u/thespacecpa

This is the dedicated thread to discuss Q2 earnings.

Earnings Conference Call is scheduled to begin at 8:30am.

I published my 37-page independent research report on Intuitive Machines (LUNR). The report covers the company overview, business strategy, products & services, contracts, customers, key vendors, suppliers and partners, related parties, competitive landscape, management, financials, risks and outlook & catalysts.

I spent approximately 80 hours researching, compiling, and writing this report. Enjoy.

All,

I've completed my independent research report and wanted to share it with our community. Creating this report took approximately 80 hours of my spare time. I've learned a great deal throughout the process and i am proud of the final result.

I hope you enjoy reading it. This report is intended as my way of saying thank you to our community for the knowledge, insights, and discussions that have helped me along the way.

The report covers the following content:

1.0 Company Overview

2.0 Business Strategy

3.0 Products & Services

4.0 Customers

5.0 Contracts

6.0 Key Vendors, Suppliers and Partners

7.0 Related Parties and Variable Interest Entities

8.0 Competitive Landscape

9.0 Management and Board of Directors

10.0 Financial Overview

11.0 Risks & Challenges

12.0 Outlook & Catalysts

13.0 Conclusion

Appendix I: Industry Outlook

Appendix II: Sources & References

Disclosure: AI was used in a limited capacity to assist with internal consistency, grammar, and formatting. All analysis, assumptions, illustrations, and written content were created by me as the author. Not financial advice.

HOUSTON, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR) (“Intuitive Machines”, together with its subsidiaries, the “Company”), a leading space technology, infrastructure, and services company, today announced it was selected by L3Harris Technologies (NYSE: LHX) to support the development and production of spacecraft platforms for the Space Development Agency’s Accelerated Missile Defense Tranche 3 (“AMDT3”) mission.

Intuitive Machines will design, build, and deliver 18 advanced spacecraft platforms to enable L3Harris’ advanced missile defense solutions for hypersonic and ballistic missile tracking. The AMDT3 mission supports the Golden Dome for America’s space-based capabilities and will help to advance homeland defense, deterrence, and ensure U.S. space operations remain resilient and responsive.

"AMDT3 builds on a foundation of proven performance and mission trust established through our previous Tracking Layer mission selections. We look forward to continuing to support this important mission with L3Harris and the Space Development Agency," said Intuitive Machines President of Space Systems, Chris Johnson. "We are committed to delivering spacecraft platforms and integrated systems that enable sustained, scalable operations across demanding mission architectures."

AMDT3 will be built on the IM 300 platform, also used for the upcoming Tranche 1, Tranche 2, and Tranche 3 Tracking Layer missions. The IM 300 supports missions ranging from Earth observation, connectivity and defense missions with superior adaptability and efficient manufacturing processes.

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.

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. 

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.

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.
Commercial Lunar Payload Services (“CLPS”) 1.0 Task Orders	Jul – Dec 2026   (Monthly)	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.
Commercial Lunar Payload Services (“CLPS”) 2.0 Task Orders	Sep 2026	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.
CP-32 Commercial Lunar Payload Services (“CLPS”) - DIMPLE	H2 2026	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	Q3 – Q4 2026
Earth Re-entry Vehicle "Zephyr" — Critical Design Review	Q3 2026
Goonhilly Acquisition — Close	Q3 2026
CP-11 CLPS — IM-3 mission	Q4 2026
Deployment of Lunar Relay Satellite "Altus 1"	Q4 2026
Successful Activation of Altus 1	Q1 2027
Earth Re-entry Vehicle "Zephyr" — Phase 2 flight-prototype build	2027 (contingent)
CP-22 CLPS — IM-4 mission	2027 (NET 2028)
CS-8 CLPS — IM-6 mission	2028
Deployment of NSNS Constellation (5 satellites)	2028
SR-1 Freedom (Space Reactor-1)	Late 2028
Development of Nova-D (larger cargo lander)	First flight 2030
CX-2 CLPS — IM-5 mission	2030
SuperNOVA heavy-cargo lander — design maturation	Ongoing (TBD)

I'm updating my investment thesis to incorporate material active and completed contracts, which I'll be adding to the Wiki. Sharing more broadly since the group has had questions about contracts recently. Feel free to flag anything I missed.

