05:02 AM EDT, 09/18/2024 (MT Newswires) -- (Updates with the stock move in the headline and the second paragraph.)

Intuitive Machines ( LUNR ) said late Tuesday the National Aeronautics and Space Administration has awarded the firm a Near Space Network contract for communication and navigation services for missions in the near space region, which extends from Earth's surface to beyond the Moon.

Shares of the company were up more than 42% in premarket activity Wednesday after closing 5.6% lower in regular trading Tuesday.

The company said that the contract has a base period of five years with an additional five-year option period, with a maximum potential value of $4.82 billion.

Intuitive Machines ( LUNR ) said it will deploy lunar relay satellites and provide communication and navigation services that play an essential role in NASA's Artemis campaign to establish a long-term presence on the Moon as part of the contract.

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