Intuitive Machines, a leading space technology and infrastructure services company, announced it has entered into a definitive agreement to acquire Lanteris Space Systems, formerly Maxar Space Systems, a proven spacecraft manufacturer with an exceptional record of delivering a highly reliable family of spacecraft for national security, civil, and commercial customers, from Advent International LLC.
“This strategic acquisition positions Intuitive Machines as a next generation space prime directly in the flow of multi-billion-dollar space programs. The combined entity revenue exceeds $850 million*, with positive Adjusted EBITDA*, and $920 million* in backlog as of September 30, 2025,” said Intuitive Machines CEO, Steve Altemus. “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.”
The transaction is priced at $800 million, consisting of $450 million in cash and $350 million in Intuitive Machines Class A common stock, subject to adjustment. The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals and closing conditions. As a stand-alone company, Lanteris is a cash-generating business. As a combined company, Intuitive Machines expects to have adequate cash on hand for continued operations.
In alignment with the Intuitive Machines vision, the acquisition of Lanteris positions Intuitive Machines as a vertically integrated, next-generation space prime that can design, manufacture, deliver, and operate missions from Earth orbit to the Moon, Mars, and beyond.
“Intuitive Machines’ vision is to expand its space infrastructure services from LEO to GEO, beyond the Moon, and to Mars,” said Kam Ghaffarian, Chairman of Intuitive Machines. “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.”
“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,” said Managing Partner of Advent, Shonnel Malani. “This ongoing equity partnership underscores our confidence in the strength of this business combination and the long-term growth opportunity ahead.”
Intuitive Machines Q3 2025 Highlights
- Recognized revenue of $52.4 million, driven by continued execution across key programs such as OMES, CLPS, and NSNS
- Third quarter net loss was ($10.0) million with adjusted EBITDA of ($13.2) million
- Ended the quarter with $235.9 million of backlog
- Issued $345 million of convertible notes, which resulted in a Q3 ending cash balance of $622.0 million
- Completed KinetX acquisition to expand deep space navigation and constellation management capabilities
- Secured $8.2 million AFRL contract extension to advance in-space nuclear power technology
- Secured $7.5 million commercial rideshare payload for IM-4
- Received software development certification (CMMI Maturity level 3 rating) in alignment with NASA’s Class A human spaceflight requirement for Lunar Terrain Vehicle operations
- Near-term potential awards for Lunar Terrain Vehicle delivery and operations contract (total contract value of $4.6 billion) and the next Commercial Lunar Payload Services (CLPS) mission
Intuitive Machines Outlook
The timing associated with our year-end revenue is impacted by uncertainty related to the government shutdown. Therefore, based on current backlog, we see Q4 revenue in line with Q3 and remain confident in our ability to capture our identified near-term awards. Intuitive Machines expects to provide a new outlook for the 2026 combined company in early 2026.
“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,” said Intuitive Machines CEO, Steve Altemus. “We are defining the next generation space prime that will operate and deliver, faster and more affordably, across the space domain.”
Click here to learn more about Intuitive Machine's IM3 mission
