Houston energy transition tech SPAC goes public through IPO

BLANK CHECK

Houston-based CO2 Energy Transition Corp., a SPAC focused on carbon capture, utilization, and storage (CCUS), raised $69 million in its IPO to target mid-sized CCUS companies. Photo via Getty Images

Houston-based CO2 Energy Transition Corp. — a “blank check” company initially targeting the carbon capture, utilization, and storage (CCUS) sector — closed November 22 on its IPO, selling 6 million units at $10 apiece.

“Blank check” companies are formally known as special purpose acquisition companies (SPACs). A SPAC aims to complete a merger, acquisition, share exchange, share purchase, reorganization or similar business combination in certain business sectors. CO2 Energy Transition will target companies valued at $150 million to $250 million.

Each CO2 Energy Transition unit consists of one share of common stock, one warrant to purchase one share of common stock at a per-share price of $11.50, and the right to receive one-eighth of a share of common stock based on certain business conditions being met.

The IPO also included the full exercise of the underwriter’s option to buy 900,000 units to cover over-allotments. Kingswood Capital Partners LLC was the sole underwriter.

Gross proceeds from the IPO totaled $69 million. The money will enable the company to pursue CCUS opportunities.

“Recent bipartisan support for carbon capture legislation heavily emphasized the government’s willingness to advance and support technologies for carbon capture, utilization, storage, and other purposes as efforts to reduce greenhouse gas emissions [continue],” Co2 Energy Transition says in an October 2024 filing with the U.S. Securities and Exchange Commission (SEC).

Brady Rogers is president and CEO of CO2 Energy Transition. He also is CEO of Carbon Capture Development Co., a Los Angeles-based developer of direct air capture (DAC) technology, and president of Houston-based Antelope Energy Partners LLC, a provider of oil and gas services.

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This article originally ran on EnergyCapital.

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A deal that's been a year in the making has officially closed. Photo via Getty Images

Houston SPAC deal closes, high-tech monitoring device co. IPOs

sealed the deal

A sports tech-focused special purpose acquisition company has sealed the deal on its acquisition of a company with thermal imaging and sensing platform technology.

SportsMap Tech Acquisition Corp. (NASDAQ: SMAP) announced the close of its acquisition of Beaumont-based Infrared Cameras Holdings Inc. (ICI), which will be the name of the combined company. The new ticker symbol for the combined company’s common stock and public warrants will be ticker symbols “MSAI” and “MSAIW,” respectively.

“The close of the business combination represents a monumental milestone for our company, as we view the business to be well-suited for the public market," Infrared Cameras’ CEO Gary Strahan says in a news release. Strahan and his executive team will continue to lead the company.

Originally announced in the fall of 2021, the $100 million blank-check company is led by David Gow, CEO and chairman. Gow is also chairman of Gow Media, which owns digital media outlets InnovationMap, EnergyCapitalHTX, SportsMap, and CultureMap, as well as the SportsMap Radio Network, ESPN 97.5 and 92.5.

The SPAC revealed it would be acquiring ICI just over a year ago. According to the news release, SMAP’s stockholders approved the deal at a special meeting held on December 8.

"I’m happy to complete the business transaction, and equally excited to see Gary and his team deliver a unique product and solution to a diversified sub-set of market verticals," Gow says in the release. "We view this event to serve as the initial catalyst for the Company to deliver long-term shareholder returns.”

ICI's technology includes a patented single pane-of-glass view that can be used to monitor and analyze live imaging and sensing data across industries, including monitoring overheating equipment and methane gas leaks in the oil patch. ICI provides both the physical technology as well as a software-as-a-service component. Following the close of the deal, ICI reports that it will be focused on "new customer expansion, becoming a global online retailer, solidifying operational excellence, and continual improvements" to its technology.

“We have built a diversified integrated thermal imaging and sensing platform that is enhanced by our cloud-enabled technology, allowing for improved operations and critical asset protection," Strahan says. "We believe the support of investors as a public entity will aid our ultimate strategic objective of driving growth through increased enterprise customers, while, over time, positively transforming our margins as a result of our SaaS unit economics.”

Intuitive Machines will be listed on Nasdaq beginning tomorrow, February 14. Photo via intuitivemachines.com

Houston space tech startup closes deal to IPO

now trading

It's official. This Houston company is live in the public market.

Intuitive Machines, a space tech company based in Southeast Houston, announced that it has completed the transaction to merge with Inflection Point Acquisition Corp., a special purpose acquisition company traded on Nasdaq.

