Intuitive Machines Inc ( LUNR ) shares are taking off Wednesday morning after the company announced that it was awarded a new NASA contract.

What Happened: After the market close on Tuesday, Intuitive Machines ( LUNR ) said NASA awarded the company a Near Space Network contract for communication and navigation services for missions in the near space region.

The contract has a maximum potential value of $4.82 billion. It includes a base period of five years and an additional five-year option period. The incrementally funded base ordering period will run from October 1, 2024, through September 30, 2029, with the option period potentially extending the contract through 2034.

“This contract marks an inflection point in Intuitive Machines’ leadership in space communications and navigation,” said Steve Altemus, CEO of Intuitive Machines ( LUNR ).

“We’re pleased to partner with NASA, as one team, to support the Artemis campaign and endeavors to expand the lunar economy.”

The contract includes the debut of Intuitive Machines’ lunar satellite constellation, which will provide enhanced data and transmission services and autonomous operations. Under the contract, Intuitive Machines ( LUNR ) will deploy lunar relay satellites and provide communication and navigation services for NASA’s Artemis campaign that aims to establish a long-term presence on the Moon.

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Intuitive Machines ( LUNR ) shares rocketed higher earlier this year after the company’s Moon lander Odysseus touched down on the surface of the Moon as part of the company’s IM-1 mission, bringing the U.S. back to the Moon for the first time since 1972. 

It's worth noting that Intuitive Machines ( LUNR ) shares have seen increased retail attention in recent weeks as traders kept a close watch on the stock in anticipation of potential contract announcements.

On the conference call following earnings in August, Altemus noted that the company received “official information” from NASA that awards for the Near Space Network Services contract were anticipated in August and September. Near the end of August, Intuitive Machines ( LUNR ) announced that it was awarded a $116.9 million contract with NASA to deliver six science and technology payloads to the Moon.

Executives on the call also said the company recently submitted a letter to NASA expressing interest in commercializing the Volatiles Investigating Polar Exploration Rover (VIPER) mission rover system that was canceled in July.

LUNR Price Action: Intuitive Machines ( LUNR ) shares were up 54.3% at $8.33 at the time of publication, according to Benzinga Pro.