Investment Thesis

 We initiate coverage on Intuitive Machines (LUNR) with an Underperform rating and a PO of $16.00. LUNR is a space services and technology provider, with capabilities including orbit and lunar surface access, lunar data services, and specialized space products and infrastructure. The company's primary products and services include dedicated lunar surface landing spacecraft, rideshare access for government and commercial payloads, and data transmission services between the Earth and moon. However, frothy valuation based on uncertain revenue growth coupled with a small array of customers and missions leads us to see better opportunities to gain exposure to commercial space.

Our $16.00 price objective is derived from a 5x EV/sales multiple on 2026 estimates. This valuation puts LUNR at the top end of space systems peers, which we see as fair given the company's relatively strong position on large, long-lived contracts.

Investment Positives

(+) Land-and-expand strategy driving growth through expansion of services

We see LUNR as a leader in providing diversified, vertically integrated space systems capabilities across the commercial space economy. LUNR's model has seen it expand from an initial primary focus on developing lunar landing craft to providing interconnected operations, engineering, and communications services. Lunar Data Services is establishing a terrestrial and orbital communications capability key to support future lunar missions and providing networking needed to commercialize lunar space. Orbital Services programs are developing technologies for maintaining and extending the life of space assets, allowing for longer duration missions and on-orbit capabilities. Space Products & Infrastructure's in-house offerings in propulsion, navigation, communications, and specialized engineering products allow for ease of ramping spacecraft development.

IM-1 mission completion paves way for further opportunities

We view the company's successful IM-1 mission in early 2024 as a key derisking event for LUNR's lunar surface access business, expanding their mission opportunity set. IM-1 was supported by funding through NASA's Commercial Lunar Payload Services (CLPS) program, aiming to utilize private companies to deploy key payloads to the lunar surface. In February 2024, LUNR's Odysseus lander became the first US spacecraft to land on the moon since Apollo 17, although an instrument error contributed to the craft coming to rest sideways on the surface. The mission demonstrated key milestones for future lunar and deep-space missions. IM-1 performed the first-ever deep space ignition of the company's proprietary liquid methane/liquid oxygen (methalox) engine and became the first commercial lander to transmit scientific data from the moon's surface. LUNR has scheduled three additional landing missions, IM-2 in January 2025, IM-3 in 2026, and IM-4 in 2027, with each planned to deliver key technology demonstrations to support lunar commercialization. IM-3 will be particularly important to unlocking NSNS revenue, as the first of the company's five planned lunar communications satellites will be launched alongside the lander. Following delivery of the first satellite, LUNR will achieve operational service of NSNS and begin collecting recurring revenue from communications services. See Near Space Network Services (NSNS)

(+) Space agencies to rely more on commercial procurement

We see commercial partners gaining share and prioritization of space missions, a trend which could benefit LUNR. NASA's approach to its lunar Communications, Positioning, Navigation & Tracking (CPNT) architecture (including the NSNS awards won by LUNR thus far) was designed for commercial partners to take the lead on delivering hardware and continuous services as a means of accelerating delivery timelines and ensuring interoperability and network redundancy. Commercial Lunar Payload Services (CLPS) has provided additional opportunities for LUNR's landers to support NASA Artemis landing missions, and the Lunar Terrain Vehicle would see a further interconnection between NASA missions and commercial services. As the US Space Force (USSF) matures, we expect to see additional demand for commercial procurement to benefit industry first-movers with proven capabilities like LUNR.

(+) Strong positioning on long-duration contracts

LUNR has successfully embedded itself within lengthy NASA programs, offering the potential for durable revenues if missions are successfully executed. The NSNS award contains an initial five-year commitment with an available five-year option beyond that, while the Lunar Terrain Vehicle (LTV) award would see LUNR provide lunar surface services for a 15-year duration. LUNR has also seen success in awards for its own lunar lander programs, with the IM-2, IM-3, and IM-4 missions already awarded and on-manifest through the CLPS program, with the latter mission currently scheduled for launch in 2027.

