Under the definitive agreement, Intuitive Machines will purchase Lanteris from private equity firm Advent International for US$800 million (AU$1.2 billion), comprising US$450 million in cash and US$350 million in Intuitive Machines Class A shares, subject to final adjustments. The deal is expected to close in the first quarter of 2026, pending regulatory approvals and standard closing conditions.
Intuitive Machines, best known for its NASA-backed lunar missions, said the acquisition marks a major step in its evolution from a moon-focused company to a fully integrated space prime with capabilities across low-Earth orbit (LEO), geostationary orbit (GEO), lunar, and interplanetary missions.
Chief executive Steve Altemus said the acquisition would immediately transform the company’s scale and scope, “This strategic acquisition positions Intuitive Machines as a next-generation space prime directly in the flow of multibillion-dollar space programs.”
Altemus added, “The combined entity’s revenue exceeds US$850 million, with positive adjusted earnings and a US$920 million order backlog as of 30 September 2025. This marks the moment Intuitive Machines transitions from a lunar company to a multi-domain space prime, setting the pace for how the industry’s next generation will operate.”
Lanteris brings a strong heritage of spacecraft manufacturing for national security, civil and commercial clients, having delivered a series of reliable satellites across multiple programs.
The company is currently a cash-generating business and Intuitive Machines expects to maintain sufficient liquidity post-merger to support operations and future growth.
Intuitive Machines chairman Dr Kam Ghaffarian said the deal supports the company’s long-term vision to expand its infrastructure services across the entire space domain.
“Our vision is to extend our space infrastructure services from LEO to GEO, beyond the moon, and to Mars. In a time of growing convergence between commercial, civil and national security space sectors, this strategic acquisition is a transformative step towards realising that vision,” Ghaffarian said.
Advent International managing partner Shonnel Malani said the sale represents the culmination of two and a half years of repositioning Lanteris for sustainable growth.
Malani said, “We’ve focused on strengthening Lanteris around national security priorities, including enabling next-generation missile defence for the United States. Our ongoing equity partnership underscores our confidence in the strength of this business combination and the long-term growth opportunity ahead.”
Intuitive Machines noted that while a potential US government shutdown has created short-term uncertainty around year-end revenue, it expects fourth-quarter results to align with the third quarter and remains confident about securing near-term contracts. The company plans to issue new financial guidance for the combined entity in early 2026.
Altemus said the merger would enable Intuitive Machines to deliver faster, more reliable and more affordable space infrastructure across the full spectrum of missions.
“The new Intuitive Machines will combine rapid innovation with precision spacecraft production to meet the growing demand for responsive, high-reliability space systems. We’re defining what the next generation of space primes will look like,” Altemus said.