“We are excited to begin this new chapter as a publicly traded company,” says Steve Altemus, co-founder, president, and CEO of Intuitive Machines, in a news release. “Intuitive Machines is in a leading position to replace footprints with a foothold in the development of lunar space. With our launch into the public sphere through Inflection Point, we have reached new heights financially and opened the doors for even greater exploration and innovation for the progress of humanity.”

The transaction, which was originally announced in September, was approved by Inflection Point’s shareholders in a general meeting on February 8. As a result of the deal, the company will receive around $55 million of committed capital from an affiliate of its sponsor and company founders, the release states.

“Today marks an incredible milestone for Intuitive Machines, and we will continue to support them on their historic voyage as a public company,” says Michael Blitzer, co-CEO of Inflection Point, in the release. “The company is exceptionally well positioned to capitalize on growing commercial and governmental interests in space, and it has been a privilege to partner with the Company as it positions itself as a strategic national asset.”

Per the release, Inflection Point has been renamed “Intuitive Machines, Inc.” and trading will begin on February 14. Intuitive Machines’ common stock and warrants planned to trade on Nasdaq under the ticker symbols “LUNR” and “LUNRW,” respectively.

“Intuitive Machines is playing a critical role in America’s return to the Moon by providing technologies and services to establish long-term lunar infrastructure and commerce,” says Kam Ghaffarian, Ph. D., co-founder and executive chairman of Intuitive Machines, in the release. “This merger accelerates and strengthens Intuitive Machines’ strategic plan to help expedite a thriving commercial ecosystem for space for the benefit of human civilization.”

This Houston-based SPAC has announced the tech company it plans to merge with. Photo courtesy of Gow Media

Houston SPAC announces merger with Beaumont-based tech company in deal valued at $100M

speaking of spacs

A Houston SPAC, or special purpose acquisition company, has announced the company it plans to merge with in the new year.

Beaumont-based Infrared Cameras Holdings Inc., a provider of thermal imaging platforms, and Houston-based SportsMap Tech Acquisition Corp. (NASDAQ: SMAP), a publicly-traded SPAC with $117 million held in trust, announced their agreement for ICI to IPO via SPAC.

Originally announced in the fall of last year, the blank-check company is led by David Gow, CEO and chairman. Gow is also chairman and CEO of Gow Media, which owns digital media outlets SportsMap, CultureMap, and InnovationMap, as well as the SportsMap Radio Network, ESPN 97.5 and 92.5.

The deal will close in the first half of 2023, according to a news release, and the combined company will be renamed Infrared Cameras Holdings Inc. and will be listed on NASDAQ under a new ticker symbol.

“ICI is extremely excited to partner with David Gow and SportsMap as we continue to deliver our innovative software and hardware solutions," says Gary Strahan, founder and CEO of ICI, in the release. "We believe our software and sensor technology can change the way companies across industries perform predictive maintenance to ensure reliability, environmental integrity, and safety through AI and machine learning.”

Strahan will continue to serve as CEO of the combined company, and Gow will become chairman of the board. The transaction values the combined company at a pre-money equity valuation of $100 million, according to the release, and existing ICI shareholders will roll 100 percent of their equity into the combined company as part of the transaction.

“We believe ICI is poised for strong growth," Gow says in the release. "The company has a strong value proposition, detecting the overheating of equipment in industrial settings. ICI also has assembled a strong management team to execute on the opportunity. We are delighted to combine our SPAC with ICI.”

Founded in 1995, ICI provides infrared and imaging technology — as well as service, training, and equipment repairs — to various businesses and individuals across industries.

The deal between Intuitive Machines and a SPAC is expected to close in the first quarter of 2023 and would value the combined company at $815 million. Photo courtesy of Intuitive Machines

Houston-based space tech company to go public via SPAC merger

M&A

A Houston-based space exploration company that’s been tapped by NASA to take cargo to the moon plans to go public through a SPAC merger with a New York-based shell company.

Intuitive Machines LLC, founded in 2013, aims to merge with New York City-based Inflection Point Acquisition Corp., a special purpose acquisition company (SPAC). Once the merger is completed, shares of the combined company (Intuitive Machines) will trade on the Nasdaq stock market under the ticker symbol LUNR.

The deal, expected to close in the first quarter of 2023, would value the combined company at $815 million.

Inflection Point Acquisition’s IPO last year raised $300 million. A SPAC is a publicly traded shell company without any business operations whose only goal is to merge with or acquire another company.

Intuitive Machines is experiencing dramatic growth in revenue. The company forecasts annual revenue will reach $102 million in 2022, $291 million in 2023, and $759 million in 2024. The company has a backlog of $262 million in NASA contracts.

