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• SpaceX for lunar deliveries.
• FedEx for the Moon.

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• Lunar Landers (Nova-C class): Designs, manufactures, and operates robotic lunar landers for delivering commercial and government payloads to the Moon's surface.
• Lunar Surface Missions & Operations: Provides end-to-end mission services, encompassing payload integration, launch support, lunar transit, landing, and post-landing data collection and communication from the lunar surface.
• Space Products and Services: Offers specialized space system components, propulsion systems, and engineering services for diverse space exploration and infrastructure projects.

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Intuitive Machines (LUNR) primarily sells its services to other organizations, particularly government agencies, rather than individuals. Its business model is centered on providing lunar exploration, infrastructure, and data services.

Its major customer is:

• NASA (National Aeronautics and Space Administration): As a U.S. federal government agency responsible for the nation's civilian space program, NASA is Intuitive Machines' predominant customer. Intuitive Machines is a key contractor under NASA's Commercial Lunar Payload Services (CLPS) program, providing lunar lander and delivery services for scientific and technological payloads to the Moon's surface. As a government agency, NASA does not have a public company stock symbol.

While Intuitive Machines carries payloads for various private companies, universities, and research institutions on its lunar missions (e.g., payloads for companies like Columbia Sportswear, Astrobotic, and Embry-Riddle Aeronautical University on its IM-1 mission), NASA is the direct primary customer funding and contracting these missions. According to their financial filings, contracts with NASA account for a substantial majority of Intuitive Machines' total revenue.

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Stephen Altemus President and CEO

Stephen Altemus co-founded Intuitive Machines in 2013 and currently serves as its President and CEO. Before establishing Intuitive Machines, he held significant roles at NASA, including Deputy Director of NASA's Johnson Space Center (JSC). He also served as the Director of Engineering at NASA JSC, where he led an organization of 2,800 employees, and contributed to NASA's Space Shuttle program.

Pete McGrath Senior Vice President and Chief Financial Officer

Pete McGrath will transition into the role of Senior Vice President and Chief Financial Officer, effective September 16, 2024. He joined Intuitive Machines in 2020, previously holding positions such as Senior Vice President and Chief Operating Officer, and Vice President, Business Development within the company. Mr. McGrath has over 35 years of experience in the aerospace and defense industry, including his tenure at Boeing as the Director of the Global Sales and Marketing organization in the Space Exploration Business Unit.

Kam Ghaffarian Co-founder and Executive Chairman

Kam Ghaffarian is a co-founder and the Executive Chairman of Intuitive Machines. A serial entrepreneur, he co-founded Intuitive Machines in 2013, alongside other ventures such as IBX, Axiom Space, X-energy, Quantum Space, and PTX. Notably, he co-founded Stinger Ghaffarian Technologies (SGT) in 1994, which grew to become NASA's second-largest engineering services contractor with annual revenues exceeding half a billion dollars, and was subsequently acquired by KBR for $375 million in 2018.

Timothy Crain Co-founder and Chief Growth & Technology Officer, Senior VP

Timothy Crain is a co-founder of Intuitive Machines and serves as its Chief Growth & Technology Officer, Senior VP, a role he has held since 2024. He co-founded the company in 2013 with Stephen Altemus and Kam Ghaffarian. Prior to his work at Intuitive Machines, Dr. Crain spent 13 years as a civil servant at NASA's Johnson Space Center, where he was a lead engineer, contributed to Mars Science Lander navigation design, and served as the Orbit Guidance, Navigation, and Control (GNC) System Manager for the Orion spacecraft. He also led NASA's Project Morpheus.

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The key risks to Intuitive Machines' (LUNR) business are primarily tied to the challenging and capital-intensive nature of space exploration, its reliance on government funding, and its path to sustained profitability.

1. Execution Risk and Mission Failure: As a leader in lunar exploration, Intuitive Machines faces significant technical challenges inherent in complex space missions. The company's recent IM-2 mission, which experienced a sideways landing, underscored the potential for unexpected outcomes, leading to a significant drop in share price and raising concerns about its capabilities and reputation. Such incidents can result in delays, increased costs, and damage to investor and partner confidence. While the company has implemented learnings from prior missions, the intricate nature of space technology means mission failures or underperformance remain a substantial risk.
2. Reliance on Government Contracts and Budget Constraints: Intuitive Machines' revenue largely depends on contracts from NASA and other government-funded space exploration programs. This reliance exposes the company to risks associated with shifts in fiscal policy and changes in government space exploration priorities. Reductions or reallocations in NASA's budget, for example, could lead to fewer contracts or smaller contract values, potentially hindering the company's growth trajectory and its ability to meet financial targets.
3. Lack of Consistent Profitability and Potential for Stock Dilution: Despite impressive revenue growth and securing significant contracts, Intuitive Machines has not yet achieved consistent profitability, reporting a net loss in previous periods. Historically, concerns existed about its cash position and the potential need for additional capital, which could lead to stock dilution and negatively impact existing shareholders. While the company's cash balance has improved due to recent financial activities, the path to sustainable profits and strong shareholder returns remains a challenge, and future operations may still necessitate capital-raising efforts that could dilute share value.