Active Contracts

Contract / Award Name	Award Date	Description	Amount
CS-8 Commercial Lunar Payload Services ("CLPS") – IM6	Jun 2026	Deliver a production-line-qualified Nova-C lander by no later than 2028 carrying SCALPSS, LRA, and LETS payloads. Establishes high-volume, repeatable lunar transport for NASA’s moon base / Artemis	$148.3M
Two Prime Lunar Reconnaissance Contracts – LROC & ShadowCam (NASA)	May 2026	Prime contractor for operations of the Lunar Reconnaissance Orbiter Camera (LROC) aboard NASA’s LRO and the ShadowCam instrument on the Korean Pathfinder Lunar Orbiter.	$20.0M
Commercial Lunar Payload Services ("CLPS") – IM5 Nova-D	Mar 2026	Deliver seven science and technology payloads to the Lunar South Pole region (Mons Malapert), plus an Australian Space Agency rover and Honeybee Robotics (Blue Origin) technologies.	$180.4M
SDA Tranche 3 Tracking Layer – Spacecraft Platforms (Sub-Contract)	Mar 2026	Selected by L3Harris to design, build and deliver 18 spacecraft platforms for the Space Development Agency (SDA) Tranche 3 Tracking Layer of the Proliferated Warfighter Space Architecture (Missile Tracking)	Undisclosed
AFRL Contract Extension to Advance In-Space Nuclear Power Technology	Oct 2025	Develop next-generation nuclear power systems for spacecraft and lunar infrastructure. Accelerate readiness of compact nuclear power conversion technology that overcomes solar power limitations and enables lengthier missions on the Moon and in deep space.	$8.2M
Phase 2 Government Contract to Advance Orbital Transfer Vehicle ("OTV") through Critical Design Review	Jul 2025	Advance its Orbital Transfer Vehicle (“OTV”) through Critical Design Review (“CDR”)—the final engineering milestone on a previously disclosed contract, before manufacturing begins.	$9.8M
EchoStar XXVI High-Power GEO Communications Satellite (Lanteris)	Jun 2025	Selected to build one high-power GEO communications satellite based on 1300 satellite bus to serve DISH TV across all 50 US states and Puerto Rico. Delivery expected in 2028.	Undisclosed
Reentry and Microgravity Biomanufacturing Spacecraft - Texas Space Commission - SEARF	Apr 2025	Development of an Earth reentry vehicle and orbital fabrication lab designed to enable microgravity biomanufacturing and is intended to serve as a critical risk-reduction platform for the Company’s future lunar sample return missions.	$10.0M
GEO High-Power Communication Satellite – Undisclosed Commercial Customer (Lanteris)	Mar 2025	Order for one GEO high-power communications satellite on the 1300 bus for an undisclosed private commercial customer.	Undisclosed
Near Space Network ("NSN") Services - Subcategory 1.2	Dec 2024	DTE Geostationary ("GEO") to Cislunar DTE Services, offering enhanced data transmission capabilities and autonomous operations.	Included within NSN
Near Space Network ("NSN") Services - Subcategory 1.3	Dec 2024	Cislunar Direct-to-Earth Services, addressing mission needs of highly elliptical orbits and deep space operations	Included within NSN
Near Space Network ("NSN") Services - Subcategory 2.2	Sept 2024	Geostationary Orbit to Cislunar Relay Services. Communication and navigation services for missions in the near space region, which extends from Earth’s surface to beyond the Moon. Firm-Fixed-Price, Multiple Award, Indefinite-Delivery/Indefinite-Quantity (“IDIQ”) Task Order Contract.	Maximum Potential Value of $4.82B
Commercial Lunar Payload Services ("CLPS") - IM4	Aug 2024	Deliver six science and technology payloads, including one European Space Agency-led drill suite to the Moon’s South Pole.	$116.9M
SDA Tranche 2 Tracking Layer – Spacecraft Platforms (Sub-Contract – Lanteris)	2024	Selected by L3Harris to design, build and deliver 18 spacecraft platforms for the Space Development Agency (SDA) Tranche 2 Tracking Layer of the Proliferated Warfighter Space Architecture (Missile Tracking) Awarded to Lanteris prior to acquisition.	Undisclosed
Zeno Power Survive the Night Radioisotope Power System - NASA	Jul 2023	Development of a Radioisotope Power System (RPS) that may enable lunar assets to survive and operate during the lunar night and in permanently shadowed regions of the Moon.	$2.4M
OMES III Contract - NASA	Apr 2023	The NASA OMES III contract’s principal purpose is to support the NASA GSFC Engineering and Technology Directorate (ETD). ETD is an end-to-end science mission operation that is instrumental in designing missions, building satellites and instruments, operating and controlling spacecraft, and acquiring and distributing data to the worldwide science community.	$719.0M
SiriusXM SXM-12 Digital Audio Radio Satellites	Nov 2022	Build a high-power digital audio radio satellite on the Lanteris 1300 bus. This supports SiriusXM’s constellation refresh.	Undisclosed
SDA Tranche 1 Tracking Layer – Spacecraft Platforms (Sub-Contract – Lanteris)	Aug 2022	Selected by L3Harris to design, build and deliver 16 spacecraft platforms for the Space Development Agency (SDA) Tranche 1 Tracking Layer of the Proliferated Warfighter Space Architecture (Missile Tracking) Awarded to Lanteris prior to acquisition.	Undisclosed
Commercial Lunar Payload Services ("CLPS") - IM3	Nov 2021	Deliver four payloads to the moon in 2024. It's the company's third contract with NASA. IM-3 now targets 2H 2026.	$77.5M
NASA Gateway Power and Propulsion Element (PPE) (Lanteris)	May 2019	NASA firm-fixed-price prime contract to design and build the foundational module providing power, propulsion, and communications for NASA’s Lunar Gateway. Based on 1300 satellite bus. Later repurposed for Space Reactor-1 Freedom.	$375.0M

