Shares of Intuitive Machines (NASDAQ: LUNR), a former space special purpose acquisition company (SPAC) that has traded below its initial public offering (IPO) price for most of its public lifetime, shot to the moon this morning -- literally.

Shares of the tiny space stock are up an astounding 60.6% through 10:30 a.m. ET on the first trading day after the holiday weekend, buoyed by positive reports on the progress of its Nova-C class lunar lander. It's aiming to accomplish America's first soft landing on the moon in more than 50 years -- and the first-ever successful moon landing by a private company.

Intuitive Machines' Nova-C lander blasted off to space atop a SpaceX Falcon 9 rocket just after midnight Thursday. It proceeded to fine-tune its course to the moon, begin charging its batteries, and establish communications with the company's mission control center in Houston. At last report, the 14-foot-tall spacecraft was on course for a lunar landing on or about 5:39 p.m. ET this coming Thursday, Feb. 22.

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Source Fool.com