Intuitive Machines announced it has signed a definitive agreement to acquire Lanteris Space Systems from Advent International in a transaction valued at $800 million. The consideration includes $450 million in cash and $350 million in Class A common stock, subject to adjustment. Closing is expected in the first quarter of 2026, pending regulatory approvals. Lanteris, formerly Maxar Space Systems, is a long-standing spacecraft manufacturer serving national security, civil, and commercial space customers.
The combined company is expected to generate more than $850 million in revenue and hold approximately $920 million in total backlog as of September 30, 2025, with positive adjusted EBITDA. As a stand-alone business, Lanteris has operated as a cash-generating platform. Following the transaction, Intuitive Machines expects to maintain adequate liquidity to support continued business operations.
The acquisition expands Intuitive Machines’ scope from lunar missions into a broader multi-orbit and deep space portfolio spanning LEO, MEO, GEO, lunar, Mars, and deep space assets. The combination is intended to enhance the Company’s competitive position across major civil and national security space programs, including Near Space Network Services, Artemis initiatives, and future missions associated with layered space architectures. The transaction also advances Intuitive Machines’ strategy to vertically integrate spacecraft design, manufacturing, delivery, and operational capabilities.
Recent operational milestones for Intuitive Machines include recognized revenue of $52.4 million in the third quarter. The Company reported a net loss of $10.0 million and an adjusted EBITDA loss of $13.2 million, ending the quarter with $235.9 million in backlog and $622.0 million in cash, following the issuance of $345 million in convertible notes. The Company finalized the acquisition of KinetX to expand deep space navigation capabilities and completed several awarded contracts and certifications tied to future lunar and commercial mission opportunities.
Intuitive Machines plans to provide updated guidance for the combined organization in early 2026 following the closing of the transaction. The Company will host an investor update call to discuss the acquisition and third quarter performance.
Support: Advisors to the transaction include Perella Weinberg Partners LP and Simpson Thacher & Bartlett LLP for Intuitive Machines, and Barclays Capital Inc. and Weil, Gotshal & Manges for Lanteris Space Systems.
KEY QUOTES
“This strategic acquisition positions Intuitive Machines as a next generation space prime directly in the flow of multi-billion-dollar space programs. The combined entity revenue exceeds $850 million, with positive Adjusted EBITDA*, and $920 million* in backlog as of September 30, 2025. This marks the moment Intuitive Machines transitions from a lunar company to a multi-domain space prime, setting the pace for how the industry’s next generation will operate.”*
Steve Altemus, CEO, Intuitive Machines
“Intuitive Machines’ vision is to expand its space infrastructure services from LEO, to GEO, beyond the Moon, and to Mars. In a time where we see a strong convergence of commercial, civil, and national security space, this strategic acquisition is a transformative step towards realizing that vision.”
Kam Ghaffarian, Chairman, Intuitive Machines
“Our focus over the last two and half years has been to position Lanteris for sustainable growth by pivoting and investing behind national security priorities including helping enable next generation missile defense for America. This ongoing equity partnership underscores our confidence in the strength of this business combination and the long-term growth opportunity ahead.”
Shonnel Malani, Managing Partner, Advent
“The new Intuitive Machines will combine rapid innovation and precision spacecraft production to meet the growing demand for responsive, high-reliability space infrastructure and services. We are defining the next generation space prime that will operate and deliver, faster and more affordably, across the space domain.”
Steve Altemus, CEO, Intuitive Machines
