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.

The company priced the offering at $15.12 a share, according to a filing, 20% below the closing price on Tuesday.

The new funding, ...