 

Completed Contracts

Contract / Award Name	Award Date	Description	Amount
Lunar Logistics, Cargo and Mobility Solutions - NextSTEP Appendix R - NASA	Jan 2025	A study contract to advance lunar logistics handling and offloading; and surface cargo and mobility under the agency’s Next Space Technologies for Exploration Partnership (NextSTEP) Appendix R.	$2.5M
Lunar Terrain Vehicle Services Feasibility Assessment	Apr 2024	Creating a feasibility roadmap to develop and deploy a Lunar Terrain Vehicle (“LTV”) on the Moon using Intuitive Machines’ Nova-D cargo-class lunar lander. The first phase award marks the Company’s entrance into human spaceflight operations within NASA’s $4.6 billion LTV Services project.	$30.0M
Joint Energy Technology Supplying On-Orbit Nuclear Power (JETSON) - AFRL	Nov 2023	Develop technical solutions for satellite positioning and maneuverability using Radioisotope Power Systems (“RPS”) in support of NASA’s GATEWAY – a multi-purpose outpost orbiting the Moon.	$9.5M
EchoStar XXV High-Power GEO Communications Satellite (Lanteris)	2023	EchoStar ordered EchoStar XXV, a high-powered GEO communications satellite on the 1300 platform. Launched in 2026 and highlights a decade long manufacturing relationship between EchoStar and Lanteris	Undisclosed
SiriusXM SXM-11 Digital Audio Radio Satellites	Nov 2022	Build a high-power digital audio radio satellite on the Lanteris 1300 bus. Launched in June 2026. This supports SiriusXM’s constellation refresh.	Undisclosed
IX Fission Surface Power Solution - NASA & DoE	Jun 2022	Study to mature the design of a Fission Surface Power (FSP) solution that will deliver at least 40 kWe power flight system to the Moon by 2028.	$5.0M
Micro-Nova Extreme Lunar Mobility Spacecraft	Jul 2021	Develop, fly, and operate a deployable “hopper lander” on the Moon. For this mission design, Micro-Nova can carry a 1-kilogram payload more than 2.5 kilometers to access lunar craters and enable high-resolution surveying of the lunar surface under the flight path.	$41.6M
Commercial Lunar Payload Services ("CLPS") - IM2 PRIME-1	Oct 2020	PRIME-1 task order to deliver NASA's Polar Resources Ice Mining Experiment-1 (drill + mass spectrometer) and other payloads to the lunar South Pole. Nova-C lander "Athena" launched and landed 3/6/2025 but came to rest on its side, ending the surface mission early (~13 hours); partial data returned.	$47.0M Initial
Commercial Lunar Payload Services ("CLPS") - IM1	May 2019	Intuitive Machines' first CLPS task order. Nova-C lander "Odysseus" delivered NASA and commercial payloads to the lunar South Pole region (near Malapert A). Landed 2/22/2024 — the first U.S. soft lunar landing since Apollo and the first ever by a commercial company; leaned at an angle but returned data for ~7 days (deemed successful).	$77.0M Initial

