New York, January 13, 2026, 15:38 (EST) — Regular session
- Shares of Intuitive Machines dropped roughly 7% in afternoon trading following the completion of its Lanteris acquisition
- The SEC filing outlined the cash-and-stock terms, along with financing and registration rights linked to the deal
- Investors await updated financial disclosures and the company’s next earnings report in March
Intuitive Machines shares dropped roughly 7% to $17.85 Tuesday afternoon following the completion of its much-anticipated acquisition of satellite maker Lanteris Space Systems. The stock fell as low as $17.21 after starting the day around $19.31.
This deal marks a turning point for Intuitive Machines, which gained recognition in public markets mainly through its lunar missions. It comes at a time when investors are swift to factor in dilution, funding requirements, and potential new debt-like liabilities at smaller space companies.
Intuitive Machines announced its acquisition of Lanteris, previously known as Maxar Space Systems, boosting its capabilities to deliver end-to-end services spanning low Earth orbit, medium Earth orbit, geostationary orbit, and cislunar space—the zone between Earth and the Moon. CEO Steve Altemus said, “With Lanteris, we add flight-proven manufacturing at scale.” (Securities and Exchange Commission)
A recent filing revealed the company paid about $403 million in cash and issued 22,991,028 Class A shares as stock consideration, valued around $284 million at a $12.34 per share estimate. The seller also secured registration rights, including the option to launch up to three underwritten public offerings. Additionally, a separate receivables facility linked to Lanteris allows purchases of certain customer payment streams up to $250 million through Dec. 1, 2026, according to the filing. (Securities and Exchange Commission)
The deal, initially revealed in November, was valued at $800 million in a mix of cash and stock. Intuitive Machines projected that the merged entity would generate over $850 million in yearly revenue, backed by $920 million in contracts lined up through Sept. 30. (Reuters)
Some investors see Intuitive Machines not just as a lunar lander play but as a government-services contractor with steady, long-term projects. “Intuitive Machines’ primary source of revenue is not from its launch missions, but rather from its space contracts,” Cantor Fitzgerald analyst Andres Sheppard said in March, following the company’s earnings report and contract update. (Reuters)
Still, the market hasn’t forgotten execution risks with lunar hardware. Intuitive Machines’ initial two landers toppled onto their sides upon touchdown, which curtailed some mission objectives. The company has acknowledged that its wider growth strategy depends significantly on service contracts as well as flight operations.
With the Lanteris acquisition, Intuitive Machines steps deeper into a crowded, more seasoned segment of the space supply chain: crafting spacecraft and satellite platforms for national security, civil, and commercial clients. This move puts the company in direct competition with heavyweight U.S. aerospace and defense firms like Lockheed Martin and Northrop Grumman, which already dominate the market with satellite buses and space systems at scale.
The downside risk is clear-cut: hiccups in integration, slow contract awards, or cash needs exceeding forecasts might push the company to seek additional financing. Plus, the fresh registration rights could weigh on the stock if the seller opts to unload shares.
Traders will be focused on Intuitive Machines’ upcoming quarterly report, looking for fresh details on deal economics and how the company plans to deploy cash. The next update is due March 24, per Zacks. (Zacks)
