Intuitive Machines: Flywheel of the space economy?

Intuitive Machines is one of the leaders in a very narrow yet exciting segment of space companies. The company specializes primarily in lunar landers and orbital infrastructure.

It is not a typical startup of this kind, one that has more to show than a vision and good intentions:

• Intuitive Machines (LUNR) reported 2025 revenue of USD 210.1 million (down 7.9% YoY), a backlog of USD 943 million, and an increase in gross margin to 19%.
• The company is still burning cash: it recorded a 2025 net loss of USD 83.91 million and has a trailing loss of USD 0.73 per share.
• For 2026, management is already forecasting revenue in the range of USD 900 million to 1 billion and positive adjusted EBITDA.
• In March, the company also won a NASA contract under CLPS worth USD 180.4 million for a fifth lunar mission.

Yesterday, reports emerged that SpaceX confidentially filed IPO documentation with the SEC; the listing is expected to be the largest in the history of financial markets.

On the same day, NASA successfully launched Artemis II from Kennedy's Space Center. 

On the back of these events, the market wants to forget about problems on Earth and think about opportunities in space. The increasingly ambitious projects undertaken by SpaceX and NASA, along with the growing presence of space companies in the market, are leading many investors to believe that the concept of a “space economy” is no longer a dream but is becoming a scenario that can be valued.

The space company delivered mixed results for 2025 but outlined an aggressive plan for 2026. Two growth vectors stand out.

• First, the company finalized the acquisition of Lanteris in Q1 for approximately USD 800 million and closed the KinetX transaction, increasing its exposure to defence and national security.
• Second, on March 24, NASA awarded Intuitive Machines a CLPS contract worth USD 180.4 million for a fifth payload delivery mission to the Moon, this time using the larger Nova‑D/R lander.

Space missions still carry risks of delays, technical failures, and competition from larger players. Regardless of perspective, Intuitive Machines remains a speculative company, and the 2026 targets must be delivered for the stock to generate returns.