The 1960s marked an exciting era of exploration. However, as the years rolled on, interest in space exploration began to fade, with governments shifting their focus to other priorities.

Fast-forward to today, and we're witnessing a resurgence. Commercial companies like SpaceX and Blue Origin are at the forefront, revolutionizing space travel and technology after years of stagnation. Meanwhile, NASA's Artemis program is setting its sights on the Moon, with plans to send humans back by 2027.

Intuitive Machines (LUNR 1.28%) is making waves in the realm of space exploration and research. Last year, its lunar lander successfully touched down on the Moon's surface, marking the first lunar landing by an American-made spacecraft since the 1970s. Here's what investors need to know about this early-stage space company today.

Intuitive Machines hit a major milestone in 2024

Intuitive Machines specializes in space products and services, primarily targeting lunar exploration and infrastructure. The company offers transportation to the Moon via its lunar landers and provides delivery services to lunar orbit.

Last year was a significant milestone for the company as it successfully completed its first lunar mission, using the Odysseus lunar lander. The spacecraft landed on the Moon's surface to collect scientific data for its clients. This marked the first lunar landing of any American-made spacecraft since 1972 and was also the first lunar landing achieved by a commercially developed spacecraft.

The mission was part of NASA's Commercial Lunar Payload Services program and represented a significant achievement for Intuitive Machines, which has been developing its technology since its founding in 2013. Success here not only validated Intuitive's technology, but also led to several major contract awards.

The space company received several contract awards

Following the mission, NASA awarded the company a $30 million contract to build a lunar terrain vehicle. This vehicle allows astronauts to travel to the Moon's surface and conduct scientific research. It will be used for NASA's Artemis V lunar mission.

In August, the company was awarded another contract valued at $116.9 million to deliver six scientific and technological payloads to the Moon's south pole. As part of this mission, NASA will explore the rugged, freezing terrain in search of water and other chemical compounds.

It followed this up in September with another contract award, which could be worth a massive $4.82 billion over the following decade. As part of this deal, Intuitive Machines will deploy lunar relay satellites and provide communication and navigation services as part of NASA's more extensive Artemis campaign.

What's next for Intuitive Machines?

Up next for Intuitive Machines is its IM-2 mission, which is set to launch around the end of February, with its launch window opening on Feb. 26. The company will use its lander to touch down at the Moon's south pole as part of the mission. It will carry a payload that includes a drill and mass spectrometer, which will be used to analyze the Moon's surface and measure lunar water ice. After that, its next mission (IM-3) is set for 2026.

Image source: Intuitive Machines.

Intuitive Machines: buy, sell, or hold?

The past year has been excellent for Intuitive Machines, marked by meaningful technological progress and several contract awards from NASA. These awards are huge, as NASA prioritizes space exploration and development and positions the company well for future contracts -- as long as it can continue to deliver.

Its ongoing success with its missions and NASA contracts bodes well for shareholders, but there are still risks of owning the stock today. Some of these contracts will take years to play out. For example, the Artemis V mission, where Intuitive Machines is building a lunar terrain vehicle, won't launch until 2030 at the earliest.

Whether you hold Intuitive Machines depends on your risk tolerance and time horizon. Conservative investors with a shorter investment horizon (those closer to retirement) may not want to take the risk on this stock, since its growth story will take several years to play out.

However, if you have a long-term investment horizon and are interested in gaining exposure to the growing space economy, Intuitive Machines could be a good stock to add some shares today and dollar-cost average into over time as it continues to grow and accomplish key milestones.