{"slug":"intuitive-machines","name":"인튜이티브 머신스","name_en":"Intuitive Machines","ticker":"LUNR","updated_at":"2026-07-12T03:47:49.078+00:00","canonical":"https://valuechain.wiki/intuitive-machines","same_as":["https://finance.yahoo.com/quote/LUNR","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1844452"],"citable":"밸류체인 그래프 기준 인튜이티브 머신스의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Intuitive Machines is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 3 companies within two hops; the links are backed by 8 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · 우주 인프라 · 민간 달착륙","kicker_en":"NASDAQ · Space infrastructure · Commercial Moon landing","lead":"인튜이티브 머신스는 2024년 2월 오디세우스로 사상 첫 민간 달 착륙에 성공한 우주 인프라 기업이다. NASA CLPS 달 착륙선, OMES III 궤도 엔지니어링(최대 7억1,900만 달러), Near Space Network 통신(최대 48억2천만 달러 IDIQ)이 사업 축으로, NASA 한 곳이 2025년 매출의 약 78%를 차지한다. 2025년 매출은 2억1,010만 달러, 순손실 1억680만 달러였고, 2026년 2월 Lanteris 인수(8억 달러)로 합산 백로그를 약 9억4,300만 달러까지 늘리며 국방·상업 다변화를 꾀하고 있다. 착륙선 발사는 전부 SpaceX Falcon 9다.","lead_en":"Intuitive Machines is the space-infrastructure company that achieved the first commercial Moon landing with Odysseus in February 2024. Its pillars are NASA CLPS lunar landers, the OMES III orbital engineering contract (up to $719M) and the Near Space Network communications IDIQ (up to $4.82B), with NASA alone about 78% of 2025 revenue. FY2025 revenue was $210.1 million with a $106.8 million net loss, and the February 2026 Lanteris acquisition ($800M) lifts combined backlog to about $943 million while diversifying into defense and commercial work. Every lander launches on a SpaceX Falcon 9.","segments":{"parts":[{"desc":"NASA CLPS 태스크오더로 달 착륙선·페이로드 배송(IM-3 확정 $77.5M). NASA가 2025년 매출의 약 78%.","name":"CLPS 달 착륙선·페이로드 배송"},{"desc":"KBR 합작 궤도 엔지니어링 계약(최대 $719M) — CLPS 밖 반복형 정부 매출.","name":"OMES III 궤도 엔지니어링"},{"desc":"NASA Near Space Network 달 통신·항법 IDIQ(최대 $4.82B, 2024~2034).","name":"Near Space Network 통신·항법"},{"desc":"란테리스·KinetX 기반 국가안보 우주 — 인수로 국방 다변화.","name":"국가안보 우주 (Lanteris·KinetX)"}],"total":"FY2025 매출 $210.1M","concentration":"NASA 약 78% (2025년 9개월 누계), Lanteris 인수로 다변화 추진"},"segments_en":{"parts":[{"desc":"Lunar lander/payload delivery under NASA CLPS task orders (IM-3 firm $77.5M); NASA ~78% of 2025 revenue.","name":"CLPS lunar landers and payload delivery"},{"desc":"KBR-JV orbital engineering contract (up to $719M) — recurring government revenue beyond CLPS.","name":"OMES III orbital engineering"},{"desc":"NASA Near Space Network lunar comms/navigation IDIQ (up to $4.82B, 2024-2034).","name":"Near Space Network comms and navigation"},{"desc":"National-security space via Lanteris and KinetX — defense diversification through acquisition.","name":"National security space (Lanteris, KinetX)"}],"total":"FY2025 revenue $210.1M","concentration":"NASA ~78% (nine months 2025); diversifying via Lanteris acquisition"},"returns_yearly":{"2022":3.7,"2023":-74.4,"2024":610.8,"2025":-10.6,"2026":-0.6},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"l3harris","name":"L3해리스","name_en":"L3Harris","tier":1,"returns_yearly":{"2021":15,"2022":-0.5,"2023":3.7,"2024":1.9,"2025":42.3,"2026":-0.2}},{"slug":"firefly-aerospace","name":"파이어플라이 에어로스페이스","name_en":"Firefly Aerospace","tier":2,"returns_yearly":{"2026":7.7}},{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":3,"returns_yearly":{"2026":0.7}},{"slug":"northrop-grumman","name":"노스럽 그러먼","name_en":"Northrop Grumman","tier":3,"returns_yearly":{"2021":29.3,"2022":43,"2023":-12.8,"2024":1.9,"2025":23.6,"2026":-4.6}}],"analysis":"투자 논점은 첫 민간 달착륙(2024년 오디세우스)이라는 상징을 반복형 정부 매출로 전환할 수 있느냐다. NASA CLPS 착륙선에 더해 Near Space Network 통신 IDIQ(최대 $4.82B)·OMES III 궤도 엔지니어링(최대 $719M)으로 사업을 넓혔지만, NASA 한 곳이 2025년 매출의 약 78%를 차지해 단일 고객·정부 예산 의존이 구조적 리스크다. FY2025 매출 $210.1M에 순손실 $106.8M로 아직 적자이며, 2026년 2월 란테리스 인수($8억)로 합산 백로그를 약 $9.43억까지 키우고 국방·상업으로 다변화를 시도한다. 