Why Intuitive Machines Popped, but Rocket Lab and AST SpaceMobile Stocks Dropped Today

Volatility ran amok among space stocks Tuesday. Shares of lunar explorer Intuitive Machines (NASDAQ: LUNR) rocketed 35.6% through 3 p.m. ET, but rocket maker Rocket Lab (NASDAQ: RKLB) and satcom specialist AST SpaceMobile (NASDAQ: ASTS) declined -- down 6.2% and 12.3%, respectively.

AST's decline comes after the FCC permitted Globalstar (NYSE: GSAT) to operate 17 new cellphone-to-cellphone satellites that could compete with AST. The FCC also extended Globalstar's operating license through 2039.

Rocket Lab and AST: Ready for liftoff

Momentum traders flocked to Rocket Lab and AST SpaceMobile in August, anticipating high-profile space missions launching soon. Rocket Lab stock is up an astounding 40% since Aug. 1 after delivering twin "EscaPADE spacecraft" to Cape Canaveral for a mission to Mars .

AST SpaceMobile stock's up almost as much -- 30% since Aug. 1 -- after delivering five satellites to the Cape for launch in September. Success should move the company closer to offering cellphone-to-cellphone communications via satellite across the United States , and eventually, the world. Competition from Globalstar, however, could limit AST's growth prospects.

Intuitive Machines: To the moon with rovers

Farther out, Intuitive Machines will launch its IM-2 mission to the moon late in 2024, or early in 2025. SpaceNews reports Intuitive may also bid on a NASA contract to replace Astrobotic Technology on its "VIPER" (Volatiles Investigating Polar Exploration Rover) mission to put a rover on the moon to search for ice near the south pole.

There's reportedly $84 million remaining under VIPER's $433.5 million budget -- twice what Intuitive Machines booked in all of Q2 , giving Intuitive Machines strong incentive to bid for the work.

Should you buy space stocks?

Here's what you really need to know about these three space stocks. They're growth stocks , yes, with strong prospects and even stronger sales growth. They're also momentum stocks , valued more on headlines than on profits. The Fly reports "unusually active" options trading in at least two of the three over the last couple of days.

But S&P Global Market Intelligence says Intuitive Machines won't turn profitable before 2026, and Rocket Lab and AST -- not until 2027. Caveat investor.

Rich Smith has positions in Rocket Lab USA. The Motley Fool recommends Rocket Lab USA. The Motley Fool has a disclosure policy .