NASA announced in 2019 that Intuitive Machines was one of three companies being awarded contracts to carry cargo to the lunar surface ahead of an intended mission to the moon. That mission, dubbed Artemis, won’t happen until at least 2026. Intuitive Machines also plans to deliver commercial payloads to the moon.

Intuitive Machines is developing lunar landers and other space-related technology and equipment.

“We are building on a nearly 10-year operating history, a solid foundation of contracted business, a highly capital efficient model, and fiscal discipline, [which are] hallmarks we intend to continue,” says Erik Sallee, chief financial officer of Intuitive Machines.

To fuel growth, the combined company has secured commitments for $55 million in capital from entities affiliated with Inflection Point’s sponsor and from a founder of Intuitive Machines, as well as a $50 million equity facility from CF Principal Investments LLC, an affiliate of financial services provider Cantor Fitzgerald & Co.

In another move to support growth, Intuitive Machines is relocating next year from its current facility at the Houston Spaceport to a new 125,000-square-foot building on a 12.5 acres at the spaceport.

Kam Ghaffarian, co-founder and executive chairman of Intuitive Machines, says the company seeks to capitalize on an expanding space exploration market whose major players include SpaceX, Virgin Galactic, Blue Origin, and Orbital Sciences.

Steve Altemus, co-founder, president, and CEO of Intuitive Machines, says his company hopes to become “a foundation of U.S. space exploration.”

“Each successive mission will allow us to extend our advantage as we deliver satellites to lunar orbit, deliver systems to the lunar surface, and collect critical scientific and engineering data,” Altemus says.

Intuitive Machines is based in the Houston area. Photo courtesy of Intuitive Machines

Houston-based Nauticus Robotics has hit the public market. Image via Nauticus

Houston-based robotics tech company goes public via SPAC

ipo-ed

Fresh off its September 13 debut as a publicly traded company, Webster-based Nauticus Robotics Inc. is aiming for $90 million in revenue next year as it dives deeper into the ocean economy.

The stock of Nauticus now trades on the NASDAQ market under the ticker symbol KITT. Nauticus went public following its SPAC (special purpose acquisition company) merger with New York City-based CleanTech Acquisition Corp., a “blank check” company that went public in July 2021 through a $150 million IPO. The SPAC deal was valued at $560 million when it was announced in December.

Nauticus continues to be led by CEO Nicolaus Radford and the current executive team.

“The closing of this business combination represents a pivotal milestone in our company’s history as we take public our pursuit of transforming the ocean robotics industry with autonomous systems,” says Radford, who founded what was known as Houston Mechatronics in 2014. “Not only is the ocean a tremendous economic engine, but it is also the epicenter for building a sustainable future.”

That “tremendous economic engine” is valued at $2.5 trillion.

Radford says money from the sale of Nauticus shares will enable the company to move closer toward developing a fleet of subsea and surface robots that can perform an array of ocean-related tasks.

Nauticus’ ToolKITT autonomy software powers the company’s robotic fleet of Aquanauts and Hydronauts. Nauticus hopes to ultimately replace human-operated ships that deploy other submersible vehicles with its better-for-the-environment robotic fleet. The company envisions widespread use of its RaaS platform by the oil and gas, offshore renewables, and government sectors.

Nauticus estimated its 2021 revenue stood at $8.2 million. It forecasts next year’s revenue will reach $90 million.

The company is staking out its position in an emerging sector known as robotics as a service, or RaaS. The RaaS model lets companies lease robotic devices through a cloud-based subscription service. The global RaaS market was valued at $14.5 billion in 2021 and is projected to reach $44 billion by 2028, according to market research company Fact & Factors.

In August, Nauticus announced a deal with energy conglomerate Shell to advance ways to obtain subsea integrity data using Nauticus robots and technology. Three months earlier, Nauticus unveiled a strategic partnership with consulting and engineering giant Wood.

“The passion and conviction of our team at Nauticus has fueled the creation of a truly disruptive and innovative company in the ocean space, and we are eager to take the next step in our growth trajectory as a public company,” Radford said in December. “A substantial core of our team has been together, first starting at NASA and now at Nauticus, for 15 to 20 years, and I am inspired by their relentless pursuit toward this dream.”

Nicolaus Radford is the founder of Nauticus Robotics Inc. Photo courtesy

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Intuitive Machines lands $600M satellite deal, NASA ‘spacecraft bus’ contract

space deals

Houston-based space infrastructure company Intuitive Machines has scored two astronomical deals.

The deals add to the company’s soaring success. As of June 30, Intuitive Machines had a record-high $1.8 billion backlog of orders, a $1.5 billion increase from the end of last year. The current backlog includes orders for more than 80 spacecraft.