Note: Completed contracts from legacy Lanteris / Maxar Space Systems are included only if completed (delivered/launched) after the acquisition closed in January 2026. Active legacy contracts are included regardless of award date, as they remain in IM's backlog.

HOUSTON, May 18, 2026 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR) (“Intuitive Machines”, together with its subsidiaries, the “Company”), a space technology, infrastructure, and services leader, is now the prime contractor for operations of the Lunar Reconnaissance Orbiter Camera (“LROC”), a key instrument aboard NASA's Lunar Reconnaissance Orbiter ("LRO"), and the ShadowCam instrument, a specialized lunar imaging camera on board the Korea Pathfinder Lunar Orbiter that provides visibility in light obscured conditions such as dark and shadowed regions of the Moon.

Under the $15.5 million cost-plus-fixed-fee three-year prime contract for LROC and the $4.5 million cost-plus-fixed-fee three-year prime contract for ShadowCam, Intuitive Machines is leading imaging operations, data storage and analysis, and mission support. The Company also is leading LROC’s Moon surface mapping operations, and advance ShadowCam imaging of permanently shadowed regions.   

Intuitive Machines plans to interpret and integrate the publicly available LROC Planetary Data System archive for its lunar data relay satellite constellation to provide orbital and surface navigation services across government and commercial exploration.

“Exploration is empowered by data-driven insights,” said Intuitive Machines CEO Steve Altemus. “The experienced LROC team has mapped and analyzed the lunar surface in unprecedented detail. Now working alongside our data services group, the LROC team is advancing secure, real-time navigation and precision surface operations, laying the foundation for scalable lunar data services.”

Since LRO’s launch in 2009, LROC has captured more than 2.6 million Narrow Angle Camera (NAC) and more than 640,000 Wide Angle Camera (WAC) high-resolution images of the lunar surface as part of the LRO mission. The mission delivers insights that help shape lunar policy, guide infrastructure planning and development, and establish a framework for deep space exploration.

The LROC images are used to generate global terrain models, high-resolution local terrain models, derive surface feature and composition maps, and provide landing site analysis data supporting NASA’s Artemis campaign and commercial lunar missions. This data represents a significant portion of the more than 1.8 petabytes stored on NASA PDS and serves as a digital backbone for modern lunar mission planning and surface operations.

Intuitive Machines is establishing foundational infrastructure required for secure, sustained lunar operations by combining the capabilities of its planned lunar data relay satellite constellation with the deep space navigation expertise of its wholly owned KinetX subsidiary and the extensive lunar imagery and analyses generated by the LROC team.