Aerospace startup Intuitive Machines shoots for the stock market

Intuitive Machines, an aerospace startup focused on lunar technology, announced that it will go public on Friday via a Special Purpose Acquisition Company (SPAC) merger.

The company announced the deal in a press release and said it would list on the Nasdaq 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 on a SpaceX Falcon 9 rocket in the first quarter of this year.

Last November, the Texas-based company struck a deal with NASA to support the agency’s space missions, with the $93 billion Artemis program at the heart of the agreement.

The SPAC transaction is valued at US$1 billion. The deal will reportedly add up to $388 million in cash for Intuitive Machines.

“Intuitive Machines looks forward to playing a critical role in providing technologies and services to build long-term lunar infrastructure and commerce,” said Kam Ghaffarian, the company’s co-founder and chief executive officer, in a statement.

The company expects sales of $102 million in 2022 and forecasts sales to increase to $291 million in 2023.

SPAC mergers are no stranger to the aerospace industry.

Virgin Galactic, Rocket Lab and BlackSky are some of the space companies to go public through SPACs in recent years.

However, after shaky markets and plummeting stock values ​​this year, companies have reportedly stayed away from SPAC mergers.

Both Italian company D-Orbit and weather satellite analysis company Tomorrow.io announced their mergers earlier this year.

Meanwhile, Intuitive Machines has an eye on the future.

“We are in a leading position in the development of lunar space to be for them
moon what steamboats, toll roads and railroads were to the economies of the earth”,
said Steve Altemus, CEO of Intuitive.

https://www.ibtimes.com.au/aerospace-startup-intuitive-machines-shoots-stock-market-1838455?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Aerospace startup Intuitive Machines shoots for the stock market

Fry Electronics Team

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