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HOUSTON - Intuitive Machines, Inc. (Nasdaq:LUNR) has received an $8.2 million contract extension from the U.S. Air Force Research Laboratory’s Space Vehicles Directorate to develop next-generation nuclear power systems for spacecraft and lunar infrastructure, according to a press release issued Thursday. The space technology company, with a market capitalization of $2.15 billion and impressive revenue growth of 42.86% over the last twelve months, appears overvalued according to InvestingPro analysis.
The funding will accelerate the company’s work on compact nuclear power conversion technology designed to overcome solar power limitations and enable longer missions on the Moon and in deep space. This extension builds upon Intuitive Machines’ earlier $9.5 million progress under a previous AFRL program focused on developing compact nuclear power systems. With liquid assets exceeding short-term obligations and a strong current ratio of 3.7, the company appears well-positioned financially to execute on these contracts.
The company recently completed a successful Preliminary Design Review for its Stirling-based power conversion system, which transforms heat from a radioisotope source into electricity. With the new funding, Intuitive Machines will begin preparing the system for flight testing.
"This award moves us from design to flight hardware, which is a critical step toward proving that compact nuclear power systems can survive and perform in space," said Tim Crain, co-founder and chief growth officer for Intuitive Machines.
The company is developing the Stirling Technology spAce Research experimenT (START), a flight experiment designed to demonstrate the technology on the International Space Station National Laboratory. The system aims to address limitations of conventional solar power, which restricts mission duration in harsh environments like the two-week-long lunar night where temperatures fall below -200 Fahrenheit.
Intuitive Machines has also been studying high-powered nuclear fission-based systems under contract to the Department of Energy with funding provided by NASA’s Fission Surface Power project.
The company successfully landed its Nova-C class lunar lander on the Moon earlier this year, marking the United States’ return to the lunar surface since 1972. Intuitive Machines completed a second lunar landing at the south pole in 2025.
In other recent news, Intuitive Machines has completed its acquisition of KinetX, a company specializing in deep space navigation systems, for $30 million. This transaction involved approximately $15 million in cash and around 1.4 million shares of Intuitive Machines common stock. Additionally, the company has announced the pricing of $300 million in convertible senior notes due in 2030, an increase from the initially planned $250 million offering. The 2.500% notes are being offered to qualified institutional buyers, with an option for initial purchasers to acquire an additional $45 million in notes.
Cantor Fitzgerald has reiterated its Overweight rating for Intuitive Machines, maintaining a price target of $16.00. Meanwhile, Canaccord Genuity has adjusted its price target for the company to $18.50 from $19.00, following a $345 million convertible debt offering. Canaccord continues to maintain a Buy rating on the stock. These developments come as Intuitive Machines continues to focus on its strategic growth initiatives in the space exploration sector.
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