh Earth science award from NASA is giving Intuitive Machines (NASDAQ:LUNR) a lift after a rough stretch for the lunar specialist. Intuitive Machines stock is at $10.63 in morning trading, up 8%. The prior session’s close was $9.86, ending a two-session selloff.
Even with the gain, Intuitive Machines stock is still down 35% year to date (YTD). Over 2026, the Houston-based company has transformed itself into what it calls a next-generation space prime, buying Lanteris Space Systems for $800 million in January and closing its Goonhilly Earth Station and COMSAT acquisition in August.
FALCON-RADAR Gives Intuitive Machines a Third Earth Science Win
NASA’s Jet Propulsion Laboratory selected Intuitive Machines to provide the spacecraft platform and system-level integration for the FALCON-RADAR Earth science mission, the company disclosed on November 3. The mission is set to fly on the company’s IM-series spacecraft bus, targeting launch no earlier than 2029, to study clouds, light rain and convection. Financial terms weren’t disclosed.
According to the company, the radar technology could support future Moon and Mars applications. CEO Steve Altemus tied the award to delivering “more science on faster timelines.” FALCON-RADAR follows NASA’s EAGLE-VSWIR selection in August and the EDGE mission, making it Intuitive Machines’ third NASA Earth science award in six months.
Record Backlog Puts Intuitive Machines’ Contract Run in Context
On August 13, Intuitive Machines reported a record Q2 2026 backlog of $1.8 billion, up $1.5 billion from year-end 2025. That quarter also brought NASA’s sixth Commercial Lunar Payload Services (CLPS) lander mission award under the Moonbase program, plus two prime lunar survey awards. Management reaffirmed the company’s full-year 2026 revenue guidance of $900 million to $1 billion and expects positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the year.
Intuitive Machines is scheduled to report Q3 2026 results on November 12. Analysts expect revenue growth of 370% and a loss of $0.12 per share, according to Fiscal.ai.
Rocket Lab and SpaceX Rise but Trail Intuitive Machines
Rocket Lab (NASDAQ:RKLB | RKLB Price Prediction) stock is at $54.42, up 5%. The move falls behind Intuitive Machines’ advance, even with a busy background that includes more than $1 billion in new contracts Rocket Lab signed in Q3.
SpaceX (NASDAQ:SPCX) stock is at $140.99, up 3%, the smallest gain of the group. AST SpaceMobile (NASDAQ:ASTS) is also higher, as it’s up 4% to $37.63. Growth and technology stocks are rallying after a turbulent prior session, with the midterm elections in focus. With every name in the group rising, the pattern points to a broader space-stock bounce, while Intuitive Machines adds company-specific news on top.
How Intuitive Machines’ Business Differs From Rocket Lab and SpaceX
Intuitive Machines builds satellites, flies lunar landers for NASA and is assembling a communications and ground network to operate the infrastructure it delivers. Rocket Lab’s model centers on launch, with its Electron and HASTE vehicles and the Neutron rocket in development, alongside a spacecraft and components business. SpaceX operates on a far larger scale, pairing Falcon 9 and Starship launches with the Starlink broadband constellation and an artificial intelligence (AI) infrastructure segment.
That mix ties Intuitive Machines closely to NASA and defense budgets, and the company depends on outside providers to reach orbit. Even the company’s Mission 3 lander is scheduled to ride a SpaceX Falcon 9 in a January through March 2027 window.
Intuitive Machines’ Earnings Report Tests the Backlog Story
Investors will be watching whether Intuitive Machines’ upcoming third-quarter report shows backlog converting into revenue and cash. Optimists highlight record bookings, a growing list of NASA and national security awards, and a reaffirmed revenue outlook. Balance-sheet strain anchors the bears’ case, with negative shareholders’ equity of $290.08 million, a Q2 operating cash outflow of $59.8 million and integration work across three acquired businesses.
Peter McGrath, who was chief financial officer at the time of the August call, said, “Free cash flow is expected to improve throughout the second half of the year as investments stabilize and milestone receivables come in following our recent awards.” A report that backs that up could support Intuitive Machines stock, while delays in contract definitization might keep pressure on it. Taking a cautious approach may make sense for investors researching LUNR stock until the backlog-to-cash question resolves.
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David Moadel is financial writer specializing in stocks, ETFs, options, precious metals, and Bitcoin. David has written well over 1,000 articles for leading online publications, helping investors understand markets, income strategies, and risk.His work has appeared in The Motley Fool, InvestorPlace, U.S. News & World Report, TipRanks, ValueWalk, Benzinga, Market Realist, TalkMarkets, Finmasters, 24/7 Wall St., and others.With a master’s degree in education, David has taught at the elementary, high school, and college levels. That teaching background shapes his writing style: clear, educational, and practical. David has also built a loyal social-media audience by providing trustworthy financial content on YouTube, X/Twitter, and StockTwits.
