Intuitive Machines may be the first private company to land on the Moon, but it turns out that landing wasn’t as successful as investors thought. The company revealed in a news conference Friday evening that its Odysseus Moon lander tipped over and fell on its side.
It looks like the fall isn’t limited to Odysseus. Intuitive Machines stock plummeted 33% to $6.30 on Monday as shareholders responded to the news. The company has lost 34% of its market cap since Friday’s market close — when it stood at about $960 million. Only about one fifth of the company’s shares are available to trade, which renders its stock price highly vulnerable to big ups and downs.
The bad Monday for Intuitive Machines follows a huge rally last week, when the company’s stock climbed 33% after its Moon landing. The company did not immediately respond to Quartz’s request for comment.
Intuitive Machines CEO Steve Altemus still described Odysseus’ landing as a “safe, soft touchdown” after “quite a spicy seven-day mission.” The company’s stock, while down significantly from last week, is still nearly 200% higher than it was at the beginning of 2024.
By the numbers
💸 $962 million: Intuitive Machines’ market cap on Friday at 4 pm ET
👎 $698 million: Company’s market cap Monday midday
📉 34%: How much Intuitive Machines’ stock has fallen on Monday
👩🏽🚀 1972: The last time an American spacecraft landed on the moon
🚀 0: How many private companies landed on the moon before Intuitive Machines