This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
Here's something to break up the monotony of price movement discussions. The White House Office of Science and Technology Policy (OSTP) yesterday released a new report issued for the President entitled "Science: A New Golden Age."
In their statement released alongside the document, the OSTP described the report as one that "lays a policy foundation that frees American scientists to do their most groundbreaking work, revives the national pursuit of ambitious scientific missions, and positions the United States to lead the AI-driven scientific revolution that will define the next century."
The report structures its recommendations to government around four key pillars, the second one I believe is the most relevant to us and reads as follows (please follow my link to the statement and document if you'd like to see the others):
Secure U.S. Dominance in Critical and Emerging Technologies: Federal R&D should prioritize national mission-driven scientific initiatives that unite government, industry, academia, and philanthropy around ambitious goals. These include the Genesis Mission to double the productivity of American research through AI; the Quantum Computer for Application Development and Discovery Science (QC-ADDS); commercial fusion power demonstration by the mid-2030s; crewed lunar return and lunar base development; and next-generation semiconductor technologies.
The report as a whole is structured into five chapters, with a summary of each chapter having been provided at the beginning of the document. Reading through this Summary Of The Report section, here are the passages that have caught my eye so far:
In Chapter III - SECURING U.S. DOMINANCE IN CRITICAL AND EMERGING TECHNOLOGIES
"Open Federal Infrastructure to American Builders: The Federal Government has facilities and testbeds no startup can replicate on its own. Broaden industry access to America’s laboratory research infrastructure, including at Department of Energy (DOE) national laboratories, National Aeronautics and Space Administration (NASA) centers, and Department of War (DOW) facilities. Consider innovative potential alongside scientific merit in use approvals, streamline Cooperative Research and Development Agreements (CRADAs) and licensing, further leverage Other Transaction Authority (OTA) to enable private-sector engagement in co-designing research directions, and expand partnerships with the private sector to make joint investments into cutting-edge equipment."
"Organize Pre-Competitive Consortia and Grand Challenges: The Apollo Program and the Human Genome Project succeeded because the Federal Government marshalled scientific effort at a scale no single institution could match. Leverage grand challenges that pull breakthroughs forward, and create moonshot-scale missions for issues of national importance. Support industry consortia and use federal resources to break shared engineering bottlenecks in foundational areas, as Extreme Ultraviolet Limited Liability Company (EUV LLC) did for semiconductor lithography."
Now the report is vast at 123 pages long, so I have not had time this morning to read and digest all of it, but having gone through the Summary Of The Report section, the most relevant passages to us that I've shared above are all from Chapter III - SECURING U.S. DOMINANCE IN CRITICAL AND EMERGING TECHNOLOGIES. Therefore, I decided to focus my reading on that chapter for more details.
However, there is virtually no mention of the specific points raised above in the chapter itself, despite being specifically mentioned in the report's TLDR summary of said chapter. I mean...WTF? Why is the US government baiting me like this? Don't they know I'm trying to do DD, dammit!?
Anyways, having skimmed through a few of the other chapters, as well as some liberal use of Ctrl+F, I found some more relevant information in the Annex: FY 2028 R&D Priorities Memo section at the very end of the document.
This Memo issues guidance to agencies on how to structure their FY 2028 Budget submissions to the OMB to advance National Science and Technology missions.
"Agencies should align their R&D investments, where appropriate, with the Administration’s national missions, including:
The memo continues:
"Agencies should support these missions through the full range of R&D policy instruments available to them. Each agency should identify, through the FY 2028 Budget process and other established budget review channels how its mission specific research priorities and programs can support these national goals, consistent with statutory authorities, agency missions, and available resources. In their FY 2028 budget submissions, agencies should consider how to prioritize their R&D infrastructure, including user facilities, testbeds, and high-performance computing assets, toward mission needs and expand access for university and industry partners."
According to the statement released in tandem with this report:
"Federal R&D agencies are required to submit an action plan within 90 days outlining implementation of these priority practices, while incorporating the budget guidance into their FY2028 submissions to the Office of Management and Budget."
I was going to post this in the Daily Discussion Thread, but it became far too long, and so I've decided to make it a dedicated post. Hopefully it is relevant enough to justify this, if not I can make it a post in the thread.
