r/Lunr

Following up from yesterday’s discussion, this week’s newsletter is live.

SpaceX S-1 files this week. Every space stock gets repriced against a $2 trillion benchmark. Thoughts on the IPO?

RKLB traded through every analyst target on the Street this week including the most bullish at $150. Every covering analyst is now technically in upgrade territory. Is anyone expecting a pull back on Monday?

The ASTS debate in the comments proved one thing, a revenue miss is not a valid determinant at this stage. AT&T, Verizon and T-Mobile all validated the model the day after earnings. What could happen to shake people’s confidence?

Overview this week is LUNR, specifically a $6.24 billion defence contract that didn’t get the coverage it deserved.

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NOT FINANCIAL ADVICE

This week was probably the most eventful in space equities since I started covering the sector. Full breakdown below.

RKLB +34%
Record $200M quarter, up 63% YoY. Four analyst raises in one session. TD Cowen now at $120.

HawkEye 360 (HAWK) IPO
New space stock worth knowing about. RF signals intelligence — detects radio emissions from ships, aircraft and military assets globally. Profitable at IPO, 80% gross margins, $302M backlog. Closed +30% day one.

ASTS
BlueBird 7 fallout ongoing but mid-June Falcon 9 launch confirmed for satellites 8-10. Earnings Monday — most important call in the sector right now.

SpaceX IPO
S-1 expected late May. Every space stock is being repriced around it.

I track 33 space stocks and ETFs — RKLB, ASTS, LUNR, PL, BKSY, RDW, FLY, HAWK, OKLO, SPCE, KRMN, DXYZ and more, on a free live dashboard with broker targets, launch calendar and a weekly deep dive newsletter.

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Highlights

Closed $800 million acquisition of Lanteris Space Systems to become a vertically integrated next-generation space prime contractor for commercial, civil and national security space initiatives

Signed definitive agreement in Q2 to acquire Goonhilly Earth Station and its COMSAT subsidiary to a create a space‑to‑ground data services network configured to support missions across LEO, MEO, GEO, cislunar, and deep space environments for communications, navigation, and data processing

Awarded $428.9 million in new contracts driven primarily by Space Development Agency Proliferated Warfighter Space Architecture tranche 3 tracking layer and $180.4 million CLPS contract from NASA; this marks Intuitive Machines’ fifth CLPS task order, the most among all CLPS vendors and the first to require our larger cargo class (Nova-D) lunar lander

Contracted with U.S. Space Force in Q2 as a part of the Andromeda IDIQ contract with an anticipated ceiling value of $6.2 billion to expand space domain awareness capabilities through a constellation of maneuverable satellites designed to observe and track activity in geosynchronous orbit; the first revenue synergy award to combine Intuitive Machines and Lanteris capabilities

Submitted proposals for CLPS and LTV in support of NASA’s Ignition initiative priorities; awaiting award decisions in the coming weeks while additional proposals are underway for CLPS 2.0, Space Reactor‑1 Freedom, and other Moon base infrastructure initiatives

Financial Highlights

Achieved record quarterly revenue of $186.7 million, nearly 3x of prior year driven by the Lanteris acquisition along with continued CLPS, OMES, and NSNS execution; Lanteris acquisition closed on January 13, 2026; reported Q1 revenue does not include 12 days of Lanteris, which was approximately $13 million

Reported record profitability with $2.7 million positive Adjusted EBITDA

Ended Q1 with record backlog of $1.1 billion, an $842 million increase from year-end 2025 driven primarily by the acquisition of Lanteris along with Intuitive Machines’ fifth CLPS task order

Mr. Altemus continued, “The next phase of the space economy will not be defined only by who reaches new destinations. It will be defined by who can build the infrastructure, connect it reliably, and operate it at scale. That is what Intuitive Machines is building.”

Outlook

Full-year 2026 revenue of $900 million - $1 billion

Full-year 2026 Adjusted EBITDA positive