Intuitive Machines completes $851M Lanteris acquisition, raises $175M equity, backlog surges to $1.1B

Filed May 15, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 13, 2025 · ~1 min read

Key Changes

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  Closed $851M acquisition of Lanteris (formerly Maxar Space Systems) in January 2026, transforming company into vertically integrated space prime with spacecraft manufacturing capabilities serving national security, commercial, and civil customers.

  MD&A: Lanteris acquisition verify on EDGAR →
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  Backlog surged 4x to $1.1B from $272M year-over-year, driven by $613M from Lanteris acquisition and $429M in new awards including IM-5 lunar mission ($161M contract, mid-2030 launch). Company expects to recognize 60-65% of backlog in remainder of 2026.

  MD&A: Backlog verify on EDGAR →
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  Free cash flow swung to negative $64.6M from positive $13.3M prior year, driven by working capital consumption from Lanteris integration and mission ramp-up, despite $175M equity raise completed in February 2026.

  MD&A: Free cash flow verify on EDGAR →