0001628280-26-019865 | 10-K | XBRL Viewer

Schedule of Stock by Class

The table below reflects share information about the Company’s capital stock as of December 31, 2025.


	Par Value		Authorized	Issued	Treasury Stock	Outstanding
Class A Common Stock	$	0.0001	500,000,000	123,472,960	(2,191,080)	121,281,880
Class B Common Stock	$	0.0001	100,000,000	—	—	—
Class C Common Stock	$	0.0001	100,000,000	58,628,185	—	58,628,185
Series A Preferred Stock	$	0.0001	25,000,000	5,000	—	5,000
Total shares			725,000,000	182,106,145	(2,191,080)	179,915,065

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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Schedule of Lessee, Operating Lease, Liability, Maturity

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease, Cost

The components of total lease expense are as follows (in thousands):


	Year Ended December 31,
	2025		2024
Operating lease cost	$	5,025	$	4,144
Finance lease cost	40		37
Variable lease cost	431		—
Short-term lease cost	580		94
Total lease cost	$	6,076	$	4,275


	Year Ended December 31,
	2025						2024
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating activities	$	3,379		$	7		$	2,019		$	9
Cash flows from investing activities	$	—		$	—		$	3,823		$	2
Cash flows from financing activities	$	—		$	31		$	—		$	35
Right-of-use assets obtained in exchange for new operating lease liabilities	$	7,182		$	—		$	4,145		$	43
Weighted average remaining lease term - operating leases (in months)	211			23			204			28
Weighted average discount rate - operating leases	11.2		%	8.0		%	6.5		%	7.8		%

The table below includes the estimated future undiscounted cash flows for operating and finance leases as of December 31, 2025 (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases

2026	$	12,597	$	45
2027	6,691		21
2028	3,603		7
2029	3,920		—
2030	3,940		—
Thereafter	60,897		—
Total undiscounted lease payments	$	91,648	$	73
Less: imputed interest	54,892		5
Present value of lease liabilities	$	36,756	$	68

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The gross carrying amounts and accumulated amortization of our intangible assets consisted of the following (in thousands, except useful life in years):


		December 31, 2025
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired intangible assets
Customer relationships	10	$	1,900	$	(47)	$	1,853
Developed technology	10	11,400		(285)		11,115
Total intangible assets, net		$	13,300	$	(332)	$	12,968

Share-Based Compensation and Retirement Benefits - Schedule of Weighted-Average Grant Date Fair Value of Unit Options (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)	$ 2.23
Granted (in dollars per share)	0
Vested (in dollars per share)	1.71
Forfeited (in dollars per share)	0.55
Ending balance (in dollars per share)	$ 3.17

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The Company’s consolidated financial statements and related notes as of and for the years ended December 31, 2025 and 2024 have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the SEC. Our consolidated financial statements include the accounts of Intuitive Machines, KinetX Inc. (“KinetX”), Space Network Solutions, LLC (“SNS” or “Space Network Solutions”) a majority-owned subsidiary, and IX, LLC, a variable interest entity (“VIE”) for which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

Reclassifications

Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not result in any changes to previously reported net income. The Company reclassed a certain amount to separate line item in the consolidated statement of operations.

Use of Estimates

The preparation of our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Due to the inherent uncertainty involved in making estimates, actual results could differ from those estimates.

The Company bases its estimates and assumptions on historical experience, other factors, including the current economic environment, and various other judgments that it believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future reporting periods.

Segment Reporting

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. See Note 18 - Segment Information for additional disclosures on segment reporting.

Business Combination

The Company accounts for business combinations using the acquisition method of accounting, in accordance with ASC 805, “Business Combinations”. The acquisition method requires identifiable assets acquired and liabilities assumed be recognized and measured at fair value on the acquisition date, which is the date that the acquirer obtains control of the acquired business. The amount by which the fair value of consideration transferred exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The determination of estimated fair value requires the Company to make significant estimates and assumptions, such as future cash inflows and outflows, discount rates, and asset lives, among other items. During the measurement period, not to exceed one year from the acquisition date, the Company may record adjustments to the provisional amounts recognized for assets and liabilities assumed, with a corresponding adjustment to goodwill, to reflect new information about facts and circumstances that existed as of the acquisition date. For changes in the valuation of intangible assets identified during the measurement period, the related amortization is adjusted to reflect the revised values as if they had been recognized as of the acquisition date. Subsequent to the purchase price allocation period, any adjustment to assets acquired or liabilities assumed is included in operating results in the period in which the adjustment is determined. See Note 3 for disclosures related to our recent acquisition.

Contingent Consideration

Under the terms of business combinations or asset acquisitions, we may be required to pay additional contingent consideration if specified future events occur or if certain conditions are met. In a business combination, in accordance with ASC 805, contingent consideration is recorded at fair value as of the acquisition date and classified as liabilities or equity. For contingent consideration classified as liabilities, we remeasure the contingent consideration at fair value each period with changes in fair value recorded in the statements of operations. With respect to contingent consideration that may be settled by issuance of shares of our Class A Common Stock, we account for the contingent consideration as a liability in

accordance with ASC Topic 480, “Distinguishing Liabilities from Equity” and record the initial fair value of the contingent consideration based on our closing stock price on the acquisition date. Subsequent changes in fair value, driven by our Class A Common Stock price, are recorded in the statements of operations at each reporting date. Contingent consideration is classified as current or noncurrent in the consolidated balance sheets based on the contractual timing of future settlement. For additional information on the contingent consideration liabilities, see Note 3 - Acquisitions and Note 13 - Fair Value Measurements.

Concentration of Credit Risks

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. By their nature, all such financial instruments involve risks, including the credit risk of nonperformance by counterparties.

The majority of the Company’s cash and cash equivalents are held at major financial institutions. Certain account balances exceed the Federal Deposit Insurance Corporation insurance limits of $250,000 per account. The Company generally does not require collateral to support the obligations of the counterparties and cash levels held at banks are more than federally insured limits. The Company limits its exposure to credit loss by maintaining its cash and cash equivalents with highly rated financial institutions. The Company has not experienced material losses on its deposits of cash and cash equivalents.

The Company monitors the creditworthiness of its customers to whom it grants credit terms in the normal course of its business. The Company evaluates the collectability of its accounts receivable based on known collection risks and historical experience. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations to the Company (e.g., bankruptcy filings, substantial downgrading of credit ratings), the Company records a specific allowance for expected credit losses against amounts to reduce the net recognized receivable to the amount it reasonably believes will be collected and revenue recognition is deferred until the amount is collected and the contract is completed. For all other customers, the Company records allowances for credit losses based on the specific analysis of the customer’s ability to pay on an as needed basis.

Major customers are defined as those individually comprising more than 10% of the Company’s total revenue. There was one major customer that accounted for 78% and 90% of the Company’s total revenue for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, there were three major customers that accounted for 49%, 23%, and 11% of the accounts receivable balance, and one major customer that accounted for 90% of the accounts receivable balance as of December 2024.

Major suppliers are defined as those individually comprising more than 10% of the annual goods or services purchased. For the year ended December 31, 2025, the Company had no major suppliers, and for the year ended December 31, 2024, the Company had one major supplier representing 17% of goods and services purchased. As of December 31, 2025 and 2024, there was one major supplier representing 11% and one other major supplier representing 14%, respectively, of the accounts payable balance.

Liquidity and Capital Resources

The consolidated financial statements as of and for the year ended December 31, 2025, and related notes were prepared on the basis of a going concern, which contemplates that the Company will be able to realize assets and discharge liabilities in the normal course of business.

As of December 31, 2025, the Company had cash and cash equivalents of $582.6 million and working capital of $494.0 million. The Company invests excess cash in highly liquid, low risk interest-bearing overnight sweep and demand deposit accounts with major financial institutions. The Company has historically funded its operations through internally generated cash on hand, proceeds from sales of its capital stock, proceeds from warrant exercises, and proceeds from the issuance of bank debt.

On February 27, 2026, the Company completed a definitive securities purchase agreement (“Securities Purchase Agreement”) with certain institutional investors or their affiliates (collectively, the “Investors”) relating to the issuance and sale to the Investors of shares of Class A Common Stock at a price of $15.12 per share for an aggregate purchase price of $175.0 million.

On January 13, 2026, the Company completed the acquisition of 100% of the issued and outstanding membership interests of Lanteris Space Holdings LLC (“Lanteris”), pursuant to a Membership Interest Purchase Agreement with Vantor Holdings Inc. Formerly Maxar Space Systems, Lanteris is a spacecraft manufacturer serving national security, commercial

and civil customers. The aggregate consideration transferred at closing was approximately $705.8 million, consisting of $403.3 million in cash and 22,991,028 shares of the Company’s Class A Common Stock valued at $283.7 million. In addition, the Company issued approximately 1,518,163 shares of Class A Common Stock valued at $18.7 million for retention and transaction bonuses, assumed indebtedness and funded obligations of approximately $134.9 million, and incurred transaction expenses of $11.7 million. The Company funded the cash portion of the purchase price using cash on hand. See Note 19 - Subsequent Events for additional information on this acquisition.

On October 1, 2025, the Company completed the stock purchase agreement to acquire 100% of the issued and outstanding capital stock of KinetX, Inc (“KinetX”). KinetX is a privately-held, Arizona-based aerospace company with more than 30 years of experience delivering flight-proven, deep-space navigation, systems engineering, ground software, and constellation mission design to the U.S. government and international customers. The consideration for the acquisition totaled approximately $31.3 million, consisting of cash consideration of $15.0 million plus $1.1 million for transaction costs and other adjustments, and the issuance of 1,104,178 shares of the Company’s Class A Common Stock valued at $11.7 million based on the acquisition date closing stock price of $10.61. Approximately 329,827 shares of Class A Common Stock, was held back in escrow to fund post-closing adjustments, in the amount of $3.5 million, based on the acquisition date closing stock price. The Company funded the cash consideration using cash on hand. See Note 3 - Acquisitions for more information on the acquisition of KinetX.

On August 18, 2025, the Company issued $345.0 million aggregate principal amount of 2.500% convertible senior notes due 2030 (the “Convertible Notes”). The Convertible Notes are general, unsecured obligations of the Company and bear interest at a fixed rate of 2.500% per year, payable semiannually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. The Convertible Notes will mature on October 1, 2030, unless earlier converted, redeemed, or repurchased. The net proceeds of the Convertible Notes were $334.6 million after deducting the initial purchasers’ discount and commissions and the offering expenses payable by the Company. We used approximately $36.8 million of the net proceeds to pay the cost of the capped call transactions (as further defined in Note 8 - Debt). For further information on the Convertible Notes refer to Note 8 - Debt.

On March 4, 2025, the Company entered into a loan and security agreement with Stifel Bank which provides for a secured revolving credit facility in an aggregate principal amount of up to $40.0 million. As of December 31, 2025, the revolving credit facility remains unborrowed. Subsequently, on January 12, 2026, the Company and Stifel Bank entered into a waiver, in respect to the loan agreement, pursuant to which Stifel Bank consented to the acquisition of Lanteris (as discussed in Note 19 - Subsequent Events) while halting any borrowing and covenant obligations by the Company under the revolving credit facility. See Note 8 - Debt for additional information on this loan and security agreement.

Management believes that the cash and cash equivalents as of December 31, 2025 and the liquidity provided under the Securities Purchase Agreement and Convertible Notes, will be sufficient to fund the short-term liquidity needs and the execution of the business plan through at least the twelve-month period from the date the financial statements are issued.

Cash and Cash Equivalents

The Company considers cash, time deposits and other highly liquid investments purchased with an initial maturity of three months or less to be cash equivalents.

Restricted Cash

Restricted cash consists of cash not readily available for general purpose cash needs. Restricted cash relates to cash held at commercial banks to support credit accounts. Restricted cash serving as collateral will be released upon full repayment of the credit account.

Transaction Costs

Business Acquisitions

Transaction costs consists of direct legal, consulting, audit and other fees related to the business acquisitions of KinetX and Lanteris as further described herein this footnote under Liquidity and Capital Resources, and Notes 3 and 19. For the year

ended December 31, 2025, transaction costs incurred related to acquisitions totaled approximately $10.8 million and was recorded to general and administrative expenses in our statement of operations.

Issuance of Securities

Transaction costs related to various agreements for the issuance of securities (as further described in Note 10), includes direct legal, broker, accounting and other fees. Transaction costs related to these activities totaled approximately $9.4 million for the year ended December 31, 2024, recorded as an offset in additional paid-in capital in our consolidated balance sheets. No transaction costs related to the issuance of securities were incurred during the year ended December 31, 2025.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable consists of billed and unbilled receivable, less an allowance for any potential expected uncollectible amounts and do not bear interest. The Company estimates allowance for credit losses based on the credit worthiness of each customer, historical collections experience and other information, including the aging of the receivables. The Company writes off accounts receivable against the allowance for credit losses when a balance is unlikely to be collected.

The following table provides a roll-forward of the Company’s allowance for credit losses (in thousands):


	Year Ended December 31,
	2025		2024
Balance, beginning of year	$	—	$	—
Provision for credit losses, net	3,431		440
Write-offs	(136)		(440)
Balance, end of year	$	3,295	$	—

Prepayments and Other Current Assets

Prepaid and other current assets primarily consist of prepaid service fees, security deposits and other general prepayments.

Property and Equipment, Net

Property and equipment, net are stated at cost, less accumulated depreciation. Property and equipment which are not in service are classified as construction-in-process.

Depreciation is computed using the straight-line method over the following estimated useful lives of assets:


Asset						Useful Life
Leasehold improvements						1 – 12 years
Vehicles and trailers						3 – 5 years
Computers and software						3 years
Furniture and fixtures						5 years
Machinery and equipment						3 – 7 years

Expenditures for maintenance and repairs that do not extend the useful lives of property and equipment are recognized as expenses when incurred. Upon retirement or sale of assets, the cost and related accumulated depreciation and amortization is written off. No material gains or losses related to the sale of assets have been recognized in the accompanying consolidated statements of operations.

Long-Lived Assets

Long-lived assets consist of property and equipment, net, and are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of the long-lived asset may not be recoverable. Recoverability is measured by comparing the carrying value of a long-lived asset to the future undiscounted cash flows that the long-lived asset is expected to generate from use and eventual disposition. An impairment loss will be recognized if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. See Note 5 for further discussion of our impairment losses on property and equipment.

Goodwill and Intangible Assets

Assets and liabilities of acquired businesses are recorded at their estimated fair values as of the date of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. The carrying value of goodwill is subject to an annual impairment test, which we will perform during the fourth quarter of the fiscal year. Impairment tests may also be triggered by any significant events or changes in circumstances affecting our business.

We currently have one reporting unit which encompasses all operations including new acquisitions. In performing our annual goodwill impairment test, we will perform a qualitative assessment to determine if it is more likely than not that the fair value is less than the carrying value of goodwill. The qualitative assessment includes a review of business changes, economic outlook, financial trends and forecasts, growth rates, industry data, market capitalization, and other relevant qualitative factors. If the qualitative factors indicate a potential impairment, we compare the fair value of our reporting unit to the carrying value of our reporting unit. If the fair value is less than its carrying value, an impairment charge is recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill.

Our intangible assets primarily represent allocations of purchase price to identifiable intangible assets of acquired businesses and are amortized on a straight-line basis over their estimated useful lives. Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that an impairment may exist. If such indicators are present, it is determined whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying values. See Note 6 for additional information on goodwill and intangible assets.

Earn-Out Liabilities

Unvested earn out units of Intuitive Machines, LLC (“Earn Out Units”) are classified as liability transactions at initial issuance which were offset against paid-in capital as of the closing of the Business Combination. At each period end, the Earn Out Units are remeasured to their fair value with the changes during that period recognized in other income (expense) on the consolidated statement of operations. Upon issuance and release of the shares after each Triggering Event is met, the related Earn Out Units will be remeasured to fair value at that time with the changes recognized in other income (expense), and such Earn Out Units will be reclassed to shareholders’ equity (deficit) on the consolidated balance sheet. As of the Closing Date, the Earn Out Units had a fair value of $99.7 million. As a result of the OMES III Contract award by the National Aeronautics and Space Administration (“NASA”) in May 2023, Triggering Event I under the earn out agreement vested resulting in the issuance of 2,500,000 shares of Intuitive Machines Class C common stock, par value $0.0001 per share (the “Class C Common Stock”) with a fair value of approximately $19.4 million to the applicable Intuitive Machines, LLC Members resulting in a reduction to earn-out liabilities and an increase to shareholders’ deficit. In February 2025, the Triggering Events II-A and III were met, resulting in the issuance of 5,000,000 and 2,500,000, respectively, shares of Class C Common Stock with an aggregate fair value of approximately $167.5 million, resulting in a reduction to earn-out liabilities and an increase to shareholders’ deficit. See Note 13 - Fair Value Measurements for additional information related to the changes in fair value and conversions to equity of the earn-out liabilities. As of December 31, 2025, all of the Earn Out Units have vested and the earn-out liabilities no longer exist.

The Series A Investment

Concurrently with the execution of the Business Combination Agreement (as described in Note 1), Intuitive Machines, Inc. entered into the Series A Purchase Agreement with Kingstown 1740 Fund, LP (an existing security holder of Intuitive Machines, Inc. and an affiliate of IPAX’s sponsor, Inflection Point Holdings LLC (the “Sponsor”) and Ghaffarian Enterprises, LLC (an affiliate of Kamal Ghaffarian, an Intuitive Machines, LLC founder) (collectively, the “Series A Investors”), pursuant to which, and on the terms and subject to the conditions of which, Intuitive Machines, Inc. agreed to issue and sell to the Series A Investors (i) an aggregate of 26,000 shares of 10% Series A Cumulative Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”) which will be convertible into shares of Class A Common Stock in accordance with the terms of the Certificate of Designation of Preferences, Rights and Limitations of 10% Series A Cumulative Convertible Preferred Stock (the “Certificate of Designation”) and (ii) warrants to purchase 541,667 shares of Class A Common Stock at an initial exercise price of $15.00 per share, subject to adjustment (the “Preferred Investor Warrants”).

In conjunction with the closing of the Business Combination, the Company received proceeds of $26.0 million and issued 26,000 shares of Series A Preferred Stock and 541,667 Preferred Investor Warrants. The Series A Preferred Stock and Preferred Investor Warrants each represent freestanding financial instruments. The Series A Preferred Stock is not a mandatorily redeemable financial instrument and is redeemable at the option of the Series A Investors. The Series A Preferred Stock was recorded as Series A preferred stock subject to possible redemption and classified as temporary equity pursuant to ASC 480-10-S99. The Preferred Investor Warrants were classified as equity. The $26.0 million in proceeds

received were allocated to the Series A Preferred Stock and Preferred Investor Warrants based on the relative fair value of the instruments at closing. See Note 10 for additional information on the Series A Preferred Stock and Note 11 for additional information on the Preferred Investor Warrants.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms pursuant to the guidance of ASC 480, “Distinguishing Liabilities from Equity” and ASC 815, “Derivatives and Hedging”. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815. This assessment is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. Liability classified warrants are valued using a Black-Scholes-Merton model at issuance and for each reporting period when applicable.

Lease Liabilities and Right-of-Use Assets

We determine whether a contract is or contains a lease when we have the right to control the use of the identified asset in exchange for consideration. Lease liabilities and right-of-use assets (“ROU assets”) are recognized at the commencement date based on the present value of lease payments over the lease term. We use our incremental borrowing rate in the calculation of present value unless the implicit rate can be readily determined, however, none of our lease liabilities were determined using implicit rates. Certain leases include provisions for the renewal or termination. We only consider fixed payments and those options that are reasonably certain to be exercised in the determination of the lease term and the initial measurement of lease liabilities and ROU assets. Expense for operating lease payments is recognized as lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components of a contract. Operating and finance ROU assets, and operating and finance lease liabilities are presented within our consolidated balance sheet. See Note 7 - Leases for further disclosures and information on leases.

Fair Value Measurements

The Company’s financial instruments consist of cash and cash equivalents, restricted cash, trade accounts receivables, accounts payables, amounts receivable or payable to related parties and long-term debt. The carrying amount of cash and cash equivalents, trade accounts receivables, accounts payables and receivables and payables from affiliates approximates fair value because of the short-term nature of the instruments. The fair value of debt approximates its carrying value because the cost of borrowing fluctuates based upon market conditions.

We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We estimate fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which is categorized in one of the following levels:

•Level 1: Quoted prices for identical instruments in active markets.

•Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable; and

•Level 3: Significant inputs to the valuation model are unobservable.

Redeemable Noncontrolling Interests

Noncontrolling interests represent the portion of Intuitive Machines, LLC that Intuitive Machines, Inc. controls and consolidates but does not own. The noncontrolling interests was created as a result of the Business Combination and represents 68,150,754 common units issued by Intuitive Machines, LLC to the prior investors. As of the Close of the Business Combination, Intuitive Machines, Inc. held an 18.8% interest in Intuitive Machines, LLC, with the remaining 81.2% interest held by Intuitive Machines, LLC’s prior investors. As of December 31, 2025, Intuitive Machines, Inc. held an 67.4% interest in Intuitive Machines, LLC with the remaining 32.6% interest held by the prior investors. The prior investors’ interests in Intuitive Machines, LLC represents a redeemable noncontrolling interest. At its discretion, the members have the right to exchange their common units in Intuitive Machines, LLC (along with the cancellation of the paired shares of Intuitive Machines Class C Common Stock in Intuitive Machines) for either shares of Class A Common Stock on a one-to-one basis or cash proceeds of equal value at the time of redemption. Any redemption of Intuitive Machines, LLC Common Units in cash must be funded through a private or public offering of Class A Common Stock and

is subject to the Board’s approval. As of December 31, 2025, the prior investors of Intuitive Machines, LLC hold the majority of the voting rights on the Board.

