Intuitive Machines shares surged about +12.3% in mid-day trading as the broader space industry received a substantial lift from the imminent SpaceX initial public offering. The IPO is slated to price at $135 per share tonight and begin trading on Nasdaq on Friday under the ticker SPCX, in a listing that market participants have described as potentially the largest IPO in history with a target valuation near $1.75 trillion. That dynamic has created a pronounced halo effect for publicly traded space-related companies, prompting traders to reposition ahead of Friday’s debut and injecting fresh capital into listed sector proxies.
The buying enthusiasm has been visible across a number of names. Traders have been accumulating shares of companies such as Rocket Lab, Redwire and AST SpaceMobile as they seek exposure to the renewed momentum. Intuitive Machines was among the more notable movers, joining a wave of sympathetic buying that has lifted several smaller-cap space names.
Risk appetite on Thursday remained firm, supporting the rally. The broad market backdrop showed gains across major indices, with the S&P 500 up +0.6%, the Dow Jones Industrial Average advancing +0.9% and the Nasdaq rising +0.9%. That environment has helped risk-oriented strategies and sector rotation into areas perceived to benefit from the SpaceX listing.
Specific technical measures for LUNR point to a constructive longer-term setup. LUNR is trading approximately 18% above its 100-day moving average and 58.3% above its 200-day moving average. The 50-day simple moving average remains above the 200-day moving average, a so-called golden cross that was first recorded in November 2025. Analyst coverage also tilts positive: the stock carries an average 12-month price target of $40.78, and seven of eight covering analysts have Buy recommendations.
Today’s rebound for LUNR reflects several converging forces. The SpaceX IPO halo has reignited enthusiasm that had moderated earlier in the week. LUNR had been under pressure following a stretch of volatility that included a 28–30% drawdown from its 52-week high of $46.75, and some of the recent upside represents a technical bounce from those oversold levels. Fundamental considerations also support the move: company commentary points to a record backlog of $1.1 billion and management guidance of $900 million to $1 billion in full-year 2026 revenue, along with expectations that the business will remain EBITDA positive. These factors combined to produce one of LUNR’s largest single-session gains in recent months.
Sector performance earlier in May had already been strong as market participants anticipated SpaceX’s planned Nasdaq listing and the valuation potential that listing implied. That rally subsequently experienced a pullback after a Blue Origin rocket explosion undermined sentiment and as investors who had previously accumulated sizeable gains took profits. A short-squeeze unwind also contributed to downward pressure during that pullback.
With SpaceX now on the cusp of publicly listing, traders appear to be placing fresh bets on names that could capture a piece of the renewed sector attention. The immediate effect is a wave of incremental capital rotating into listed space companies, reflected in today’s intraday moves across multiple tickers. Whether the momentum sustains will depend on market flow and event-driven catalysts in the days ahead, but Thursday’s action underscores how a landmark IPO can re-energize an entire thematic group.
Summary
Intuitive Machines climbed over 12% mid-day as a sector-wide buying wave, driven by the imminent SpaceX IPO priced at $135 and impending Nasdaq debut under SPCX, lifted space-related equities. Technical strength, solid backlog and management revenue guidance supported LUNR’s rebound, while gains in major U.S. indices provided a favorable risk-on backdrop.