Intuitive Machines’ national security revenue expanded from 3% of its business a year ago to 30% in the second quarter of 2026 as the space infrastructure company also booked approximately $1.22 billion of awards from the beginning of Q2 through early Q3.
The company secured $920 million of awards during Q2 and another $300 million of awards during the third quarter through the reporting date. The contracts span commercial, civil and national security space customers, demonstrating a broader revenue mix as Intuitive Machines expands beyond its original lunar-focused operations.
National security has become one of the most significant sources of that diversification. Revenue from national security customers increased from 3% of total revenue a year earlier to 30% in Q2. Intuitive Machines expects additional growth after receiving a July award for 18 spacecraft supporting the Accelerated Missile Defense Tranche 3 Golden Dome constellation.
The company also signed a contract worth more than $600 million for three commercial geostationary satellites, providing another major source of business outside its lunar programs. Intuitive Machines additionally received another Commercial Lunar Payload Services lander award under NASA’s Moonbase program, bringing its total to six CLPS missions.
NASA also selected Intuitive Machines for two prime lunar reconnaissance awards involving the Lunar Reconnaissance Orbiter Camera and ShadowCam. The work includes lunar imaging operations, data storage, processing and analytics supporting NASA’s Artemis and Moonbase initiatives as well as commercial lunar missions.
The expanding contract base helped push quarter-end backlog to a record $1.8 billion, an increase of approximately $1.5 billion from the end of 2025. The backlog includes awards across commercial, civil and national security customers and provides the company with greater visibility into future revenue.
Second-quarter revenue reached a record $206 million, more than four times Q2 2025 revenue. Growth was driven by spacecraft production as well as execution across CLPS, OMES and Near Space Network Services programs.
Intuitive Machines ended the quarter with approximately $367 million of cash. The company invested in advanced inventory that it said directly contributed to new awards, while also putting capital into its ground-station network and purchasing long-lead materials for satellites two through five of its lunar constellation. Those investments are intended to accelerate recurring revenue from Near Space Network Services.
The company further expanded its communications infrastructure in August by closing the acquisition of Goonhilly Earth Station and COMSAT. The acquired network is designed to support space-to-ground data services across low Earth orbit, medium Earth orbit, geostationary orbit, cislunar space and deep-space environments.
For full-year 2026, Intuitive Machines expects revenue of $900 million to $1 billion and positive adjusted EBITDA.
KEY QUOTES:
“We delivered a strong quarter, highlighted by revenue over four times Q2 2025 as we executed across our programs, recorded unprecedented bookings and backlog, and positioned the Company for the next phase of growth.”
Steve Altemus, CEO of Intuitive Machines
