Intuitive Machines Secures $600 Million Commercial GEO Satellite Award as Backlog Expands to $1.8 Billion – SatNews

Intuitive Machines (NASDAQ: LUNR) said NASA’s JPL selected it to provide the spacecraft platform, system-level integration, and mission solutions for EAGLE-VSWIR, an Earth observation mission. The mission will use the IM 300TM bus and target a 2028 launch, with a hyperspectral VSWIR instrument. The award is the second NASA LEO science mission it supports.

Intuitive Machines (LUNR) shares rose about 6% after the company said an undisclosed customer hired it for a $600 million, multi-satellite space communications infrastructure using its IM 1300TM platform. The customer, satellite count, launch details, and per-satellite pricing were not disclosed. Investors will watch contract duration and annual revenue impact.

Intuitive Machines said it was authorized to proceed with a multi-satellite communications infrastructure program worth over $600 million, using its satellite communications capabilities and IM 1300 platform to design, build, integrate and support multiple spacecraft. The customer and program details were not disclosed. The company frames this as part of its build, connect and operate strategy.

Midday movers included Intuitive Machines, up about 9% after saying it received an authorization to proceed for a $600 million multisatellite communications program. EyePoint Pharmaceuticals fell about 70% after its Phase 3 wet AMD treatment failed its primary goal. JetBlue dropped 6% after a Seaport Research downgrade. Onto Innovation rose on Goldman coverage. Workday fell after a Deutsche Bank downgrade. Memory chip stocks rose after comments on Apple buying Chinese chips.

Stifel upgraded Intuitive Machines (LUNR) to Buy from Hold after the company reported faster order growth. Backlog rose to $1.76B from $1.06B, with a 4.5x book-to-bill ratio. Second-quarter revenue increased 310% to about $206M. Stifel cut its price target to $26 from $32, implying about 48% upside from $17.56, while noting losses and thin margins.

Intuitive Machines (LUNR) shares rose about 6% after the company said an undisclosed customer issued an authorization to proceed for a multi-satellite communications program valued at more than $600M using its IM 1300 platform. The company reported record $1.8B backlog and reaffirmed 2026 revenue guidance of $900M to $1B. B. Riley and Cantor Fitzgerald kept bullish ratings but trimmed price targets.