Intuitive Machines announced a definitive agreement to acquire Lanteris Space Systems for a total consideration of $800 million, consisting of $450 million in cash and $350 million in common stock. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals and customary closing conditions. Advent International, the current owner of Lanteris, will retain an undisclosed ownership stake in the combined company, and the seller’s shares are subject to lock‑up periods of 180 and 365 days.
Lanteris, formerly Maxar Space Systems, reported $630 million in revenue for the year ended September 30, 2025, and a backlog of $685 million. The company posted double‑digit adjusted EBITDA margins and delivers a broad portfolio of satellites and space systems, including direct‑to‑home broadcast, weather, Earth observation, and data‑networking satellites built on its 1300‑series platform.
Intuitive Machines’ most recent quarterly results show revenue of $52.4 million and a net loss of $10 million for the quarter ended September 30, 2025, with negative adjusted EBITDA of $13.2 million. The company’s backlog at that date was $235.9 million, down from $316.2 million at the end of Q3 2024. The decline in revenue and margin was driven by a focus on capital‑intensive lunar lander development and the integration of KinetX, a deep‑space navigation firm, which increased operating expenses during the period.
The acquisition positions Intuitive Machines to transition from a lunar‑focused provider to a full‑service space prime, expanding its capabilities across low‑, medium‑, and high‑Earth orbit, lunar, Martian, and deep‑space markets. Lanteris’ satellite manufacturing expertise and national‑security experience are expected to broaden Intuitive’s contract portfolio and support the pursuit of larger, multi‑year government and commercial projects.
CEO John Smith said the deal will “expand our portfolio and strengthen our ability to deliver integrated space solutions from Earth orbit to the Moon and Mars.” He added that the combined company will leverage Lanteris’ proven manufacturing capabilities and Intuitive’s lunar lander technology to capture new opportunities in both commercial and national‑security space programs.
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