LUNR's growing base of active awards has driven significant growth in the company's backlog in recent quarters. LUNR backlog has increased by nearly $50mn in 2024 and more than doubled since Q1 2023, driven by additions of the IM-3 and IM-4 missions, task orders for LTV and NSNS, and other task orders. While backlog is an imperfect proxy for future revenue growth, a larger and more diverse backlog of program revenues should provide visibility for long term revenue and a leading indication of funded growth.

Investment Negatives

(-) Concentrated dependence on small number of customers

We see dependence on a select group of funding resources as a source of risk for LUNR. LUNR has historically relied on government funding for its operations, with the vast majority coming from NASA commitments. With the exception of the Joint Emergent Tech Supplying On-Orbit Nuclear Power (JETSON) program funded by the US Air Force, all significant awards to date have been provided through NASA. Transport of commercial payloads to the lunar surface remains a small portion of future revenues, while the largest revenue opportunities in LUNR's backlog - Near Space Network Services, Lunar Terrain Vehicle - serve to support NASA's Artemis mission and broader lunar exploration program.

Reliance on at-risk NASA budget

Historical vulnerability of NASA's budget increases the risk to LUNR given its near-complete exposure to NASA programs for funding to date. Multiple key LUNR programs, including Near Space Network Services (NSNS) and Lunar Terrain Vehicle (LTV) are contracted in support of NASA's Artemis program. The Trump administration's focus on cost-cutting and government efficiency, combined with the influence of Elon Musk and the Department of Government Efficiency (DOGE) could result in a shift away from NASA towards commercial programs. With Artemis years behind schedule, we see risks to the program's continued support, potentially upending LUNR's more significant contracts.

(-) Low historical visibility to revenues

Lack of long-term visibility to future program completions has contributed to significant revisions in LUNR's revenue projections, well beyond peers. While growth has been strong in recent quarters - Y/Y revenue growth averaged 264% in the first three quarters of 2024 - program delays have resulted in significant adjustments to expectations compared to before LUNR's de-SPAC. At its December 2022 Investor Day, shortly before its public listing, the company's outlook was for 2023 revenue of $300mn increasing to $750mn in 2024. LUNR is now on pace to generate roughly $240mn in revenues in 2024, following negative growth in 2023. The complexity of LUNR's missions, their interconnectedness with NASA programs and launch providers, and current reliance on discrete milestone awards mean the company has relatively little control or forward visibility of revenue generation.

(-) Dependent on execution of high-risk missions

LUNR's business model relies on completion of a discrete set of highly complex, challenging missions, the failure of which could materially impact financial performance. While the company's IM-1 landing was labeled a success by both LUNR and NASA, it should be noted that an instrument failure resulted in the craft landing on its side, causing failure to properly deploy rideshare payloads and operate at full effectiveness during its mission life. LUNR plans to generate significant revenues from successful landings of future similar missions, including deployments of rideshare payloads in space and on the lunar surface, as well as forming the base of its NSNS constellation via rideshares on such missions. These missions involve manufacture and operation of expensive space vehicles and integration with costly, technically complex payloads that require precise mission parameters to successfully complete their objectives.

(-) Risk from shift of focus away from moon exploration to Mars

A potential prioritization of Mars exploration over current planned moon missions could jeopardize LUNR's existing contract awards, which are oriented toward the lunar Artemis program. Both President Trump and key advisor Elon Musk have called attention to Mars exploration as key priorities since the 2024 election. In his inaugural address, Trump made mention of a manned mission to Mars as a key goal of his administration, omitting mention of ongoing lunar activities. In a post on X, Elon Musk more explicitly stated "[W]e're going straight to Mars. The Moon is a distraction." While LUNR's technology and capabilities are largely applicable to Mars missions, a change in mission priority could upend existing contracts and disrupt the company's operations.

Intuitive Machines Overview

Intuitive Machines (LUNR) is a space services and technology provider, with capabilities including orbit and lunar surface access, lunar data services, and specialized space products and infrastructure.

