In a new deal announced last week, space exploration company Intuitive Machines said it would be listed on the NASDAQ exchange via merger with Inflection Point Acquisition Corp., a special purpose acquisition company (SPAC).
Per the press release, Intuitive will provide a lunar lander for NASA’s planned return to the Moon, the first American lunar landing in over 50 years. In addition to the lander, the company operates lunar communications technology, orbital services, and space infrastructure business units.
“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, CEO of Intuitive Machines. “We expect this will create an incredibly strong competitive position for the Company in just a few years and be a foundation of U.S. space exploration, a national asset.”
The company said it expects its $101 million in 2022 revenue to triple in 2023, the opening of the window for the lunar mission. The growth will be powered largely by government contracts, according to the company.
The resulting company is said to be worth $815 million. The deal is expected to close in early 2023.
The deal is valued at $815 million. Intuitive was represented by Latham & Watkins while the Inflection Point SPAC was represented by White & Case.