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SpaceX's Starship and Blue Origin's Blue Moon landers represent a clear emerging threat. These significantly larger and potentially more cost-effective (per unit mass) lunar transportation systems, once fully operational and commercially available for a broader range of lunar logistics beyond initial government contracts, could disrupt the market for lunar payload delivery. Their superior economies of scale and payload capacity could offer a fundamentally different approach to lunar access that challenges the business model of companies focused on smaller, dedicated landers like Intuitive Machines.

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Intuitive Machines (LUNR) is poised for significant revenue growth over the next 2-3 years, driven by several strategic initiatives and expansions:

1. Acquisition of Lanterra Space Systems: The recent $800 million acquisition of Lanterra Space Systems is a primary driver, expected to significantly enhance Intuitive Machines' satellite manufacturing capabilities and expand its reach into national security, civil, and commercial space markets. This acquisition is anticipated to be immediately accretive to revenue, with the combined entity projected to generate over $850 million in revenue and possess a backlog of $920 million.
2. Expansion of Lunar Missions and Services: The company is focused on developing and expanding its lunar data relay constellation and securing new lunar missions. Intuitive Machines is actively targeting opportunities within the Commercial Lunar Payload Services (CLPS) CT4 program and Lunar Terrain Vehicle (LTV) Services, with management providing fiscal 2025 revenue guidance of $250 million to $300 million, largely supported by CLPS contracts. The company expects new NASA CLPS contract bids and an award for the LTV program in the second half of 2025.
3. Growth of Near Space Network Services (NSNS): The $4.82 billion Near Space Network Services (NSNS) contract represents a substantial long-term revenue opportunity. A significant portion of this contract, specifically $123 million of the total $150 million initial value for NSNS 2.2, is recognized on a task order basis, suggesting considerable future revenue potential as these task orders are executed. Intuitive Machines aims to monetize this network and its data services, which are anticipated to be higher-margin offerings.
4. Diversification into New Space Markets and Services: Intuitive Machines is expanding its offerings beyond traditional lunar missions to include space domain awareness and secure communications. The integration of Lanterra Space Systems further opens up new market opportunities such as Mars Data Relay and alternate GPS systems, which are expected to provide significant revenue streams in the future.

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Share Issuance

• Intuitive Machines became a publicly traded company on February 13, 2023, through a SPAC merger with Inflection Point Acquisition Corp., which resulted in the issuance of shares to public stockholders and others.
• The company issued 1,402,106 shares of Class A Common Stock in 2023 and an additional 101 shares in the first six months of 2024 due to the exercise of Public Warrants.
• In December 2024, Intuitive Machines priced an upsized offering of 9,523,810 shares of its Class A common stock at $10.50 per share, alongside a concurrent private placement of 952,381 shares to Boryung Corporation, expecting approximately $104.25 million in net proceeds.

Inbound Investments

• The SPAC business combination in February 2023 secured $55 million in committed capital from affiliates of Inflection Point's sponsor and an Intuitive Machines founder, along with a $50 million equity facility from CF Principal Investments LLC.
• In August 2025, the company issued $345 million in convertible notes, which contributed to a cash balance of $622 million at the end of Q3 2025.
• Warrant exercises also contributed to cash reserves, providing $176.6 million by Q2 2025.

Outbound Investments

• In November 2025, Intuitive Machines announced a definitive agreement to acquire Lanteris Space Systems for $800 million, comprising $450 million in cash and $350 million in Intuitive Machines Class A common stock, with the transaction expected to close in Q1 2026.
• The acquisition of Lanteris Space Systems is a strategic move aimed at transforming Intuitive Machines from a lunar company into a multi-domain space prime, expanding its capabilities across Earth orbit, lunar, and Mars operations.
• Intuitive Machines completed the acquisition of KinetX to expand its deep space navigation and constellation management capabilities.

Capital Expenditures

• Intuitive Machines is funding ambitious projects, including in-house satellite production.
• The company is undertaking a 140,000-square-foot expansion at the Houston Spaceport.