NASDAQ · Space infrastructure · Commercial Moon landing
Intuitive Machines
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.
LUNR Updated Jul 12, 2026 4 AI consumers
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).
Financials & Segments
- Total revenue · FY2025 revenue $210.1M
- Customer concentration · NASA ~78% (nine months 2025); diversifying via Lanteris acquisition
- Segments · CLPS lunar landers and payload delivery · OMES III orbital engineering · Near Space Network comms and navigation · National security space (Lanteris, KinetX)
Revenue from
- NASA (NSN·OMES III) High confidence· contract ceiling $4.8B · 2024-10-01~2034-09-30 · Near Space Network multiple-award IDIQ maximum potential value (5-yr base + 5-yr option)
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.Confirms EN GlobeNewswire Published Sep 17, 2024: NASA Awards Intuitive Machines Near Space Network Contract with a Maximum Potential Value of $4.82 Billion - NASA (CLPS) High confidence· Contract value $78M · FY2021 award · IM-3 CLPS firm-fixed-price task order value
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.Confirms EN GlobeNewswire Published Mar 19, 2026: Intuitive Machines Reports Fourth Quarter and Full-Year 2025 Financial ResultsMentions KO SBS News Published Feb 23, 2024: Intuitive Machines makes history with world's first commercial Moon landing
Pays to
- SpaceX High confidence
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. - L3Harris Medium confidence
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.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Intuitive Machines | node | · | +3.7 | -74.4 | +610.8 | -10.6 | -0.6 |
| L3Harris | benef1 | +15 | -0.5 | +3.7 | +1.9 | +42.3 | -0.2 |
| Firefly Aerospace | benef2 | · | · | · | · | · | +7.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $54 · Price $16.23 (07-11) · Upside +233%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Craig-Hallum · Jeff Van Rhee | Buy | $42 | Jul 1, 2026 | Report ↗ |
| B. Riley Securities · Mike Crawford | Buy | $45 | Jun 24, 2026 | Report ↗ |
| Roth MKM (Roth Capital Partners) · Suji Desilva | Buy | $75 | May 28, 2026 | Report ↗ |
Despite a steep pullback, analysts lean Buy (7 Buy/1 Hold) on the $148M NASA lunar lander award and a $1B+ backlog, with targets spread from $32 to $75.
Analyses covering this node
- Target upside is a residual, not a signal: consensus writes down the chain after the fact Jul 10, 2026
- The anchor tenant of Earth observation: reconnaissance budgets built the EO industry Jul 4, 2026
- The launch-tier paradox: even rocket companies are SpaceX customers Jul 4, 2026