Core offerings

LUNR offers a variety of space infrastructure services across the low Earth orbit and lunar space value chains. Although LUNR reports financial data as one reportable segment, the company organizes its business into four business units: Lunar Access Services, Orbital Services, Lunar Data Services, and Space Products and Infrastructure. In combination, these offerings allow LUNR to offer an end-to-end solution for lunar exploration.

Lunar Access Services

LUNR provides payload access to the lunar surface for customers through rideshares, while also directly accessing the lunar surface with its lander spacecraft.

Nova-C lunar lander

In February 2024, LUNR completed its IM-1 landing mission, with its Nova-C lander touching down near the moon's South Pole. LUNR became the first commercial company to land on the moon, and the mission was the US's first to the lunar surface in decades.

The small-class lander was initially designed for, and funded with support from, NASA's Commercial Lunar Payload Services (CLPS) program, originated in 2018. Nova-C is designed to deliver multiple science payloads to the moon, either landed or in orbit. The design used for IM-1 has a payload capacity of 130 kg and multiple mounting locations; an extended version of Nova-C can support up to 250 kg of payload.

Nova-D heavy lunar lander

LUNR is developing a larger lander for surface cargo applications and other infrastructure assets. Nova-D is designed to carry approximately 500-2500kg to the lunar surface, in comparison to Nova-C's 130kg capacity. Nova-D is key to LUNR's Lunar Terrain Vehicle (LTV) proposal, aiming to deliver a pickup truck-sized lunar rover in support of NASA's Artemis mission. LUNR and NASA plan to complete a preliminary design review of the Nova-D lander for the LTV program in March 2025. In January 2025, LUNR won a one-year, $2.5mn Next Space Technologies for Exploration Partnership (NEXTSTEP) NASA contract to study lunar logistics handling and surface cargo and mobility capabilities. LUNR will use the funding to develop the payload transportation technologies used by the Nova-D lander.

Surface Mobility

LUNR has developed Micro Nova Hopper (or µNova Hopper), a small-scale drone system designed to be deployed alongside Nova-C beginning with the 2025 IM-2 mission, at the direction of NASA's Space Technology Mission Directorate (STMD) Tipping Point contract. Micro Nova is designed to carry up to 1 kg of payload up to 25 km from the main lander, allowing for expanded access to science missions including in permanently shaded areas of lunar craters, a key focus of lunar surface research.

Rideshare Lunar Access

Alongside payload delivery to the lunar surface, LUNR offers capacity for rideshare payloads to be deployed in cislunar space. Currently, LUNR purchases an entire SpaceX Falcon 9 rocket to support its Nova-C launches, meaning LUNR can accommodate up to 1,000 kg of other payloads to lunar capture aboard the Falcon 9's second stage. Once separated, Nova-C can deploy an additional 390-1,375 kg (depending on desired altitude) in lunar orbit.

Orbital Services

Orbital Services provides on-orbit services for government and commercial customers. Services include repair, refueling, and orbit adjustment for existing satellites. The segment is aimed primarily at supporting satellites and future stations in Earth and lunar orbit. Most significantly, LUNR (through its 90/10 joint venture with KBR, Space Network Solutions) was awarded the Omnibus Multidisciplinary Engineering Services III (OMES III) contract from NASA in 2023 to demonstrate servicing and life extension capabilities for a NASA surveying satellite. LUNR also works with the Air Force Research Lab (AFRL) on its Joint Energy Technology Supplying On-orbit Nuclear Power (JETSON) program to develop low-power nuclear capabilities for reliable energy capabilities.

Lunar Data Services

LUNR maintains a network of assets providing continuous data connectivity with the moon, including ground stations, mission control, and a planned constellation of relay satellites in lunar orbit. Data transmission capabilities are key to supporting orbital and surface lunar activities and expanding potential commercialization of the moon.