착륙선 발사는 전부 스페이스X 팰컨9에, 추진계 압력용기는 L3해리스(ARDÉ)에 의존해 미션 원가·일정이 소수 공급사에 묶여 있고, 착륙 성공률과 백로그의 매출 전환 속도가 재평가 트리거다.","analysis_en":"The thesis is whether the symbolism of the first commercial Moon landing (Odysseus, 2024) can convert into recurring government revenue. Beyond NASA CLPS landers it has broadened into the Near Space Network comms IDIQ (up to $4.82B) and OMES III orbital engineering (up to $719M), but NASA alone is ~78% of 2025 revenue — a structural single-customer and government-budget risk. FY2025 revenue was $210.1M with a $106.8M net loss, still lossmaking, and the February 2026 Lanteris acquisition ($800M) lifts combined backlog to ~$943M while diversifying into defense and commercial work. Every lander launches on SpaceX Falcon 9 and the propulsion pressure vessels come from L3Harris (ARDÉ), tying mission cost and schedule to a few suppliers; landing success rates and the pace of converting backlog into revenue are the re-rating triggers.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"NASA (NSN·OMES III)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_ceiling","unit":"USD million","as_of":"2024-09-17","basis":"NSN 다중수주 IDIQ 최대 잠재 계약가치(base 5년+옵션 5년)","value":4820,"period":"2024-10-01~2034-09-30","basis_en":"Near Space Network multiple-award IDIQ maximum potential value (5-yr base + 5-yr option)"},"note":"NASA Near Space Network(달 중계위성 통신·항법) IDIQ 계약 최대 $4.82B(2024-2034), 초기 태스크오더 $150M 확보. 별도로 KBR 합작으로 OMES III 궤도 엔지니어링 계약 최대 $719M 수주, CLPS 외 반복형 정부 매출 축.","note_en":"Holds NASA's Near Space Network IDIQ contract (lunar relay comms/navigation) with a $4.82B maximum potential value (2024-2034) and $150M of initial task orders; separately, the KBR joint venture won the OMES III orbital engineering contract worth up to $719M, a recurring government revenue axis beyond CLPS.","sources":[{"stance":"confirms","publisher":"글로브뉴스와이어","publisher_en":"GlobeNewswire","kind":"news","lang":"en","published_at":"2024-09-17","url":"https://www.globenewswire.com/news-release/2024/09/17/2947853/0/en/NASA-Awards-Intuitive-Machines-Near-Space-Network-Contract-with-a-Maximum-Potential-Value-of-4-82-Billion.html","title":"NASA, 인튜이티브 머신스에 최대 $4.82B Near Space Network 계약 수여","title_en":"NASA Awards Intuitive Machines Near Space Network Contract with a Maximum Potential Value of $4.82 Billion","excerpt":"This Subcategory 2.2 Geostationary Orbit to Cislunar Relay Services is a new Firm-Fixed-Price, Multiple Award, Indefinite-Delivery/Indefinite-Quantity (IDIQ) Task Order Contract ... the Company will deploy lunar relay satellites.","excerpt_en":"This Subcategory 2.2 Geostationary Orbit to Cislunar Relay Services is a new Firm-Fixed-Price, Multiple Award, Indefinite-Delivery/Indefinite-Quantity (IDIQ) Task Order Contract ... the Company will deploy lunar relay satellites."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"US SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-09-17","url":"https://www.sec.gov/Archives/edgar/data/0001844452/000184445224000119/ex991nsncontract.htm","title":"Form 8-K Exhibit 99.1 — NSN 계약","title_en":"Form 8-K Exhibit 99.1 — NSN Contract","excerpt":"NASA Awards Intuitive Machines Near Space Network Contract with a Maximum Potential Value of $4.82 Billion ... a base period of five years with an additional five-year option period ... initial award includes incrementally funded Task Orders totaling $150.0 million.","excerpt_en":"NASA Awards Intuitive Machines Near Space Network Contract with a Maximum Potential Value of $4.82 Billion ... a base period of five years with an additional five-year option period ... initial award includes incrementally funded Task Orders totaling $150.0 million."