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 5 AI consumers· 3 recurring
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 | -8.7 |
| L3Harris | benef1 | +15 | -0.5 | +3.7 | +1.9 | +42.3 | -12 |
| Firefly Aerospace | benef2 | · | · | · | · | · | -3.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Intuitive Machines operates across NASDAQ, Space infrastructure, Commercial Moon landing. It remained weak at -10.6% in 2025 and -8.7% in 2026. The stock (-8.7%) and its supply side (avg -5.6%) are moving in step. Among connected nodes the furthest ahead is SpaceX (+0.7%) and the furthest behind is L3Harris (-12%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Every lander launches on a SpaceX Falcon 9.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $54 · Price $14.811 (09-05) · Upside +265%
| 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