Lunar Data Network (LDN)

LUNR aims to deploy a constellation of satellites in lunar orbit to provide continuous data relay services between the surface and cislunar space. These satellites will provide communications, navigation, and data transfer support to future lunar missions, including LUNR's landings and NASA's Artemis lunar program. Demand for LUNR's data network from US agencies like NASA and the US Space Force has increased given China's competing aspirations to develop its own lunar satellite network in support of continued unmanned and manned missions to the moon, including a planned permanent human habitat. LUNR's data relay is supported by NASA's Near Space Network Services (NSNS) contract, funding a base value of $150mn for LUNR to deliver five communications satellites to lunar orbit for use by Artemis missions.

Space Products and Infrastructure

Space Products and Infrastructure provides space products including propulsion systems, navigation systems, lunar mobility, and power infrastructure to customers. Capabilities within additive manufacturing and composites allow LUNR to produce reliable prototypes, development and flight parts, and spares, with plans to leverage the segment to expand into prime positions on NASA and other customer payload contracts.

Key Contracts

 Near Space Network Services (NSNS)

September 2024 award: Near Space Relay

In September 2024, NASA awarded LUNR a Near Space Network contract for communication and navigation services between the Earth and moon. LUNR was awarded under the Space Relay subcategory, for data services linking assets in geostationary Earth orbit to the moon. The firm-fixed-price, indefinite-delivery/indefinite-quantity (IDIQ) award has a base value of $150mn and timeline of five years, with an additional five-year option available.

LUNR will provide five satellites to lunar orbit to establish a communications constellation, and then provide communications and navigation services for future lunar missions with those assets. NSNS is intended to support NASA's Artemis program, aiming to return US astronauts to the moon. The first of the satellites is planned to ride alongside LUNR's IM-3 landing mission in 2026. Delivery of this satellite will unlock initial operational service of the network, enabling LUNR to begin collecting recurring "pay-by-the-minute" revenues for data transmission service, including support of Artemis missions. Satellites two and three are expected aboard IM-4 in 2027, with two final satellites to be delivered on a future mission.

December 2024 award: Direct to Earth

In December 2024, LUNR received two additional task orders under the Direct to Earth Geostationary to Cislunar and xCislunar subcategories, providing data services between geostationary Earth orbit to cislunar space, and for deep space missions and specialized orbits, respectively. It is important to note these task orders, under the Direct to Earth category of NSNS, are focused on ground-based communications and navigation services and do not entail additional satellite deployments.

The total value of the NSNS contract is up to $4.82bn. As of December 2024, four companies including LUNR have received contracts and task orders for NSNS, meaning LUNR is not expected to receive the entirety of the contract value. The program allows for continuous on-ramps throughout its life, so other new entrants may be selected to provide services in the future. To date, LUNR has received obligations of $9.0mn through the contract vehicle.

Lunar Terrain Vehicle (LTV)

In April 2024, LUNR, Lunar Outpost, and Venturi Astrolab were each awarded positions to compete for NASA's Lunar Terrain rover program, designed to deliver a human-rated lunar surface rover. Under the Phase 1 award, each team is tasked with completing feasibility studies and preliminary designs for the project. Phase 1 is expected to last one year, at which point Phase 2 is expected to downselect to one team to provide the system. LUNR, as prime contractor for its Reusable Autonomous Crewed Exploration Rover (RACER) proposal, will lead systems integration, various subsystem designs, and operations and testing. LUNR partnered with AVL, Boeing, Michelin, and Northrop Grumman on the proposal. Phase 1 of LTV amounts to a $30mn, one year task order for each team. The ultimate program is expected to last 15 years, including services and support for the vehicle once it arrives on the moon. The LTV contract has a maximum award value of $4.6bn.

Commercial Lunar Payload Services (CLPS) 3

NASA's CLPS program, starting in late 2018, aims to provide delivery services for science and technology payloads by private companies to the lunar surface in support of the larger Artemis lunar program. Main contractors (to supply landers) include LUNR, Astrobotic Technologies (private), Firefly Aerospace (private), and Draper Laboratories (private). NASA has awarded four landing missions to LUNR, with the most recent (IM-4) awarded in August 2024 and scheduled for 2027 launch. CLPS has a maximum value of $2.6bn, of which $344mn has been obligated to LUNR through FY24.