As the redeemable noncontrolling interests are redeemable upon the occurrence of an event that is not solely within the Company’s control, we classify our redeemable noncontrolling interests as temporary equity. The redeemable noncontrolling interests were initially measured at the Intuitive Machines, LLC prior investors’ share in the net assets of the Company upon consummation of the Business Combination. Subsequent remeasurements of the Company’s redeemable noncontrolling interests are recorded as a deemed dividend each reporting period, which reduces retained earnings, if any, or additional paid-in capital of Intuitive Machines. Remeasurements of the Company’s redeemable noncontrolling interests are based on the fair value of our Class A Common Stock. See Note 10 - Mezzanine Equity and Equity for additional information related to the redeemable noncontrolling interests.

General and Administrative Expense

General, selling, and administrative expenses consist of human capital related expenses for employees involved in general corporate functions, including executive management and administration, accounting, finance, tax, legal, information technology, marketing, and human resources; rent relating to the Company’s office space; professional fees and other general corporate costs; and research and development. Human capital expenses primarily include salaries and benefits. Research and development (“R&D”) represents costs incurred for the Company’s continued enhancements of our landers, lunar data network, other space systems, and also for the development and innovation of our proprietary technology platforms. R&D costs primarily include engineering personnel salaries and benefits, subcontractor costs, materials and supplies, and other related expenses.

Revenue Recognition

Most of our revenue is from long-term contracts associated with the engineering services for the research, design, development, manufacturing, integration and sustainment of advanced technology aerospace systems. Revenue is measured based on the amount of consideration specified in a contract with a customer. Revenue is recognized when and as our performance obligations under the terms of the contract are satisfied which generally occurs with the transfer of services to the customer. For each long-term contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each distinct performance obligation to deliver a good or service, or a collection of goods and/or services, based on the relative standalone selling prices.

Contract Combination

To determine the proper revenue recognition method for contracts, we evaluate whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires judgment and the decision to combine a group of contracts or separate a combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in each period. Contracts are considered to have a single performance obligation if the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts primarily because we provide a significant service of integrating a complex set of tasks and components into a single project or capability.

Contract Types

The Company performs work under contracts that broadly consist of fixed-price, cost-reimbursable, time-and-materials or a combination of the three. Pricing for all customers is based on specific negotiations with each customer.

For most of our business, where performance obligations are satisfied due to the continuous transfer of control to the customer, revenue is recognized over time. Where the customer contracts with us to provide a significant service of integrating a complex set of tasks and components into a single project or capability, those contracts are accounted for as single performance obligations. We recognize revenue generally using the cost-to-cost method, based primarily on contract costs incurred to date compared to total estimated contract costs at completion. This method is deemed appropriate in measuring performance towards completion because it directly measures the value of the goods and services transferred to the customer. Billing timetables and payment terms on our contracts vary based on a few factors, including the contract type. Typical payment terms under fixed-price contracts provide that the customer pays either performance-based payment based on the achievement of contract milestones or progress payments based on a percentage of costs we incur.

For a small portion of our business, where we have the right to consideration from the customer in an amount that corresponds directly with the value received by the customer based on our performance to date, revenue is recognized

when services are performed and contractually billable. Under the typical payment terms of our services contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., weekly, biweekly, or monthly) or upon achievement of contractual milestones.

Contract Costs

Contract costs include all direct materials, labor and subcontractor costs and an allocation of indirect costs related to contract performance. Customer-furnished materials are included in both contract revenue and cost of revenue when management concludes that the company is acting as a principal rather than as an agent. Revenue for uninstalled materials is recognized when the cost is incurred and control is transferred to the customer, which revenue is recognized using the cost-to-cost method. Certain costs associated with significant long-term service arrangements are capitalized and amortized across the life of the contract. Capitalized contract costs primarily relate to prepaid pre-launch integration and engineering services and launch services subcontracted with a third party. Pre-launch integration and engineering services and launch services are capitalized and amortized over the term of the contract on a systematic basis that is consistent with the transfer of the goods and services to our end customer. Project mobilization costs are generally charged to the project as incurred when they are an integrated part of the performance obligation being transferred to the client. Costs to obtain a contract are expensed as incurred unless they are expected to be recovered from the customer.

Variable Consideration

It is common for our contracts to contain variable consideration in the form of award fees, incentive fees, performance bonuses, liquidated damages or penalties that may increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or targets and can be based on customer discretion. We estimate the amount of variable consideration based on a weighted probability or the most likely amount to which we expect to be entitled. Variable consideration is included in the transaction price when it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on our assessment of legal enforceability, anticipated performance, and any other information (historical, current or forecasted) that is reasonably available to us.

Contract Estimates and Modifications

Due to the nature of the work required to be performed on many of our performance obligations, the estimation of total revenue and cost at completion is complex and subject to many variables and requires significant judgment. As a significant change in estimated total revenue and cost could affect the profitability of our contracts, we routinely review and update our contract-related estimates through a disciplined project review process in which management reviews the progress and execution of our performance obligations and the estimate at completion. As part of this process, management reviews information including, but not limited to, outstanding contract matters, progress towards completion, program schedule and the associated changes in estimates of revenue and costs. Management must make assumptions and estimates regarding the availability and productivity of labor, the complexity of the work to be performed, the availability and cost of materials, the performance of subcontractors and the availability and timing of funding from the customer, along with other risks inherent in performing services under all contracts where we recognize revenue over time using the cost-to-cost method.

We typically recognize changes in contract estimates on a cumulative catch-up basis in the period in which the changes are identified. Such changes in contract estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in prior period. Changes in contract estimates may also result in the reversal of previously recognized revenue if the current estimate differs from the previous estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified.

Contracts are often modified to account for changes in contract specifications and requirements. Most of our contract modifications are for goods or services that are not distinct from existing contracts due to the significant integration provided in the context of the contract and are accounted for as if they were part of the original contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. We account for contract modifications prospectively when the modification results in the promise to deliver additional goods or services that are distinct and the increase in price of the contract is for the same amount as the stand-alone selling price of the additional goods or services included in the modification.

Unbilled Receivables and Deferred Revenue

Billing practices are governed by the contract terms of each project based upon costs incurred, achievement of milestones or predetermined schedules. Billings do not necessarily correlate with revenue recognized over time using the cost-to-cost method. Unbilled receivables (contract assets) include unbilled amounts typically resulting from revenue under long-term contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Deferred revenue (contract liabilities) consists of advance payments and billings in excess of revenue recognized. Our unbilled receivables and deferred revenue are reported in a net position on a contract-by-contract basis at the end of each reporting period.

The payment terms of our contracts from time to time require the customer to make advance payments as well as interim payments as work progresses. The advance payment generally is not considered to contain a significant financing component as we expect to recognize those amounts in revenue within a year of receipt as work progresses on the related performance obligation.

Government Grants

From time to time, the Company may be awarded government grants. U.S. GAAP does not have specific accounting standards covering government grants to business entities. The Company applies International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance, by analogy when accounting for government grants. Under IAS 20, government grants or awards are initially recognized when there is reasonable assurance the conditions of the grant or award will be met and the grant or award will be received. After initial recognition, government grants or awards are recognized as income under revenue within the statement of operations on a systematic basis in a manner consistent with the manner in which the Company recognizes the underlying costs included in the cost of revenue within the statement of operations for which the grant or award is intended to compensate. A grant receivable is recognized for expenses incurred but for which grant funding has not yet been received. The Company follows ASC 832, Disclosures by Business Entities about Government Assistance, with respect to the disclosures of governmental grants or awards. See Note 4 - Revenue for further discussion on government grants.

Income Taxes

Intuitive Machines, Inc. is a corporation and thus is subject to United States (“U.S.”) federal, state and local income taxes. Intuitive Machines, LLC is a partnership for U.S. federal income tax purposes and therefore does not pay United States federal income tax. Instead, the Intuitive Machines, LLC unitholders, including Intuitive Machines, Inc., are liable for U.S. federal income tax on their respective shares of Intuitive Machines, LLC’s taxable income. Intuitive Machines, LLC is liable for income taxes in those states which tax entities classified as partnerships for U.S. federal income tax purposes.

We use the asset and liability method of accounting for income taxes for the Company. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss (“NOL”) and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in the results of operations in the period that includes the enactment date. The realizability of deferred tax assets is evaluated quarterly based on a “more likely than not” standard and, to the extent this threshold is not met, a valuation allowance is recorded.

The Company follows the guidance of ASC Topic 740, Income Taxes. Interest and penalties associated with tax positions are recorded in the period assessed as general and administrative expenses. The open tax years for the tax returns generally include 2022 through 2024 for state and federal reporting purposes.

Tax Receivable Agreement

In conjunction with the consummation of the Transactions, Intuitive Machines, Inc. entered into a Tax Receivable Agreement (the “TRA”) with Intuitive Machines, LLC and certain Intuitive Machines, LLC members (the “TRA Holders”). Pursuant to the TRA, Intuitive Machines, Inc. is required to pay the TRA Holders 85% of the amount of cash tax savings, if any, in U.S. federal, state, and local income tax that are based on, or measured with respect to, net income or profits, and any interest related thereto that Intuitive Machines, Inc. realizes, or is deemed to realize, as a result of certain tax attributes, including (A) existing tax basis of certain assets of Intuitive Machines, LLC and its subsidiaries, (B) tax basis adjustments resulting from taxable exchanges of Intuitive Machines, LLC Common Units acquired by Intuitive Machines, Inc., (C) certain tax benefits realized by Intuitive Machines, Inc. as a result of the Business Combination, and (D) tax

deduction in respect of portions of certain payments made under the TRA. All such payments to the TRA Holders are the obligations of Intuitive Machines, Inc., and not that of Intuitive Machines, LLC. See Note 9 - Income Taxes for additional information on the TRA liability.

Earnings (Loss) Per Share (“EPS”)

The Company reports both basic and diluted earnings per share. Basic earnings per share is calculated based on the weighted average number of shares of Class A Common Stock outstanding and excludes the dilutive effect of warrants, stock options, and other types of convertible securities. Diluted earnings per share is calculated based on the weighted average number of shares of Class A Common Stock outstanding and the dilutive effect of stock options, warrants and other types of convertible securities are included in the calculation. Dilutive securities are excluded from the diluted earnings per share calculation if their effect is anti-dilutive, such as in periods where a net loss has been reported.

Prior to the Business Combination, the membership structure of Intuitive Machines, LLC included membership units. In conjunction with the closing of the Business Combination, the Company effectuated a recapitalization whereby all membership units were converted to common units of Intuitive Machines, LLC, and Intuitive Machines, Inc. implemented a revised class structure including Class A Common Stock having one vote per share and economic rights, Class B Common Stock having one vote per share and no economic rights, and Class C Common Stock having three votes per share and no economic rights. The Company has determined that the calculation of loss per unit for periods prior to the Business Combination would not be meaningful to the users of these consolidated financial statements. As a result, loss per share information has not been presented for periods prior to the Business Combination on February 13, 2023.

Share-Based Compensation

We recognize all share-based awards to employees and directors as share-based compensation expense based upon their fair values on the date of grant.

We estimate the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as an expense during the requisite service periods. We have estimated the fair value for each option award as of the date of grant using the Black-Scholes-Merton option pricing model. The Black-Scholes option pricing model considers, among other factors, the expected life of the award and the expected volatility of our share price. We recognize the share-based compensation expense over the requisite service period using the straight-line method for service condition only awards, which is generally a vesting term of five years. Forfeitures are accounted for in the period in which they occur and reverses any previously recognized compensation cost associated with forfeited awards.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For public business entities, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continue to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company adopted the new standard as of January 1, 2025 and has applied this standard prospectively in the financial statements. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve the disclosures of expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard can be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the standard on the presentation of its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether to account for certain early settlements of convertible debt instruments as induced conversions or extinguishments. The standard is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years. Early adoption is permitted. The standard can be applied either prospectively or retrospectively. Management does not expect this new guidance to have a material impact on the Company’s consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets which provides all entities a practical expedient option when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, including those assets acquired in a transaction accounted for under Topic 805, Business Combinations. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, and applied prospectively. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements disclosures.

In September 2025, FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes the accounting for internal-use software costs by eliminating the prescriptive and sequential development stage model and introducing a principles-based framework requiring companies to capitalize internal-use software costs when management commits to funding the software project and it is probable the project will be completed. The amendment is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the potential impacts of adopting this ASU on its consolidated financial statements.

In December 2025, FASB issued ASU 2025-10, Government Grants (Topic 832) - Accounting for Government Grants Received by Business Entities ASU 2025-10 which establishes authoritative guidance for the accounting of government grants received by business entities. The guidance requires recognition of grants when it is probable that the entity will comply with the related conditions and that the grant will be received. Asset-related grants may be recorded as deferred income or as a reduction of the related asset, while income-related grants are recognized in earnings over the periods in which the related costs are incurred. The amendment is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the potential impacts of adopting this ASU on its consolidated financial statements.

Other Current Liabilities

As of December 31, 2025 and 2024, other current liabilities consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Payroll accruals	$	12,818	$	10,274
Income tax liability	143		43
Professional fees accruals	11,458		960

Contingent consideration liabilities (Notes 3 and 13)	5,353		—
Loan interest payable	3,186		—
Other accrued liabilities	70		212
Other current liabilities	$	33,028	$	11,489

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Accounts Receivable, Allowance for Credit Loss

The following table provides a roll-forward of the Company’s allowance for credit losses (in thousands):


	Year Ended December 31,
	2025		2024
Balance, beginning of year	$	—	$	—
Provision for credit losses, net	3,431		440
Write-offs	(136)		(440)
Balance, end of year	$	3,295	$	—

Schedule of Property, Plant and Equipment

Depreciation is computed using the straight-line method over the following estimated useful lives of assets:


Asset						Useful Life
Leasehold improvements						1 – 12 years
Vehicles and trailers						3 – 5 years
Computers and software						3 years
Furniture and fixtures						5 years
Machinery and equipment						3 – 7 years

As of December 31, 2025 and 2024, property and equipment, net consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Leasehold improvements	$	336	$	208
Vehicles and trailers	146		129
Computers and software	7,931		4,146
Furniture and fixtures	3,097		1,913
Machinery and equipment	9,632		4,361
Construction in progress	54,964		17,117
Property and equipment, gross	76,106		27,874
Less: accumulated depreciation and amortization	(7,556)		(4,510)
Property and equipment, net	$	68,550	$	23,364

Schedule of Other Current Liabilities

As of December 31, 2025 and 2024, other current liabilities consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Payroll accruals	$	12,818	$	10,274
Income tax liability	143		43
Professional fees accruals	11,458		960

Contingent consideration liabilities (Notes 3 and 13)	5,353		—
Loan interest payable	3,186		—
Other accrued liabilities	70		212
Other current liabilities	$	33,028	$	11,489

Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Stockholders' Equity Note, Warrants or Rights

The following table provides the overall warrant activity through December 31, 2025:


	Public and Private Warrants	Preferred Investor Warrants	Series A Warrants	Series B Warrants
Balance, December 31, 2022	—	—	—	—
Warrant issuance	23,332,490	541,667	4,705,883	4,705,883
Warrant exercises	(1,402,106)	—	—	—
Adjustment, effects of the Private Placement (Note 10)	—	164,855	—	—
Balance, December 31, 2023	21,930,384	706,522	4,705,883	4,705,883
Warrant issuance	—	—	8,856,663	8,856,663
Warrant exercises	(431)	—	(9,411,766)	(13,562,546)
Balance, December 31, 2024	21,929,953	706,522	4,150,780	—
Warrant issuance	—	—	—	—
Warrant exercises	(15,358,229)	—	—	—
Warrant redemptions	(6,571,724)	—	—	—
Balance, December 31, 2025	—	706,522	4,150,780	—

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following presents the significant financial information with respect to the Company’s one reportable segment (in thousands):


	Year Ended December 31,
	2025		2024
Revenue	$	210,059	$	228,000
Less:
Cost of revenue (excluding depreciation and amortization)(1)	201,069		225,231
Depreciation and amortization	3,597		1,859
Impairment of property and equipment	—		5,044
General and administrative expense (excluding depreciation and amortization):
Sales and marketing expense(2)	15,812		3,122
Other general and administrative expense(3)	76,812		50,140
Total general and administrative expense (excluding depreciation and amortization)	92,624		53,262

Operating loss	(87,231)		(57,396)

Interest income	15,272		272
Interest expense	(4,177)		(92)
Change in fair value of earn-out liabilities	(33,369)		(120,124)
Change in fair value of warrant liabilities	8,384		(77,651)
Change in fair value of contingent consideration liabilities	(1,854)		—

Loss on issuance of securities	—		(93,136)
Other income, net	91		1,242
Income tax expense	(3,962)		(37)
Net loss	$	(106,846)	$	(346,922)

(1) Cost of revenue consists primarily of direct material and labor costs, launch costs, manufacturing overhead, freight expense, and other personnel-related expenses, which include employee compensation and benefits and stock-based compensation expense.

(2) Sales and marketing expense primarily includes business development and research and development related expenses such as, employee compensation and benefits, subcontract costs, marketing, and materials and supplies costs. Costs incurred for business development were $3.4 million and $1.7 million and research and development costs were $12.4 million and $1.4 million for the years ended December 31, 2025 and 2024, respectively.

(3) Other general and administrative expense primarily includes all other employee compensation and benefits, stock-based compensation, facilities costs, professional services, software licenses, and other administrative costs.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Variable Interest Entities - Narrative (Details)	12 Months Ended
Variable Interest Entities - Narrative (Details)	Dec. 31, 2025
SNS
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	90.00%
Variable interest entity, profits interest, percent	47.00%
IX, LLC
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	51.00%
LLC & KBR
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	10.00%
KBR, Inc.
Variable Interest Entity [Line Items]
Variable interest entity, profits interest, percent	53.00%
X-energy \| IX, LLC
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	49.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Narrative (Details) ft² in Thousands, $ in Thousands	1 Months Ended
	Jul. 31, 2025 USD ($) a ft² renewalPeriod	Dec. 31, 2025 USD ($) realEstateLease equipmentLease financeLease	Jun. 30, 2025	Dec. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Number of real estate leases \| realEstateLease		7
Number of equipment leases \| equipmentLease		7
Number of finance leases \| financeLease		6
Leases not yet commenced	$ 7,900
Operating lease right-of-use assets		$ 36,755		$ 38,765
Present value of lease liabilities		36,756
Lunar Production and Operations Center "LPOC"
Lessee, Lease, Description [Line Items]
Operating lease term (in months)	25 years		20 years
Additional lease investment	$ 12,600
Additional acres \| a	3.0
Number of renewal options \| renewalPeriod	3
Lease renewal term	5 years
Reduction to right-of-use asset and liabilities	$ 7,100
Expansion of Headquarters at Houston Spaceport
Lessee, Lease, Description [Line Items]
Operating lease term (in months)	7 years
Acres of land leased \| ft²	116
Operating lease right-of-use assets		6,400
Present value of lease liabilities		$ 6,800
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term (in months)		30 months
Finance lease term (in months)		36 months
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term (in months)		313 months
Finance lease term (in months)		60 months