}]},{"direction":"revenue","counterparty":"NASA (CLPS)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD million","as_of":"2025-12-31","basis":"IM-3 CLPS 확정고정가 태스크오더 금액","value":77.5,"period":"FY2021 award","basis_en":"IM-3 CLPS firm-fixed-price task order value"},"note":"NASA CLPS 태스크오더로 달 착륙선 배송 서비스 제공, IM-1(오디세우스) 2024년 첫 민간 달착륙, IM-3 확정계약 $77.5M. 단일 대형고객(NASA)이 2025년 9개월 누계 매출의 78%를 차지하는 핵심 매출처.","note_en":"Provides lunar delivery services under NASA CLPS task orders, IM-1 (Odysseus) achieved the first commercial Moon landing in 2024; IM-3 is a firm-fixed-price $77.5M order. A single major customer (NASA) accounted for 78% of nine-month 2025 revenue.","sources":[{"stance":"confirms","publisher":"글로브뉴스와이어","publisher_en":"GlobeNewswire","kind":"news","lang":"en","published_at":"2026-03-19","url":"https://www.globenewswire.com/news-release/2026/03/19/3258893/0/en/intuitive-machines-reports-fourth-quarter-and-full-year-2025-financial-results.html","title":"인튜이티브 머신스 4분기·연간 2025 실적","title_en":"Intuitive Machines Reports Fourth Quarter and Full-Year 2025 Financial Results","excerpt":"Q4 2025 revenue of $44.8 million, driven primarily by Commercial Lunar Payload Services (CLPS), Omnibus Multidiscipline Engineering Services III (OMES III), and Near Space Network Services; full-year 2025 revenue of $210.1 million.","excerpt_en":"Q4 2025 revenue of $44.8 million, driven primarily by Commercial Lunar Payload Services (CLPS), Omnibus Multidiscipline Engineering Services III (OMES III), and Near Space Network Services; full-year 2025 revenue of $210.1 million."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"US SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-13","url":"https://www.sec.gov/Archives/edgar/data/1844452/000162828025052039/lunr-20250930.htm","title":"Form 10-Q (2025-09-30)","title_en":"Form 10-Q (2025-09-30)","excerpt":"One major customer accounted for 72% and 78% of the Company's total revenue for the three and nine months ended September 30, 2025, and accounted for 90% and 91%, respectively, of the Company's total revenue for the three and nine months ended September 30, 2024.","excerpt_en":"One major customer accounted for 72% and 78% of the Company's total revenue for the three and nine months ended September 30, 2025, and accounted for 90% and 91%, respectively, of the Company's total revenue for the three and nine months ended September 30, 2024."},{"stance":"mentions","publisher":"SBS 뉴스","publisher_en":"SBS News","kind":"news","lang":"ko","published_at":"2024-02-23","url":"https://news.sbs.co.kr/news/endPage.do?news_id=N1007547736","title":"세계 최초 민간 달착륙 역사 쓴 '인튜이티브 머신스'","title_en":"Intuitive Machines makes history with world's first commercial Moon landing","excerpt":"세계 최초 민간 달착륙 역사 쓴 '인튜이티브 머신스' — 오디세우스가 달 표면에 착륙하며 1972년 이후 미국 우주선의 첫 달 착륙이자 사상 첫 민간 달 착륙을 기록했다.","excerpt_en":"Intuitive Machines makes history with the world's first commercial Moon landing — Odysseus touched down on the lunar surface, the first US spacecraft to land since 1972 and the first-ever commercial lunar landing."