Intuitive Machines
Overview
Intuitive Machines operates in two primary segments: Lunar Access Services (Nova-C and Nova-D lunar landers under NASA CLPS task orders; rideshare payloads) and Space Products & Services (Near Space Network communications relay infrastructure, data services, orbital platforms). The $4.82B NSN IDIQ contract is the company's long-term anchor — lunar relay satellites will provide comms and navigation to NASA Artemis, CLPS, LTV, and future cislunar missions.
Moat: Intuitive Machines is the only company that has soft-landed spacecraft on the Moon commercially (IM-1 in Feb 2025 — first U.S. Moon landing since 1972; IM-2 in early 2025) and holds the largest single NASA contract ever awarded to the company ($4.82B NSN). The CLPS task order record (5 contracts, most of any provider) and the NSN anchor create an exceptionally durable government revenue relationship. The Lanteris Space Systems acquisition (Q1 2026, $800M) expanded capabilities into orbital services.
Business
Primary customers
- Government: NASA (CLPS program)
- Government: NASA (Near Space Network)
- Defense: U.S. Department of Defense
- Commercial: Commercial payload customers
Sectors
Lunar Landers · Lunar Communications · Space Data Services · Government Space
Key Products
- Nova-C Lunar Landeroperational
Mid-sized lunar lander (up to 100 kg payload capacity), cryogenic LOX/LCH4 propulsion. IM-1 (Odysseus) successfully landed near Malapert A crater Feb 22, 2025 — first US Moon landing since Apollo 17. IM-2 landed at lunar south pole.
First flight: 2025-02-22
- Nova-D Lunar Landerdevelopment
Large-class lunar lander (1,000+ kg payload capacity) in development. IM-5 Nova-D task order awarded March 2026 ($180.4M) targeting lunar south pole. Designed for heavy cargo including lunar terrain vehicles.
- Lunar Relay Satellites (NSN)development
Cislunar communications relay constellation to be deployed under the $4.82B NASA Near Space Network contract. Will provide communication and navigation services to Artemis astronauts, CLPS landers, and lunar terrain vehicles.
- Near Space Network Data Servicesoperational
Ground-based and space-based communications and data relay services for NASA missions in near-Earth and cislunar space. OMES III contract revenue also contributes to this segment.
Government Contracts
| Agency | Program | Amount | Year | Source |
|---|---|---|---|---|
| NASA | Near Space Network (NSN) — Lunar Communications Relay & Navigation Services (LCRNS), 10-year IDIQ | $4.82B (maximum potential value) | 2024 | |
| NASA / CLPS | Commercial Lunar Payload Services (CLPS) — IM-1, IM-2, IM-3, IM-4, Nova-D task orders | $430.2M (NASA CLPS & Tipping Point contracted value as of 12/31/2024) | 2019 | |
| NASA | IM-4 CLPS task order — deliver 6 science/tech payloads to lunar south pole | $116.9M | 2024 |
Near-term Catalysts
- 2026-Q3
IM-3 lunar mission launch
IM-3 will carry NASA Lunar Terrain Vehicle (LTV) precursor systems and additional payloads. Successful landing validates Nova-C reliability following IM-1/IM-2 anomalies and supports NSN contract execution credibility.
- 2026-2027
NSN lunar relay satellite manufacturing & launch campaign begins
The $4.82B NSN contract is only meaningful as relay satellites get deployed. Beginning hardware production and first satellite launch is a critical de-risking event that moves NSN from contract to operational revenue.
Top Risks
- Mission execution: both IM-1 and IM-2 experienced landing anomalies (partial tip-over); a third landing failure would seriously impair CLPS task order confidence and competitive positioning.
- Revenue declined 7.9% in FY2025 ($210M from $228M in FY2024) due to mission timing and CLPS revenue recognition patterns — demonstrating the lumpiness of mission-based revenue.
- NSN contract is $4.82B maximum potential value (IDIQ), not guaranteed — actual revenue depends on NASA task order issuance and lunar relay satellite deployment, which could be impacted by Artemis program changes or budget reductions.
Recent Milestones
- 2025-02-22
IM-1 Odysseus Nova-C lander achieves first U.S. soft Moon landing since Apollo 17 (1972) — landed near Malapert A crater at lunar south pole region
- 2024-09-18
NASA awards $4.82B Near Space Network (NSN) IDIQ contract — largest single NASA award to Intuitive Machines; covers cislunar comms relay 2024–2034
- 2026-03-19
FY2025 results: $210.1M revenue; backlog ~$943M post-Lanteris; FY2026 guidance $900M–$1B
- 2026-03
Lanteris Space Systems acquisition completed (~$800M deal) — expands orbital services and data relay capabilities
- 2025-03
IM-2 mission lands at lunar south pole — deploys NASA PRIME-1 drill and other science payloads; second consecutive IM Moon landing
- 2024-08
NASA awards IM-4 CLPS task order ($116.9M) — deliver 6 science/technology payloads to lunar south pole
Recent News
- Intuitive Machines FY2025: $210.1M revenue; combined backlog $943M; FY2026 guidance $900M–$1B after Lanteris dealIntuitive Machines IR2026-03-19
- Odysseus lands on the Moon — first US Moon landing since 1972, first ever commercial lunar landingIntuitive Machines2025-02-22
- NASA awards Intuitive Machines $4.82B Near Space Network contract for lunar comms relayIntuitive Machines IR2024-09-18
- IM-2 lands at lunar south pole — second IM Moon landing deploys NASA PRIME-1 ice-drillIntuitive Machines2025-03
- 2024-08
What investors should know
Q1What does Intuitive Machines do?⌄
Q2How does Intuitive Machines make money?⌄
Q3Who are Intuitive Machines' primary customers?⌄
Q4What is Intuitive Machines' competitive moat?⌄
Q5What are the top risks for Intuitive Machines investors?⌄
Q6What near-term catalysts could move Intuitive Machines stock?⌄
Q7How does Intuitive Machines compare to its closest peer Firefly Aerospace?⌄
Peers
Compare side-by-side →Sources & References
Agency Document
- NASA Near Space Network Contractor Selection · 2024-09-18
SEC Filing
- SEC 10-K FY2024 (CIK 0001844452) · 2025-03-01
Investor Relations
Press Release
- Intuitive Machines FY2025 Earnings · 2026-03-19
- Intuitive Machines NASA NSN Award · 2024-09-18