The Lunar Module Nova-C seen April 26, 2022 during assembly for the IM-1 mission.
PARIS — Moon-focused space company Intuitive Machines said Friday it will go public through a SPAC in a deal that values the company at about $1 billion.
The merger with special purpose entity Inflection Point is expected to close in the first quarter. Intuitive Machines will be listed on the Nasdaq under the ticker symbol “LUNR”.
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“As the United States plans its return to the moon after a 50-year absence, Intuitive Machines looks forward to playing a critical role in providing technologies and services to build long-term lunar infrastructure and commerce,” said Intuitive Machines co-founder and Managing Director Chairman Kam Ghaffarian said in a statement.
The transaction aims to add up to $338 million in cash to Intuitive Machines’ balance sheet, although it is subject to shareholder redemptions.
Intuitive Machines is the latest space company to go public through a SPAC. The announcement comes after a hiatus for much of this year following a string of space stock debuts in 2020 and 2021. Many of these recently listed stocks have taken a hit, with several falling 50% or more this year, like the Investors are beginning to see this once-hot SPAC rush as too risky.
Houston-based Intuitive Machines was founded in 2013 and employs approximately 140 people.
This year, the company expects sales of $102 million. This number is projected to grow to approximately $291 million by 2023. Intuitive had built a $188 million backlog through June and expects to be profitable in two to three years.
The company has four businesses: 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 and lunar vehicles.
The company estimates that its total addressable market will be about $120 billion by 2030, with the vast majority of that coming through lunar services.
A key line of business for Intuitive is three NASA contracts won under the Commercial Lunar Payload Services program, totaling $233 million.
The first mission, known as IM-1, is scheduled for the first quarter of 2023 and would use the company’s Nova-C lunar lander to deliver a combination of science and technology payloads to the lunar surface. Intuitive plans annual cargo flights to the moon via deals with SpaceX to launch on Falcon 9 rockets.