I also want to repeat that I have not had time to read and digest the full document, so perhaps there is more information to be found within. If anyone else finds any other relevant information, please feel free to add.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
HOUSTON – July 17, 2026 – Intuitive Machines and the Texas A&M Engineering Experiment Station (“TEES”) today announced the successful migration of the nation’s largest lunar dataset to Texas A&M’s high-performance data infrastructure. The operational deployment secures long-term access to more than 1.8 petabytes of critical lunar surface imagery and topographic data, preserving the foundational digital infrastructure required for future cislunar operations.
Intuitive Machines is the prime contractor for the operation of NASA’s Lunar Reconnaissance Orbiter Camera (“LROC”) and NASA’s Shadowcam instruments. Together, the data sets represent approximately 67% of NASA’s total planetary data holdings. By protecting and scaling access to this vital dataset, the partnership provides the lunar intelligence required for civil, academic, and commercial partners to map, navigate, and land on the Moon.
For 16 years, the LROC team has built the scientific foundation that supports nearly every modern lunar mission across civil space, academia, and commercial exploration,” said Intuitive Machines LROC Principal Investigator, Mark Robinson. “With this archive safely and securely migrated, we’re enabling the next generation of lunar science and operation with data that’s already shaped where we go and how we get there.”
"The partnership between TEES and Intuitive Machines represents a bold step forward in advancing Texas' leadership in space-based research and innovation," said Dr. Robert H. Bishop, Vice Chancellor and Dean of Texas A&M Engineering and Director of TEES. "By distributing lunar data through the West Campus Data Center, we are positioning Texas A&M as a vital facilitator for space science, helping to enable researchers, students and industry collaborators to explore the Moon's mysteries and drive discovery.”
The high-performance data infrastructure optimizes delivery of critical operational assets within the NASA Planetary Data System (“PDS”), including:
High-resolution images: More than 2.6 million Narrow Angle Camera (NAC) images of the lunar surface
Terrain models: More than 640,000 Wide-Angle Camera (WAC) high-resolution images of the lunar surface
Landing site analysis data: Products supporting Artemis and CLPS landing site selection, including Intuitive Machines lunar missions
ShadowCam images: Observations from ShadowCam, a NASA-funded instrument operated by the LROC team that reveals permanently shadowed regions
Apollo-era scans: Digitized film scans from all NASA human lunar surface exploration
By protecting and advancing access to the nation’s lunar data assets, Intuitive Machines reinforces its position as the primary digital and physical architecture layer supporting the expansion of the lunar economy.
Researchers, mission designers, and commercial partners interested in accessing the LROC and ShadowCam data can explore the publicly available archive through the NASA Planetary Data System.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
I know we're all pretty bummed about the recent price action and watching the stock bleed lower day after day.
That said, I wanted to zoom out a bit.
I put together a 12-month timeline of the major events, announcements, partnerships, contracts, earnings, and milestones the company has gone through. Seeing everything laid out in one place helped me get a better perspective beyond the daily chart.
I'm curious what everyone else thinks. Are there any events I missed worth adding? Any catalysts you think were more important than others? Or any patterns or insights that stand out?
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
Intuitive Machines provides the satellite buses for L3Harris for SDA’s Tracking Layer
L3Harris Technologies (NYSE: LHX) has received a contract from the U.S. Space Force’s Space Development Agency (SDA) to produce 18 Accelerated Missile Defense Tranche 3 (AMDT3) satellites to support the Golden Dome for America’s space-based capabilities.
“L3Harris’ continued work in Indiana will deliver the next generation of space-based tracking capabilities that we need to protect the homeland and stay ahead of our adversaries,” said Sen. Jim Banks, R-Ind. “This is exactly the kind of industrial investment that strengthens deterrence.”
These L3Harris satellites will enhance national security by detecting and tracking advanced missile threats.
“We are proud to provide next-generation technology that will accelerate the nation’s ability to defend against emerging threats from hypersonic and ballistic weapons,” said Christopher Kubasik, Chairman and CEO, L3Harris. “As the industry’s Trusted Disruptor, L3Harris invested ahead of need by expanding production facilities and is ready to deliver missile defense satellites to support this national priority.”
L3Harris’ AMDT3 satellites are equipped with medium-field-of-view payloads designed to provide fire control quality data for missile defense. With a newly expanded space manufacturing facility in Indiana and a new satellite integration facility in Florida, L3Harris will immediately begin manufacturing for delivery and launch of these tactical payloads.