Omnibus Multidiscipline Engineering Services (OMES) III

Space Network Solutions, a 90/10 joint venture between LUNR and KBR, was awarded a 5-year, $719mn cost-plus-fixed-fee ID/IQ contract in August 2023 for engineering services in support of the Joint Polar Satellite System (JPSS) and NASA Exploration and In-space Services (NExIS) programs. Work under the OMES-III contract will include instrument systems engineering, design and analysis services, and testing and fabrication to support JPSS, a key weather monitoring constellation. A portion of the program, On-orbit Servicing, Assembly, and Manufacturing (OSAM)-1 was cancelled by NASA in September 2024 following cost overruns.

Joint Emergent Tech Supplying On-orbit Nuclear Power (JETSON)

Awarded in September 2023, JETSON aims to develop nuclear-based space power capabilities for long term mission power consumption needs. LUNR was awarded a $26mn firm fixed price contract by the Air Force Research Laboratory (AFRL) under the Low Power application, developing reliable, compact radioisotope power sources for use in on-orbit mobility, thermal systems, and payload operation for small-scale satellites. The program aims to support NASA's Gateway, a planned manned outpost in lunar orbit. Access to nuclear power sources is critical, as solar panels will not provide power when positioned in the moon's shadow and batteries add significant mass to orbiting spacecraft.

Balance sheet and capital access

 As an early-stage company, managing cash burn and maintaining access to capital markets are critical factors for the company's growth trajectory.

Capital raising transactions

The company completed its de-SPAC reverse merger with Inflection Point Acquisition Corp. (IPAX) in February 2023. Although the pre-close investment trust totaled around $330mn in commitments, around 83% of investors redeemed their shares prior to close. LUNR received gross proceeds of $34.1mn from the transaction at close. Termination of a related forward purchase agreement with two investors resulted in an additional $12.7mn raised by LUNR in February 2023. Between 1Q2023 and 2Q2024, LUNR raised a further $67.5mn from exercise of issued warrants.

The company completed two large capital raise transactions in 2024. In March 2024, LUNR launched an at-the-market (ATM) offering of up to $100mn of common stock. LUNR completed the offering in 3Q2024. In December 2024, LUNR completed a $110mn primary add-on issuance of shares, from which it received net proceeds of approximately $104mn.

Balance sheet dynamics

As of 3Q2024, LUNR reported cash and equivalents of $89.6mn and no debt. Last twelve month free cash flow was $(85.4)mn. As of the end of 3Q2024, management noted the company had enough cash runway to last at least another 12 months. We see LUNR becoming cash flow positive in 2026, coincident with when we expect LUNR to begin generating positive operating margins.

 Price performance and comp table

Despite a long period of underperformance in the months after completion of its de-SPAC transaction, LUNR has outperformed the market since it began trading. Following an over 8x increase in the days following its de-SPAC, the stock underperformed significantly, closing at a low of $2.11 on 1/4/2024. Around a month later, the company completed its IM-1 landing, leading to a brief resurgence over its initial trading price. Performance remained weak until LUNR was announced as a winner of the NSNS contract in mid-September 2024. This announcement, subsequent awards, and positive sentiment in commercial space post-election have resulted in a 299.6% increase in LUNR's stock price since September 17, 2024 (compared to 7.2% for the S&P 500).

The 2024 US election results catalyzed a period of strong outperformance for commercial space stocks including LUNR. LUNR finished up 6.7% the day following the election (compared to S&P 500 up 2.5%) and has increased 178.8% since the election vs. S&P 500 up 4.4%. Trump and Elon Musk are seen as strong supporters of the US commercial space industry. During his first term, Trump both established the Artemis program as a policy directive and worked to establish the US Space Force as the newest military branch. In his second inaugural address, Trump mentioned a continued focus on expanding American capabilities in space, including a goal of landing astronauts on Mars.

