Intuitive Machines: A $1.8B Backlog Helps The Next Phase Of Space Scale-Up
Intuitive Machines is transitioning from a lunar mission contractor into a vertically integrated space infrastructure platform aiming for recurring revenue. The company reported Q2 revenue of $206 million (4x year-over-year) with a record $1.8 billion backlog, though gross margins remain pressured and cash burn is high.
Why it matters — A LUNR watcher would care because the record backlog and growing national security and commercial GEO satellite exposure could drive margin expansion and operating leverage as satellite production scales.