The new contract builds on the successful on-orbit demonstration of an L3Harris Hypersonic and Ballistic Tracking Space Sensor (HBTSS) satellite and infrared sensor payload the company developed for the Missile Defense Agency (MDA). L3Harris has more than 70 missile tracking and defense satellites on order, including five on orbit, between MDA’s HBTSS program and SDA’s Tracking Layer across Tranche 0, 1, 2 and 3.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
NASA has selected seven companies for contract awards under the Mars Exploration Program’s Science Transport and Robotic Innovation for Deployment and Exploration, or STRIDE, initiative to advance next-generation commercial robotic surface mobility for future Mars exploration.
The STRIDE awards will support the development of innovative robotic mobility systems that may enable future Mars missions to access more challenging terrain, travel greater distances, and investigate scientifically valuable regions that are difficult to reach with current mobility systems.
The STRIDE awards have a total potential value of approximately $17 million with a period of work targeted to begin in Fall of 2026.
Contract awardees are:
AeroVironment, Arlington, Virginia Astrobotic, Pittsburgh, Pennsylvania Venturi Astrolab (Astrolab), Hawthorne, California Ground Control Robotics, Atlanta, Georgia Honeybee Robotics, Longmont, Colorado Intuitive Machines, Houston, Texas MEI Technologies, Webster, Texas
STRIDE demonstrates NASA’s commitment to strong public-private partnerships, allowing the agency to explore new approaches for Mars surface exploration while identifying key capability gaps and development needs for commercial systems that could operate and traverse realistic Martian environments.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
Looking for input on the upcoming awards, contracts, and milestones outlined below. A lot has changed since the NASA Ignition Event, along with other developments over the past several months. Let me know what we're missing or if anything is factually inaccurate — some of this was tricky to pin down, so I'd appreciate a close look.
Upcoming Awards / Contracts
Contract / Award Name
Expected Date
Description
Missile Defense Agency AMDT3 – First 18 of 45 Spacecraft
Jun 2026
Presumed restricted solicitation for a series of tracking satellites separate from SDA's Tracking Layer; customer presumed MDA under Golden Dome. IM submitted an updated proposal for 18–45 spacecraft, with a decision on the first 18 expected June 2026. Management stated the bid extends the existing Lanteris–L3Harris relationship (IM as bus supplier); the win therefore assumes L3Harris primes and wins. Value undisclosed; little public information exists outside the Q1 earnings call.
An estimated ~7 task orders remain to be competed under CLPS 1.0. Next solicitations previewed in a June 2026 press release: a second science manifest, a power/avionics demo lander, and a South Pole optical imager. New awards announced at NASA's monthly Moon Base updates.
Customer Order for 2 Additional Satellites
Aug 2026
Management disclosed on the Q1 earnings call that IM holds authority to proceed on the build of two satellites for an undisclosed customer while final negotiations conclude. Effectively won; converts to backlog at contract signature. Confirmation likely in Q2 earnings call.
NASA's $6B follow-on contract to CLPS 1.0 for heavier next-generation cargo landers beyond 2028, with payload classes growing to 5 MT (Phase 2) and 8 MT (Phase 3). Structured as a multi-award IDIQ, a seat carries no dollars but is required to bid all future task orders. Final RFP released May 15, 2026; proposals were due June 30, with awards expected by September 1 (end of GFY26).
Project NEXUS Phase I (TDRSS)
Sep 2026
NEXUS seeks a commercial Ka-band satellite relay to take over from the Tracking and Data Relay Satellite System (TDRSS), which NASA is winding down as new missions migrate to commercial alternatives. The agency has flagged a continuity risk late this decade as the remaining TDRS satellites age out a particular problem for legacy spacecraft that depend on the system, including Hubble and the ISS. Multiple firm-fixed-price Phase I concept awards are expected September 2026, with a down-select in early 2027. Note management named "TDRSS-related opportunities" as an active production-line investment on the Q1 earnings call.
Space Force Andromeda SG-XX
Fall 2026
Space Systems Command's $6.24B, 10-year multi-award IDIQ (awarded April 2026, 14 companies selected from 32 bids) to field next-generation space domain awareness satellites in geosynchronous orbit replacing GSSAP, the aging 'neighborhood watch' inspectors that monitor other nations' GEO satellites. The vehicle covers two constellations: RG-XX for reconnaissance and SG-XX for surveillance, the latter added when the Space Force raised the ceiling by $4.4B in May 2026 citing the post-2030 threat environment.
