Intuitive Machines Shares Plunge After $175 Million Placement

Intuitive Machines Inc. shares plunged after the space company announced a $175 million strategic equity investment to support projects such as an expansion into technology for orbital data centers.

The share price of Houston-based Intuitive Machines, one of only a handful of commercial space firms to have sent a spacecraft to the moon, dropped nearly 14% to about $16.30 by 2:40 p.m. New York time on Wednesday, nearly erasing its gains since the start of the year.