The company, which went public in 2023, expects this year’s revenue to total $900 million to $1 billion. In the first half of 2026, Intuitive Machines generated nearly $393 million in revenue.

Intuitive Machines estimates its total available market is valued at more than $150 billion.

$600 million-plus deal represents ‘important milestone’

On Monday, Intuitive Machines said it picked up a $600 million-plus deal to develop three commercial satellites for an undisclosed customer over the course of about two years.

Intuitive Machines says it will design, manufacture, set up and support several spacecraft “for a critical communications infrastructure mission.”

Steve Altemus, the company’s CEO, says the deal represents “an important milestone for Intuitive Machines and reflects the confidence our customers place in our ability to deliver high-performance spacecraft for a broad range of mission needs.”

Company nails down NASA deal for ‘spacecraft bus’

A day after announcing the $600 million-plus deal, Intuitive Machines said it secured a new contract with NASA.

Intuitive Machines says NASA’s Jet Propulsion Laboratory in Southern California will use the company’s IM 300 “spacecraft bus” for an EAGLE-VSWIR Earth observation mission. The mission is scheduled to launch in 2028.

Aside from supplying the IM 300 bus, Intuitive Machines will carry out mission support services.

The low-Earth-orbit mission will be equipped with Intuitive Machines’ hyperspectral visible to shortwave infrared (VSWIR) instrument. This technology sees colors and details that aren’t visible to the human eye.

The instrument is “designed to perform surface biology and geology observations from Earth orbit while demonstrating technologies that could support future lunar and Mars exploration missions,” Intuitive Machines says.

Intuitive Machines builds mission-critical spacecraft, systems, and infrastructure for business and government customers. To date, the company has produced more than 300 spacecraft, delivered over 575 pounds of payload to the moon and launched about 100 satellites.

9 Houston-based companies make Fortune Global 500 list in 2026

Worldwide Rankings

Nine Houston companies landed on the 2026 Fortune Global 500 list, which ranks the world's largest corporations by revenue for the 2025 fiscal year.

Houston's showing on the list was led by energy companies, with Spring’s ExxonMobil claiming the top local spot. Here’s what Houston-area companies made the list, and where they ranked:

  • No. 15 ExxonMobil
  • No. 36 Chevron
  • No. 61 Phillip 66
  • No. 159 Sysco
  • No. 243 ConocoPhillips
  • No. 292 Enterprise Products Partners
  • No. 343 Plains GP Holdings
  • No. 460 SLB
  • No. 481 Hewlett Packard Enterprise

After 12 years as No.1, Arkansas-based Walmart was replaced this year by Seattle-based Amazon in the top spot for 2026. Amazon achieved this by bringing in $700 billion in revenue in 2025, representing a 12 percent increase from the previous year.

"Across global business, we see again and again that the leaders who are winning are those who embrace change,” Alyson Shontell, Fortune's editor in chief and chief content officer, said in a news release. "Amazon has topped the Fortune Global 500, knocking Walmart off its pedestal. The company has continually reinvented itself across new businesses and bold bets—including a $200 billion capital commitment, largely to building its capacity for AI and cloud computing, in this year alone."

The U.S. has 141 companies on the 2026 Fortune Global 500 list, which is the most of any country. Companies in America generated $15.5 trillion in aggregate revenues, a 6 percent increase from the previous year.

The number of women CEOs at Fortune Global 500 companies reached a record of 34 top leaders, who represented 6.8 percent of CEOs of companies on the list.

Technology was the standout growth industry on this year’s list, with 38 companies earning revenues that grew 20 percent to about $4 trillion in 2025, with profits climbing 36 percent to $835 billion. The financial sector accounted for the largest share of companies on the list again, with 123 companies in that sector. The energy sector claimed the No. 2 industry spot with 77 companies making the list.

In June, the Fortune 500 list was released, and Texas led the United States with 57 Fortune 500 companies headquartered in the state, generating $2.8 trillion in combined revenue.

Fast-growing Houston real estate startup surges to No. 7 on Inc. 5000

growth report

Houston-based Epique Realty has ridden the AI wave to rank among the Inc. 5000’s 10 fastest-growing private companies.

With three-year revenue growth of 23,210 percent, the AI-powered real estate brokerage appears at No. 7 on this year’s Inc. 5000 list. The 2026 list ranks private companies based on percentage revenue growth from 2022 to 2025.

Epique, founded in 2021, also ranks as the No. 1 fastest-growing company in Houston, No. 1 fastest-growing real estate company in the U.S., and No. 2 fastest-growing company in Texas.