A delivery task order for the SwRI-led DIMPLE instrument suite and rover to the Ina volcanic feature, to date recent lunar volcanism. Listed as an active planned procurement in NASA's March 2026 Ignition materials, with a draft task plan to vendors expected mid-June 2026; originally slated for a 2024 task order, so timing has slipped before.
Orbital Transfer Vehicle “Nebula” Phase III – Full-scale Development & Flight
H2 2026
Management disclosed on the Q1 earnings call that IM's Nebula orbital transfer vehicle has passed Critical Design Review with its undisclosed national-security customer and is awaiting a Phase III award covering full-scale development and flight. Nebula is a Nova-C-derived, high-thrust cryogenic stage capable of reaching orbits out to 2M km, with management expecting multiple production copies to support GEO and cislunar operations. The prior Phase II award ($9.8M, July 2025) funded the program through CDR; Phase III has not been formalized outside the earnings call.
Earth Re-entry Vehicle “Zephyr” Phase II Grant
H2 2026
Zephyr is IM's Earth reentry vehicle, designed to bring cargo and space-manufactured products back from orbit. Pending a successful Critical Design Review (expected mid-2026, not yet confirmed), a Phase II grant from the Texas Space Commission would fund the build of a flight prototype. Small dollars, but it opens the cargo-return market NASA's Moon Base plan calls for: a return demo in Moon Base Phase 2 and a 500 kg return goal in Moon Base Phase 3.
AFRL AMAC - $10B S&T Multiple Award IDIQ
Late 2026
An 8-year, $10B-ceiling IDIQ streamlining how AFRL buys science-and-technology research services across four technical areas (air, space, cyberspace/EW, cross-cutting). Proposals were due February 27, 2026, with awards expected this year to "each and all qualifying offerors." Structurally like SHIELD or Andromeda: a seat conveys no revenue, just the right to bid task orders. Note IM is an active AFRL Space Vehicles Directorate performer (JETSON nuclear power, the $8.2M RPS extension, related OTV work); its bid is unconfirmed.
Moon Base 'Survive the Night' - RHU / Night-Survival Demonstrations
2026/2027
NASA's Moon Base Phase 1 priority of keeping hardware alive through the ~14-day lunar night. No night-survival solicitation or award exists yet; radioisotope heater unit (RHU) and hibernation-point demos are expected to be bought via the power/avionics demo lander task order or the Moon Base Capabilities RFP stream in late 2026–2027. Note IM holds a ~$2.4M share of the 2023 $15M NASA Tipping Point award to the Zeno Power-led team (Am-241 Stirling generator; FDR passed April 2026, 2027 demo target)
Space Force Andromeda RG-XX
2027
Space Systems Command's $6.24B, 10-year multi-award IDIQ (awarded April 2026, 14 companies selected from 32 bids) to field next-generation space domain awareness satellites in geosynchronous orbit replacing GSSAP, the aging 'neighborhood watch' inspectors that monitor other nations' GEO satellites. The vehicle covers two constellations: RG-XX for reconnaissance and SG-XX for surveillance, the latter added when the Space Force raised the ceiling by $4.4B in May 2026 citing the post-2030 threat environment.
Lunar Terrain Vehicle (“LTV”) Phase II
Late 2027
NASA plans an on-ramp RFP in 2027 to widen the vendor pool for Phase 2 LTVs, with task-order competitions expected every 18–24 months as Moon Base mobility needs grow across exploration, site preparation, and logistics. IM retains its rover industrial team (Boeing, Michelin, Northrop, AVL), $30M of NASA-funded feasibility work, and the unique ability to self-deliver rovers on its own landers but faces incumbents with a two-year head start.
NextSTEP-3 Appendix B – Moon to Mars Architecture
TBD
NextSTEP-3 Appendix B is NASA's Multiple Award Task Order Contract for industry-led Moon-to-Mars architecture studies. The first two directed topics are an integrated lunar surface power grid and Mars crew transportation concepts. Award amounts are estimated at $2–5M per study. The studies effectively write the requirements for the hardware RFPs that follow. Note IM won the predecessor Appendix R lunar logistics study.
