Imagine a bold leap forward in space exploration where one company evolves from focusing on the Moon to dominating everything from Earth's orbit to distant planets— that's the thrilling story unfolding with Intuitive Machines' massive acquisition of Lanteris Space Systems. This move isn't just a business deal; it's reshaping how we think about commercial, civil, and national security space missions. And this is the part most people miss: by merging their strengths, they're setting the stage for a new era of rapid innovation that could redefine global space power. But here's where it gets controversial—does this shift from lunar specialists to multi-orbit giants risk overextending resources, or is it the genius pivot needed to outpace competitors in a booming space economy?
Houston, TX, November 4, 2025—Intuitive Machines, Inc. (Nasdaq: LUNR, also known as Intuitive Machines or the Company), a trailblazer in space technology and infrastructure services, has just revealed a definitive agreement to buy Lanteris Space Systems (formerly part of Maxar Space Systems), a renowned builder of spacecraft with a stellar track record of delivering dependable vehicles for national security, civil, and commercial clients, from Advent International LLC.
This strategic purchase catapults Intuitive Machines into the role of a next-generation space leader, perfectly aligned with massive, multi-billion-dollar space initiatives. As highlighted by Intuitive Machines CEO Steve Altemus, the merged entity's annual revenue surpasses $850 million, backed by positive Adjusted EBITDA (which, for beginners, is a way to measure profitability by adjusting earnings before interest, taxes, depreciation, and amortization to focus on operational performance), and a robust $920 million* in backlog (essentially the total value of future work already contracted but not yet completed). 'This marks the moment Intuitive Machines transitions from a lunar company to a multi-domain space prime, setting the pace for how the industry’s next generation will operate,' Altemus stated, emphasizing the excitement of this transformation.
The deal is valued at $800 million, split between $450 million in cash and $350 million in Intuitive Machines Class A common stock, with potential adjustments based on final terms. Closing is anticipated in the first quarter of 2026, pending standard regulatory approvals and conditions. Lanteris, as an independent entity, generates its own cash, and the combined operation expects to maintain strong liquidity for ongoing activities.
Aligning with Intuitive Machines' ambitious vision, this merger creates a fully integrated, forward-thinking space powerhouse capable of handling everything from design and manufacturing to deployment and operations across orbits—from low Earth orbit (LEO) to geostationary orbit (GEO), and extending to the Moon, Mars, and even deeper space. It's like building a complete toolkit for space adventures, ensuring missions run smoothly from start to finish.
Chairman Kam Ghaffarian elaborated on this vision, saying, 'Intuitive Machines’ vision is to expand its space infrastructure services from LEO, to GEO, beyond the Moon, and to Mars.' He added, 'In a time where we see a strong convergence of commercial, civil, and national security space, this strategic acquisition is a transformative step towards realizing that vision.' For context, this convergence means more collaboration across sectors, potentially speeding up technological breakthroughs but also raising questions about who controls these shared resources.
Advent's Managing Partner, Shonnel Malani, reflected on Lanteris' recent focus: 'Our focus over the last two and half years has been to position Lanteris for sustainable growth by pivoting and investing behind national security priorities including helping enable next generation missile defense for America.' This partnership, he noted, 'underscores our confidence in the strength of this business combination and the long-term growth opportunity ahead.' Critics might argue that tying space tech so closely to defense priorities could stifle broader commercial innovation—do you think prioritizing national security over pure exploration is the right path?
Diving into Intuitive Machines' Q3 2025 highlights:
They reported $52.4 million in revenue, fueled by strong performance in key programs like Orbital Microgravity Experiment System (OMES), Commercial Lunar Payload Services (CLPS), and Near Space Network Services (NSNS).
The quarter ended with a net loss of ($10.0) million and adjusted EBITDA of ($13.2) million, reflecting the high costs of pioneering space tech but also steady progress.
Backlog stood at $235.9 million at quarter's end, a promising sign for future stability.
They issued $345 million in convertible notes, boosting their cash balance to $622.0 million for continued growth.
The acquisition of KinetX expanded their capabilities in deep space navigation and managing satellite groups, like coordinating a fleet of orbiting devices.
They secured an $8.2 million extension from the Air Force Research Laboratory (AFRL) to develop advanced in-space nuclear power, a cutting-edge tech for longer missions.
A $7.5 million deal for a commercial payload on the IM-4 mission highlights growing commercial interest.
Achieving a software development certification at CMMI Maturity Level 3 aligns with NASA's strict Class A requirements for human spaceflight, ensuring safe operations for vehicles like the Lunar Terrain Vehicle.
