Intuitive Machines, a space business with a focus on the moon, revealed on Friday that it will go public via a SPAC in a deal valued at roughly $1 billion.
The first quarter is anticipated to see the completion of the merger with the special purpose acquisition business Inflection Point. The Nasdaq will list Intuitive Machines under the ticker “LUNR.”
Intuitive Machines co-founder and executive chairman Kam Ghaffarian said in a statement that the company is “excited to play a critical role in providing technologies and services to establish long-term lunar infrastructure and commerce” as the United States plans its return to the Moon after a 50-year absence.
Depending on shareholder redemptions, the purchase could add up to $338 million in cash to Intuitive Machines’ balance sheet.
The most recent space company to IPO via a SPAC is Intuitive Machines. The news follows a frenzy of space stock launches in 2020 and 2021 and a hiatus for most of this year. As investors start to see the once-hot SPAC frenzy as excessively dangerous, several of those newly publicized stocks have suffered, with several down 50% or more this year.
Intuitive Machines, situated in Houston, employs about 140 people.
The business anticipates earning $102 million in revenue this year. It anticipates the figure will rise to nearly $291 million in 2023. As of June, Intuitive has a backlog of contracts totaling $188 million, and it expects to turn a profit in two to three years.
Lunar Access Services, Lunar Data Services, Orbital Services, and Space Products and Infrastructure are the company’s four business divisions. Together, Intuitive Machines is developing a range of technologies, such as vehicles for the moon and propulsion.
Through 2030, the corporation projects that its total addressable market will be around $120 billion, with lunar services accounting for the great majority of that.
A significant portion of Intuitive’s revenue comes from three NASA contracts worth a total of $233 million that were obtained under the Commercial Lunar Payload Services program.
The company’s Nova-C lunar lander would transport a variety of scientific and technological payloads to the moon’s surface on the first mission, dubbed IM-1, which is scheduled for the first quarter of 2023. By entering into agreements with SpaceX to use Falcon 9 rockets for the launch, Intuitive plans yearly lunar freight flights.