Firefly Aerospace vs Intuitive Machines: Which Moon Shot Should Investors Actually Consider?

The Hype Around Intuitive Machines Is Warranted—But Is It the Best Play in Space?

The recent 70% surge in Intuitive Machines (NASDAQ: LUNR) stock has captured the attention of investors betting on the space economy. The company made headlines in February 2024 when its Odysseus Nova-C class lunar lander successfully touched down on the moon—a remarkable achievement considering the U.S. hadn’t accomplished a crewed lunar landing since Apollo 17 over five decades ago. Much of this stock momentum stems from KeyBanc’s recent bullish initiation of coverage.

However, when you take the moon mission success at face value, another space-focused opportunity deserves equal—if not greater—consideration from growth investors.

Enter Firefly Aerospace: A Lesser-Known Contender With Bigger Ambitions

Firefly Aerospace (NASDAQ: FLY), which completed its initial public offering last August, operates in the shadow of more publicized space companies, yet it presents a compelling case for investors seeking robust exposure to lunar and defense operations.

Like Intuitive Machines, Firefly has committed itself to lunar commerce. The company’s latest quarterly filing reveals ambitious plans, with the Blue Ghost lander expected to execute annual missions to the moon. This isn’t speculation—Firefly already secured a $176.7 million NASA award in Q3 2025 for its Commercial Lunar Payload Services contract, tasking the company with delivering five NASA-backed payloads to the lunar south pole in 2029. This contract builds on Firefly’s demonstrated track record in space operations.

The Defense Pivot: Where Firefly Pulls Ahead

What truly distinguishes Firefly from its competitors is its aggressive diversification into the defense sector. In October, the company closed an $855 million acquisition of SciTec, a defense technologies specialist in space domain awareness and missile defense systems. Following this, Firefly announced a November partnership with Kratos Defense & Security Solutions to develop advanced hypersonic technologies.

This dual-track approach—combining lunar operations with cutting-edge defense capabilities—positions Firefly as a more comprehensive player in the space-defense nexus than Intuitive Machines, which has only begun exploring defense industry connections.

Valuation Reality Check

Despite Firefly’s strategic advantages, the stock has experienced significant headwinds. Since its August public market debut, FLY shares have declined more than 42%, presenting what contrarian investors might view as an attractive entry point compared to Intuitive Machines’ recent rally.

Both companies pursue legitimate business opportunities in space exploration. Intuitive Machines’ lunar successes are undeniable, and it too maintains emerging defense industry ties. Yet Firefly appears further along in executing its dual agenda across both lunar and defense sectors—all at a considerably lower valuation following its recent pullback.

For investors considering exposure to the space economy, understanding these distinctions between established narrative (Intuitive Machines’ recent momentum) and emerging opportunity (Firefly’s discounted positioning) remains essential.