Intuitive Machines Inc (NASDAQ: LUNR) is a space infrastructure company that builds spacecraft, delivers lunar cargo, connects space-based networks, and operates infrastructure as-a-service across low Earth orbit, geostationary orbit, cislunar space, and deep space. Revenue comes from government and commercial contracts for launch services, mission services, spacecraft, satellites, and spacecraft components. The company's primary customer base is U.S. federal government agencies, including NASA and the Department of Defense, with additional exposure to state governments and commercial customers. Incorporated as a Delaware corporation on February 10, 2023, following a business combination with Inflection Point Acquisition Corp., and headquartered in Houston, Texas, Intuitive Machines has expanded through acquisitions including KinetX Inc (completed October 1, 2025) and Lanteris Space Holdings LLC (completed January 13, 2026). CEO Stephen Altemus and CFO Peter McGrath lead the company. Financing activities provided $446.6 million in net cash during the year ended December 31, 2025, primarily from $334.6 million in Convertible Notes proceeds and $176.6 million from warrant exercises.

Revenue model

Contract-based revenue from U.S. federal government agencies and commercial customers for lunar cargo delivery missions, rocket launch services, spacecraft and satellite construction, space data applications, and infrastructure-as-a-service operations. Contracts include indefinite delivery/indefinite quantity (IDIQ) structures, such as the Missile Defense Agency SHIELD program award received in 2025.

Products and services

Rocket launch services, lunar cargo delivery missions, spacecraft and satellite construction (including the 1300-class satellite bus via Lanteris), spacecraft components, space-based network connectivity, infrastructure-as-a-service for LEO/GEO/cislunar/deep-space operations, stealth-like satellite design (JETSON Low Power program for the U.S. Air Force Research Laboratory), and Tranche 2 Tracking Layer satellites for the Space Development Agency.

Customers and end markets

Primary customers are U.S. federal government agencies including NASA, the Department of Defense (Air Force Research Laboratory, Missile Defense Agency, Space Development Agency), and state governments investing in space economy development. Commercial customers include lunar cargo mission payloads. Growth is directly tied to U.S. federal government space expenditures and private investment in the space economy.

Geographic exposure

Operations concentrated in the United States, with facilities in Texas (Houston Spaceport), California, Arizona, Maryland, and Colorado, as disclosed in the FY2025 10-K filed March 19, 2026.

Source: SEC 10-K, filed 2026-03-19

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