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Less: unamortized debt discount	$ (8,803)
Less: unamortized debt issuance costs	(862)	0
Long-term debt, net of current maturities	335,335	0
Convertible Debt
Debt Instrument [Line Items]
Convertible Notes	$ 345,000	$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 16 - RELATED PARTY TRANSACTIONS Intuitive Machines, IX LLC and Space Network Solutions, LLC have entered into recurring transaction agreements with certain related parties, including sales agreements and loan agreements. KBR, Inc. KBR, Inc. (“KBR”), a U.S.-based firm operating in the science, technology and engineering industries holds approximately 10% of the equity of Space Network Solutions, LLC (“SNS”), one of our operating subsidiaries. The Company recognized affiliate revenue from KBR related to engineering services of $1.8 million and $2.1 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, there were $0.3 million and $0.4 million, respectively, of affiliate accounts receivable related to KBR revenue. In addition, SNS incurred cost of revenue with KBR related to the OMES III contract of $21.7 million and $34.9 million for years ended December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, there was $1.6 million and $2.5 million, respectively, of affiliate accounts payable related to cost of revenue with KBR. See Note 17 - Variable Interest Entities for more information on the OMES III contract with KBR. Revenue and expenses related to KBR are incurred in the normal course of business and amounts are settled under normal business terms. ASES The Company recognized revenue from ASES related to engineering services of $1.0 million and $0.7 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, there was $0.2 million and $0.1 million, respectively of affiliate accounts receivable related to ASES revenue. ASES is a joint venture between Aerodyne Industries, LLC and KBR. Kamal Ghaffarian, the Chairman of the Board and one of the co-founders of Intuitive Machines, is a current member of management at Aerodyne Industries, LLC. Revenue related to ASES are incurred in the normal course of business and amounts are settled under normal business terms. In addition, SNS incurred cost of revenue with Aerodyne related to the OMES III contract of $2.1 million for the year ended December 31, 2025 and none for the year ended December 31, 2024. As of December 31, 2025, there was approximately $0.1 million of affiliate accounts payable related to cost of revenue with Aerodyne. See Note 15 - Variable Interest Entities for more information on the OMES III contract. Revenue and expenses related to ASES are incurred in the normal course of business and amounts are settled under normal business terms. X-energy, LLC The Company incurred expenses with X-energy, LLC (“X-energy”) of $0.6 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, there was no affiliate accounts payable related to X-energy expenses. Expenses related to X-energy are incurred in the normal course of business and amounts are settled under normal business terms. Kamal Ghaffarian, the Chairman of the Board and one of the co-founders of Intuitive Machines, is the Executive Chairman of X-Energy Reactor Company, LLC, which is the parent company of X-Energy. IBX, LLC and PTX, LLC From time to time, the Company may incur expenses with IBX, LLC and PTX, LLC (“IBX/PTX”) for the provision of management and professional services in the day-to-day operation of our business. These expenses include, among others, fees for the provision of administrative, accounting and legal services. As such, expenses incurred in relation to IBX/PTX are incurred in the normal course of business and amounts are settled under normal business terms. IBX/PTX is an innovation and investment firm committed to advancing the state of humanity and human knowledge. Kamal Ghaffarian, the Chairman of the Board and one of the co-founders of Intuitive Machines, is a co-founder and current member of management of IBX/PTX. The Company incurred expenses with IBX, LLC and PTX, LLC (“IBX/PTX”) of $26 thousand and $54 thousand for the years ended December 31, 2025 and 2024, respectively. There was $26 thousand affiliate accounts payable related to IBX/PTX expenses as of December 31, 2025 and none as of December 31, 2024. Axiom Space, Inc. The Company recognized revenue from Axiom Space, Inc. (“Axiom”) related to space infrastructure development activities of $300 thousand and $50 thousand for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, there was no affiliate accounts receivable related to Axiom. Kamal Ghaffarian, the Chairman of the Board and one of the co-founders of Intuitive Machines, is a co-founder, CEO, and Executive Chairman of Axiom. Revenue related to Axiom are incurred in the normal course of business and amounts are settled under normal business terms.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Schedule of Components of Income Tax Expense (Benefit)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 27, 2026	Jan. 13, 2026	Sep. 05, 2023
Subsequent Event [Line Items]
Sale of stock, consideration received on transaction			$ 20.0
Class A Common Stock
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			4,705,883
Subsequent Event \| Class A Common Stock
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	11,574,069
Sale of stock, price per share (in dollars per share)	$ 15.12
Sale of stock, consideration received on transaction	$ 175.0
Subsequent Event \| Lanteris Space Holdings LLC
Subsequent Event [Line Items]
Voting equity interest acquired, percentage		100.00%
Purchase consideration		$ 705.8
Cash consideration		403.3
Fair value of Class A Common Stock issued		$ 283.7
Shares issued for liabilities assumed (in shares)		1,518,163
Shares issued for liabilities assumed, value		$ 18.7

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

The Company’s consolidated income tax provision consisted of the following components (in thousands):


	Year Ended December 31,
	2025		2024
Current:
Federal	$	—	$	—
State	35		41
Deferred:
Federal	3,927		—
State and local	—		(4)
Total income tax provision (benefit)	$	3,962	$	37

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes to the amount computed by applying the 21.0% statutory U.S. federal income tax rate to income before income taxes for years after to the adoption of ASU 2023-09 is as follows (in thousands except for rates):


	Year Ended December 31, 2025
Loss before income taxes	$	(102,884)
U.S. federal statutory tax rate	(21,605)		21.0	%
State and local income tax, net of federal (national) income tax effect (1)	35		(0.03)	%
Changes in valuation allowance	10,657		(10.36)	%
Nontaxable or nondeductible items
Fair value activity on earn-out liabilities	7,007		(6.81)	%
Income passed through to partners	4,946		(4.81)	%
Equity compensation	(1,752)		1.70	%
Other	935		(0.91)	%
Other adjustments
KinetX investment deferred adjustment	3,927		(3.82)	%
Other	(188)		0.19	%
Total income tax provision	$	3,962	(3.85)	%

(1) State and local taxes in Texas made up the majority (greater than 50%) of the tax effect in this category.

The reconciliation of the income tax provision computed at the Company’s effective tax rate is as follows (in thousands except for rates):


	Year Ended December 31, 2024


Loss before income taxes	$	(346,885)
Statutory income tax rate	21.0		%
Expected income tax benefit	(72,846)
Noncontrolling interest	13,458

Fair value activity on earn-out liabilities	25,226
Fair value activity on warrant liabilities	18,646
Other permanent differences	(99)
Equity compensation	(480)

State income tax expense	(5,593)
Change in valuation allowance	21,997
Other	(272)
Total income tax provision	$	37

Effective tax rate	(0.01)		%

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating losses	$	17,152	$	3,256
Restricted stock options	889		629


Deferred revenue	19		25
Investment in Intuitive Machines, LLC	334,502		334,982
Excess Business Interest Expense	687		—
Other deferred tax assets	653		664
Total deferred tax assets	353,902		339,556
Valuation allowance	(353,896)		(339,543)
Net deferred tax assets	6		13

Deferred tax liabilities:
Section 481(a) adjustment	(6)		(13)
Total deferred tax liabilities	(6)		(13)
Net deferred tax asset (liability)	$	—	$	—

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lessee, Operating Lease, Description [Abstract]
Cash flows from operating activities	$ 3,379	$ 2,019
Cash flows from investing activities	0	3,823
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 7,182	$ 4,145
Weighted average remaining lease term - operating leases (in months)	211 months	204 months
Weighted average discount rate - operating leases	11.20%	6.50%
Lessee, Finance Lease, Description [Abstract]
Cash flows from operating activities	$ 7	$ 9
Cash flows from investing activities	0	2
Cash flows from financing activities	31	35
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 0	$ 43
Weighted average remaining lease term - finance leases (months)	23 months	28 months
Weighted average discount rate - finance leases	8.00%	7.80%

Summary of Significant Accounting Policies - Schedule of Property and Equipment Useful Life (Details)	Dec. 31, 2025
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	1 year
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	12 years
Vehicles and trailers \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	3 years
Vehicles and trailers \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Computers and software
Property, Plant and Equipment [Line Items]
Useful Life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	7 years

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 9 - INCOME TAXES

The Company’s consolidated income tax provision consisted of the following components (in thousands):


	Year Ended December 31,
	2025		2024
Current:
Federal	$	—	$	—
State	35		41
Deferred:
Federal	3,927		—
State and local	—		(4)
Total income tax provision (benefit)	$	3,962	$	37


	Year Ended December 31, 2025
Loss before income taxes	$	(102,884)
U.S. federal statutory tax rate	(21,605)		21.0	%
State and local income tax, net of federal (national) income tax effect (1)	35		(0.03)	%
Changes in valuation allowance	10,657		(10.36)	%
Nontaxable or nondeductible items
Fair value activity on earn-out liabilities	7,007		(6.81)	%
Income passed through to partners	4,946		(4.81)	%
Equity compensation	(1,752)		1.70	%
Other	935		(0.91)	%
Other adjustments
KinetX investment deferred adjustment	3,927		(3.82)	%
Other	(188)		0.19	%
Total income tax provision	$	3,962	(3.85)	%

(1) State and local taxes in Texas made up the majority (greater than 50%) of the tax effect in this category.

The reconciliation of the income tax provision computed at the Company’s effective tax rate is as follows (in thousands except for rates):


	Year Ended December 31, 2024


Loss before income taxes	$	(346,885)
Statutory income tax rate	21.0		%
Expected income tax benefit	(72,846)
Noncontrolling interest	13,458

Fair value activity on earn-out liabilities	25,226
Fair value activity on warrant liabilities	18,646
Other permanent differences	(99)
Equity compensation	(480)

State income tax expense	(5,593)
Change in valuation allowance	21,997
Other	(272)
Total income tax provision	$	37

Effective tax rate	(0.01)		%

The Company’s effective tax rates for the years ended December 31, 2025 and 2024, were (3.85)% and (0.01)%, respectively. For years ended December 31, 2025 and 2024, our effective tax rate differed from the statutory rate of 21% primarily due to deferred taxes for which no benefit is being recorded and losses attributable to noncontrolling interest unitholders that are taxable on their respective share of taxable income. Additionally, for the year ended December 31, 2025, our effective tax rate difference from the statutory rate includes the deferred tax consequence of our acquisition and subsequent contribution of KinetX assets into Intuitive Machines, LLC.

The significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating losses	$	17,152	$	3,256
Restricted stock options	889		629


Deferred revenue	19		25
Investment in Intuitive Machines, LLC	334,502		334,982
Excess Business Interest Expense	687		—
Other deferred tax assets	653		664
Total deferred tax assets	353,902		339,556
Valuation allowance	(353,896)		(339,543)
Net deferred tax assets	6		13

Deferred tax liabilities:
Section 481(a) adjustment	(6)		(13)
Total deferred tax liabilities	(6)		(13)
Net deferred tax asset (liability)	$	—	$	—

As a result of the Business Combination, the Company was appointed as the sole managing member of Intuitive Machines, LLC. Prior to the close of the Business Combination, the Company's financial reporting predecessor, Intuitive Machines, LLC, was treated as a pass-through entity for tax purposes and no provision, except for certain state taxes, was made in the consolidated financial statements for income taxes. Any income tax items for the periods prior to the close of the Business Combination are related to Intuitive Machines, LLC.

The Company is a corporation and thus is subject to U.S. federal, state and local income taxes. Intuitive Machines, LLC is a partnership for U.S. federal income tax purposes and therefore does not pay U.S. federal income tax on its taxable income. Instead, the Intuitive Machines, LLC unitholders, including the Company, are liable for U.S. federal income tax on their respective shares of Intuitive Machines, LLC’s taxable income. Intuitive Machines, LLC is liable for income taxes in those states which tax entities classified as partnerships for U.S. federal income tax purposes.

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the estimated future tax consequences attributable to temporary differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are determined on the basis of the differences between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the temporary differences are expected to be settled or recovered. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes.

Valuation Allowance

The Company has established a valuation allowance related to its domestic and state net deferred tax assets. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future income, and tax planning strategies in making this assessment. The Company continues to closely monitor and weigh all available evidence, including both positive and negative, in making its determination whether to maintain a valuation allowance.

Tax Receivable Agreement

In conjunction with the consummation of the Transactions, Intuitive Machines, Inc. entered into a related party transaction, Tax Receivable Agreement (the “TRA”) with Intuitive Machines, LLC and certain Intuitive Machines, LLC members (the “TRA Holders”). Pursuant to the TRA, Intuitive Machines, Inc. is required to pay the TRA Holders 85% of the amount of the cash tax savings, if any, in U.S. federal, state, and local taxes that are based on, or measured with respect to, net income or profits, and any interest related thereto that the Company realizes, or is deemed to realize, as a result of certain tax attributes, including:

•existing tax basis in certain assets of Intuitive Machines, LLC and its subsidiaries;

•tax basis adjustments resulting from taxable exchanges of Intuitive Machines, LLC Common Units acquired by the Company;

•certain tax benefits realized by the Company as a result of the Business Combination; and

•tax deductions in respect of portions of certain payments made under the TRA.

All such payments to the TRA Holders are the obligations of the Company, and not that of Intuitive Machines, LLC. As of December 31, 2025, based primarily on historical losses of Intuitive Machines, Inc., management has determined it is more-likely-than-not that the Company will be unable to utilize its deferred tax assets subject to the TRA; therefore, management applies a full valuation allowance to deferred tax asset for a corresponding liability under the TRA related to the tax savings the Company may realize from the utilization of tax deductions related to basis adjustments created by the transactions in the Business Combination Agreement. The TRA is unrecognized. Due to the fact that the Company's deferred tax assets and corresponding TRA liability are unrecognized, changes to the TRA liability had no impact on the consolidated statements of operations.

Net Operating Loss

As of December 31, 2025, the Company had approximately $73.9 million of federal net operating loss carryforwards (“NOL carryforwards”), which do not have an expiration date. The Company’s deferred tax assets, including these NOL carryforwards have been reduced by a valuation allowance due to a determination made that it is more likely than not that some or all of the deferred assets will not be realized based on the weight of all available evidence.

Uncertain Tax Positions

As of December 31, 2025, and 2024, the Company has no reserves for uncertain tax positions.

The Company files income tax returns in the U.S., including federal and various state filings. The number of years that are open under the statute of limitations and subject to audit varies depending on the tax jurisdiction. We remain subject to U.S. federal tax examinations for years after 2021.

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. ASC 740, “Income Taxes”, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. We have assessed the impact of the OBBBA and determined that the impact on our consolidated financial statements is not material.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
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Schedule of Earnings Per Share, Basic and Diluted

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

The following table presents the computation of the basic and diluted income (loss) per share of Class A Common Stock (in thousands, except share data):


	Year Ended December 31,
	2025		2024
Numerator
Net loss	$	(106,846)	$	(346,922)
Less: Net loss attributable to redeemable noncontrolling interest	(25,059)		(67,004)
Less: Net income attributable to noncontrolling interest	1,507		3,495
Net loss attributable to the Company	(83,294)		(283,413)
Less: Cumulative preferred dividends	(616)		(896)
Net loss attributable to Class A common shareholders	$	(83,910)	$	(284,309)
Denominator
Basic and diluted weighted-average shares of Class A common stock outstanding	115,426,620		61,410,250





Net loss per share of Class A common stock - basic and diluted	$	(0.73)	$	(4.63)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents potentially dilutive securities, as of the end of the periods, excluded from the computation of diluted net income (loss) per share of Class A Common Stock as their effect would be anti-dilutive, their exercise price was out-of-the-money, or because of unsatisfied contingent issuance conditions.


	Year Ended December 31,
	2025	2024
RSUs and PSUs(1)	2,941,731	3,307,039
Options(1)(4)	748,357	989,423
Series A Preferred Stock(2)	2,091,854	1,893,830
Warrants (publicly issued), Initial Warrants, Conversion Warrants, and Series A Preferred Warrants (1)(4)	4,857,302	26,787,265
Earn Out Units(3)	—	7,500,000
Escrow Shares(5)	329,827	—
Convertible Notes(2)	26,310,770	—

(1) Represents the number of instruments outstanding at the end of the period that were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive. The number of RSUs outstanding at the year ended December 31, 2025 consists of 2,752,419 unvested RSUs and 189,312 vested RSUs with elected deferrals of the issuance of Class A common stock.

(2) Represents the number of instruments outstanding as converted at the end of the period that were evaluated under the if-converted method for potentially dilutive effects and were determined to be anti-dilutive. For the year ended December 31, 2025, the Convertible Notes (if-converted) included in the table above that were out-of-the-money totaled 26,310,770.

(3) Represents the number of Earn Out Units outstanding at the end of the period that were excluded due to unsatisfied contingent issuance conditions.

(4) Options and warrants with exercises prices greater than the average market price of our Class A common stock would be excluded from the computation of diluted net income per share because they are out-of-the-money. There was no out-of-the-money Options included in the table above for the years ended December 31, 2025 and 2024. The out-of-the-money warrants included in the table above was none for the year ended December 31, 2025, and 22,636,485 for the year ended December 31, 2024.

(5) Represents the number of escrow shares outstanding at the end of the period due to unsatisfied contingent issuance conditions and were determined to be anti-dilutive.

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 3,300	$ 1,900
Impairment of property and equipment	0	5,044
Fabrication of Commercial Communications Satellite
Property, Plant and Equipment [Line Items]
Construction in progress	$ 50,800
Construction in progress \| Fabrication of Commercial Communications Satellite
Property, Plant and Equipment [Line Items]
Impairment of property and equipment		5,000
Interest costs capitalized		$ 500

Acquisitions - Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Oct. 01, 2025
KinetX, Inc.
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets, net		$ 13,300
Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Life	10 years
Customer relationships \| KinetX, Inc.
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Life		10 years
Intangible assets, net		$ 1,900
Developed technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Life	10 years
Developed technology \| KinetX, Inc.
Intangible Asset, Acquired, Finite-Lived [Line Items]
Estimated Useful Life		10 years
Intangible assets, net		$ 11,400

Revenue - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Contract liabilities – current
Deferred revenue	$ 45,712	$ 54,803
Contract loss provision	6,996	7,890
Accrued launch costs	4,660	2,491
Total contract liabilities – current	57,368	65,184
Contract liabilities – long-term
Deferred revenue	5,900	14,334
Contract loss provision	441	0
Total contract liabilities – long-term	6,341	14,334
Total contract liabilities	$ 63,709	$ 79,518

Acquisitions - Narrative (Details) - KinetX, Inc. - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 01, 2025	Dec. 31, 2025
Business Combination [Line Items]
Voting equity interest acquired, percentage	100.00%
Purchase consideration	$ 31,345
Cash consideration	15,000
Transaction costs and other adjustments payable to the seller	$ 1,130
Equity interest issued or issuable (in shares)	1,104,178
Fair value of Class A Common Stock issued	$ 11,715
Equity interests issued and issuable, cash paid per acquiree share (in dollars per share)	$ 10.61
Business combination, consideration transferred, equity Interest, share issued, number of shares held back in escrow (in shares)	329,827
Contingent consideration assumed at acquisition, Class A Common Stock	$ 3,500
Acquiree's revenue since acquisition date, actual		$ 1,300
Acquiree's earnings (loss) since acquisition date, actual		$ (900)

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

NOTE 8 - DEBT

The following table summarizes our outstanding debt (in thousands):


	December 31, 2025		December 31, 2024
Convertible Notes	$	345,000	$	—


Less: unamortized debt discount	(8,803)
Less: unamortized debt issuance costs	(862)		—

Long-term debt, net of current maturities	$	335,335	$	—

Convertible Notes

On August 18, 2025, the Company issued $345.0 million aggregate principal amount of 2.500% convertible senior notes due 2030. The Convertible Notes are general, unsecured obligations of the Company and bear interest at a fixed rate of 2.500% per year, payable semiannually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. The Convertible Notes will mature on October 1, 2030, unless earlier converted, redeemed, or repurchased.

The Convertible Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding July 1, 2030 only under the following conditions: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2025 (and only during such calendar quarter), if the last reported sale price of the Company’s Class A Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period (the “Measurement Period”) in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Class A Common Stock and the conversion rate on each such trading day; (3) if the Company issues a notice of redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after July 1, 2030 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, in integral multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing conditions. Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of Class A Common Stock or a combination of cash and shares of Class A Common Stock, at the Company’s election.

The Company may not redeem the notes prior to October 6, 2028. The Company may redeem for cash all or any portion of the notes, at the Company’s option, on or after October 6, 2028 and prior to the 26th scheduled trading day immediately preceding the maturity date, but only if the “liquidity condition” (as defined below) is satisfied and the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The “liquidity condition” is satisfied if the Company has filed all reports and other materials required to be filed by Section 13 or 15(d) of the Exchange Act, as applicable, during the preceding 12 months, after giving effect to all applicable grace periods thereunder and other than current reports on Form 8-K; or if the Company has elected to settle all conversions by cash settlement. If the Company redeems less than all the outstanding Convertible Notes, at least $75.0 million aggregate principal amount must be outstanding and not subject to redemption as of, and after giving effect to, delivery of the relevant notice of redemption (unless the Company makes an “all notes election” with respect to such partial redemption, in which case such partial redemption limitation shall not apply). No sinking fund is provided for the notes.

The initial conversion rate for the Convertible Notes is 76.2631 shares of Class A Common Stock per $1,000 principal amount of the notes, which represents an initial conversion price of approximately $13.1125 per share of Class A Common Stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. In addition, holders who convert their notes in connection with a make-whole fundamental change or a notice of redemption may be entitled to an increase in the conversion rate. For the potential dilutive impact of the Convertible Notes if-converted, refer to Note 14 - Net Loss per Share.

The Convertible Notes include customary covenants and certain events of default after which the notes may be declared immediately due and payable and set forth certain types of bankruptcy or insolvency events of default involving the Company after which the notes become automatically due and payable. As of December 31, 2025, the Company was in compliance with all debt covenant requirements related to the Convertible Notes.

As of December 31, 2025, the aggregate fair value of the Convertible Notes was $526.4 million based on an observable market quote in an active market (Level 2 inputs). Debt discount and issuance costs are comprised of costs incurred in connection with debt issuance and are presented in the accompanying consolidated balance sheet as a deduction to the carrying amount of the debt and amortized using the effective interest method to interest expense over the term of the debt. The conversion feature was evaluated under ASC 815, “Derivatives and Hedging” and ASC 470-20 “Debt with Conversion and Other Options” and was not separated as a derivative because it met the equity scope exception; therefore, the Convertible Notes are accounted for entirely as a liability. During the year ended December 31, 2025, the effective interest rate on the Convertible Notes, including the impact of the debt discount and issuance costs, was approximately 3.04% and the Company recognized $3.9 million of interest expense related to the Convertible Notes which included the amortization of the debt discount and issuance costs of $0.8 million.

