NEW YORK, June 3, 2026, 13:05 EDT
Intuitive Machines shares tumbled 15.6% around midday Wednesday. The drop came after the lunar-technology company said it could sell up to $500 million in Class A stock. That move put more pressure on one of the more active space names this year. The stock, which trades on the Nasdaq, was at $33.41 and had hit $33.28 earlier in the day, with volume topping 10.7 million shares.
Timing is key here. Intuitive Machines isn’t putting out a block sale. The company is going with an at-the-market, or ATM, program, letting it sell shares when it wants, at whatever the market is paying. Management gets more leeway, but the tradeoff is dilution for current holders, so each share could end up worth a smaller piece of the company.
The company, in a June 3 filing, said it signed a sales agreement connected to an effective shelf registration. That will let it sell up to $500 million of Class A shares through Barclays, Cantor Fitzgerald, B. Riley, Canaccord Genuity, Deutsche Bank, KeyBanc, Roth Capital, and Stifel. The agents may get commissions up to 3% of the sale price per share, according to the filing.
Intuitive Machines OpCo will handle the proceeds, the prospectus said, and plans to spend the money on general corporate uses like R&D, working capital, capex, or deals. The filing also said it’s not possible yet to estimate either the number of shares to be issued or how much will be raised.
ATM filings can weigh on stocks that have rallied, since they give more supply to the market. With Intuitive Machines valued at around $4.94 billion at midday, a $500 million ATM, if fully tapped, would be significant no matter what the final share figure is.
Losses hit other space stocks too. Rocket Lab slipped roughly 7.2%, and AST SpaceMobile dropped about 9.6% as space-related names slid with the broader pullback in risk assets.
SpaceX’s IPO filing is front and center after Reuters said Wednesday the company aims to price at $135 a share, with a $75 billion raise and plans to debut on Nasdaq as “SPCX” on June 12. That pending listing is drawing some fresh focus to space stocks, while also giving investors a higher-profile option instead of the smaller space names already trading. Reuters
Intuitive Machines has been moving on its contract book. The company posted first-quarter revenue of $186.7 million in May, with adjusted EBITDA of $2.7 million. Backlog is about $1.1 billion. CEO Steve Altemus said Intuitive Machines keeps “executing, growing, and winning new business at record pace.” SEC
Analysts track awards and backlog almost as closely as news of moon landings. Cantor Fitzgerald analyst Andres Sheppard told Reuters last year Intuitive Machines’ main revenue comes from space contracts, not launch missions.
The trade doesn’t just help. The prospectus flagged that selling shares, or even investors thinking they might hit the market, could weigh on the stock. The company also said it could need more outside money if it grows. If a mission slips, if a government award doesn’t come in or if space stocks pull back, the ATM program could end up as an overhang, not just a tool for flexibility.
Execution is the next test, not just the filing. Intuitive Machines said it will detail share sales, net proceeds, and agent fees at least every quarter under the program. For now, traders are watching to see how much fresh capital the growth plan will need and how much dilution shareholders will accept.
