Intuitive Machines stock rises after NASA announces new contracts

Intuitive Machines stock rose over 20% in early trading on Monday, settling at a 6.5% gain. The increase followed NASA's announcement of additional contracts for the company's Near Space Network communications services. These new contracts enhance data transmission and support operations for communications between Earth satellites and spacecraft in cislunar space. However, the contracts are described as "task orders" and may not provide additional funding beyond the existing $4.8 billion contract awarded in September. While the new contracts do not specify a dollar value, they are intended to complement the original agreement. Intuitive Machines retains its significant contract with NASA, which continues to positively impact its stock.