Capped Calls

On August 18, 2025, in connection with the issuance of the Convertible Notes (as described above), the Company entered into capped call transactions (the “Capped Calls”) with certain financial institutions at an aggregate cost of approximately $36.8 million. The Capped Calls cover, subject to anti-dilution adjustments, the number of Class A Common Stock underlying the Convertible Notes. The Capped Calls can be settled in cash or shares at the Company’s option and are expected generally to reduce the potential dilution to the Class A Common Stock upon any conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the Convertible Notes. The Capped Calls have an initial strike price of $13.1125 and an initial cap price of $20.9800 per share, which are subject to certain adjustments under the terms of the Capped Calls. The Capped Calls meet the criteria for equity classification under ASC 815-40 as they are indexed to the Company’s own stock and require settlement in shares or cash at the Company’s option. The Capped Calls cover approximately 26,310,770 of Class A Common Stock. These instruments are excluded from diluted earnings per share calculations as they are currently anti-dilutive.

Stifel Loan Agreement

On March 4, 2025, we entered into a loan and security agreement (the “Loan Agreement”) with Stifel Bank. The Loan Agreement provides for a secured revolving credit facility in an aggregate principal amount of up to $40.0 million (the “Revolving Facility”). The proceeds of the loans (and any letters of credit issued thereunder) may be used for the funding of growth initiatives, including working capital needs and general corporate purposes as the Company continues to focus on minimizing its cost of capital while maximizing available funding alternatives. Amounts outstanding under the Revolving Facility bear interest at a rate per annum equal to the greater of (a) Term SOFR (secured overnight financing rate) plus 2.75% and (b) 6.00% and requires the Company to meet certain financial and other covenants. The Loan Agreement matures on April 30, 2027 (the “Maturity Date”). Subject to certain conditions in the Loan Agreement, amounts borrowed thereunder may be repaid and reborrowed at any time prior to the Maturity Date. As of December 31, 2025, the Company was in compliance with all covenants related to the Loan Agreement. As of December 31, 2025, there was no outstanding debt under the Stifel Loan Agreement.

On January 12, 2026, the Company and Stifel Bank entered into a waiver, in respect to the Loan Agreement pursuant to which Stifel Bank consented to the acquisition of Lanteris (as discussed in Note 19 - Subsequent Events) and halted any borrowing and covenant obligations by the Company under Revolving Facility.

Live Oak Credit Mobilization Facility

On December 12, 2019, the Company entered into a loan agreement with Live Oak Banking Company (the “Credit Mobilization Facility”) which provided a $12.0 million credit mobilization facility that was paid in full as of November 2023. In July 2022, we entered into the Second Amended and Restated Loan Agreement with Live Oak Banking Company which provided an $8.0 million mobilization credit facility with a loan maturity of July 14, 2024. The Credit Mobilization Facility bears interest (payable monthly) at a rate per annum equal to the greater of (a) the prime rate, as published in the Wall Street Journal newspaper, plus 2.0% and (b) 5.0% and requires the Company to meet certain financial and other covenants and are secured by substantially all of the assets of the Company. There was $8.0 million outstanding under the Credit Mobilization Facility as of December 31, 2023. The Company paid $5.0 million during the second quarter of 2024 and paid the remaining $3.0 million in July 2024 and the facility has been terminated.

Bridge Loan

On January 10, 2024, the Company entered into a series of loan documents with Pershing LLC, an affiliate of Bank of New York Mellon, pursuant to which Pershing LLC agreed to an extension of credit in an amount not to exceed $10.0 million to the Company (the “Bridge Loan”). Borrowings under the Bridge Loan bear interest at the target interest rate set by the Federal Open Market Committee (“Fed Funds Rate”), subject to a 5.5% floor, plus a margin. For borrowings, the applicable rate margin is 0.9%. The $10.0 million in borrowings are available for working capital needs and other general corporate purposes were required to be repaid by February 22, 2024.

The Bridge Loan included guarantees (the “Credit Support Guarantees”) by Ghaffarian Enterprises, LLC (an affiliate of Dr. Kamal Ghaffarian) (“Ghaffarian Enterprises” or “Guarantor”) and documentation by which Ghaffarian Enterprises, LLC supported such Credit Support Guarantees with collateral including marketable securities (the “Credit Support”), in each case in favor of the lender for the benefit of the Company. On January 10, 2024, the Company and Ghaffarian Enterprises entered into a credit support fee and subrogation agreement, where the Company agreed to pay a support fee of $148 thousand for the Credit Support.

On January 29, 2024, the Bridge Loan was repaid in full as a result of $10.0 million in contributions from the Guarantor under the Bridge Loan Conversion transaction further described in Note 10.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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-Paragraph 6
-Subparagraph (b)
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-Paragraph 1
-Subparagraph (d)
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-Subparagraph (a)(3)
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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
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-Subparagraph (g)
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

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-Subparagraph (b)
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Variable Interest Entities - Schedule of Financial Information for Consolidated VIEs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 582,606	$ 207,607
Trade accounts receivable, net of allowance for credit losses of $3,295 and $0, respectively	12,193	44,759
Prepaid and other current assets	9,046	4,161
Total current assets	618,814	293,161
Total assets	757,154	355,404
Current liabilities
Total current liabilities	124,832	98,831
Total liabilities	553,452	351,483
Operating expenses:
General and administrative expense (excluding depreciation and amortization)	92,624	53,262
Total operating expenses	297,290	285,396
Operating loss	(87,231)	(57,396)
Total other expense, net	(15,653)	(289,489)
Net loss	(106,846)	(346,922)
Nonrelated Party
Operating expenses:
Cost of revenue (excluding depreciation and amortization)	177,247	190,369
Variable Interest Entity, Primary Beneficiary \| SNS
Current assets
Cash and cash equivalents	2,992	4,248
Trade accounts receivable, net of allowance for credit losses of $3,295 and $0, respectively	4,797	8,639
Prepaid and other current assets	28	26
Total current assets	7,817	12,913
Total assets	7,817	12,913
Current liabilities
Total current liabilities	5,456	9,203
Total liabilities	5,456	9,203
Income Statement [Abstract]
Revenues:	73,120	145,033
Operating expenses:
Cost of revenue (excluding depreciation and amortization)	69,978	138,349
General and administrative expense (excluding depreciation and amortization)	300	345
Total operating expenses	70,278	138,694
Operating loss	2,842	6,339
Total other expense, net	2	0
Net loss	2,844	6,339
Variable Interest Entity, Primary Beneficiary \| IX, LLC
Current assets
Cash and cash equivalents	0	0
Trade accounts receivable, net of allowance for credit losses of $3,295 and $0, respectively	0	490
Prepaid and other current assets	0	0
Total current assets	0	490
Total assets	0	490
Current liabilities
Total current liabilities	0	490
Total liabilities	0	490
Income Statement [Abstract]
Revenues:	1,959	980
Operating expenses:
Cost of revenue (excluding depreciation and amortization)	1,959	980
General and administrative expense (excluding depreciation and amortization)	0	0
Total operating expenses	1,959	980
Operating loss	0	0
Total other expense, net	0	0
Net loss	0	0
Variable Interest Entity, Primary Beneficiary \| Nonrelated Party \| SNS
Current liabilities
Accounts payable and accrued expenses	2,976	5,290
Variable Interest Entity, Primary Beneficiary \| Nonrelated Party \| IX, LLC
Current liabilities
Accounts payable and accrued expenses	0	0
Variable Interest Entity, Primary Beneficiary \| Related Party \| SNS
Current liabilities
Accounts payable and accrued expenses	2,480	3,913
Variable Interest Entity, Primary Beneficiary \| Related Party \| IX, LLC
Current liabilities
Accounts payable and accrued expenses	$ 0	$ 490

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Mar. 11, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-40823
Entity Registrant Name	INTUITIVE MACHINES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-5056189
Entity Address, Address Line One	13467 Columbia Shuttle Street
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77059
City Area Code	281
Local Phone Number	520-3703
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	LUNR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.3
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders, which is to be filed no later than 120 days after December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001844452
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		159,372,567
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		57,428,185

Summary of Significant Accounting Policies - Schedule of Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	$ 0	$ 0
Bad debt expense	3,431	440
Write-offs	(136)	(440)
Balance, end of year	$ 3,295	$ 0

Warrants

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Warrants

NOTE 11 - WARRANTS

Public and Private Warrants

In conjunction with the closing of the Business Combination, on February 13, 2023, the Company assumed a total of 23,332,500 warrants to purchase one share of the Company’s Class A Common Stock with an exercise price of $11.50 per share, subject to adjustment. Of the warrants, 16,487,500 Public Warrants were originally issued in the IPAX initial public offering (the “IPO”) and 6,845,000 private warrants (the “Private Warrants”) were originally issued in a private placement in connection with the IPO. The Company evaluated the terms of the warrants and determined they meet the criteria in ASC 815, “Derivatives and Hedging”, to be classified in shareholders’ equity upon issuance. The warrants became exercisable 30 days after the closing of the Business Combination, and will expire five years after the closing of the Business Combination.

The Private Warrants are identical to the Public Warrants except that the Private Warrants may not, subject to certain limited exceptions, be transferred assigned or sold by the holders until 30 days after the closing of the Business Combination. The Public Warrants and Private Warrants (collectively, the “Warrants”) do not entitle the holder to any voting rights, dividends or other rights as a shareholder of the Company prior to exercise.

Once the Warrants become exercisable, the Company may redeem the outstanding warrants, in whole or in part, at a price of $0.01 per warrant upon a minimum of 30 days prior written notice of redemption and if, and only if, the closing price of the Company’s Class A Common Stock equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise pursuant to any anti-dilution adjustments) for any 20 days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders. The number of Class A Common Stock issuable on exercise of each warrant will be increased in proportion to certain increases in outstanding Class A Common Stock including any share capitalization payable, sub-division of shares or other similar events.

On February 4, 2025, the Company announced the redemption of all of its outstanding Warrants to purchase shares of the Company’s Class A Common Stock that were issued under the warrant agreement, dated September 21, 2021 (the

“Warrant Agreement”), by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent, and that remained unexercised at 5:00 p.m., New York City time, on March 6, 2025 (the “Redemption Date”) for the redemption price of $0.01 per Warrant (the “Warrant Redemption”). During the period from January 1, 2025 and the Redemption Date, 15,358,229 of the Warrants were exercised resulting in gross proceeds of $176.6 million. As of the Redemption Date, 6,571,724 Warrants remained unexercised and were redeemed for an aggregate redemption price of $66 thousand. Trading of the Warrants on the Nasdaq was suspended prior to the market open on March 6, 2025, and the Warrants were subsequently delisted.

Preferred Investor Warrants

In conjunction with the issuance of Series A Preferred Stock at closing of the Business Combination, the Company issued 541,667 Preferred Investor Warrants (of which, 104,157 are owned by a related party, Ghaffarian Enterprises, LLC) to purchase one share of the Company’s Class A Common Stock with an exercise price of $15.00, subject to adjustment. The Company evaluated the terms of the Preferred Investor Warrants and determined they meet the criteria to be classified in shareholders’ equity upon issuance.

The Preferred Investor Warrants were immediately exercisable upon issuance and expire five years from the closing of the Business Combination. The Preferred Investor Warrants include customary cash and cashless exercise provisions and may be exercised on a cashless basis if, at any time after the six month anniversary of the Closing Date, there is not an effective registration statement with respect to the Class A Common Stock. The Preferred Investor Warrants have the same terms and conditions as the Public Warrants. The Preferred Investor Warrants do not entitle the holder to any voting rights, dividends or other rights as a shareholder of the Company prior to exercise.

As result of the Private Placement Transaction on September 5, 2023 discussed in Note 10 and in accordance with the terms of the Certificate of Designation, the Preferred Investor Warrants exercise price was reduced from $15.00 to $11.50 per share and the aggregate number of shares of Class A Common Stock issuable upon exercise of the Preferred Investor Warrants was proportionally increased to 706,522.

As of December 31, 2025, there have been no exercises of the Preferred Investor Warrants.

Warrant Exercise Agreement

On January 10, 2024, the Company entered into a Warrant Exercise Agreement with the Armistice Capital Master Fund Ltd (the “Purchaser”) to exercise in full the Initial Series B Warrant to purchase up to an aggregate 4,705,883 shares of Class A Common Stock. In consideration for the immediate and full exercise of the Initial Series B Warrant, the existing investor received (i) a new unregistered Series A Common Stock Purchase Warrant to purchase up to an aggregate of 4,705,883 shares of Class A Common Stock with an exercise price of $2.75 per share and a term of 5.5 years (the “New Series A Warrant”) and (ii) a new unregistered Series B Common Stock Purchase Warrant to purchase up to an aggregate of 4,705,883 shares of Class A Common Stock with an exercise price of $2.75 per share and a term of 18 months (the “New Series B Warrant”), collectively, (the “New Warrants”), in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933. In connection with the Warrant Exercise Agreement, the Company also agreed to reduce the exercise price of the Initial Series B Warrant from $4.75 to $2.50 per share and reduced the exercise price of the Initial Series A Warrant to purchase up to 4,705,883 shares of Class A Common Stock from $4.75 to $2.75 per share.

As a result of the modifications to the 4,705,883 Initial Series A Warrant and the 4,705,883 Initial Series B Warrant, collectively (the “Initial Warrants”), the Company recognized an unfavorable change in fair value of warrant liabilities of $1.2 million in the consolidated statement of operations. Upon the immediate exercise of the 4,705,883 Initial Series B Warrants, the Company issued 4,705,883 shares of Class A Common Stock, received cash proceeds of approximately $11.8 million and recognized a gain on issuance of securities of approximately $1.3 million in the consolidated statements of operations.

The New Series A Warrant and New Series B Warrant were immediately exercisable and have a term of 5.5 years and 18 months, respectively. The Company evaluated the terms of the New Warrants and determined they meet the criteria in ASC 815, “Derivatives and Hedging”, to be classified as a derivative liability, initially measured at fair value with changes in fair value recognized in other income (expense) on the consolidated statement of operations. The New Series A Warrant and New Series B Warrant had an initial fair value of $10.8 million and $5.7 million, respectively, which was recorded as a $16.6 million loss on issuance of securities in our consolidated statement of operations.

Subsequently, the Purchaser exercised 4,705,883 Initial Series A Warrants, 4,705,883 New Series A Warrants and 4,705,883 New Series B Warrants during the period from February 9, 2024 to February 23, 2024. As a result, the Company

issued 14,117,649 shares of Class A Common Stock and received cash proceeds of approximately $38.8 million and all of the Initial Warrants and New Warrants have been settled and are no longer outstanding. The Company recorded a loss on issuance of securities of approximately $47.9 million as a result of these warrant exercises.

Conversion Warrants

In connection with the January 2024 Bridge Loan Conversion discussed further in Note 8, the Company agreed to issue to the Guarantor, pursuant to Section 4(a)(2) of the Securities Act of 1933, (i) a new unregistered Series A Common Stock Purchase Warrant to purchase up to an aggregate of 4,150,780 shares of, at the guarantor’s election, Class A Common Stock (at an exercise price per share equal to $2.57 per share), Class C Common Stock (at an exercise price per share equal to $0.0001 per share), or a combination thereof, and a term of 5 years, (the “Conversion Series A Warrant”) and (ii) a new unregistered Series B Common Stock Purchase Warrant to purchase up to an aggregate of 4,150,780 shares of, at the Guarantor’s election, Class A Common Stock (at an exercise price per share equal to $2.57 per share), Class C Common Stock (at an exercise price per share equal to $0.0001 per share), or a combination thereof, and a term of 18 months (the “Conversion Series B Warrant”), collectively (the “Conversion Warrants”). On May 31, 2024, the guarantor assigned the Conversion Warrants to a third party investor in a private transaction. Pursuant to the assignment to a third party investor, the Conversion Warrants are no longer exercisable for Class C Common Stock. All other terms related to the Conversion Warrants remain the same as previously discussed. Pursuant to the guidance under ASC 480 “Distinguishing Liabilities from Equity,” the Company determined that the Conversion Warrants should be recorded as liabilities as of the issuance date and March 31, 2024 and subsequently determined that they meet the criteria in ASC 815, “Derivatives and Hedging”, to be classified as a derivative liability as of May 31, 2024 and June 30, 2024, initially measured at fair value with changes in fair value recognized in earnings in other income (expense) on the consolidated statement of operations.

The Conversion Series A Warrant and Conversion Series B Warrant had an initial fair value of $10.0 million and $5.5 million, respectively. The gross proceeds of $10.0 million from the Letter Agreement were allocated to the Conversion Warrants resulting in a loss on the transaction of approximately $5.5 million recognized as loss on issuance of securities in our consolidated statement of operations.

During the period from June 5, 2024 to June 7, 2024, the investor exercised 300,000 Conversion Series B Warrants, resulting in the issuance of an equal number of shares of Class A Common Stock. The Company recorded a gain on issuance of securities of approximately $0.6 million as a result of these warrant exercises. During the period from November 21, 2024 to November 29, 2024, the investor exercised the remaining 3,850,780 Conversion Series B Warrants, resulting in the issuance of an equal number of Class A Common Stock, and recorded a loss on issuance of securities of approximately $25.0 million.

During the year ended December 31, 2025, the Company recognized a gain of $8.4 million from the change in fair value of the Conversion Series A Warrant liability in our consolidated statement of operations. During the year ended December 31, 2024, the Company recognized a loss of $58.8 million and $17.7 million from the change in fair value of the Conversion Series A Warrant liability and Conversion Series B Warrant liability, respectively.

The following table provides the overall warrant activity through December 31, 2025:


	Public and Private Warrants	Preferred Investor Warrants	Series A Warrants	Series B Warrants
Balance, December 31, 2022	—	—	—	—
Warrant issuance	23,332,490	541,667	4,705,883	4,705,883
Warrant exercises	(1,402,106)	—	—	—
Adjustment, effects of the Private Placement (Note 10)	—	164,855	—	—
Balance, December 31, 2023	21,930,384	706,522	4,705,883	4,705,883
Warrant issuance	—	—	8,856,663	8,856,663
Warrant exercises	(431)	—	(9,411,766)	(13,562,546)
Balance, December 31, 2024	21,929,953	706,522	4,150,780	—
Warrant issuance	—	—	—	—
Warrant exercises	(15,358,229)	—	—	—
Warrant redemptions	(6,571,724)	—	—	—
Balance, December 31, 2025	—	706,522	4,150,780	—

Fair Value Measurements - Schedule of Change in Fair Value of Earn-out Liabilities and SAFE Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earn-out liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 134,156	$ 14,032
Additions	0	0
Change in fair value	33,369	120,124
Converted to equity	(167,525)	0
Ending balance	0	134,156
Warrant liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	68,778	11,294
Additions	0	32,089
Change in fair value	(8,384)	77,651
Converted to equity	0	(52,256)
Ending balance	60,394	68,778
Warrant liabilities \| Series A Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	68,778	8,612
Additions	0	20,827
Change in fair value	(8,384)	59,810
Converted to equity	0	(20,471)
Ending balance	60,394	68,778
Warrant liabilities \| Series B Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	2,682
Additions	0	11,262
Change in fair value	0	17,841
Converted to equity	0	(31,785)
Ending balance	0	0
Contingent consideration liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Additions	3,499
Change in fair value	1,854
Converted to equity	0
Ending balance	$ 5,353	$ 0

Summary of Significant Accounting Policies - Schedule of Other Current Liabilities (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Mar. 31, 2024
Accounting Policies [Abstract]
Payroll accruals	$ 12,818,000	$ 10,274,000
Income tax liability	143,000	43,000
Professional fees accruals	11,458,000	960,000
Contingent consideration liabilities (Notes 3 and 13)	5,353,000	0	$ 0	$ 771,000
Other accrued liabilities	70,000	212,000
Loan interest payable	3,186,000	0
Other current liabilities	$ 33,028,000	$ 11,489,000

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 15 - COMMITMENTS AND CONTINGENCIES Legal Proceedings We are subject to legal proceedings, claims and liabilities that arise in the ordinary course of business. We accrue for losses associated with legal claims when such losses are considered probable and the amounts can be reasonably estimated. The Company bases any accrual for losses on a variety of factors, including informal settlement discussions. As of December 31, 2025 and 2024, the aggregate amount accrued on our consolidated balance sheets was approximately $2.1 million and represents management’s best estimate of probable losses. For matters for which no accrual has currently been made or for potential losses in excess of amounts accrued, the Company currently believes, based on management’s assessment, that any losses that are reasonably possible and estimable will not, in the aggregate, have a material adverse effect on its financial position, results of operations, or cash flows. However, the ultimate outcome of legal proceedings involves judgments, estimates, and inherent uncertainties and cannot be predicted with certainty. Should the ultimate outcome of any legal matter be unfavorable, it could have a material adverse effect on our business, financial condition and results of operations. The Company may also incur substantial legal fees, which are expensed as incurred, in defending against legal claims. On November 22, 2024, Starlight Strategies IV LLC (“Plaintiff”), an alleged successor in interest to a purported former holder of shares of the Company’s 10% Series A Cumulative Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”) filed a breach of contract action in Delaware Chancery Court. The complaint alleges that the Plaintiff’s predecessor received fewer shares of common stock upon conversion of its shares of Series A Preferred Stock than it was allegedly entitled to receive under the terms of the applicable certificate of designation. The Plaintiff is seeking unspecified contractual damages and equitable relief. The Company has filed its answer to the complaint and asserted counterclaims against the Plaintiff and third-party claims against certain entities affiliated with the Plaintiff. Also, on January 24, 2025, Kingstown 1740 Fund L.P. and Kingstown Capital Partners LLC (together, “Kingstown”) moved to intervene, seeking to file a complaint in intervention against Starlight. The court granted Kingstown leave to intervene. In connection with the intervention, the Company has agreed to pay Kingstown’s legal fees. In February 2026, the Company and Plaintiff filed motions for summary judgment. The court granted parties leave to move for summary judgment. The Company has not recorded an accrual related to this matter because a loss is not considered probable or reasonably estimable at this time. Purchase Commitments From time-to-time, we enter into long-term commitments with vendors to purchase launch services and for the development of certain components in conjunction with our obligations under revenue contracts with our customers. Our aggregate purchases under these commitments totaled approximately $15.2 million and $51.6 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, we had remaining purchase obligations under non-cancelable commitments with various vendors totaling $58.1 million of which approximately $38.5 million due in 2026, and the remaining $19.6 million due in 2027.

