Space technology developer Intuitive Machines has agreed to go public as part of a planned merger with New York-based blank check company Inflection Point Acquisition Corp. (Nasdaq: IPAX).
The combined entity will list securities on the Nasdaq upon completion of the deal and estimates it will exceed $1 billion in pro forma equity value, Intuitive Machines said Friday.
Both parties aim to complete the business combination in the first quarter of 2023, pending customary closing conditions.
Houston-based Intuitive Machines noted its contract backlog as of September stood at $188 million, which the company believes will help increase its annual revenue from $102 million in 2022 to approximately $291 million in 2023.
âAs the United States plans its return to the Moon after a 50-year absence, Intuitive Machines is excited to play a critical role in providing technologies and services to establish long-term lunar infrastructure and commerce,â said Kam Ghaffarian, co-founder and executive chairman of Intuitive Machines.
The company is developing lunar landers under NASAâs Commercial Lunar Payload Services initiative to help transport government and commercial payloads to moon’s surface.
J.P. Morgan Securities and Cantor Fitzgerald & Co. serve as financial advisers to Intuitive
Machines and Inflection Point, respectively.
Latham & Watkins LLP provides legal advice to the space company and White & Case LLP offers legal counsel to the blank check company.
