Excitement over SpaceX’s IPO is reaching a fever pitch, temporarily sending space stocks up sharply Monday morning.
Intuitive machines (NASDAQ: LUNR) The stock, the company that returned America to the moon in 2024 and reported skyrocketing sales last week, jumped nearly 14% this morning before reversing and giving back all of its gains. At 10:40 a.m. ET, Intuitive stock is actually below 2%.
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SpaceX chooses an IPO date
That’s a big change considering that as recently as Friday, four Wall Street banks lined up to increase price targets at Intuitive Machines. If there is no bad news today, why is the sentiment suddenly reversing?
In fact, I have some thoughts on that.
Start with the IPO news: Over the weekend, Reuters reported that SpaceX moved up its IPO date. SpaceX will begin marketing its “roadshow” on June 4, then price the IPO on June 11 and begin trading the next day.
That’s SpaceX’s IPO date: June 12.
Is SpaceX’s IPO good or bad news for Intuitive Machines?
This means space investors have less than a month left before the SpaceX IPO. Less than a month to trade space stocks amid IPO enthusiasm. Less than a month until Intuitive Machines stock, which has risen 32% in the past two weeks, continues to soar.
In other words, this momentum stock may soon run out of gas.
The worst news for Intuitive Machines is that once SpaceX IPOs, it will suck all the oxygen out of the airlock. Investors who are excited about SpaceX will be able to buy SpaceX, not just invest in a second-rate replacement for the largest space company on Earth.
When that happens, I expect other space stocks to fall. In fact, this may be happening even today.
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