Intuitive Machines: Growth Has Only Just Begun

Intuitive Machines earns a speculative buy rating at $14, driven by a surging $1.8B backlog and rapid expansion beyond lunar landings. LUNR’s revenue mix is diversifying, with National Security now 30% of Q2 revenue and satellite manufacturing becoming a core, scalable activity. Valuation at 2.7x 2027E sales appears reasonable versus peers, but margin expansion and reduced dilution are essential for upside realization. Execution risk is high: Q2 gross margin was just 17.4%, cash burn remains significant, and future share issuance could dampen shareholder returns. peepo/E+ via Getty Images Intuitive Machines ( LUNR ) has changed much in a short period of time because a few years ago, it was valued primarily for moon landings. Now, a lot of revenue comes from satellite production, and National Security is growing