Intuitive Machines Goes Public After SPAC Merger
Intuitive Machines goes public on the Nasdaq. Photo: Intuitive Machines
Intuitive Machines began trading on the Nasdaq on Tuesday after using a special purpose acquisition company merger (SPAC) to go public. Intuitive Machines is a space infrastructure company to supply products and services to support robotic and human exploration in space.
Shareholders of the blank check company Inflection Point Acquisition Corp. approved the deal with Intuitive Machines on Feb. 8. According to SEC filings, the SPAC originally had $301 million in cash in trust, but about $280 million of it was redeemed by SPAC shareholders turning in their shares.
Intuitive Machines will receive approximately $55 million through a committed SPAC trust and a $26 million PIPE investment.
“We are excited to begin this new chapter as a publicly traded company,” said Steve Altemus, co-founder, president, and CEO of Intuitive Machines. “Intuitive Machines is in a leading position to replace footprints with a foothold in the development of lunar space. With our launch into the public sphere through Inflection Point, we have reached new heights financially and opened the doors for even greater exploration and innovation for the progress of humanity.”
Intuitive Machines’ common stock and warrants are expected to trade on Nasdaq under the ticker symbols “LUNR” and “LUNRW,” respectively.
The company has NASA contracts for the Commercial Payload Services and Tipping Point programs and reported about $317 million in total bookings in its investor presentation.
It reported $73 million in revenue in 2021, $88 million in expected revenue for 2022, projecting $300 million in revenue in 2023 and $759 million in 2024.
After a wave of SPAC deals in 2020 and 2021, the number of new space SPACs strongly dipped in 2022, with a few companies canceling deals. However, World View, a space tourism company targeting sending balloons to the stratosphere, last week announced plans to go public via SPAC in a deal to value the combined company at $350 million.