Intuitive Machines, an aerospace startup focused on lunar technology, said it is going public on Friday via a special purpose acquisition company (SPAC) merger.
The company announced the deal in a press release and said it would be listed on the Nasdaq stock exchange.
Intuitive said the “business combination” deal with Inflection Point Acquisition Company would help its growth in the lunar economy/
The company’s lunar lander launched with a SpaceX Falcon 9 Rocket in the first quarter of this year.
Last November, the Texas-based firm reached a deal with NASA to provide support with the agency’s space missions, with the $93 billion Artemis program being at the center of the agreement.
The SPAC transaction is valued at $1 billion. The deal will reportedly add up to $388 million in cash for Intuitive Machines.
“Intuitive Machines is excited to play a critical role in providing technologies and services to establish long-term lunar infrastructure and commerce,” Kam Ghaffarian, the company’s co-founder and executive chairman said in a statement.
The company said it expects to report $102 million in revenue in 2022, and is forecasting revenues to rise to $291 million in 2023.
The aerospace industry is no stranger to SPAC mergers.
Virgin Galactic, Rocket Lab and BlackSky are some of the space companies that have gone public via SPACs in recent years.
However, after shaky markets and plummeting share values this year, companies have reportedly steered away from SPAC mergers.
Both Italian company D-Orbit and weather satellite analytics company Tomorrow.io cancelled their mergers earlier this year.
Meanwhile, Intuitive Machines has its sights on the future.
“We are in a leading position in the development of lunar space, to be for the
Moon what steamships, toll roads and rail companies were to Earth economies,”
said Steve Altemus, Intuitive CEO said.
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