Share-Based Compensation and Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Option, Activity

The following table provides a summary of the option activity under the 2021 Plan for the year ended December 31, 2025:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024	989,423	$	3.54	6.74	$	—
Granted	—	—			—
Exercised	(206,578)	1.80			2,981
Forfeited / Cancelled	(34,488)	1.80			—
Balance as of December 31, 2025	748,357	$	4.09	5.84	$	9,082
Exercisable as of December 31, 2025	557,555	$	3.65	5.76	$	7,015

Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award

The following table provides a summary of weighted-average grant-date fair value of unit options under the 2021 Plan:


	Weighted- Average Grant Date Fair Value
Non-vested as of December 31, 2024	$	2.23
Granted	—
Vested	1.71
Forfeited	0.55
Non-vested as of December 31, 2025	$	3.17

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table provides a summary of the Company’s RSU and PSU activity:


	Number of Units(1)(2)	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2024	3,307,039	$	4.31
Granted	739,991	16.95
Vested	(1,285,414)	4.54
Forfeited	(9,197)	9.50
Balance as of December 31, 2025	2,752,419	$	7.58

(1) Includes PSUs of 53,333 granted in October 2024 at the 100% attainment level which are based on two performance goals related to the Company’s financial management plan. Each goal has a performance multiplier of 50% and must be attained by September 1, 2025. In April 2025, the performance goals were attained and all 53,333 PSU grants fully vested.

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

Provided below is the summarized financial information for our consolidated VIEs (in thousands).


Balance Sheet	SNS				IX, LLC
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Cash and cash equivalents	$	2,992	$	4,248	$	—	$	—
Trade accounts receivable, net	4,797		8,639		—		490

Prepaid and other current assets	28		26		—		—
Total current assets	7,817		12,913		—		490



Total assets	$	7,817	$	12,913	$	—	$	490

Accounts payable and accrued expenses	$	2,976	$	5,290	$	—	$	—
Accounts payable - affiliated companies	2,480		3,913		—		490

Total current liabilities	5,456		9,203		—		490



Total liabilities	$	5,456	$	9,203	$	—	$	490


Statements of Operations	SNS				IX, LLC
	Year Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Service revenue	$	73,120	$	145,033	$	1,959	$	980
Operating expenses:
Cost of revenue (excluding depreciation and amortization)	69,978		138,349		1,959		980
General and administrative expense (excluding depreciation and amortization)	300		345		—		—
Total operating expenses	70,278		138,694		1,959		980

Operating income	2,842		6,339		—		—
Other income, net	2		—		—		—
Net income	$	2,844	$	6,339	$	—	$	—

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 operatingSegment reportableSegment	Dec. 31, 2024
Segment Reporting Information [Line Items]
Number of operating segments \| operatingSegment	1
Number of reportable segments \| reportableSegment	1
Revenue Benchmark \| Customer Concentration Risk \| Non-US
Segment Reporting Information [Line Items]
Concentration risk, percentage	5.00%	0.00%

Share-Based Payment Arrangement [Abstract]

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Share-Based Compensation and Retirement Benefits

12 Months Ended

Dec. 31, 2025

Share-Based Compensation and Retirement Benefits

NOTE 12 - SHARE-BASED COMPENSATION AND RETIREMENT BENEFITS

Share-Based Compensation

2021 Unit Option Plan

On May 25, 2021, the Intuitive Machines, LLC’s board of directors adopted, and its members approved the 2021 Unit Option Plan (the “2021 Plan”). The 2021 Plan allowed Intuitive Machines, LLC to grant incentive unit options (“Incentive Unit Options”) to purchase Class B unit interests. Pursuant to the 2021 Plan, up to 6,125,000 shares of Class B units were reserved for issuance, upon exercise of the aforementioned Incentive Unit Options made to employees, directors and consultants.

As a result of the Business Combination discussed in Note 1 and per the terms of the Second Amended and Restated Intuitive Machines, LLC Operating Agreement, the unexpired and unexercised outstanding Incentive Unit Options at the closing of the Business Combination, whether vested or unvested, were proportionately adjusted using a conversion ratio of 0.5562 (rounded down to the nearest whole number of options). The exercise price of each option was adjusted accordingly. Each Incentive Unit Option continues to be subject to the terms and conditions of the 2021 Plan and will be exercisable for Class B common units of Intuitive Machines, LLC (the “Class B Common Units”). When an option is exercised, the participant will receive Class A Common Stock. As a result of the conversions, there was no incremental compensation cost and the terms of the outstanding options, including fair value, vesting conditions and classification, were unchanged.

As of December 31, 2025, Intuitive Machines, LLC was authorized to issue a total of 748,357 Class B Common Units upon exercise of the Incentive Unit Options under the 2021 Plan. The following table provides a summary of the option activity under the 2021 Plan for the year ended December 31, 2025:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024	989,423	$	3.54	6.74	$	—
Granted	—	—			—
Exercised	(206,578)	1.80			2,981
Forfeited / Cancelled	(34,488)	1.80			—
Balance as of December 31, 2025	748,357	$	4.09	5.84	$	9,082
Exercisable as of December 31, 2025	557,555	$	3.65	5.76	$	7,015

Aggregate intrinsic value represents the difference between the exercise price of the options and the market price of our Class A Common Stock.

The following table provides a summary of weighted-average grant-date fair value of unit options under the 2021 Plan:


	Weighted- Average Grant Date Fair Value
Non-vested as of December 31, 2024	$	2.23
Granted	—
Vested	1.71
Forfeited	0.55
Non-vested as of December 31, 2025	$	3.17

Share-based compensation expense related to options was $186 thousand and $362 thousand for the years ended December 31, 2025 and 2024, respectively, and was classified in the consolidated statement of operations under general and administrative expense. As of December 31, 2025, the Company had $133 thousand in estimated unrecognized share-based compensation costs related to outstanding unit options that is expected to be recognized over a weighted average period of 1.56 years.

Following the consummation of the Business Combination, no new awards will be granted under the 2021 Plan.

Intuitive Machines, Inc. 2023 Long Term Omnibus Incentive Plan (the “2023 Plan”)

The 2023 Plan, which became effective in conjunction with closing of the Business Combination, provides for the award to certain directors, officers, employees, consultants and advisors of the Company of incentive and nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards as well as cash-based awards and dividend equivalents, as determined, and subject to the terms and conditions established, by the Company’s Compensation Committee. Under the 2023 Plan, a maximum of 12,706,811 shares of Class A Common Stock are authorized to be issued. As of December 31, 2025, the Company has issued restricted stock units (“RSUs”) and performance stock units (“PSUs”) as outlined in the following disclosures. No other awards have been granted under the 2023 Plan. As of December 31, 2025, approximately 7,654,172 shares were available for future grants under the 2023 Plan.

Restricted Stock Units and Performance Stock Units

Pursuant to the 2023 Plan, the Company grants RSUs with time-based vesting requirements which typically vest over one to four years and PSUs with target performance-based vesting requirements based on continuous service. The fair value of RSUs and PSUs are based on the Company’s closing stock price on the date of grant.

The following table provides a summary of the Company’s RSU and PSU activity:


	Number of Units(1)(2)	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2024	3,307,039	$	4.31
Granted	739,991	16.95
Vested	(1,285,414)	4.54
Forfeited	(9,197)	9.50
Balance as of December 31, 2025	2,752,419	$	7.58

The weighted average grant-date fair value per share of RSUs and PSUs granted to employees was $16.95 and $3.70 for fiscal years 2025 and 2024, respectively. Share-based compensation expense related to RSUs was $8.1 million and $5.1 million, for years ended December 31, 2025 and 2024, respectively. Share-based compensation expense related to PSUs was $0.3 million and $3.3 million, for years ended December 31, 2025 and 2024, respectively. Share-based compensation expense for RSUs and PSUs are classified in the consolidated statement of operations under general and administrative expense. As of December 31, 2025, the estimated unrecognized share-based compensation costs related to unvested RSUs was $15.1 million that is expected to be recognized over a weighted average period of 2.54 years. In April 2025, the remaining PSUs were fully vested and hence the Company has no estimated unrecognized share-based compensation costs related to unvested PSUs.

Defined Contribution Retirement Plan

We have an elective defined contribution plan for our employees that provides retirement benefits in return for services rendered. This plan provides an individual account for each participant and has terms that specify how contributions to the participant’s account are to be determined. Contributions to this plan are based on pretax income discretionary amounts determined on an annual basis. Our expense for the defined contribution plan totaled approximately $2.5 million and $2.1 million for the years ended December 31, 2025 and 2024, respectively.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements and related notes as of and for the years ended December 31, 2025 and 2024 have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the SEC.
Principles of Consolidation	Our consolidated financial statements include the accounts of Intuitive Machines, KinetX Inc. (“KinetX”), Space Network Solutions, LLC (“SNS” or “Space Network Solutions”) a majority-owned subsidiary, and IX, LLC, a variable interest entity (“VIE”) for which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not result in any changes to previously reported net income. The Company reclassed a certain amount to separate line item in the consolidated statement of operations.
Use of Estimates	Use of Estimates The preparation of our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Due to the inherent uncertainty involved in making estimates, actual results could differ from those estimates. The Company bases its estimates and assumptions on historical experience, other factors, including the current economic environment, and various other judgments that it believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future reporting periods.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. See Note 18 - Segment Information for additional disclosures on segment reporting.
Business Combination, Contingent Consideration, Transaction Costs, & Earn-Out Liabilities	Business Combination The Company accounts for business combinations using the acquisition method of accounting, in accordance with ASC 805, “Business Combinations”. The acquisition method requires identifiable assets acquired and liabilities assumed be recognized and measured at fair value on the acquisition date, which is the date that the acquirer obtains control of the acquired business. The amount by which the fair value of consideration transferred exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The determination of estimated fair value requires the Company to make significant estimates and assumptions, such as future cash inflows and outflows, discount rates, and asset lives, among other items. During the measurement period, not to exceed one year from the acquisition date, the Company may record adjustments to the provisional amounts recognized for assets and liabilities assumed, with a corresponding adjustment to goodwill, to reflect new information about facts and circumstances that existed as of the acquisition date. For changes in the valuation of intangible assets identified during the measurement period, the related amortization is adjusted to reflect the revised values as if they had been recognized as of the acquisition date. Subsequent to the purchase price allocation period, any adjustment to assets acquired or liabilities assumed is included in operating results in the period in which the adjustment is determined. See Note 3 for disclosures related to our recent acquisition. Contingent Consideration Under the terms of business combinations or asset acquisitions, we may be required to pay additional contingent consideration if specified future events occur or if certain conditions are met. In a business combination, in accordance with ASC 805, contingent consideration is recorded at fair value as of the acquisition date and classified as liabilities or equity. For contingent consideration classified as liabilities, we remeasure the contingent consideration at fair value each period with changes in fair value recorded in the statements of operations. With respect to contingent consideration that may be settled by issuance of shares of our Class A Common Stock, we account for the contingent consideration as a liability in accordance with ASC Topic 480, “Distinguishing Liabilities from Equity” and record the initial fair value of the contingent consideration based on our closing stock price on the acquisition date. Subsequent changes in fair value, driven by our Class A Common Stock price, are recorded in the statements of operations at each reporting date. Contingent consideration is classified as current or noncurrent in the consolidated balance sheets based on the contractual timing of future settlement. Transaction Costs Business Acquisitions Transaction costs consists of direct legal, consulting, audit and other fees related to the business acquisitions of KinetX and Lanteris as further described herein this footnote under Liquidity and Capital Resources, and Notes 3 and 19. For the year ended December 31, 2025, transaction costs incurred related to acquisitions totaled approximately $10.8 million and was recorded to general and administrative expenses in our statement of operations. Issuance of Securities Transaction costs related to various agreements for the issuance of securities (as further described in Note 10), includes direct legal, broker, accounting and other fees. Earn-Out Liabilities Unvested earn out units of Intuitive Machines, LLC (“Earn Out Units”) are classified as liability transactions at initial issuance which were offset against paid-in capital as of the closing of the Business Combination. At each period end, the Earn Out Units are remeasured to their fair value with the changes during that period recognized in other income (expense) on the consolidated statement of operations. Upon issuance and release of the shares after each Triggering Event is met, the related Earn Out Units will be remeasured to fair value at that time with the changes recognized in other income (expense), and such Earn Out Units will be reclassed to shareholders’ equity (deficit) on the consolidated balance sheet.
Concentration of Credit Risks	Concentration of Credit Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. By their nature, all such financial instruments involve risks, including the credit risk of nonperformance by counterparties. The majority of the Company’s cash and cash equivalents are held at major financial institutions. Certain account balances exceed the Federal Deposit Insurance Corporation insurance limits of $250,000 per account. The Company generally does not require collateral to support the obligations of the counterparties and cash levels held at banks are more than federally insured limits. The Company limits its exposure to credit loss by maintaining its cash and cash equivalents with highly rated financial institutions. The Company has not experienced material losses on its deposits of cash and cash equivalents. The Company monitors the creditworthiness of its customers to whom it grants credit terms in the normal course of its business. The Company evaluates the collectability of its accounts receivable based on known collection risks and historical experience. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations to the Company (e.g., bankruptcy filings, substantial downgrading of credit ratings), the Company records a specific allowance for expected credit losses against amounts to reduce the net recognized receivable to the amount it reasonably believes will be collected and revenue recognition is deferred until the amount is collected and the contract is completed. For all other customers, the Company records allowances for credit losses based on the specific analysis of the customer’s ability to pay on an as needed basis. Major customers are defined as those individually comprising more than 10% of the Company’s total revenue.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers cash, time deposits and other highly liquid investments purchased with an initial maturity of three months or less to be cash equivalents.
Restricted Cash	Restricted Cash Restricted cash consists of cash not readily available for general purpose cash needs. Restricted cash relates to cash held at commercial banks to support credit accounts. Restricted cash serving as collateral will be released upon full repayment of the credit account.
Accounts Receivable and Allowance for Credit Loss	Accounts Receivable and Allowance for Credit Losses Accounts receivable consists of billed and unbilled receivable, less an allowance for any potential expected uncollectible amounts and do not bear interest. The Company estimates allowance for credit losses based on the credit worthiness of each customer, historical collections experience and other information, including the aging of the receivables. The Company writes off accounts receivable against the allowance for credit losses when a balance is unlikely to be collected.
Prepayments and Other Current Assets	Prepayments and Other Current Assets Prepaid and other current assets primarily consist of prepaid service fees, security deposits and other general prepayments.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net are stated at cost, less accumulated depreciation. Property and equipment which are not in service are classified as construction-in-process. Expenditures for maintenance and repairs that do not extend the useful lives of property and equipment are recognized as expenses when incurred. Upon retirement or sale of assets, the cost and related accumulated depreciation and amortization is written off.
Long-Lived Assets	Long-Lived Assets Long-lived assets consist of property and equipment, net, and are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of the long-lived asset may not be recoverable. Recoverability is measured by comparing the carrying value of a long-lived asset to the future undiscounted cash flows that the long-lived asset is expected to generate from use and eventual disposition. An impairment loss will be recognized if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Assets and liabilities of acquired businesses are recorded at their estimated fair values as of the date of acquisition. Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. The carrying value of goodwill is subject to an annual impairment test, which we will perform during the fourth quarter of the fiscal year. Impairment tests may also be triggered by any significant events or changes in circumstances affecting our business. We currently have one reporting unit which encompasses all operations including new acquisitions. In performing our annual goodwill impairment test, we will perform a qualitative assessment to determine if it is more likely than not that the fair value is less than the carrying value of goodwill. The qualitative assessment includes a review of business changes, economic outlook, financial trends and forecasts, growth rates, industry data, market capitalization, and other relevant qualitative factors. If the qualitative factors indicate a potential impairment, we compare the fair value of our reporting unit to the carrying value of our reporting unit. If the fair value is less than its carrying value, an impairment charge is recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. Our intangible assets primarily represent allocations of purchase price to identifiable intangible assets of acquired businesses and are amortized on a straight-line basis over their estimated useful lives. Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that an impairment may exist. If such indicators are present, it is determined whether the sum of the estimated undiscounted future cash flows attributable to such assets is less than their carrying values. See Note 6 for additional information on goodwill and intangible assets.
Warrants	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms pursuant to the guidance of ASC 480, “Distinguishing Liabilities from Equity” and ASC 815, “Derivatives and Hedging”. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815. This assessment is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. Liability classified warrants are valued using a Black-Scholes-Merton model at issuance and for each reporting period when applicable.
Lease Liabilities and Right-of-Use Assets	Lease Liabilities and Right-of-Use Assets We determine whether a contract is or contains a lease when we have the right to control the use of the identified asset in exchange for consideration. Lease liabilities and right-of-use assets (“ROU assets”) are recognized at the commencement date based on the present value of lease payments over the lease term. We use our incremental borrowing rate in the calculation of present value unless the implicit rate can be readily determined, however, none of our lease liabilities were determined using implicit rates. Certain leases include provisions for the renewal or termination. We only consider fixed payments and those options that are reasonably certain to be exercised in the determination of the lease term and the initial measurement of lease liabilities and ROU assets. Expense for operating lease payments is recognized as lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components of a contract. Operating and finance ROU assets, and operating and finance lease liabilities are presented within our consolidated balance sheet.
Fair Value Measurements	Fair Value Measurements The Company’s financial instruments consist of cash and cash equivalents, restricted cash, trade accounts receivables, accounts payables, amounts receivable or payable to related parties and long-term debt. The carrying amount of cash and cash equivalents, trade accounts receivables, accounts payables and receivables and payables from affiliates approximates fair value because of the short-term nature of the instruments. The fair value of debt approximates its carrying value because the cost of borrowing fluctuates based upon market conditions. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We estimate fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which is categorized in one of the following levels: •Level 1: Quoted prices for identical instruments in active markets. •Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable; and •Level 3: Significant inputs to the valuation model are unobservable.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Noncontrolling interests represent the portion of Intuitive Machines, LLC that Intuitive Machines, Inc. controls and consolidates but does not own. The noncontrolling interests was created as a result of the Business Combination and represents 68,150,754 common units issued by Intuitive Machines, LLC to the prior investors. As of the Close of the Business Combination, Intuitive Machines, Inc. held an 18.8% interest in Intuitive Machines, LLC, with the remaining 81.2% interest held by Intuitive Machines, LLC’s prior investors. As of December 31, 2025, Intuitive Machines, Inc. held an 67.4% interest in Intuitive Machines, LLC with the remaining 32.6% interest held by the prior investors. The prior investors’ interests in Intuitive Machines, LLC represents a redeemable noncontrolling interest. At its discretion, the members have the right to exchange their common units in Intuitive Machines, LLC (along with the cancellation of the paired shares of Intuitive Machines Class C Common Stock in Intuitive Machines) for either shares of Class A Common Stock on a one-to-one basis or cash proceeds of equal value at the time of redemption. Any redemption of Intuitive Machines, LLC Common Units in cash must be funded through a private or public offering of Class A Common Stock and is subject to the Board’s approval. As of December 31, 2025, the prior investors of Intuitive Machines, LLC hold the majority of the voting rights on the Board. As the redeemable noncontrolling interests are redeemable upon the occurrence of an event that is not solely within the Company’s control, we classify our redeemable noncontrolling interests as temporary equity. The redeemable noncontrolling interests were initially measured at the Intuitive Machines, LLC prior investors’ share in the net assets of the Company upon consummation of the Business Combination. Subsequent remeasurements of the Company’s redeemable noncontrolling interests are recorded as a deemed dividend each reporting period, which reduces retained earnings, if any, or additional paid-in capital of Intuitive Machines. Remeasurements of the Company’s redeemable noncontrolling interests are based on the fair value of our Class A Common Stock. See Note 10 - Mezzanine Equity and Equity for additional information related to the redeemable noncontrolling interests.
General and Administrative Expense	General and Administrative Expense General, selling, and administrative expenses consist of human capital related expenses for employees involved in general corporate functions, including executive management and administration, accounting, finance, tax, legal, information technology, marketing, and human resources; rent relating to the Company’s office space; professional fees and other general corporate costs; and research and development. Human capital expenses primarily include salaries and benefits. Research and development (“R&D”) represents costs incurred for the Company’s continued enhancements of our landers, lunar data network, other space systems, and also for the development and innovation of our proprietary technology platforms. R&D costs primarily include engineering personnel salaries and benefits, subcontractor costs, materials and supplies, and other related expenses.
Revenue Recognition	Revenue Recognition Most of our revenue is from long-term contracts associated with the engineering services for the research, design, development, manufacturing, integration and sustainment of advanced technology aerospace systems. Revenue is measured based on the amount of consideration specified in a contract with a customer. Revenue is recognized when and as our performance obligations under the terms of the contract are satisfied which generally occurs with the transfer of services to the customer. For each long-term contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each distinct performance obligation to deliver a good or service, or a collection of goods and/or services, based on the relative standalone selling prices. Contract Combination To determine the proper revenue recognition method for contracts, we evaluate whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires judgment and the decision to combine a group of contracts or separate a combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in each period. Contracts are considered to have a single performance obligation if the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts primarily because we provide a significant service of integrating a complex set of tasks and components into a single project or capability. Contract Types The Company performs work under contracts that broadly consist of fixed-price, cost-reimbursable, time-and-materials or a combination of the three. Pricing for all customers is based on specific negotiations with each customer. For most of our business, where performance obligations are satisfied due to the continuous transfer of control to the customer, revenue is recognized over time. Where the customer contracts with us to provide a significant service of integrating a complex set of tasks and components into a single project or capability, those contracts are accounted for as single performance obligations. We recognize revenue generally using the cost-to-cost method, based primarily on contract costs incurred to date compared to total estimated contract costs at completion. This method is deemed appropriate in measuring performance towards completion because it directly measures the value of the goods and services transferred to the customer. Billing timetables and payment terms on our contracts vary based on a few factors, including the contract type. Typical payment terms under fixed-price contracts provide that the customer pays either performance-based payment based on the achievement of contract milestones or progress payments based on a percentage of costs we incur. For a small portion of our business, where we have the right to consideration from the customer in an amount that corresponds directly with the value received by the customer based on our performance to date, revenue is recognized when services are performed and contractually billable. Under the typical payment terms of our services contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., weekly, biweekly, or monthly) or upon achievement of contractual milestones. Contract Costs Contract costs include all direct materials, labor and subcontractor costs and an allocation of indirect costs related to contract performance. Customer-furnished materials are included in both contract revenue and cost of revenue when management concludes that the company is acting as a principal rather than as an agent. Revenue for uninstalled materials is recognized when the cost is incurred and control is transferred to the customer, which revenue is recognized using the cost-to-cost method. Certain costs associated with significant long-term service arrangements are capitalized and amortized across the life of the contract. Capitalized contract costs primarily relate to prepaid pre-launch integration and engineering services and launch services subcontracted with a third party. Pre-launch integration and engineering services and launch services are capitalized and amortized over the term of the contract on a systematic basis that is consistent with the transfer of the goods and services to our end customer. Project mobilization costs are generally charged to the project as incurred when they are an integrated part of the performance obligation being transferred to the client. Costs to obtain a contract are expensed as incurred unless they are expected to be recovered from the customer. Variable Consideration It is common for our contracts to contain variable consideration in the form of award fees, incentive fees, performance bonuses, liquidated damages or penalties that may increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or targets and can be based on customer discretion. We estimate the amount of variable consideration based on a weighted probability or the most likely amount to which we expect to be entitled. Variable consideration is included in the transaction price when it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include such amounts in the transaction price are based largely on our assessment of legal enforceability, anticipated performance, and any other information (historical, current or forecasted) that is reasonably available to us. Contract Estimates and Modifications Due to the nature of the work required to be performed on many of our performance obligations, the estimation of total revenue and cost at completion is complex and subject to many variables and requires significant judgment. As a significant change in estimated total revenue and cost could affect the profitability of our contracts, we routinely review and update our contract-related estimates through a disciplined project review process in which management reviews the progress and execution of our performance obligations and the estimate at completion. As part of this process, management reviews information including, but not limited to, outstanding contract matters, progress towards completion, program schedule and the associated changes in estimates of revenue and costs. Management must make assumptions and estimates regarding the availability and productivity of labor, the complexity of the work to be performed, the availability and cost of materials, the performance of subcontractors and the availability and timing of funding from the customer, along with other risks inherent in performing services under all contracts where we recognize revenue over time using the cost-to-cost method. We typically recognize changes in contract estimates on a cumulative catch-up basis in the period in which the changes are identified. Such changes in contract estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in prior period. Changes in contract estimates may also result in the reversal of previously recognized revenue if the current estimate differs from the previous estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified. Contracts are often modified to account for changes in contract specifications and requirements. Most of our contract modifications are for goods or services that are not distinct from existing contracts due to the significant integration provided in the context of the contract and are accounted for as if they were part of the original contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. We account for contract modifications prospectively when the modification results in the promise to deliver additional goods or services that are distinct and the increase in price of the contract is for the same amount as the stand-alone selling price of the additional goods or services included in the modification. Unbilled Receivables and Deferred Revenue Billing practices are governed by the contract terms of each project based upon costs incurred, achievement of milestones or predetermined schedules. Billings do not necessarily correlate with revenue recognized over time using the cost-to-cost method. Unbilled receivables (contract assets) include unbilled amounts typically resulting from revenue under long-term contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Deferred revenue (contract liabilities) consists of advance payments and billings in excess of revenue recognized. Our unbilled receivables and deferred revenue are reported in a net position on a contract-by-contract basis at the end of each reporting period. The payment terms of our contracts from time to time require the customer to make advance payments as well as interim payments as work progresses. The advance payment generally is not considered to contain a significant financing component as we expect to recognize those amounts in revenue within a year of receipt as work progresses on the related performance obligation.
Government Grants	Government Grants From time to time, the Company may be awarded government grants. U.S. GAAP does not have specific accounting standards covering government grants to business entities. The Company applies International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance, by analogy when accounting for government grants. Under IAS 20, government grants or awards are initially recognized when there is reasonable assurance the conditions of the grant or award will be met and the grant or award will be received. After initial recognition, government grants or awards are recognized as income under revenue within the statement of operations on a systematic basis in a manner consistent with the manner in which the Company recognizes the underlying costs included in the cost of revenue within the statement of operations for which the grant or award is intended to compensate. A grant receivable is recognized for expenses incurred but for which grant funding has not yet been received. The Company follows ASC 832, Disclosures by Business Entities about Government Assistance, with respect to the disclosures of governmental grants or awards.
Income Taxes & Tax Receivable Agreement	Income Taxes Intuitive Machines, Inc. is a corporation and thus is subject to United States (“U.S.”) federal, state and local income taxes. Intuitive Machines, LLC is a partnership for U.S. federal income tax purposes and therefore does not pay United States federal income tax. Instead, the Intuitive Machines, LLC unitholders, including Intuitive Machines, Inc., are liable for U.S. federal income tax on their respective shares of Intuitive Machines, LLC’s taxable income. Intuitive Machines, LLC is liable for income taxes in those states which tax entities classified as partnerships for U.S. federal income tax purposes. We use the asset and liability method of accounting for income taxes for the Company. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss (“NOL”) and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in the results of operations in the period that includes the enactment date. The realizability of deferred tax assets is evaluated quarterly based on a “more likely than not” standard and, to the extent this threshold is not met, a valuation allowance is recorded. The Company follows the guidance of ASC Topic 740, Income Taxes. Interest and penalties associated with tax positions are recorded in the period assessed as general and administrative expenses. The open tax years for the tax returns generally include 2022 through 2024 for state and federal reporting purposes. Tax Receivable Agreement In conjunction with the consummation of the Transactions, Intuitive Machines, Inc. entered into a Tax Receivable Agreement (the “TRA”) with Intuitive Machines, LLC and certain Intuitive Machines, LLC members (the “TRA Holders”). Pursuant to the TRA, Intuitive Machines, Inc. is required to pay the TRA Holders 85% of the amount of cash tax savings, if any, in U.S. federal, state, and local income tax that are based on, or measured with respect to, net income or profits, and any interest related thereto that Intuitive Machines, Inc. realizes, or is deemed to realize, as a result of certain tax attributes, including (A) existing tax basis of certain assets of Intuitive Machines, LLC and its subsidiaries, (B) tax basis adjustments resulting from taxable exchanges of Intuitive Machines, LLC Common Units acquired by Intuitive Machines, Inc., (C) certain tax benefits realized by Intuitive Machines, Inc. as a result of the Business Combination, and (D) tax deduction in respect of portions of certain payments made under the TRA. All such payments to the TRA Holders are the obligations of Intuitive Machines, Inc., and not that of Intuitive Machines, LLC. See Note 9 - Income Taxes for additional information on the TRA liability.
Earnings (Loss) Per Share ("EPS")	Earnings (Loss) Per Share (“EPS”) The Company reports both basic and diluted earnings per share. Basic earnings per share is calculated based on the weighted average number of shares of Class A Common Stock outstanding and excludes the dilutive effect of warrants, stock options, and other types of convertible securities. Diluted earnings per share is calculated based on the weighted average number of shares of Class A Common Stock outstanding and the dilutive effect of stock options, warrants and other types of convertible securities are included in the calculation. Dilutive securities are excluded from the diluted earnings per share calculation if their effect is anti-dilutive, such as in periods where a net loss has been reported. Prior to the Business Combination, the membership structure of Intuitive Machines, LLC included membership units. In conjunction with the closing of the Business Combination, the Company effectuated a recapitalization whereby all membership units were converted to common units of Intuitive Machines, LLC, and Intuitive Machines, Inc. implemented a revised class structure including Class A Common Stock having one vote per share and economic rights, Class B Common Stock having one vote per share and no economic rights, and Class C Common Stock having three votes per share and no economic rights. The Company has determined that the calculation of loss per unit for periods prior to the Business Combination would not be meaningful to the users of these consolidated financial statements. As a result, loss per share information has not been presented for periods prior to the Business Combination on February 13, 2023.
Share-Based Compensation	Share-Based Compensation We recognize all share-based awards to employees and directors as share-based compensation expense based upon their fair values on the date of grant. We estimate the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as an expense during the requisite service periods. We have estimated the fair value for each option award as of the date of grant using the Black-Scholes-Merton option pricing model. The Black-Scholes option pricing model considers, among other factors, the expected life of the award and the expected volatility of our share price. We recognize the share-based compensation expense over the requisite service period using the straight-line method for service condition only awards, which is generally a vesting term of five years. Forfeitures are accounted for in the period in which they occur and reverses any previously recognized compensation cost associated with forfeited awards.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For public business entities, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continue to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company adopted the new standard as of January 1, 2025 and has applied this standard prospectively in the financial statements. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve the disclosures of expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard can be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the standard on the presentation of its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether to account for certain early settlements of convertible debt instruments as induced conversions or extinguishments. The standard is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years. Early adoption is permitted. The standard can be applied either prospectively or retrospectively. Management does not expect this new guidance to have a material impact on the Company’s consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets which provides all entities a practical expedient option when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, including those assets acquired in a transaction accounted for under Topic 805, Business Combinations. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, and applied prospectively. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements disclosures. In September 2025, FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes the accounting for internal-use software costs by eliminating the prescriptive and sequential development stage model and introducing a principles-based framework requiring companies to capitalize internal-use software costs when management commits to funding the software project and it is probable the project will be completed. The amendment is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the potential impacts of adopting this ASU on its consolidated financial statements. In December 2025, FASB issued ASU 2025-10, Government Grants (Topic 832) - Accounting for Government Grants Received by Business Entities ASU 2025-10 which establishes authoritative guidance for the accounting of government grants received by business entities. The guidance requires recognition of grants when it is probable that the entity will comply with the related conditions and that the grant will be received. Asset-related grants may be recorded as deferred income or as a reduction of the related asset, while income-related grants are recognized in earnings over the periods in which the related costs are incurred. The amendment is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the potential impacts of adopting this ASU on its consolidated financial statements.