}]},{"direction":"cost","counterparty":"SpaceX","counterparty_slug":"spacex","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"IM 달 착륙선(IM-1·IM-2·IM-3)의 발사를 모두 SpaceX Falcon 9(케네디우주센터 LC-39A)로 조달, 미션 원가의 핵심 발사 서비스 공급처. 개별 발사 계약 금액은 미공개.","note_en":"SpaceX Falcon 9 (KSC LC-39A) provides launch for every IM lunar lander (IM-1, IM-2, IM-3), the key launch-services cost input for each mission. Per-launch contract values are not disclosed.","sources":[{"stance":"confirms","publisher":"위키피디아","publisher_en":"Wikipedia","kind":"research","lang":"en","published_at":"2026-07-04","url":"https://en.wikipedia.org/wiki/Intuitive_Machines_Nova-C","title":"Intuitive Machines Nova-C","title_en":"Intuitive Machines Nova-C","excerpt":"SpaceX is under contract to provide Falcon 9 launches for each of the three landers.","excerpt_en":"SpaceX is under contract to provide Falcon 9 launches for each of the three landers."},{"stance":"confirms","publisher":"NASA","publisher_en":"NASA","kind":"news","lang":"en","published_at":"2024-02-13","url":"https://www.nasa.gov/news-release/nasa-sets-coverage-for-spacex-intuitive-machines-first-moon-mission/","title":"NASA, SpaceX·인튜이티브 머신스 첫 달 미션 보도 일정 안내","title_en":"NASA Sets Coverage for SpaceX, Intuitive Machines First Moon Mission","excerpt":"Intuitive Machines' Nova-C lunar lander is scheduled to launch on a SpaceX Falcon 9 rocket from Launch Complex 39A at NASA's Kennedy Space Center in Florida.","excerpt_en":"Intuitive Machines' Nova-C lunar lander is scheduled to launch on a SpaceX Falcon 9 rocket from Launch Complex 39A at NASA's Kennedy Space Center in Florida."}]},{"direction":"cost","counterparty":"L3Harris","counterparty_slug":"l3harris","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"L3Harris 자회사 ARDÉ가 Nova-C 착륙선의 추진계 가압용 경량 복합재 압력용기(COPV, 착륙선당 2기)를 공급하는 현행 부품 공급사, 착륙선 제조원가 축의 하나. 공급계약 금액은 미공개.","note_en":"ARDÉ, an L3Harris company, is the current supplier of the lightweight composite pressure vessels (COPVs, two per lander) that pressurize the Nova-C propulsion system, a hardware cost input to lander manufacturing. Supply-contract value is not disclosed.","sources":[{"stance":"mentions","publisher":"위키피디아","publisher_en":"Wikipedia","kind":"research","lang":"en","published_at":"2026-07-04","url":"https://en.wikipedia.org/wiki/Intuitive_Machines_Nova-C","title":"Intuitive Machines Nova-C","title_en":"Intuitive Machines Nova-C","excerpt":"The lander's gimbaled VR900 main engine uses methane and oxygen as liquid propellants and is pressurized by helium gas, producing 3,100 N (700 lbf) of thrust.","excerpt_en":"The lander's gimbaled VR900 main engine uses methane and oxygen as liquid propellants and is pressurized by helium gas, producing 3,100 N (700 lbf) of thrust."},{"stance":"confirms","publisher":"L3Harris","publisher_en":"L3Harris","kind":"news","lang":"en","published_at":"2025-02-12","url":"https://www.l3harris.com/newsroom/editorial/2025/02/l3harris-delivers-intuitive-machines-im-2-nova-c-lunar-lander","title":"L3Harris, 인튜이티브 머신스 IM-2 Nova-C 착륙선용 부품 납품","title_en":"L3Harris Delivers for Intuitive Machines IM-2 Nova-C Lunar Lander","excerpt":"ARDÉ is the nation's leading supplier of highly reliable, lightweight pressure vessels for space applications ... They are also the current supplier to Intuitive Machines for its Nova-C landers ... each Nova-C lander requiring two identical tanks.","excerpt_en":"ARDÉ is the nation's leading supplier of highly reliable, lightweight pressure vessels for space applications ... They are also the current supplier to Intuitive Machines for its Nova-C landers ... each Nova-C lander requiring two identical tanks."}]}]}