space funding
Intuitive Machines secures $175M equity investment to fuel growth
Houston-based space infrastructure and services company Intuitive Machines has secured a $175 million equity investment from unidentified institutional investors. The investors received shares of Class A stock in exchange for their funding.
Publicly held Intuitive Machines (Nasdaq: LUNR) says it plans to use the capital to help build revenue and invest in technology, including communications and data-processing networks.
“We are building a scalable infrastructure platform from low-Earth orbit to the moon and into deep space,” Intuitive Machines CEO Steve Altemus said in a news release. “With this investment, we can accelerate the integration of the combined company’s collective capabilities to deliver next-generation data, communications, and space-based infrastructure services.”
Intuitive Machines says the $175 million investment will improve its ability to secure deals for satellite systems, the proposed Golden Dome missile defense system and the proposed Mars telecommunications orbiter.
As the company pursues those deals, it’s seeking partners to develop space-based data centers.
The $175 million equity stake comes on the heels of Intuitive Machines completing its $800 million cash-and-stock purchase of Lanteris Space Systems. Intuitive Machines bought the satellite manufacturer from private equity firm Advent International.
In the third quarter, which ended Sept. 30, Intuitive Machines posted a $10 million net loss on revenue of $52.4 million.
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