Intuitive Machines Inc. stock rallied strongly in morning trading, advancing roughly 14.1% and reaching a 52-week intraday high of $45.52 before trading around $43.65. The jump followed an upbeat research note from Cantor Fitzgerald and a renewed wave of investor appetite for space-related equities.
On May 26, Cantor Fitzgerald analyst Andres Sheppard published a bullish assessment of the company, increasing the firms price target to $43 from $26 while maintaining an Overweight rating. The note identified multiple drivers that the analyst expects to support growth, including an impending decision on the Lunar Terrain Vehicle award, continued progress on the IM-3 lunar mission targeted for the second half of 2026, and additional contract opportunities through the U.S. Space Forces Andromeda IDIQ program.
Cantor Fitzgerald highlighted managements expressed confidence in winning the Lunar Terrain Vehicle award and cited the Andromeda multi-year contract as upside not fully reflected in current estimates. Intuitive Machines is one of 14 companies selected under the 10-year Andromeda IDIQ framework, which carries a potential total value of $6.24 billion and an initial pool of up to $1.84 billion across all awardees.
The firm also noted that Intuitive Machines reaffirmed its fiscal 2026 revenue guidance and projects positive adjusted EBITDA, providing additional comfort to analysts and investors despite a recent quarterly earnings miss. The company reiterated revenue expectations for fiscal 2026 in a range of $900 million to $1 billion.
Operational metrics cited in public disclosures supported the upbeat tone: Intuitive Machines backlog expanded sharply in the first quarter of fiscal 2026, increasing by nearly 400% to $1.055 billion. Management expects roughly 60% to 65% of that backlog to convert to revenue by the end of fiscal 2026, a projection that underpins the firms stated revenue outlook and suggests meaningful near-term work conversion.
Two dynamics combined to amplify the stocks move. First, the Cantor Fitzgerald upgrade and its emphasis on specific, near-term program catalysts drew attention to Intuitive Machines pipeline and financial outlook. Second, the broader space sector received a boost from a high-profile public filing by SpaceX for a potential initial public offering - an event that lifted sentiment across space-exposure names and prompted trading interest in related stocks.
Peers in the sector also reacted to the SpaceX filing, with companies such as Redwire posting gains on the news. Market participants chased space-focused exposure, aided by a recent flurry of product activity: nine space ETFs were filed or launched within the last three months, which market commentators say has increased the number of vehicles linking investor flows to space-related companies. That environment created what some traders described as a "public proxy" bid for companies with direct or indirect ties to the expanding commercial space market.
At the same time, broader equity market strength provided a favorable backdrop. The NASDAQ climbed about 1.3% while the S&P 500 added roughly 0.8%, supporting momentum in high-growth and momentum-oriented names that benefited from the sector-specific catalyst mix.
In sum, the stocks intraday advance reflected a combination of an upgraded analyst view anchored to identifiable program milestones, a sizable increase in backlog with a clear conversion expectation, and elevated investor interest in space equities following a major industry filing and the recent proliferation of space ETFs.