LUNR’s moonshot still has some gravity problems

A space story with training wheels still on

Intuitive Machines is trying to evolve from “moon lander company” into something bigger: a diversified space infrastructure platform. That’s the kind of pivot investors love to daydream about — until the spreadsheet starts coughing up losses and negative cash flow.

The good news: sales are blasting off

Revenue reportedly hit $210 million in 2025, which is the kind of number that makes a small-cap space stock look like it’s finally graduating from science fair project to real business. The problem? The profits are still missing in action, and cash burn is doing its best impression of a leaky rocket fuel tank.

The catch: expensive dreams aren’t cheap

The article keeps the rating at Hold for a reason. A high valuation plus persistent losses is a rough combo, even if the growth story is getting more interesting. If you’re paying up now, you’re basically betting that the next chapters write themselves.

The acquisition gamble

Intuitive Machines’ strategic buys — like Goonhilly and COMSAT — could turn it into a meaningful space communications operator. Cool idea. But integrations are where optimistic PowerPoints go to get humbled.

• If the deals click, LUNR could become more than a lunar contractor.
• If they don’t, investors may be left with a fancier story and the same old red ink.

Big picture: LUNR has the kind of long-term optionality that can make growth investors drool — but for now, it still needs to prove the business can scale without tripping over its own moon boots.