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

NOTE 4 - REVENUE

Disaggregated Revenue

We disaggregate our revenue from contracts with customers by contract type. The following table provides information about disaggregated revenue for the years ended December 31, 2025 and 2024, (in thousands):


	Year Ended December 31,
	2025				2024
Revenue by Contract Type
Fixed price	$	120,308	57	%	$	74,681	33	%
Cost reimbursable	80,102		38	%	146,516		64	%
Time and materials	6,722		3	%	6,803		3	%
Revenue from contracts with customers	207,132		98	%	228,000		100	%
Grant revenue	2,927		2	%	—		—	%
Total revenue	$	210,059	100	%	$	228,000	100	%

Contract Assets and Liabilities

Contract assets primarily relate to deferred contract costs for subcontracted launch services, as well as work completed not yet billed for performance obligations that are satisfied over time. Deferred contract costs and unbilled receivables are recorded contract assets on our consolidated balance sheets. Contract assets related to deferred contract costs are amortized straight-line across the life of the long-term service arrangement. Contract assets related to work completed for performance obligations that are satisfied over time are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to billings or consideration received in advance of performance (obligation to transfer goods or services to a customer) under the contract as well as provisions for loss contracts. Contract liabilities are recognized as revenue when the performance obligation has been performed. Current deferred revenue and provisions for loss contracts are recorded in current contract liabilities on our consolidated balance sheets. Long-term deferred revenue and provisions for loss contracts are recorded in long-term contract liabilities on our consolidated balance sheets.

The following table presents contract assets as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Contract Assets
Unbilled receivables	$	12,228	$	18,113
Deferred contract costs	8		16,479
Total	$	12,236	$	34,592

Amortization expense associated with deferred contract costs for subcontracted launch services was recorded in cost of revenue and was $29.8 million and $10.1 million for the years ended December 31, 2025 and 2024, respectively. Launch

delay fees are recorded directly to the cost of revenue and were $2.3 million and $3.6 million, for the years ended December 31, 2025 and 2024, respectively.

The following table presents contract liabilities as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024

Contract liabilities – current
Deferred revenue	$	45,712	$	54,803
Contract loss provision	6,996		7,890
Accrued launch costs	4,660		2,491
Total contract liabilities – current	57,368		65,184
Contract liabilities – long-term
Deferred revenue	5,900		14,334
Contract loss provision	441		—
Total contract liabilities – long-term	6,341		14,334
Total contract liabilities	$	63,709	$	79,518

Revenue recognized from amounts included in contract liabilities at the beginning of the period was $53.3 million and $13.6 million, during the years ended December 31, 2025 and 2024, respectively.

Loss Contracts

A contract loss occurs when the current estimate of the consideration that we expect to receive is less than the current estimate of total estimating costs to complete the contract. For purposes of determining the existence of or amount of a contract loss, we consider total contract consideration, including any variable consideration constrained for revenue recognition purposes. We may experience favorable or unfavorable changes to contract losses from time to time due to changes in estimated contract costs and modifications that result in changes to contract price. We recorded net losses related to contracts with customers of $22.6 million and $28.1 million for the years ended December 31, 2025 and 2024, respectively.

The status of these loss contracts was as follows:

•Our IM-1 mission contract for lunar payload services, became a loss contract due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. The contract was successfully completed in February 2024. As a result of a successful mission, previously constrained variable consideration of $12.3 million as of December 31, 2023 was released and approximately $11.6 million was recognized as revenue during the first quarter of 2024. For the year ended December 31, 2024, changes in estimated contract costs resulted in an additional $5.7 million in contract loss.

•Our IM-2 mission contract for lunar payload services, became a loss contract in 2023 due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. The IM-2 mission associated with this contract was completed in March 2025. For the years ended December 31, 2025 and 2024, changes in estimated contract costs resulted in an additional $1.0 million and $9.9 million, in contract loss, respectively. During the third quarter of 2025, the IM-2 mission contract was closed-out and previously constrained revenue of approximately $5.5 million was recognized in revenue. As of December 31, 2024, the contract loss provision recorded in contract liabilities, current in our consolidated balance sheets was $0.9 million, and there was no contract loss provision remaining as of December 31, 2025.

•Our IM-3 mission contract for lunar payload services, became a loss contract in 2021 due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. For the years ended December 31, 2025 and 2024, changes in estimated contract costs resulted in an additional $20.1 million and $12.5 million, in contract loss, respectively. The increase in estimated contract costs was primarily driven by the alignment of the mission schedule with the completion of an internally-developed satellite to be placed in lunar orbit to meet NSN contract obligations. The period of performance for this contract currently runs through March 2027. As of December 31, 2025, this contract was approximately 85% complete. As of December 31, 2025 and 2024, the contract loss provision recorded in contract liabilities, current was $6.5 million and $7.0 million, respectively, in our consolidated balance sheets.

•Our IM-4 mission contract for lunar payload services, became a loss contract during the second quarter of 2025 due to estimated contract costs exceeding the estimated amount of consideration that we expect to receive. For the year ended December 31, 2025, changes in estimated contract costs resulted in $1.4 million in contract loss. As of December 31, 2025 this contract was approximately 32% complete. The period of performance for this contract currently runs through August 2028. As of December 31, 2025, the contract loss provision recorded in contract liabilities, current was $0.5 million and $0.4 million in contract liabilities, non-current in our consolidated balance sheets.

•The remaining loss contracts are individually and collectively immaterial.

Remaining Performance Obligations

Remaining performance obligations represent the remaining transaction price of firm orders for which work has not been performed and excludes unexercised contract options. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $102.8 million. The Company expects to recognize revenue on approximately 60-65% of the remaining performance obligations over the next 12 months, 35%-40% in 2027 and the remaining thereafter. Remaining performance obligations do not include variable consideration that was determined to be constrained as of December 31, 2025 due to the uncertainty of achieving performance milestones or other factors not yet resolved.

For time and materials contracts and cost reimbursable contracts, we have adopted the practical expedient that allows us to recognize revenue based on our right to invoice; therefore, we do not report unfulfilled performance obligations for time and materials agreements and cost reimbursable agreements.

Grant Revenue and Related Matters

In April 2025, the Texas Space Commission (“TSC”) selected Intuitive Machines for a grant up to $10.0 million from the Space Exploration and Research Fund. This funding supports the development of an Earth reentry vehicle and orbital fabrication lab designed to enable microgravity biomanufacturing and is intended to serve as a critical risk-reduction platform for the Company’s future lunar sample return missions. Under the TSC grant, the Company will apply up to $10.0 million in funds pursuant to budget periods defined in the TSC award through June 30, 2026 as reimbursement for costs incurred in completing the tasks, specified by the Company, to complete the design of the Earth reentry vehicle. The TSC can terminate the TSC award for convenience. Under such a termination, the Company will be permitted to seek reimbursement of valid costs incurred through the date of termination. During the year ended December 31, 2025, the Company recognized grant revenue of $2.9 million and corresponding expenses included in cost of revenue on the consolidated statement of operations. As of December 31, 2025, the grant receivable was $2.9 million, and is included in trade accounts receivables on the consolidated balance sheet.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Property, Plant and Equipment [Abstract]

Leases - Schedule of Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Operating Leases
2026	$ 12,597
2027	6,691
2028	3,603
2029	3,920
2030	3,940
Thereafter	60,897
Total undiscounted lease payments	91,648
Less: imputed interest	54,892
Present value of lease liabilities	36,756
Finance Leases
2026	45
2027	21
2028	7
2029	0
2030	0
Thereafter	0
Total undiscounted lease payments	73
Less: imputed interest	5
Present value of lease liabilities	$ 68

Fair Value Measurements - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2023 shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2023 shares	Oct. 01, 2025 $ / shares	Dec. 31, 2024 USD ($)	Jan. 29, 2024 USD ($) $ / shares	Jan. 28, 2024 USD ($)	Jan. 10, 2024 USD ($) $ / shares	Feb. 13, 2023 shares
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities \| $		$ 60,394			$ 68,778
Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities \| $		60,394			68,778
Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities \| $		$ 0			$ 0
Second Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities \| $								$ 10,800
Second Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities \| $								$ 5,700
Third Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities \| $						$ 10,000
Third Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities \| $						$ 5,100
Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities \| $							$ 10,000
Class C Common Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earn-out units, vested in period (in shares) \| shares			2,500,000
Issuance of stock (in shares) \| shares	2,500,000
Class A Common Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share price (in dollars per share)		$ 16.23		$ 10.61
Earn Out Units \| Class C Common Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Issuance of stock (in shares) \| shares		7,500,000
Intuitive Machines, LLC \| Earn Out Units
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earn-out units issued (in shares) \| shares									10,000,000
Measurement Input, Share Price \| Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)								2.83
Measurement Input, Share Price \| Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)								2.83
Measurement Input, Share Price \| Second Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)						3.05		2.83
Measurement Input, Share Price \| Second Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)								2.83
Measurement Input, Share Price \| Third Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)						3.05
Measurement Input, Share Price \| Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)		16.23
Measurement Input, Dividend Yield \| Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)								0.000
Measurement Input, Dividend Yield \| Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)								0.000
Measurement Input, Dividend Yield \| Second Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)						0.000		0.000
Measurement Input, Dividend Yield \| Second Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)								0.000
Measurement Input, Dividend Yield \| Third Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)						0.000
Measurement Input, Dividend Yield \| Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)		0.000
Measurement Input, Risk Free Interest Rate \| Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)								0.0399
Measurement Input, Risk Free Interest Rate \| Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)								0.0475
Measurement Input, Risk Free Interest Rate \| Second Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)								0.0400
Measurement Input, Risk Free Interest Rate \| Second Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)								0.0455
Measurement Input, Risk Free Interest Rate \| Third Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)						0.0453
Measurement Input, Risk Free Interest Rate \| Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)		0.0356
Measurement Input, Volatility \| Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)								1.04
Measurement Input, Volatility \| Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)								0.85
Measurement Input, Volatility \| Second Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)						1.02		1.05
Measurement Input, Volatility \| Second Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)								0.83
Measurement Input, Volatility \| Third Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)						0.76
Measurement Input, Volatility \| Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input (in dollars per share)		1.04
Measurement Input, Probability of Dissolution Event
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
SAFE agreement, liability, measurement input (in dollars per share)						0.0397