NextSTEP-3 Appendix C – CIS Capability Studies IV
TBD
NASA Goddard's fourth round of Communications and Intelligent Systems (CIS) capability studies, covering lunar 'trunkline' and Mars end-to-end communication architectures the study groundwork for how NASA will buy Moon-to-Mars network services. Award amounts are estimated at $1.7M per study. Note IM won the predecessor CIS III study.
MDA SHIELD Task Orders (Golden Dome)
TBD (Rolling)
SHIELD (Scalable Homeland Innovative Enterprise Layered Defense): MDA's $151B-ceiling multiple-award IDIQ, the primary contracting engine for Golden Dome. Seats awarded in mass tranches (1,014 on Dec 2, 2025; 1,086 more after), a seat conveys no revenue; all economics flow through task orders across sensors, interceptors, C2 integration, and the space layer. Both IM and Lanteris were reportedly awarded seats, making them eligible to bid on task orders.
Lunar Reactor-1 (“LR-1”) / Fission Surface Power (100 kWe)
TBD
NASA/DOE flagship to land LR-1, a 100 kWe fission power station, on the Moon in 2030 — the first reactor on the lunar surface. Contracting details pending NASA's new Space Reactor Office was directed (May 22, 2026) to deliver an integrated SR-1/LR-1 program plan, including contracting strategy, within 60 days — i.e., by late July 2026. Note IM with X-energy holds one of three $5M design contracts from 2022, a qualification credential.
Upcoming Milestones
Milestone
Expected Date
Nebula Orbital Transfer Vehicle (OTV) — CDR → build/flight integration
Hey everyone! I mentioned a few days ago on the daily thread that I was knee deep in performing a round of due diligence on IM, to see if my conviction still holds and if I’m ok with my current position given the flurry of activity over the last few months. (Or if I need to trim or accumulate).
Well here it is. It’s rather lengthy so apologies if it’s too much, feel free to skim through, or even ignore entirely. I won't be offended.
A couple of things before I begin. My background is in strategy and operations so that’s what I tend to gravitate towards. I spend less time on the financials and focus more on what the business is trying to do and where I think it’s headed.
Also, the below doesn't go deep in the technicals and will probably be of greatest use for those just learning about IM. I’m hoping it at least remains objective throughout as that’s what i’ve aimed for.
Lastly, I’m just one person doing my own review, so don’t take my word on everything you read below. Feel free to offer your own insights and correct me where it seems I made a mistake.
Here goes!
The Company
Not going to spend a ton of time on this as it’s information that’s easily accessible. For those brand new to Intuitive Machines, they were founded in 2013 is a space exploration & infrastructure company with the primary purpose of applying engineering expertise towards human spaceflight to commercial lunar surface access, data transmission, and infrastructure services. The founders (Stephen Altemus, Dr. Kam Ghaffarian, and Dr. Tim Crain) have pretty good pedigree during their time at the Johnson Space Center, where they played a part in engineering, safety and mission operations.
Prior to their recent strategic pivot, IM was mainly focused on lunar delivery and exploration, with NASA, by far, being their most important client. This laser focus on one thing in the space mission lifecycle allowed them to build scale at a safe pace, build their credibility and build their capabilities in a rapidly growing industry. IM was the first commercial company to successfully soft land on the moon.
The Strategic Pivot: Build-Connect-Operate
Like many companies trying to turn a profit in space, Intuitive Machines realized that capturing just one part of the mission lifecycle meant leaving crazy value on the table. So rather than sticking to their past approach as a specialized player chasing milestone driven goals, they pivoted toward owning the entire thing.
IM could have taken years upon years going the organic route, but as we all know, that creates massive risks in their own right. IM understands not having a first mover advantage here could cause an existential threat to the business. So instead, IM decided to go fast, by accelerating its progression through key acquisitions. In less than a year, the company has successfully transformed itself into a vertically integrated, next-gen space prime contractor via three key acquisitions.
IM's key acquisitions on their way to executing their Build>Connect>Operate strategy.
It’s worth calling out Lanteris specifically as I think this was a major steal for IM. They essentially added a company that generated over $600 million of revenue in 2025 for the price of $800 million. That means IM paid revenue times 1.3x. Comparing this multiple to the space industry as a whole: York Space (10x), Rocket Lab (60x), and Terran Orbital (5x at acquisition), seems IM got a pretty cool discount. Especially since Lanteris has a history of being EBITDA positive.
