Intuitive Machines’ stock took a sharp 23% dive on Friday after confirming that its second moon lander, Athena, had landed on its side, much like the company’s first lunar attempt last year. The six-legged Athena lander had touched down approximately 100 miles (160 km) from the moon’s south pole, but the mission was declared a failure due to the spacecraft’s tilted position. The company cited the challenges of the lander’s orientation, the impact of the sun’s direction on the solar panels, and the extremely cold temperatures in the crater, which prevented the craft from recharging.
As a result, Intuitive Machines’ stock experienced its most significant drop in over a year. Shares had already fallen 20% the previous day, but the company had seen a considerable rise in value over the past 12 months prior to this setback.
Athena was carrying 11 scientific payloads, including tools for water ice exploration, lunar soil analysis, and the first data center and cellular network on the moon. Despite the failure, the company remains involved in NASA’s plans to reduce the cost of lunar exploration, with Intuitive Machines among the private companies leading the U.S. return to the moon.
Meanwhile, SpaceX’s Starship rocket also faced a setback, exploding minutes after its launch on Thursday. Despite these challenges, industry analysts believe that Intuitive Machines, though impacted by the recent failure, is still well-positioned to capitalize on the growing space exploration industry.
Andres Sheppard, senior analyst at Cantor Fitzgerald, remarked that while the sideways landing might affect the company’s credibility, it doesn’t signal a dire situation for Intuitive Machines. “We still think they are one of the better-positioned companies in the space exploration industry.”