Net Loss Per Share - Narrative (Details) - USD ($) $ in Millions				2 Months Ended
	Feb. 27, 2026	Jan. 13, 2026	Sep. 05, 2023	Mar. 05, 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of stock, consideration received on transaction			$ 20.0
Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			4,705,883
Subsequent Event \| Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	11,574,069
Sale of stock, consideration received on transaction	$ 175.0
Subsequent Event \| Lanteris Space Holdings LLC
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity interest issued or issuable (in shares)		22,991,028		24,509,191

Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Oct. 01, 2025	Dec. 31, 2025	Dec. 31, 2024
Liabilities:
Goodwill		$ 18,697	$ 0
KinetX, Inc.
Business Combination [Line Items]
Cash consideration	$ 15,000
Fair value of Class A Common Stock issued	11,715
Equity holdback in escrow	3,500
Transaction costs and other adjustments payable to the seller	1,130
Purchase consideration	31,345
Assets:
Cash and cash equivalents	1,247
Trade accounts receivable	1,232
Contract assets	34
Prepaid and other current assets	306
Property and equipment, net	134
Intangible assets, net	13,300
Operating lease right-of-use assets	495
Total assets	16,748
Liabilities:
Accounts payable and accrued expenses	174
Operating lease liabilities, current	114
Deferred tax liability, current	2,847
Other current liabilities	584
Operating lease liabilities, non-current	381
Total liabilities	4,100
Fair value of net identifiable assets acquired	12,648
Goodwill	$ 18,697

Debt - Narrative (Details) $ / shares in Units, $ in Thousands					1 Months Ended		3 Months Ended	12 Months Ended
	Aug. 18, 2025 USD ($) day $ / shares shares	Mar. 04, 2025 USD ($)	Jan. 29, 2024 USD ($)	Jan. 10, 2024 USD ($)	Jul. 31, 2024 USD ($)	Jul. 31, 2022 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 12, 2019 USD ($)
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs								$ 982	$ 0
Purchase of capped call transactions								36,777	0
Long-term debt, net of current maturities								335,335	$ 0
Proceeds from guarantor			$ 10,000
Convertible Senior Notes Due 2030 \| Level 2 \| Estimate of Fair Value Measurement
Debt Instrument [Line Items]
Convertible debt, fair value disclosures								$ 526,400
Pershing LLC Loan Agreement
Debt Instrument [Line Items]
Debt instrument, credit support fee				$ 148
Convertible Debt \| Capped Calls
Debt Instrument [Line Items]
Purchase of capped call transactions	$ 36,800
Derivative, initial strike price (in dollars per share) \| $ / shares	$ 13.1125
Derivative, initial cap price (in dollars per share) \| $ / shares	$ 20.9800
Derivative, underlying investment, shares (in shares) \| shares	26,310,770
Convertible Debt \| Convertible Senior Notes Due 2030
Debt Instrument [Line Items]
Debt instrument, face amount	$ 345,000
Debt instrument, interest rate	2.50%
Debt instrument, redemption price, percentage	100.00%
Debt instrument, minimum principal amount outstanding after redemption	$ 75,000
Debt instrument, convertible, conversion ratio	0.0762631
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares	$ 13.1125
Interest rate, effective percentage								3.04%
Interest expense, debt								$ 3,900
Amortization of debt discount and issuance costs								800
Purchase of capped call transactions	$ 36,800
Convertible Debt \| Convertible Senior Notes Due 2030 \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| day	20
Debt instrument, convertible, threshold consecutive trading days \| day	30
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Convertible Debt \| Convertible Senior Notes Due 2030 \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| day	5
Debt instrument, convertible, threshold consecutive trading days \| day	10
Debt instrument, convertible, threshold percentage of stock price trigger	98.00%
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, interest rate		6.00%
Line of credit facility, maximum borrowing capacity		$ 40,000
Basis spread on variable rate		2.75%
Outstanding debt								$ 0
Line of Credit \| Live Oak Loan Agreement \| Secured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity											$ 12,000
Line of Credit \| Live Oak Second Amended and Restated Loan Agreement, Facility Two \| Secured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 8,000
Line of Credit \| Live Oak Second Amended and Restated Loan Agreement \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, net of current maturities										$ 8,000
Principal payment					$ 3,000		$ 5,000
Line of Credit \| Live Oak Second Amended and Restated Loan Agreement \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate						5.00%
Basis spread on variable rate						2.00%
Line of Credit \| Pershing LLC Loan Agreement \| Secured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 10,000
Basis spread on variable rate				0.90%
Debt instrument, variable rate, floor				5.50%

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 207,132	$ 228,000
Total (percent)	98.00%	100.00%
Grant revenue	$ 2,927	$ 0
Grant revenue, percent	2.00%	0.00%
Total revenues	$ 210,059	$ 228,000
Total revenues, percent	100.00%	100.00%
Fixed price
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 120,308	$ 74,681
Total (percent)	57.00%	33.00%
Cost Reimburseable
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 80,102	$ 146,516
Total (percent)	38.00%	64.00%
Time and materials
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 6,722	$ 6,803
Total (percent)	3.00%	3.00%

Revenue - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Unbilled receivables	$ 12,228	$ 18,113
Deferred contract costs	8	16,479
Total	$ 12,236	$ 34,592

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor [Abstract]
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Houston, Texas

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 76,106	$ 27,874
Less: accumulated depreciation and amortization	(7,556)	(4,510)
Property and equipment, net	68,550	23,364
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	336	208
Vehicles and trailers
Property, Plant and Equipment [Line Items]
Property and equipment, gross	146	129
Computers and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,931	4,146
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,097	1,913
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,632	4,361
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 54,964	$ 17,117

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (102,884)	$ (346,885)
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
State income tax expense	$ 35	(5,593)
Change in valuation allowance	10,657	21,997
Expected income tax benefit		(72,846)
Fair value activity on earn-out liabilities	7,007	25,226
Fair value activity on warrant liabilities		18,646
Income passed through to partners	4,946
Equity compensation	(1,752)	(480)
Nontaxable or nondeductible items, other	935
KinetX investment deferred adjustment	3,927
Other	(188)	(272)
Noncontrolling interest		13,458
Other permanent differences		(99)
Total income tax provision (benefit)	$ 3,962	$ 37
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory income tax rate	21.00%	21.00%
U.S. federal statutory tax rate	$ (21,605)
State and Local Income Tax, Net of Federal (National) Income Tax Effect	(0.03%)
Changes in valuation allowance	(10.36%)
Fair value activity on earn-out liabilities	(6.81%)
Income passed through to partners	(4.81%)
Equity compensation	1.70%
Nontaxable or nondeductible items, other	(0.91%)
KinetX investment deferred adjustment	(3.82%)
Other	0.19%
Effective tax rate	(3.85%)	(0.01%)
Tax reconciliation not required	Statutory income tax rate	Statutory income tax rate

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts receivable, allowance for credit loss, current	$ 3,295	$ 0
Temporary equity, par value (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, authorized (in shares)	25,000,000	25,000,000
Temporary equity, issued (in shares)	5,000	5,000
Temporary equity, outstanding (in shares)	5,000	5,000
Treasury stock (in shares)	2,191,080	2,191,080
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	123,472,960	101,859,000
Common stock, outstanding (in shares)	121,281,880	100,609,000
Treasury stock (in shares)	2,191,080
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Treasury stock (in shares)	0
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	58,628,185	55,394,533
Common stock, outstanding (in shares)	58,628,185	55,394,533
Treasury stock (in shares)	0

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

NOTE 7 - LEASES

The Company leases real estate for administrative office space, research, marketing and light manufacturing operations of the lessee’s aerospace related research and development business under operating leases.

The Company has seven real estate leases with lease terms ranging from 30 months to 313 months and seven equipment leases (of which six are finance leases) with lease terms ranging from 36 months to 60 months, some of which contain options to extend and some of which contain options to terminate the lease without cause at the option of lessee.

The Company’s real estate leasing agreements include terms requiring the Company to reimburse the lessor for its share of real estate taxes, insurance, operating costs and utilities which the Company accounts for as variable lease costs when incurred since the Company has elected to not separate lease and non-lease components, and hence are not included in the measurement of lease liability. There are no restrictions or covenants imposed by any of the leases, and none of the Company’s leases contain material residual value guarantees.

Lunar Production and Operations Center Expansion

In July 2025, we executed an amendment to our ground lease agreement to expand our Lunar Production and Operations Center (“LPOC”) at the Houston Spaceport at Ellington Airport. The expansion calls for an additional investment of approximately $12.6 million by the Company for the construction of new production and testing facilities, plus support infrastructure, to scale our lunar lander assembly, Earth-reentry systems, Lunar Terrain Vehicle development, and NASA’s Near Space Network services. The amendment expands the total leased project site by an additional tract of approximately 3.0 acres. The amendment extends the lease term from 20 years to 25 years (ending October, 2048), with three optional renewal periods of 5 years each, and reduces the right-of-use assets and liabilities by approximately $7.1 million. The Company accounted for this amendment as a lease modification by remeasuring the right-of-use assets and liabilities as of

the effective date. Should construction costs exceed the estimated expansion investment, the Company will consider and account for the excess as variable lease payments or, if the excess costs are significant, the Company will remeasure the lease liability and right-of-use asset. Furthermore, the amendment includes lease components that have not yet commenced. The Company expects to recognize additional lease liabilities of approximately $7.9 million as the expansion phases are completed in 2026.

Spaceport Facility Lease Agreement

In July 2025, we executed a sublease for additional office and production space at the Houston Spaceport at Ellington Airport totaling approximately 116,000 square feet. The leased production space includes turn-key production equipment, including test facilities, that allow for an efficient and cost-effective expansion of our manufacturing capabilities. The lease agreement has a remaining term of 7 years. As of December 31, 2025, the Company recorded operating right-of-use assets of $6.4 million and operating lease liabilities of $6.8 million.

The components of total lease expense are as follows (in thousands):


	Year Ended December 31,
	2025		2024
Operating lease cost	$	5,025	$	4,144
Finance lease cost	40		37
Variable lease cost	431		—
Short-term lease cost	580		94
Total lease cost	$	6,076	$	4,275

The components of supplemental cash flow information are as follows (in thousands):


	Year Ended December 31,
	2025						2024
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating activities	$	3,379		$	7		$	2,019		$	9
Cash flows from investing activities	$	—		$	—		$	3,823		$	2
Cash flows from financing activities	$	—		$	31		$	—		$	35
Right-of-use assets obtained in exchange for new operating lease liabilities	$	7,182		$	—		$	4,145		$	43
Weighted average remaining lease term - operating leases (in months)	211			23			204			28
Weighted average discount rate - operating leases	11.2		%	8.0		%	6.5		%	7.8		%

The operating and finance lease ROU assets, current operating lease liabilities, current finance lease liabilities, non-current operating lease liabilities, and non-current finance lease liabilities are disclosed in our consolidated balance sheets.

The table below includes the estimated future undiscounted cash flows for operating and finance leases as of December 31, 2025 (in thousands):


Year Ending December 31,	Operating Leases		Finance Leases

2026	$	12,597	$	45
2027	6,691		21
2028	3,603		7
2029	3,920		—
2030	3,940		—
Thereafter	60,897		—
Total undiscounted lease payments	$	91,648	$	73
Less: imputed interest	54,892		5
Present value of lease liabilities	$	36,756	$	68

Warrants - Narrative (Details) $ / shares in Units, $ in Thousands						1 Months Ended		2 Months Ended	12 Months Ended
	Nov. 29, 2024 USD ($) shares	Jun. 07, 2024 USD ($) shares	Jan. 29, 2024 USD ($)	Jan. 10, 2024 USD ($) $ / shares shares	Feb. 13, 2023 $ / shares shares	Feb. 28, 2025 shares	Feb. 23, 2024 USD ($) shares	Mar. 06, 2025 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 shares	Jan. 28, 2024 USD ($) $ / shares shares	Sep. 05, 2023 $ / shares shares	May 31, 2023 $ / shares	Feb. 14, 2023 $ / shares	Dec. 31, 2022 shares
Class of Warrant or Right [Line Items]
Period before warrants become exercisable (in days)					30 days
Warrant term (in years)					5 years
Redemption price (in dollars per share) \| $ / shares					$ 0.01
Period for prior written notice before redemption (in days)					30 days
Period in which stock must reach mandatory closing price (in days)					20 days
Maximum period in which stock can reach mandatory closing price (in days)					30 days
Number of business days notice prior to notice being sent					3 days
Period before warrants may be exercised (in months)					6 months
Change in fair value of warrant liabilities \| $									$ (8,384)	$ 77,651
Warrants exercised \| $									176,620	61,261
Gain (loss) on issuance of common stock and warrants \| $									0	(93,136)
Warrant liabilities \| $									$ 60,394	68,778
Proceeds from guarantor \| $			$ 10,000
Public Warrants
Class of Warrant or Right [Line Items]
Warrant, exercise price (in dollars per share) \| $ / shares															$ 11.50
Warrants outstanding (in shares)					16,487,500
Warrants exercised (in shares)						1,800,000
Private Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)					6,845,000
Period before warrants can be transferred or sold (in days)					30 days
Series A Preferred Warrants
Class of Warrant or Right [Line Items]
Warrant, exercise price (in dollars per share) \| $ / shares					$ 15.00								$ 11.50
Warrants outstanding (in shares)					541,667
Warrant term (in years)					5 years
Warrants exercised (in shares)									0
Number of shares called by warrants (in shares)													706,522
Series A Preferred Warrants \| Related Party \| Ghaffarian Enterprises, LLC
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)					104,157
Series B Warrants
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)													4,705,883
Warrant, exercise price (in dollars per share) \| $ / shares				$ 2.50									$ 4.75
Gain (loss) on issuance of common stock and warrants \| $									$ 1,300
Warrant liabilities \| $									$ 0	0
Series B Warrants \| Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)													4,705,883
Warrants exercised (in shares)									4,705,883
Warrants exercised \| $									$ 11,800
Series A Purchase Warrant
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)				4,705,883
Warrant, exercise price (in dollars per share) \| $ / shares				$ 2.75
Warrant term (in years)				5 years 6 months
Series B Purchase Warrant
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)				4,705,883
Warrant, exercise price (in dollars per share) \| $ / shares				$ 2.75
Warrant term (in years)				18 months
Series A Warrants
Class of Warrant or Right [Line Items]
Warrant, exercise price (in dollars per share) \| $ / shares				$ 2.75									$ 4.75
Warrants exercised (in shares)							4,705,883
Warrant liabilities \| $									60,394	$ 68,778
Series A Warrants \| Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)													4,705,883
Conversion Warrants
Class of Warrant or Right [Line Items]
Gain (loss) on issuance of common stock and warrants \| $									$ (5,500)
New Series A Warrant
Class of Warrant or Right [Line Items]
Warrant term (in years)				5 years 6 months
Warrants exercised (in shares)							4,705,883
Warrant liabilities \| $				$ 10,800
New Series B Warrant
Class of Warrant or Right [Line Items]
Warrant term (in years)				18 months
Warrants exercised (in shares)							4,705,883
Warrant liabilities \| $				$ 5,700
New Series A & B Warrants
Class of Warrant or Right [Line Items]
Gain (loss) on issuance of common stock and warrants \| $				$ (16,600)
Series A, New Series A & New Series B Warrants
Class of Warrant or Right [Line Items]
Class A common stock issued for warrants exercised (in shares)							14,117,649
Warrants exercised \| $							$ 38,800
Gain (loss) on issuance of common stock and warrants \| $							$ (47,900)
Series A Warrants
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)												4,150,780
Warrant, exercise price (in dollars per share) \| $ / shares												$ 2.57
Warrants outstanding (in shares)									4,150,780	4,150,780	4,705,883					0
Warrants exercised (in shares)									0	9,411,766	0
Warrant liabilities \| $												$ 10,000
Series B Warrants
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)												4,150,780
Warrant, exercise price (in dollars per share) \| $ / shares												$ 2.57
Warrants outstanding (in shares)									0	0	4,705,883					0
Warrant term (in years)												18 months
Warrants exercised (in shares)	3,850,780	300,000							0	13,562,546	0
Warrant liabilities \| $												$ 5,500
Class A Common Stock
Class of Warrant or Right [Line Items]
Closing price required to redeem warrants (in dollars per share) \| $ / shares					$ 18.00
Common stock, par value (in dollars per share) \| $ / shares									$ 0.0001	$ 0.0001
Class A Common Stock \| Series A Preferred Warrants
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)					1
Class A Common Stock \| Series B Warrants
Class of Warrant or Right [Line Items]
Class A common stock issued for warrants exercised (in shares)									4,705,883
Class A Common Stock \| Conversion Warrants
Class of Warrant or Right [Line Items]
Change in fair value of warrant liabilities \| $									$ 1,200
Gain (loss) on issuance of common stock and warrants \| $	$ (25,000)	$ 600
Class A Common Stock \| Series A Warrants
Class of Warrant or Right [Line Items]
Change in fair value of warrant liabilities \| $									$ 8,400	$ (58,800)
Class A Common Stock \| Series B Warrants
Class of Warrant or Right [Line Items]
Change in fair value of warrant liabilities \| $										$ (17,700)
Class C Common Stock
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share) \| $ / shares									$ 0.0001	$ 0.0001				$ 0.0001
Class C Common Stock \| Series A Warrants
Class of Warrant or Right [Line Items]
Warrant term (in years)												5 years
Common stock, par value (in dollars per share) \| $ / shares												$ 0.0001
Class C Common Stock \| Series B Warrants
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share) \| $ / shares												$ 0.0001
Public Warrants & Private Warrants \| Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)								6,571,724
Class of warrants or rights redemption price per unit of warrant (in usd per share) \| $ / shares								0.01
Warrants exercised (in shares)								15,358,229
Class of warrant or right, aggregate redemption price, amount (in shares) \| $								$ 66
Warrants exercised \| $								$ 176,600
Intuitive Machines, LLC
Class of Warrant or Right [Line Items]
Business acquisition, warrants assumed (in shares)					23,332,500
Warrant, exercise price (in dollars per share) \| $ / shares					$ 11.50
Intuitive Machines, LLC \| Class A Common Stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)					1

Share-Based Compensation and Retirement Benefits - Schedule of Restricted Stock Unit & Performance Stock Unit Activity (Details)	1 Months Ended	12 Months Ended
	Apr. 30, 2025 shares	Dec. 31, 2025 performanceGoal $ / shares shares	Dec. 31, 2024 $ / shares shares
RSUs and PSUs
Number of Units
Beginning balance (in shares)		3,307,039
Granted (in shares)		739,991
Vested (in shares)		(1,285,414)
Forfeited (in shares)		(9,197)
Ending balance (in shares)		2,752,419	3,307,039
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares		$ 4.31
Granted (in dollars per share) \| $ / shares		16.95	$ 3.70
Vested (in dollars per share) \| $ / shares		4.54
Forfeited (in dollars per share) \| $ / shares		9.50
Ending balance (in dollars per share) \| $ / shares		$ 7.58	$ 4.31
Vested (in shares)		1,285,414
Performance Stock Units (PSUs) \| Share-Based Payment Arrangement, Tranche Two
Number of Units
Vested (in shares)	(53,333)
Weighted Average Grant Date Fair Value
Maximum number of shares achievable (in shares)		53,333
Number of performance goals \| performanceGoal		2
Performance goals percentage		0.50
Vested (in shares)	53,333

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property and Equipment, Net

NOTE 5 - PROPERTY AND EQUIPMENT, NET

As of December 31, 2025 and 2024, property and equipment, net consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Leasehold improvements	$	336	$	208
Vehicles and trailers	146		129
Computers and software	7,931		4,146
Furniture and fixtures	3,097		1,913
Machinery and equipment	9,632		4,361
Construction in progress	54,964		17,117
Property and equipment, gross	76,106		27,874
Less: accumulated depreciation and amortization	(7,556)		(4,510)
Property and equipment, net	$	68,550	$	23,364

Total depreciation expense related to property and equipment for the years ended December 31, 2025 and 2024, was $3.3 million and $1.9 million, respectively.

As of December 31, 2025, construction in progress includes $50.8 million in capitalized costs associated with the fabrication and development of communications satellites and ground network assets, primarily in support of the NSN

contract. During the third quarter of 2024, management determined that certain assets under development by a third party subcontractor were not in compliance according to the specifications under contract. Management concluded that carrying cost of these assets was not recoverable and recorded an impairment charge of approximately $5.0 million, including capitalized interest of $0.5 million, in our consolidated statements of operations for the year ended December 31, 2024. No impairment charges were recorded for during the year ended December 31, 2025 related to these assets or other long-lived assets.

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

NOTE 14 - NET LOSS PER SHARE

Basic net income (loss) per share of Class A common stock is computed by dividing net income (loss) attributable to Class A common shareholders for the years ended December 31, 2025 and 2024 by the weighted-average number of shares of Class A common stock outstanding for the same periods.

Diluted net income per share of Class A common stock includes additional weighted average common shares that would have been outstanding if potential common shares with a dilutive effect had been issued using the if-converted method for the Series A Preferred Stock and Convertible Notes, and the treasury method for our RSUs, PSUs, options, and warrants. During loss periods, diluted net loss per share for all periods presented is the same as basic net loss per share as the inclusion of the potentially issuable shares would be anti-dilutive. The Capped Call transactions entered into in connection with the Convertible Notes (as discussed in Note 8) are excluded from diluted net income (loss) per share calculations as they are designed to reduce potential dilution and are currently anti-dilutive.