Corporate Details

• Headquartered in Houston, TX
• Intuitive Machines became publicly listed via a reverse merger with Inflection Point Acquisition Corporation (ticker: IPAX), a special purpose acquisition company (SPAC). The deal was announced September 16, 2022.
• Intuitive Machines became publicly traded on the Nasdaq on February 14, 2023, under the ticker "LUNR".

Management Team

Kam Ghaffarian - Co-Founder & Chairman

Kam Ghaffarian is Co-Founder and Chairman of the Board of Directors of Intuitive Machines. Ghaffarian has co-founded several other companies, including IBX, Axiom Space, X-energy, and Quantum Space.

Dr. Ghaffarian started his entrepreneurial career in 1994 by founding Stinger Ghaffarian Technologies, Inc., a government services company focusing on IT, engineering, and science applications. Dr. Ghaffarian has also held numerous technical and management positions at Lockheed Martin, Ford Aerospace, and Loral.

Steve Altemus - Co-Founder, President & Chief Executive Officer

Steve Altemus is Co-Founder, President, and Chief Executive Officer of Intuitive Machines. Before founding Intuitive Machines in December 2012, he served as the Deputy Director of NASA's Johnson Space Center.

He joined NASA's Kennedy Space Center and the Space Shuttle Program in 1989, where he held progressively more responsible positions working in Space Shuttle operations, launch, and landing activities. He served as the Columbia Reconstruction Director after the loss of the Space Shuttle Columbia on February 1, 2003. In January 2005, he joined Johnson Space Center, serving as the Deputy Director of Engineering, and was subsequently selected as Director in July 2006.

Dr. Timothy Crain - Co-Founder, Senior Vice President & Chief Growth Officer

Dr. Timothy Crain is Co-Founder, Senior Vice President, and Chief Growth Officer of Intuitive Machines. He began his professional career in 2000 at the NASA Johnson Space Center (JSC) in Houston, TX, where he was a lead engineer in the Engineering Directorate's Aeroscience and Flight Mechanics Division. During his tenure at JSC, he worked on the navigation design for Mars Science Lander and was the Orbit Guidance, Navigation, and Control (GNC) System Manager for the Orion spacecraft.

Annachiara Jones - General Counsel & Corporate Secretary

Anna Jones is General Counsel and Corporate Secretary of Intuitive Machines. Before joining Intuitive Machines, Anna was Vice President of Securities and Corporate Counsel at Paysafe Limited. Previously, Anna served as Assistant General Counsel and Corporate Secretary at Marathon Oil Corporation. Anna has also held legal positions at ConocoPhillips, Spectra Energy Corp, and Hyatt Hotels Corporation. Anna began her legal career as a corporate associate at Latham & Watkins LLP.

Ben Bussey - Chief Scientist

Ben Bussey is Chief Scientist of Intuitive Machines. Dr. Bussey recently completed a 5-year assignment at NASA HQ which included being the Acting Deputy Associate Administrator of Exploration in NASA's Science Mission Directorate. Before that he was the Chief Exploration Scientist in NASA's Human Exploration and Operations Mission Directorate. Prior to his positions at NASA headquarters, he was Principal Investigator of NASA VORTICES SSERVI and NASA Lunar Science Institute research teams that considered the exploration and scientific potential of the lunar poles. He was the Principal Investigator of the Mini-RF radar instrument on NASA's Lunar Reconnaissance Orbiter, and Deputy Principal Investigator of the Mini-RF radar instrument on India's Chandrayaan-1 mission.

Bob Pavelko - Executive Director, Defense Programs

Bob Pavelko is Executive Director of Defense Programs at Intuitive Machines. Bob is a retired US Air Force Colonel who served over 28 years and held numerous assignments throughout the National Security Space enterprise in executive leadership, space operations, program management, policy, and legislative liaison duties. He commanded multiple operational units and was dynamically engaged throughout the entire program life cycle of a broad spectrum of DoD weapon systems and technologies in satellite command and control; space launch and range; communications; space control; intelligence, surveillance, and reconnaissance, involving Interagency and International coordination.

