In February 2026, Intuitive Machines, Inc. entered a Securities Purchase Agreement for a private placement of 11,574,074 Class A common shares at US$15.12 each, raising approximately US$175,000,000 to fund its Near Space Network Services and broader space communications and data infrastructure ambitions.
The privately placed shares, sold to institutional investors under a Securities Act exemption and not registered for public offering, highlight both the company’s reliance on external capital to build a “solar system internet” and the potential dilution trade-offs for existing shareholders.
We’ll now examine how this large private equity raise, and the dilution that comes with it, affects Intuitive Machines’ existing investment narrative.
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To own Intuitive Machines, you need to believe it can turn its NASA Near Space Network work and deep space communications push into recurring, higher quality revenue. The US$175,000,000 private placement deepens its funding for that plan but also magnifies a key near term tension: execution on large government programs versus ongoing dilution and losses. The raise likely increases focus on cash burn and delivery risk rather than changing the fundamental contract driven catalyst.
The most relevant recent announcement is the upcoming 19 March 2026 Q4 and full year 2025 results call, where management plans to outline post Lanteris Space Systems acquisition growth plans. Set against this fresh capital raise, that update becomes more important as a checkpoint on how quickly satellite manufacturing, Near Space Network Services, and in space data infrastructure can scale relative to rising share count and still negative earnings.
Yet behind the excitement around a “solar system internet,” investors should be aware of how much this ambition depends on…
Read the full narrative on Intuitive Machines (it’s free!)
Intuitive Machines’ narrative projects $502.2 million revenue and $41.2 million earnings by 2028. This requires 30.5% yearly revenue growth and a $283.0 million earnings increase from -$241.8 million today.
Uncover how Intuitive Machines’ forecasts yield a $15.50 fair value, a 6% downside to its current price.
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Some of the most optimistic analysts were already modeling revenue near US$520,000,000 and positive earnings by 2028, while also flagging heavy government dependence as a key risk, showing just how differently you can interpret the same business and how this large equity raise could eventually shift those expectations.
Explore 24 other fair value estimates on Intuitive Machines – why the stock might be worth over 3x more than the current price!
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include LUNR.
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