Intuitive Machines goes public via SPAC and is valued at about $1 billion

The Nova-C lunar lander seen on April 26, 2022 during assembly for the IM-1 mission.

Intuitive machines

PARIS — Moon-focused space company Intuitive Machines announced on Friday that it will go public via SPAC in a deal that values ​​the venture at about $1 billion.

The merger with specialist acquisition company Inflection Point is expected to close in the first quarter. Intuitive Machines will be listed on Nasdaq under the ticker “LUNR”.

“As the United States plans to return to the Moon after a 50-year absence, Intuitive Machines is pleased to play a critical role in providing technology and services to build long-term lunar infrastructure and trade,” Intuitive Machines co-founder and CEO. This is stated in the statement of Chairman Kam Ghaffarian.

The deal aims to add as much as $338 million in cash to Intuitive Machines’ balance sheet, though this is contingent on shareholder buybacks.

Intuitive Machines is the latest space company to go public through SPAC. The announcement comes after a pause in such deals for most of this year after a slew of space company stocks debuted in 2020 and 2021. view the once-hot SPAC frenzy as too risky.

Founded in 2013 in Houston, Intuitive Machines has about 140 employees.

The company expects to generate $102 million in revenue this year. This figure is projected to increase to around $291 million in 2023. As of June, Intuitive has amassed a $188 million contract portfolio and predicts it will be profitable in two to three years.

The company is organized into four business units: Lunar Access Services, Lunar Data Services, Orbital Services, and Space Products and Infrastructure. Together, Intuitive Machines is working on a variety of technologies, including propulsion systems and lunar landers.

The company estimates that its total addressable market will be around $120 billion by 2030, with the vast majority of that volume coming from lunar services.

One of Intuitive’s main activities are three NASA contracts awarded under the Lunar Payload Commercial Services program, totaling $233 million.

The first mission, known as IM-1, is scheduled for the first quarter of 2023 and will deliver science and technology payloads to the lunar surface using the company’s Nova-C lunar lander. Intuitive plans to carry out annual cargo flights to the Moon under a contract with SpaceX to launch Falcon 9 rockets.

What is SPAK?

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button