Upcoming opportunities include bids for the Lunar Terrain Vehicle delivery and operations contract (worth $4.6 billion total) and the next CLPS mission, which could bring in significant revenue.
Looking ahead in the Intuitive Machines Outlook, uncertainties from potential government shutdowns might affect year-end revenues, but based on current backlog, Q4 is expected to match Q3. The company remains optimistic about capturing those near-term awards and plans to share a full 2026 outlook for the merged entity early next year.
Altemus summed it up: 'The new Intuitive Machines will combine rapid innovation and precision spacecraft production to meet the growing demand for responsive, high-reliability space infrastructure and services. We are defining the next generation space prime that will operate and deliver, faster and more affordably, across the space domain.' This efficiency focus is intriguing, but could it lead to shortcuts that compromise safety in the race for speed?
To discuss this acquisition and Q3 results, Intuitive Machines is hosting an investor update call on Tuesday, November 4, 2025, at 8:30 AM ET. Dial (800) 715-9871 for the USA and Canada, or (646) 307-1963 internationally, using Conference ID 1594902. A live webcast is available on their investor site at https://investors.intuitivemachines.com/, with a replay following the call.
A bit about Intuitive Machines: They're a versatile space tech firm dedicated to making lunar missions more cost-effective. In 2024, they achieved a historic soft landing of their Nova-C lunar lander on the Moon, bringing the US back to its surface since 1972. By 2025, they returned to the lunar south pole with another lander. Their work spans three key areas: Delivery Services (getting payloads to space), Data Transmission Services (sending info back and forth), and Infrastructure as a Service (providing the tools and support for space operations).
On Lanteris Space Systems (once Maxar Space Systems): This satellite manufacturing leader excels in space exploration, blending proven expertise with quick commercial adaptability and fresh ideas. Their history of successful missions and flexible, tech-driven solutions makes them ideal for the evolving space market. They ensure mission success in national security, commercial, and civil sectors, pushing boundaries with innovative on-orbit tech.
Advent, the seller, is a top global private equity firm that partners with leaders to transform businesses. With offices in 16 locations across five continents and over $100 billion in assets under management as of June 30, 2025, they've invested in 435 projects across 44 countries since 1984. They specialize in sectors like business services, consumer goods, healthcare, industrial, and tech, using deep industry knowledge to drive growth.
Advisors for the deal include Perella Weinberg Partners LP as financial advisor and Simpson Thacher & Bartlett LLP as legal counsel for Intuitive Machines, with Weil, Gotshal & Manges handling legal for Lanteris.
*Note: Figures are for the last twelve months ending September 30, 2025, on a combined basis. Lanteris alone reported about $630 million in revenue with strong double-digit adjusted EBITDA margins, and a $685 million backlog. These are preliminary and subject to audit; they might differ from Intuitive Machines' definitions and could adjust under SEC rules.
Key Business Metrics and Non-GAAP Financial Measures
Beyond standard accounting metrics, Intuitive Machines uses non-GAAP measures like Adjusted EBITDA to evaluate performance. It's calculated by starting with net income (loss) and removing non-operating items such as interest, taxes, depreciation, share-based compensation, and fair value changes. This helps spotlight operational trends and is commonly used by investors in the space industry. However, it has limits—it's not a substitute for GAAP results and can vary between companies, so consider it alongside traditional metrics. Below is a reconciliation for Q3 2025:
Reconciliation of GAAP to Non-GAAP Financial Measure
Adjusted EBITDA
($ thousands)
Q3 2025
Net loss
($9,960)
Taxes
5
Depreciation
815
Interest income, net
(3,489)
Share-based compensation expense
1,416
Change in fair value of warrant liabilities
(1,950)
Other income, net
(25)
Adjusted EBITDA
($13,188)
Forward-Looking Statements
This release contains forward-looking statements under the Private Securities Litigation Reform Act, identified by words like 'anticipate,' 'expect,' or 'plan.' They cover the Lanteris deal, mission timelines, financial projections, and business strategies. These are based on current data but could change due to risks like regulatory delays, launch failures, market shifts, or economic uncertainties. For more details, check our SEC filings. We don't update these beyond what's legally required, so rely on them cautiously.
Contacts
For investor inquiries: [Contact details not specified in original, assuming standard]
For media inquiries: [Same as above]
INTUITIVE MACHINES, INC.
What do you think—will this acquisition truly usher in a new space age, or are there hidden risks in expanding so rapidly? Do you agree that blending commercial, civil, and national security efforts is the way forward, or could it create conflicts of interest? Share your thoughts in the comments below; I'd love to hear differing opinions on how this shapes the future of space exploration!
