Intuitive Machines falls 8% on SpaceX IPO, offering pressure
Intuitive Machines Inc shares fell nearly 8% on Tuesday as capital rotated into newly public SpaceX and investors reacted to a $500 million equity offering program. Short interest increased to 34.79 million shares, representing 26.53% of the float. While the stock remains in a long-term uptrend above its 200-day SMA, it has fallen below key short-term moving averages, with support eyed around $23.
*this image is generated using AI for illustrative purposes only.
Intuitive Machines Inc shares fell nearly 8% on Tuesday morning as traders rotated capital into newly public industry peer SpaceX and digested the impact of a recent $500 million equity offering program. The stock declined to $23.71, extending recent losses as market participants shifted focus to the space sector's newest listing. This pullback contrasts with the stock's previous rally, which had driven it 148.40% higher over the past 12 months.
Capital Rotation and Offering Pressure
Market participants are aggressively moving out of secondary space equities to fund positions in SpaceX, which went public on Friday. While Intuitive Machines dropped, SpaceX stock gained 10% in tandem. The downward movement also follows an announcement on June 4, where Intuitive Machines disclosed an at-the-market equity offering program. According to regulatory filings, the facility allows the company to sell up to $500 million of Class A common stock over time through a syndicate of investment banks. The filing continues to weigh on investor sentiment due to the potential for future shareholder dilution.
Rising Short Interest
Recent exchange data reveals that short interest in Intuitive Machines increased during the last reporting period, rising from 30.57 million to 34.79 million shares. This increase positions 26.53% of the company's publicly available float short. Based on a recent average daily trading volume of 21.25 million shares, the current short interest results in a days-to-cover ratio of 1.64 days.
Technical Levels and Trend Analysis
From a trend perspective, LUNR remains in a long-term uptrend. The stock is trading 32.6% above its 200-day simple moving average (SMA) of $18.03. However, the near-term picture has weakened significantly. Shares are now 29.5% below the 20-day SMA of $33.92 and 19.4% below the 50-day SMA of $29.70, suggesting the recent rally has shifted into a corrective phase.
Momentum has cooled, with the MACD below its signal line and a negative histogram indicating fading buying pressure. Despite this, the broader trend remains constructive due to a bullish alignment known as a golden cross, formed in November 2025, where the 20-day SMA remains above the 50-day SMA, and the 50-day SMA stays above the 200-day SMA. Bulls will likely look for the stock to stabilize near support before attempting to reclaim the 50-day SMA.
| Metric | Value |
|---|---|
| Current Price | $23.71 |
| 20-day SMA | $33.92 |
| 50-day SMA | $29.70 |
| 200-day SMA | $18.03 |
| Short Interest | 34.79 million shares |
| Short % of Float | 26.53% |
| Days to Cover | 1.64 days |
Key support is situated around $23, a level where buyers have previously stepped in, making it a critical threshold for signs of renewed demand.
How long will the capital rotation from secondary space equities to SpaceX persist given the current market dynamics?
What specific catalysts are required for Intuitive Machines to reclaim its 50-day SMA and reverse the current corrective phase?
Will the increased short interest of 26.53% trigger a short squeeze if the stock stabilizes near the $23 support level?
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