“Intuitive Machines has secured a $175 million strategic equity investment from global institutional investors to accelerate the expansion of its satellite communications and in-space data processing capabilities.
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The Houston-based company said Wednesday the funding will support revenue growth and technology investments focused on advancing satellite communications and in-space data processing networks, including extending its satellite platforms into growth markets while pursuing higher-margin, recurring revenue opportunities across civil and national security sectors.
The investment follows the company’s January acquisition of Lanteris Space Systems, formerly Maxar Space Systems.
What Did Intuitive Machines CEO Steve Altemus Say About the Investment?
Steve Altemus, CEO of Intuitive Machines, said the investment will help scale the company’s space infrastructure platform across multiple orbital domains.
“We are building a scalable infrastructure platform from low-Earth orbit to the Moon and into deep space,” Altemus said in a statement. “With this investment, we can accelerate the integration of the combined company’s collective capabilities to deliver next-generation data, communications, and space-based infrastructure services.”
What Are the Core Focus Areas of the Strategic Investment?
Intuitive Machines said it intends to invest in expanding its Near Space Network Services and establish a solar system internet independent of Earth. Through investments in the Lanteris platforms, specifically the 1300 series, the company said it believes it can grow market share in geostationary orbit, expand capability around the moon, extend capability to Mars and support emerging high-power on-orbit data processing and edge computing.
The company said it believes the investment will enhance its ability to win and execute higher-margin, recurring revenue programs such as Golden Dome initiatives, the Tracking and Data Relay Satellite System, the Mars Telecommunications Orbiter and the evolving space-based orbital data center market.
Intuitive Machines noted that it is collaborating with industry partners to position space-based data centers for enterprise use cases.
The company expects updates in the near term on several pending awards, including NASA’s Lunar Terrain Vehicle Services contract, the next Commercial Lunar Payload Services award and follow-on Proliferated Warfighter Space Architecture satellite contracts.
What Are the Details of the Strategic Investment?
The company said it expects the transaction to close Friday, Feb. 27, subject to customary closing conditions. The definitive securities purchase agreement provides for the issuance and sale of the company’s Class A common stock in exchange for the $175 million equity investment.
Cantor is serving as exclusive placement agent for the transaction. DLA Piper is acting as legal adviser to Cantor, and Simpson Thacher & Bartlett is serving as legal adviser to Intuitive Machines.
What Does Intuitive Machines Do?
Intuitive Machines is a space infrastructure company that develops spacecraft, links networks and operates infrastructure-as-a-service for national security, civil and commercial customers.
Intuitive has produced over 300 spacecraft, delivered over 260 kilograms of payload to the moon and provided navigation support for spacecraft operating across the solar system.
The company is one of four awardees on NASA’s Near Space Network Services contract vehicle supporting communications and data transmission from Earth to cislunar space.
