Why Intuitive Machines Stock Is Soaring Today

Shares of Intuitive Machines (NASDAQ: LUNR) are soaring on Tuesday. The company's stock gained 5.3% as of 12:20 p.m. ET and was up as much as 14.7% earlier in the day. The jump comes as the S&P 500 and Nasdaq Composite were up 2% and 1.6%, respectively.

The space exploration company announced a deal was reached with SpaceX to launch its fourth lunar mission.

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Intuitive is partnering with SpaceX

Intuitive Machines revealed today that it selected SpaceX's Falcon 9 rocket to launch its fourth lunar delivery mission (IM-4). The rocket will launch from Florida and carry data relay satellites critical to NASA's Near Space Network Services (NSNS) contract.

"Lunar surface delivery and data relay satellites are central to our strategy to commercialize the Moon," said Intuitive Machines CEO Steve Altemus in the announcement. The payload of communication infrastructure shows that the company is moving beyond one-off lunar landings toward establishing persistent lunar services. Two more missions will complete the satellite network that will support NASA's lunar ambitions as well as commercial operations. The network will be "pay-by-the-minute," representing a source of recurring revenue for the company.

The last mission wasn't exactly a success

Intuitive's recent lunar mission touched down off course and was short lived after the company's lander tipped over and its batteries drained prematurely. NASA has still expressed confidence in the company, but today's announcement represents an important diversification opportunity and helped overshadow its recent failure. Intuitive remains an investment that carries a high level of risk -- there are just so many unknowns surrounding its ability to execute and the viability of its business model -- but the company has shown a lot of promise. It's an interesting pick for investors with a high risk tolerance.

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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.