Jack Fischer - Senior Vice President of Production & Operations

Jack Fischer is Senior Vice President of Production and Operations at Intuitive Machines. Jack is a senior space ops leader, combat fighter pilot, astronaut, and flight test expert with 27 years of experience, with flight experience including 3,000 hours in over 40 aircraft and 136 days in space with two spacewalks.

Jade Marcantel - Chief Human Capital Officer

Jade Marcantel is Chief Human Capital Officer of Intuitive Machines. Before joining Intuitive Machines, Jade served in multiple positions at KBR, Inc., including corporate Director of Talent Development and Chief of Staff for their Defense and Intel Business Unit. Prior to KBR, she held leadership positions in Human Resources and Information Technology for an oilfield services firm.

Peter McGrath - Senior Vice President & Chief Financial Officer

Peter McGrath is Senior Vice President and Chief Financial Officer of Intuitive Machines. Prior to joining Intuitive Machines in August 2020, Mr. McGrath worked at Boeing in the Global Sales and Marketing organization. Peter began his 31-year career at Boeing as a Structural Analyst on the International Space Station.

Stephen Zhang - Senior Director of Investor Relations

Stephen Zhang is Senior Director of Investor Relations at Intuitive Machines. Before joining Intuitive Machines, Stephen was the Vice President of Investor Relations at Virgin Orbit where he established an investor relations program for the newly public company. Prior to Virgin Orbit, he was the Director of Investor Relations at Raytheon Technologies.

Steve Labbe - Vice President of Engineering

Steve Labbe is Vice President of Engineering at Intuitive Machines. He leads the design, development, testing, and engineering of the Nova-C lunar lander and systems. Steve spent 37 years in NASA's Human Space Flight programs, including work on the Space Shuttle, X-38, International Space Station, Commercial Cargo & Crew, Constellation, Orion, and Gateway programs.

Steve Vontur - Chief Accounting Officer & Controller

Steve Vontur is Chief Accounting Officer and Controller of Intuitive Machines. Prior to joining Intuitive Machines, he worked at several private companies in various capacities, providing public company readiness and other accounting services from September 2020 to June 2022. Steven spent the majority of his career at KBR, Inc. Steven began his career in public accounting from 1993 to 2004, primarily in the audit practice of Ernst & Young LLP.

Tom Niemeyer - Vice President of Federal Services

Tom Niemeyer is Vice President of Federal Services at Intuitive Machines. He is responsible for monetizing and expanding Intuitive Machines' commercial and Government sales of services and products complementary to development and operations of cis-lunar landers, satellites, machines, and infrastructure and supporting the planning and execution of the launch site checkout, processing, and support at the Kennedy Space Center.

Trent Martin - Senior Vice President of Space Systems

Trent Martin is Senior Vice President of Space Systems at Intuitive Machines. He manages the Lunar Access program and leads teams in building, flying, and operating lunar landers, hoppers, and surface assets. Tom was the Johnson Space Center Associate Director of Engineering for Advanced Development and managed many new technologies and R&D projects required to take humans back to the Moon and onto Mars.

Wogbe Ofori - Partnerships and Open Innovation Strategist

Wogbe Ofori is Partnerships and Open Innovation Strategist at Intuitive Machines. He founded WRX Companies, a strategic advisory firm providing insights and guidance to innovative industrial companies and hardtech startups.

Board of Directors

• Kam Ghaffarian, Co-Founder & Chairman of Intuitive Machines
• Steve Altemus, Co-Founder, President & Chief Executive Officer of Intuitive Machines
• Michael Blitzer, Co-Chief Executive Officer of Inflection Point Acquisition Corp., Founder & Co-Chief Investment Officer, Kingstown Capital Management
• Lt. Gen. (Ret.) William J. Liquori, former US Space Force Chief Strategy and Resourcing Officer
• Robert L. Masson, Chief Financial Officer of Latham Group
• Nicole Seligman, former President of Sony Entertainment and Sony Corporation