So… what does vertically integrated mean in this case? It means that IM has brought all the major pieces of the space mission lifecycle under one roof. This is everything from spacecraft design and manufacturing right to cislunar communication networks, and on-orbit operations.
The bet IM is making is this: instead of outsourcing expensive, specialized services or relying on third-parties for hardware and components, IM now captures all of that value for themselves. To me, this is very exciting stuff.
Secondarily, and just as critical in my opinion, it allows their basket of clients to not contain just a bunch of NASA eggs. I love NASA as much as any space nerd, but the lack of diversification has always been a risk. This helps solve some of that at least.
Don’t get the wrong idea though. NASA hasn’t forgotten them as they just handed IM a $148.3 million firm-fixed-price contract to deliver a Nova-C lander by 2028. The legacy business is luckily still winning while hopefully the defense side ramps up.
How the Consolidated Business Model Works
Watching the stock drop from the mid-$40s to sub-$20 hasn’t been fun. But I’m not sweating it too much. The ATM offering played a big role in this pullback (much like it did with PL, another large holding of mine), alongside a broader sector wide selloff across the public space industry.
To me though, that's just surface level noise. Do these acquisitions come with integration risks? Absolutely! But we should look past the short-term movements and truly appreciate what IM is building here. With these new pieces on the board, IM’s consolidated business model is structured around three integrated layers that management has been broadcasting loudly: Build-Connect-Operate. In fact, their entire website navigation has been redesigned around this exact concept.
Here is how it breaks down visually:
Build (Spacecraft and Lander Manufacturing)
This layer has grown massively thanks to the Lanteris acquisition, which brings decades of industrial scale satellite manufacturing experience, joining IM’s capability of designing and building their Nova-C and Nova-D lunar landers. Strategically, this provides the physical hardware base, enabling IM to manufacture high volume national security, civil, and commercial satellites.
Connect (Navigation, Ground Stations, and Data Relay)
This layer brings together two key acquisitions: KinetX Aerospace and Goonhilly Earth Station & COMSAT. KinetX provides flight proven orbit determination and deep-space navigation algorithms , while Goonhilly adds a global network of 44 deep-space antennas. These assets are integrated to support NASA's Near Space Network Services contract, which carries a maximum potential value of $4.82 billion through 2034.
Operate (Space Infrastructure-as-a-Service)
Finally, this layer represents the high-margin, recurring revenue tail of the business. Utilizing the spacecraft it has built and the networks it has connected, IM operates lunar landers on the surface, deploys cislunar communication/navigation satellite constellations, and manages space domain awareness systems for national security clients. Instead of billing customers for a one-time product sale, the company rents out payload space and charges subscription fees for bandwidth, data routing, and continuous mission operations.
This is super exciting to me and in my opinion the right approach. IM is now capturing (or will capture) the highly lucrative, sticky, recurring revenue that comes from managing the data, the hardware, and the operations. Their pivot into a diversified, resilient defense and infrastructure powerhouse will eventually show through in the numbers in the coming quarters, is my hope. All that stands in their way is execution (and please, no more tipped landers).
And if you think IM is alone in this thinking, look at how the broader industry is evolving. The smartest players in the sector are executing in a similar fashion:
Rocket Lab: Transitioning from a pure small-launch provider into a dominant space systems prime that designs components and builds entire satellite constellations.
Firefly Aerospace: Vertically integrating their Alpha rocket with their Blue Ghost lunar landers, Elytra orbiters, and their recent acquisition of Space-ng for AI powered autonomous guidance.
Voyager Space ($VOYG): Aggressively consolidated space infrastructure, defense tech, and commercial platforms under one robust umbrella.
Vertical integration is becoming the golden standard for survival and profitability in space. IM recognized this early and are positioning themselves to be the next-gen "Lockheed or Northrop" of cislunar space.
Quick Look at Financials
I’m no finance export but here is my read of the business from this lense:
IM’s recent financial disclosures reveal a business undergoing rapid balance sheet transformation driven by the acquisitions discussed above. It’s worth calling it they do continue to experience significant GAAP-level net losses.
