Space technology company Intuitive Machines (LUNR) has been battered in 2025, but analysts at Canaccord say a rebound may be taking shape as the growth-stage firm shores up its balance sheet.
In a recent note, Canaccord reiterated its Buy rating on LUNR even after a 53% year-to-date slide. Although the firm shaved its price target to $18.50 from $19.00, it still implies more than 100% upside.
The optimism followed Intuitive Machines’ $345 million convertible debt raise at $13.11 per share, boosting its cash reserves to $643.6 million.
The deal avoided heavy shareholder dilution, giving the company breathing room for corporate spending and R&D while limiting additional downside.
“Analyst views financing as strengthening balance sheet while limiting dilution risk,” Canaccord wrote.
They’re not alone. B. Riley Securities, Clear Street LLC, Roth Capital Partners, Cantor Fitzgerald, and Benchmark Co. have all weighed in with Buy ratings and targets ranging from $14 to $19.
Bulls argue that for growth stocks like Intuitive Machines, staying power is the real story, with its backlog and fresh contracts suggesting potential beyond near-term pain.
From moonshots to missteps
There’s no disguising LUNR’s stumbles. The stock opened the year near $20 before sliding below $9, with much of the damage landing even before President Trump’s tariff blitz roiled markets.
The steepest hit came after the failure of its second lunar lander, Athena, to touch down on the Moon’s south pole, a painful repeat of the earlier Odysseus mission.
Athena was designed to demonstrate lunar mobility, test 4G connectivity, and scout for water ice, part of the company’s pitch to build sustainable lunar access and infrastructure services.
Instead, the mission ended in another costly miss, adding fuel to investor doubts.
Financially, the company hasn’t helped its case. Ahead of its debt deal, Intuitive Machines reported second-quarter losses of $38.2 million and cut its full-year revenue forecast, highlighting just how far it has to climb.
The long game in orbit
Even so, the pipeline remains intact. Intuitive Machines has more than $250 million in backlog, including nearly $50 million in new awards tied to its Near Space Network Services contract.
It’s a $10 million grant from the Texas Space Commission, and a $7 million NASA Omnibus contract.
And while lunar landings have proved elusive, the company is pushing another angle. As InvestorsObserver reported, Intuitive Machines is positioning itself as a “FedEx for low Earth orbit,” ferrying cargo to and from orbit to support space-based manufacturing.
For now, the stock remains grounded. But with a cash cushion and analysts doubling down, a turnaround may be around the corner, especially if Intuitive Machines can finally stick the landing.
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