Epique’s annual revenue surpasses $91 million

Between 2022 and 2025, the company’s annual revenue skyrocketed from $391,654 to more than $91.2 million. In 2025, the brokerage closed more than 23,000 deals and surpassed $7 billion in total sales, elevating Epique to the country’s 14th-largest real estate brokerage as measured by volume.

Epique’s network has more than 4,000 agents.

“To debut in the top 10 of the Inc. 5000 is absolute proof that when you relentlessly put agents first, exponential growth takes care of itself,” co-founder and CEO Joshua Miller said in a news release.

“We didn’t achieve this by following the industry playbook; we achieved this by burning it,” Miller added. “By fully funding our agents’ success through free health care, proprietary AI, and world-class leads, we’ve built a company where agents can finally thrive.”

The company’s other co-founders are Chris Miller, chief operating officer and vice president of expansion, and Janice Delci, chief financial officer.

Epique expands business to Canada, Mexico, Australia

The Millers and Delci have guided the company’s rapid expansion.

“Scaling our corporate support team to match [our] hyper-growth while seamlessly expanding across all 50 states and internationally to Canada, Australia, and Mexico takes an incomparable operational infrastructure,” Miller said.

“We have built an enterprise-grade technology ecosystem that allows us to absorb overhead and empower our agents at lightning speed,” he added. “This ranking validates that our disruptive model is working, and it is completely redefining the global industry standard.”

Epique launched its platform in 2023, touting itself as the industry’s first AI-powered brokerage. The startup’s platform provides AI tools for real estate agents to improve their marketing, streamline content creation, and boost engagement with clients and prospects.

Among Epique’s AI tools are:

  • ChatGPT for generation of property descriptions
  • AI-assisted creation of blog posts and agents’ bios
  • Production of Instagram quotes for social media marketing

“When we started Epique, we wanted to build a company that genuinely cared for its agents’ financial and physical well-being,” Delci says. “To see that vision translate into this level of historic record-breaking growth is a beautiful testament to the true power of radical generosity.”

Epique and fellow honorees will be recognized Oct. 14-16 at the 2026 Inc. 5000 Conference & Gala in Dallas.

Six other Houston-area companies land in top 250

Here are the six other Houston-area companies that claimed spots in the top 250 on the Inc. 5000 list. Each company name is followed by its ranking, headquarters city, and three-year growth rate.

  • No. 27 Empact Technologies, 8,275 percent
  • No. 60 Action1, 4,512 percent
  • No 75 Signs By G, 3,684 percent
  • No. 79 The ’Pause Life, 3,469 percent (Galveston)
  • No. 110 Turtlebox Audio, 2,576 percent
  • No. 178 Dahnani Private Equity Group, 1,904 percent (Stafford)

How did companies in Texas’ other major metros fare?

Here’s a breakdown of companies in the Austin, Dallas-Fort Worth, and San Antonio areas that made the top 250 on the Inc. 5000. Again, each company name is followed by its ranking, headquarters city, and three-year growth rate.

Austin (10 companies)

  • No. 9 Investment Watches, 15,741 percent
  • No. 72 Razor Metrics, 3,856 percent
  • No. 91 Autonomize AI, 2,921 percent
  • No. 102 Choose Your Horizon, 2,719 percent
  • No. 132 Wander Staffing, 2,296 percent
  • No. 144 Everyday Dose, 2,179 percent
  • No. 148 NetRise, 2,118 percent
  • No. 163 Nutrabound Labs, 1,999 percent (Bastrop)
  • No. 179 Steadily, 1,890 percent
  • No. 208 Tiny Health, 1,624 percent

Dallas-Fort Worth (11 companies)

  • No. 3 Yantran, 258,740 percent (Allen)
  • No. 12 Paek Management Group, 12,520 percent (Irving)
  • No. 82 Elite Robotics and Automation, 3,334 percent (Fort Worth)
  • No. 133 Outamation, 2,291 percent (Southlake)
  • No. 147 Red Creek Solutions, 2,119 percent (Frisco)
  • No. 155 JobTread Software, 2,071 percent (Dallas)
  • No. 164 DAX Eyewear, 1,977 percent (Nevada)
  • No. 186 Optimized Waste Removal, 1,830 percent (Fort Worth)
  • No. 204 Freight Flex, 1,642 percent (Denton)
  • No. 212 Maverick Power, 1,591 percent (McKinney)
  • No. 229 Innovative Life Sciences, 1,494 percent (McKinney)

San Antonio (one company)

  • No. 118 Hire With Near, 2,421 percent
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