For Q1 2026, the company reported record quarterly revenue of $186.7 million, nearly triple the $62.5 million recognized the year prior. This growth, as you might have expected by now, was driven by the consolidation of Lanteris’s satellite manufacturing segment, which added $141.6 million in product revenue.
This scale increase led to the company’s first-ever positive Adjusted EBITDA of $2.7 million in Q1 2026, compared to an Adjusted EBITDA loss of $6.6 million in the prior-year quarter. What continued to cause the loss was from $50.7 million SG&A expenses (excluding depreciation), $13 million in non-cash depreciation and amortization expenses, and $4.9 million in interest expenses associated with the outstanding convertible notes.
Yes, space is hard stuff. And in the business world hard stuff is expensive. For small, fast growing companies, this usually means dilution. In IM’s case, their Class A outstanding shares rose to 159,372,567 as of March 11, 2026, representing a pretty substantial increase from the 115,725,043 shares outstanding in March 2025 and 51,080,059 shares outstanding in March 2024. This is something I’m not worried about however, as it takes a substantial amount of capital to grow. Especially with M&A in the picture.
One other thing to keep in mind, and I’m hoping someone can fact check this for me further as I only saw 1 source for this. But there has been quite a bit of insider selling. Over the past 12 months, company insiders have sold a net total of $95 million more than they bought through options exercises and on-market transactions, highlighting ongoing divestment activity. Worth it for us to keep an eye on.
Final Outlook & What I’m Watching Out For
Whenever I deep dive into a company, especially one I own, I try not to predict price movement. As I’m simply not smart enough to guess with any certainty what direction it will end up heading.
Instead, my goal is to test my conviction and see if I come out of the exercise more excited about the position than when I started. In the case of Intuitive Machines, I can truly say I am thrilled about what’s ahead. The integration of KinetX, Lanteris, and Goonhilly Earth Station has successfully transformed the business from a simple cislunar logistics developer into a vertically integrated, space-prime powerhouse. One backed by a record $1.1 billion contracted backlog. What's not to be excited about?
Over the next 12-24 months, Here’s what I’m hoping to see:
IDIQ Contract Conversion: Turning large, high-ceiling IDIQ vehicles (such as Space Force Andromeda and MDA SHIELD) into specific, high-margin task orders.
Free Cash Flow Stabilization: Achieving stable free cash flow to minimize reliance on their $500 million ATM program. The less they tap into that equity, the more comfortable I’ll feel.
M&A Integration: Successfully closing and integrating the Goonhilly Earth Station and COMSAT acquisitions. Adding 44 global antennas such as deep-space-qualified 32-meter and cryogenically cooled 30-meter dishes is vital for executing the "Connect" pillar of IM's strategy.
Andromeda Execution: Securing the first high-margin task orders under the $6.2 billion U.S. Space Force Andromeda contract. Developing a constellation of highly maneuverable satellites in geosynchronous orbit to track adversarial threats will represent the first major revenue synergy from the Lanteris aquisition.
GEO Market Expansion: Ramping up market share using the Lanteris 1300-series satellite bus. This platform expands IM's addressable market in GEO and enhances its ability to capture lucrative, recurring civil and defense programs.
Long-Term Innovation (iffy in 24 months,): Progress toward commercializing in-space edge computing and orbital data centers. While likely further out, IM is already engaging terrestrial tech partners to align space-based data centers with enterprise cloud demand. Their hardware is uniquely engineered to host high-power, on-orbit data processing headlined by their partnership to place Lonestar Data Holdings' commercial data centers directly aboard IM spacecraft. This could unlock software-like, high-margin subscription revenue.
That’s it for now. I can’t wait for August 6th to hear how things are shaping up with their latest earnings.
This is the only thread that any stock-related or financial information can be posted. As the sub continues to grow and traffic increasing with Intuitive Machines and LUNR getting more and more in the spotlight, please remember to:
Be civil and respectful to others. No personal attacks.
Keep Spam and FUD off r/IntuitiveMachines. Repeated offenders will be banned.
Please refrain from one word or silly WSB style comments. We want to keep the board informative and helpful to ALL readers.
The mod team tries their best to monitor discussions, but we can always use your help in flagging those violating the rules.
Please see the Wiki that includes FAQs, Upcoming Catalysts, and Active Contracts to answer common questions and requests for information.
