Intuitive Machines Inc (NASDAQ:LUNR) said Friday it has successfully landed its Odysseus cargo lander on the Moon, marking the first time a commercial company has accomplished such a feat. LUNR stock surged 50% on the news.

The spacecraft touched down near the lunar south pole, with a brief period of suspense before controllers were able to confirm the landing through a received signal.

“We are on the surface and we are transmitting. Welcome to the moon,” Intuitive Machines’ CEO Steve Altemus said from mission control.

This event represents a significant milestone in space exploration, being the first instance of a private spacecraft achieving a soft landing on the Moon.

Furthermore, it's also the first time since NASA's Apollo 17 mission in December 1972 that an American-made vehicle has softly landed on the lunar surface.

Shortly after the anticipated landing time, mission control at Intuitive Machines was engaged in efforts to reestablish communication with the spacecraft to verify its landing status.

Ultimately, the team successfully received a signal, confirming that their lander had successfully touched down on the lunar surface.

“What we can confirm, without a doubt, is that our equipment is on the surface of the moon and we are transmitting. So congratulations, IM-1,” Tim Crain, Intuitive Machines’ CTO, and IM-1 mission director, said.

Founded in 2013 and based in Houston, Texas, Intuitive Machines went public last year.

Following a period where its shares reached a record low in early January, the LUNR stock has since experienced a significant surge, more than tripling in value. Wall Street analysts attribute this rally to growing investor enthusiasm over the progress of the IM-1 mission.

In their latest note to clients, Cantor Fitzgerald analysts believe Intuitive’s moon landing will have both short and long-term implications for the company.

“We see Intuitive Machine's IM-1's Nova-C lander successful soft-landing on the move as historical and inspirational equity analysts,” analysts wrote.

“In our view, this validates the company's technology and adds significant credibility to the business. As such, we believe Intuitive Machines is now very well positioned to continue to capitalize on the growing commercial space economy, and on subsequent launches,” they added.”

The broker reiterated an Overweight rating on the stock and hiked the price target from $4 to $13.

Meanwhile, Canaccord Genuity analysts shared similarly bullish sentiment toward LUNR stock following the landing announcement.

“We have little doubt that this a transformational moment for Intuitive Machines as a public company,” analysts said.

“In our view, the technical acumen demonstrated today puts Intuitive Machines into a very exclusive club of space technology companies and government services contractors that can be relied upon to carry out the most demanding missions for NASA, DoD and other agencies.”

Analysts maintained a Buy rating on LUNR stock and raised the target price from $6 to $14.