Intuitive Machines: A $1.8B Backlog Helps The Next Phase Of Space Scale-Up

Intuitive Machines is transitioning from a lunar mission contractor to a vertically integrated space infrastructure platform, targeting recurring infrastructure-style revenue. LUNR reported Q2 revenue of $206 million (4x YoY), with a record $1.8 billion backlog and growing exposure to national security and commercial GEO satellite contracts. Gross margins remain pressured, and cash burn is high, but scaling satellite production and backlog conversion could drive margin expansion and operating leverage over time. Valuation is rich at 4.2x trailing and 2.8x forward sales, justified only if LUNR executes on its next-gen space-prime model and achieves sustainable profitability.

Intuitive Machines, Inc. ( LUNR ) is in the middle of a strategic re-rating story here. So we’re not just seeing a strong execution quarter. Management seems to be actively