The following table presents the computation of the basic and diluted income (loss) per share of Class A Common Stock (in thousands, except share data):


	Year Ended December 31,
	2025		2024
Numerator
Net loss	$	(106,846)	$	(346,922)
Less: Net loss attributable to redeemable noncontrolling interest	(25,059)		(67,004)
Less: Net income attributable to noncontrolling interest	1,507		3,495
Net loss attributable to the Company	(83,294)		(283,413)
Less: Cumulative preferred dividends	(616)		(896)
Net loss attributable to Class A common shareholders	$	(83,910)	$	(284,309)
Denominator
Basic and diluted weighted-average shares of Class A common stock outstanding	115,426,620		61,410,250





Net loss per share of Class A common stock - basic and diluted	$	(0.73)	$	(4.63)


	Year Ended December 31,
	2025	2024
RSUs and PSUs(1)	2,941,731	3,307,039
Options(1)(4)	748,357	989,423
Series A Preferred Stock(2)	2,091,854	1,893,830
Warrants (publicly issued), Initial Warrants, Conversion Warrants, and Series A Preferred Warrants (1)(4)	4,857,302	26,787,265
Earn Out Units(3)	—	7,500,000
Escrow Shares(5)	329,827	—
Convertible Notes(2)	26,310,770	—

(3) Represents the number of Earn Out Units outstanding at the end of the period that were excluded due to unsatisfied contingent issuance conditions.

(5) Represents the number of escrow shares outstanding at the end of the period due to unsatisfied contingent issuance conditions and were determined to be anti-dilutive.

During the first quarter of 2026, we issued 24,509,191 shares of Class A Common Stock related to the acquisition of Lanteris and 11,574,069 shares of Class A Common Stock in a private sale pursuant to the Securities Purchase Agreement. See Notes 2 and 19 for additional information on these transactions.

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 18,697	$ 0
Goodwill, adjustments	0
Goodwill, impairment loss	0
Amortization of intangible assets	332
Finite-lived intangible asset, expected amortization, year one	1,300
Finite-lived intangible asset, expected amortization, year two	1,300
Finite-lived intangible asset, expected amortization, year three	1,300
Finite-lived intangible asset, expected amortization, year four	1,300
Finite-lived intangible asset, expected amortization, year five	1,300
Impairment of intangible assets, finite-lived	$ 0

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following table summarizes our outstanding debt (in thousands):


	December 31, 2025		December 31, 2024
Convertible Notes	$	345,000	$	—


Less: unamortized debt discount	(8,803)
Less: unamortized debt issuance costs	(862)		—

Long-term debt, net of current maturities	$	335,335	$	—

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Revenue from Contract with Customer [Abstract]

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Disaggregation of Revenue

The following table provides information about disaggregated revenue for the years ended December 31, 2025 and 2024, (in thousands):


	Year Ended December 31,
	2025				2024
Revenue by Contract Type
Fixed price	$	120,308	57	%	$	74,681	33	%
Cost reimbursable	80,102		38	%	146,516		64	%
Time and materials	6,722		3	%	6,803		3	%
Revenue from contracts with customers	207,132		98	%	228,000		100	%
Grant revenue	2,927		2	%	—		—	%
Total revenue	$	210,059	100	%	$	228,000	100	%

Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following table presents contract assets as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Contract Assets
Unbilled receivables	$	12,228	$	18,113
Deferred contract costs	8		16,479
Total	$	12,236	$	34,592

The following table presents contract liabilities as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024

Contract liabilities – current
Deferred revenue	$	45,712	$	54,803
Contract loss provision	6,996		7,890
Accrued launch costs	4,660		2,491
Total contract liabilities – current	57,368		65,184
Contract liabilities – long-term
Deferred revenue	5,900		14,334
Contract loss provision	441		—
Total contract liabilities – long-term	6,341		14,334
Total contract liabilities	$	63,709	$	79,518

Warrants - Warrant Activity (Details) - shares			12 Months Ended
Warrants - Warrant Activity (Details) - shares	Nov. 29, 2024	Jun. 07, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Public and Private Warrants
Warrant Shares [Roll Forward]
Beginning balance (in shares)			21,929,953	21,930,384	0
Warrant issuance (in shares)			0	0	23,332,490
Warrant exercises (in shares)			(15,358,229)	(431)	(1,402,106)
Adjustment, effects of the Private Placement (Note 10) (in shares)					0
Warrant redemptions (in shares)			(6,571,724)
Ending balance (in shares)			0	21,929,953	21,930,384
Preferred Investor Warrants
Warrant Shares [Roll Forward]
Beginning balance (in shares)			706,522	706,522	0
Warrant issuance (in shares)			0	0	541,667
Warrant exercises (in shares)			0	0	0
Adjustment, effects of the Private Placement (Note 10) (in shares)					164,855
Warrant redemptions (in shares)			0
Ending balance (in shares)			706,522	706,522	706,522
Series A Warrants
Warrant Shares [Roll Forward]
Beginning balance (in shares)			4,150,780	4,705,883	0
Warrant issuance (in shares)			0	8,856,663	4,705,883
Warrant exercises (in shares)			0	(9,411,766)	0
Adjustment, effects of the Private Placement (Note 10) (in shares)					0
Warrant redemptions (in shares)			0
Ending balance (in shares)			4,150,780	4,150,780	4,705,883
Series B Warrants
Warrant Shares [Roll Forward]
Beginning balance (in shares)			0	4,705,883	0
Warrant issuance (in shares)			0	8,856,663	4,705,883
Warrant exercises (in shares)	(3,850,780)	(300,000)	0	(13,562,546)	0
Adjustment, effects of the Private Placement (Note 10) (in shares)					0
Warrant redemptions (in shares)			0
Ending balance (in shares)			0	0	4,705,883

Goodwill and Intangible Assets, Net - Intangible Assets, Net (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Finite-Lived Intangible Assets, Net
Gross Carrying Amount	$ 13,300
Accumulated Amortization	(332)
Net Carrying Amount	$ 12,968
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	10 years
Finite-Lived Intangible Assets, Net
Gross Carrying Amount	$ 1,900
Accumulated Amortization	(47)
Net Carrying Amount	$ 1,853
Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	10 years
Finite-Lived Intangible Assets, Net
Gross Carrying Amount	$ 11,400
Accumulated Amortization	(285)
Net Carrying Amount	$ 11,115

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Feb. 13, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earn-out liabilities	$ 0	$ 134,156
Warrant liabilities	60,394	68,778
Contingent consideration liabilities	5,353		$ 99,700
Total liabilities measured at fair value	65,747	202,934
Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities	60,394	68,778
Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities	0	0
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earn-out liabilities		0
Warrant liabilities	0	0
Contingent consideration liabilities	0
Total liabilities measured at fair value	0	0
Level 1 \| Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities	0	0
Level 1 \| Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earn-out liabilities		0
Warrant liabilities	0	0
Contingent consideration liabilities	0
Total liabilities measured at fair value	0	0
Level 2 \| Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities	0	0
Level 2 \| Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earn-out liabilities		134,156
Warrant liabilities	60,394	68,778
Contingent consideration liabilities	5,353
Total liabilities measured at fair value	65,747	202,934
Level 3 \| Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities	60,394	68,778
Level 3 \| Series B Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities	$ 0	$ 0

Acquisitions

12 Months Ended

Dec. 31, 2025

Acquisitions

NOTE 3 - ACQUISITIONS

On October 1, 2025, the Company completed the stock purchase agreement to acquire 100% of the issued and outstanding capital stock of KinetX. KinetX is a privately-held, Arizona-based aerospace company with more than 30 years of experience delivering flight-proven, deep-space navigation, systems engineering, ground software, and constellation mission design to the U.S. government and international customers. The consideration for the acquisition totaled approximately $31.3 million, consisting of cash consideration of $15.0 million, seller payable adjustments of $1.1 million treated as consideration transferred, and the issuance of 1,104,178 shares of the Company’s Class A Common Stock valued at $11.7 million based on the acquisition date closing stock price of $10.61. Approximately 329,827 shares of Class A Common Stock valued at $3.5 million, were held back in escrow to settle any post-closing adjustments and/or potential claims. The holdback was accounted for as contingent consideration and recorded as a liability based on its estimated fair value as of the acquisition date. The Company funded the cash consideration using cash on hand. Goodwill primarily represents expected synergies, assembled workforce, and future growth opportunities. The goodwill is not fully deductible for income tax purposes.

The following table presents the purchase consideration and the preliminary estimated fair values of the assets acquired and liabilities assumed by the Company as of the acquisition date (in thousands):


	October 1, 2025
Cash consideration	$	15,000
Fair value of Class A Common Stock issued	11,715
Equity holdback in escrow	3,500
Transaction costs and other adjustments payable to the seller	1,130
Purchase consideration	$	31,345

Assets:
Cash and cash equivalents	$	1,247
Trade accounts receivable	1,232
Contract assets	34
Prepaid and other current assets	306
Property and equipment, net	134
Intangible assets, net	13,300
Operating lease right-of-use assets	495
Total assets	16,748
Liabilities:
Accounts payable and accrued expenses	174
Operating lease liabilities, current	114
Deferred tax liability, current	2,847
Other current liabilities	584
Operating lease liabilities, non-current	381
Total liabilities	4,100
Fair value of net identifiable assets acquired	12,648
Goodwill	$	18,697

The following table summarizes the preliminary estimated fair values of intangible assets acquired by class and the related estimated lives (in thousands, except useful life in years):


Intangible Asset	Estimated Life in Years	October 1, 2025
Customer relationships	10	$	1,900
Developed technology	10	11,400
Total intangible assets		$	13,300

The amounts presented in the tables above represent preliminary valuation analyses completed to assess the fair values of the assets acquired and liabilities assumed and the amount of goodwill to be recognized as of the acquisition date. These fair values were based on management’s estimates and assumptions but are preliminary in nature and are subject to adjustment as additional information is obtained about the facts and circumstances that existed as of the acquisition date. All values remain preliminary including, but not limited to, intangible assets, including the preliminary assumptions used in their estimates of fair values and their respective estimated useful lives, the valuation of certain tangible assets, working capital accounts, income taxes, and residual goodwill. The final determination of the fair values, purchase consideration, related income tax impacts and residual goodwill will be completed as soon as practicable, and within the measurement period of up to one year from the acquisition date as permitted under GAAP. Any adjustments to provisional amounts that are identified during the measurement period will be recorded in the reporting period in which the adjustment is determined.

The result of operations of KinetX has been included in the Company’s consolidated statement of operations since the date of acquisition, October 1, 2025, and includes revenues of $1.3 million and operating loss of $0.9 million for the year ended December 31, 2025.

The entire disclosure for business combination.

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Material Terms of Trading Arrangement

Consolidated Statements of Shareholders’ Deficit - USD ($) $ in Thousands	Total	ATM Program	Private Placement	Class A Common Stock	Class C Common Stock	Total Shareholders’ Deficit attributable to the Company	Total Shareholders’ Deficit attributable to the Company ATM Program	Total Shareholders’ Deficit attributable to the Company Class A Common Stock	Total Shareholders’ Deficit attributable to the Company Class A Common Stock Private Placement	Common Stock Class A Common Stock	Common Stock Class A Common Stock ATM Program	Common Stock Class A Common Stock Private Placement	Common Stock Class C Common Stock	Common Stock Class C Common Stock Private Placement	Treasury Stock	Paid-in  Capital	Paid-in  Capital ATM Program	Paid-in  Capital Class A Common Stock Private Placement	Accumulated  Deficit	NCI
Beginning balance (in shares) at Dec. 31, 2023										22,279,876			70,909,012
Beginning balance at Dec. 31, 2023	$ (261,435)					$ (261,435)				$ 2			$ 7		$ (12,825)	$ 0			$ (248,619)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)										3,487,278	16,521,612	11,904,762		(152,857)
Issuance of stock	0	$ 97,497	$ 116,875				$ 97,497		$ 116,875		$ 2	$ 1					$ 97,495	$ 116,874
Share-based compensation expense	8,798					8,798										8,798
Transaction costs	(350)							$ (350)								(350)
Cumulative preferred dividends	(896)					(896)										(896)
Accretion of preferred stock discount	(13)					(13)										(13)
Conversion of Series A preferred stock (in shares)										7,738,743
Conversion of Series A preferred stock (Note 10)	23,120					23,120				$ 1						23,119
Class A common stock issued for warrants exercised (in shares)										22,974,743
Class A common stock issued for warrants exercised	184,564					184,564				$ 3						184,561
Class A common stock issued for stock options exercised (in shares)										250,947
Class A common stock issued for stock options exercised	52					52										52
Class A common stock issued for vested RSUs and PSUs (in shares)										1,339,417
Class A common stock issued for vested RSUs and PSUs	(2,281)					(2,281)										(2,281)
Class A common stock issued for Class C canceled (in shares)										15,361,622			(15,361,622)
Class A common stock issued for Class C canceled										$ 1			$ (1)
Distribution to noncontrolling interests	(2,267)																			(2,267)
Tax receivable agreement - obligation to partners	(473)					(473)										(473)
Subsequent remeasurement of redeemable noncontrolling interests	(891,307)					(891,307)										(426,886)			(464,421)
Net income attributable to noncontrolling interest	3,495																			3,495
Net income attributable to the Company	(283,413)					(283,413)													(283,413)
Ending balance (in shares) at Dec. 31, 2024				100,609,000	55,394,533					101,859,000			55,394,533
Ending balance at Dec. 31, 2024	(1,008,034)					(1,009,262)				$ 10			$ 6		(12,825)	0			(996,453)	1,228
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)													7,500,000
Issuance of stock	167,525					167,525										167,525
Share-based compensation expense	8,609					8,609										8,609
Cumulative preferred dividends	(616)					(616)										(616)
Accretion of preferred stock discount	(7)					(7)										(7)
Capped call transactions (Note 8)	(36,777)					(36,777)										(36,777)
Acquisition of KinetX and related adjustments (Notes 3 and 9) (in shares)										1,104,178
Acquisition of KinetX and related adjustments (Notes 3 and 9)	18,489					18,489										18,489
Repurchase of common stock	(20,700)					(20,700)									(20,700)
Class A common stock issued for stock options exercised	(558)					(558)										(558)
Class A common stock issued for vested RSUs and PSUs	(4,279)					(4,279)										(4,279)
Class A common stock issued for warrants exercised (in shares)										15,358,229
Class A common stock issued for warrants exercised	$ 176,554					176,554				$ 2						176,552
Class A common stock issued for stock options exercised (in shares)	206,578									113,714
Class A common stock issued for vested RSUs and PSUs (in shares)										771,491
Class A common stock issued for Class C canceled (in shares)										4,266,348			(4,266,348)
Distribution to noncontrolling interests	$ (2,236)					(18)										(18)				(2,218)
Subsequent remeasurement of redeemable noncontrolling interests	29,370					29,370										(328,920)			358,290
Net income attributable to noncontrolling interest	1,507																			1,507
Net income attributable to the Company	(83,294)					(83,294)													(83,294)
Ending balance (in shares) at Dec. 31, 2025				121,281,880	58,628,185					123,472,960			58,628,185
Ending balance at Dec. 31, 2025	$ (754,447)					$ (754,964)				$ 12			$ 6		$ (33,525)	$ 0			$ (721,457)	$ 517

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating expenses:
Depreciation and amortization	$ 3,597	$ 1,859
Impairment of property and equipment	0	5,044
Total general and administrative expense (excluding depreciation and amortization)	92,624	53,262
Operating loss	(87,231)	(57,396)
Other income (expense):
Interest expense	(4,177)	(92)
Change in fair value of earn-out liabilities	(33,369)	(120,124)
Change in fair value of warrant liabilities	8,384	(77,651)
Change in fair value of contingent consideration liabilities	(1,854)	0
Loss on issuance of securities	0	(93,136)
Other income, net	91	1,242
Income tax expense	(3,962)	(37)
Net loss	(106,846)	(346,922)
Reportable Segment
Segment Reporting Information [Line Items]
Revenues:	210,059	228,000
Operating expenses:
Cost of revenue (excluding depreciation and amortization)	201,069	225,231
Depreciation and amortization	3,597	1,859
Impairment of property and equipment	0	5,044
Total general and administrative expense (excluding depreciation and amortization)	92,624	53,262
Sales and marketing expense	15,812	3,122
Other general and administrative expense	76,812	50,140
Operating loss	(87,231)	(57,396)
Other income (expense):
Interest income	15,272	272
Interest expense	(4,177)	(92)
Change in fair value of earn-out liabilities	(33,369)	(120,124)
Change in fair value of warrant liabilities	8,384	(77,651)
Change in fair value of contingent consideration liabilities	(1,854)	0
Loss on issuance of securities	0	(93,136)
Other income, net	91	1,242
Income tax expense	(3,962)	(37)
Net loss	(106,846)	(346,922)
Business development	3,400	1,700
Research and development expense	$ 12,400	$ 1,400

Consolidated Statements of Mezzanine Equity - USD ($) $ in Thousands	Total	Series A Preferred Stock
Temporary equity, beginning balance (shares) at Dec. 31, 2023		26,000
Beginning balance at Dec. 31, 2023		$ 28,201
Temporary equity, beginning balance at Dec. 31, 2023	$ 181,662
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of Series A preferred stock (Note 9) (in shares)		(21,000)
Conversion of Series A preferred stock (Note 10)		$ (23,120)
Cumulative preferred dividends		896
Accretion of preferred stock discount	13	$ 13
Subsequent remeasurement of redeemable noncontrolling interests	891,307
Net loss attributable to redeemable noncontrolling interests	$ (67,004)
Temporary equity, ending balance (shares) at Dec. 31, 2024	5,000	5,000
Ending balance at Dec. 31, 2024	$ 5,990	$ 5,990
Temporary equity, ending balance at Dec. 31, 2024	1,005,965
Increase (Decrease) in Temporary Equity [Roll Forward]
Cumulative preferred dividends		616
Accretion of preferred stock discount	7	$ 7
Subsequent remeasurement of redeemable noncontrolling interests	(29,370)
Net loss attributable to redeemable noncontrolling interests	$ (25,059)
Temporary equity, ending balance (shares) at Dec. 31, 2025	5,000	5,000
Ending balance at Dec. 31, 2025	$ 6,613	$ 6,613
Temporary equity, ending balance at Dec. 31, 2025	$ 951,536

Mezzanine Equity and Equity - Narrative (Details)							1 Months Ended					3 Months Ended	6 Months Ended	12 Months Ended
Mezzanine Equity and Equity - Narrative (Details)	Dec. 05, 2024 $ / shares shares	Dec. 02, 2024 USD ($) $ / shares	Nov. 22, 2024	Jan. 29, 2024 USD ($)	Jan. 28, 2024 shares	Sep. 05, 2023 USD ($) $ / shares shares	Feb. 28, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Feb. 29, 2024 USD ($) shares	Feb. 23, 2024 shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) shares	Dec. 31, 2025 USD ($) vote shares	Dec. 31, 2024 USD ($)	Sep. 01, 2024 shares	Mar. 31, 2024 USD ($) shares	Mar. 27, 2024 USD ($)	Jan. 10, 2024 $ / shares	Sep. 04, 2023 $ / shares	Feb. 14, 2023 $ / shares	Feb. 13, 2023	Sep. 16, 2022 USD ($) shares
Class of Stock [Line Items]
Repurchase of common stock \| $														$ 20,700,000
Sale of stock, consideration received on transaction \| $						$ 20,000,000.0
Sale of stock, transaction costs \| $						$ 1,400,000								$ 0	$ 9,400,000
Proceeds from guarantor \| $				$ 10,000,000.0
Common stock, conversion ratio (in shares)														1
Recapitalization adjustment \| $												$ 1,000,000.0
Stock purchase agreement, resale of commitment shares, less than \| $											$ 1,000,000.0
Stock purchase agreement, shares sold by counterparty (in shares)																	95,785
Commitment shares liability \| $								$ 0					$ 0	$ 5,353,000	0		$ 771,000
Conversion of Series A preferred stock \| $															$ 23,120,000
Intuitive Machines, LLC \| Intuitive Machines, LLC Prior Investors
Class of Stock [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners														32.60%								81.20%
Commitment Shares
Class of Stock [Line Items]
Stock purchase agreement, shares, issued (in shares)											95,785	95,785
Stock Purchase Agreement
Class of Stock [Line Items]
Stock purchase agreement, amount authorized \| $																							$ 50,000,000.0
ATM Program
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)													16,521,612
Sale of stock, consideration received on transaction \| $													$ 97,500,000
Sale of stock, transaction costs \| $													$ 2,500,000
Sale of stock, authorized amount, value \| $																		$ 100,000,000.0
Sale of stock, agent commission rate, per share sold, maximum																		3.00%
Series A Warrants
Class of Stock [Line Items]
Warrants exercised (in shares)										4,705,883
Warrant, exercise price (in dollars per share) \| $ / shares						$ 4.75													$ 2.75
Series A Warrants \| Warrants
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)						4,705,883
Series B Warrants
Class of Stock [Line Items]
Warrant, exercise price (in dollars per share) \| $ / shares						$ 4.75													2.50
Series B Warrants \| Warrants
Class of Stock [Line Items]
Warrants exercised (in shares)														4,705,883
Sale of stock, number of shares issued in transaction (in shares)						4,705,883
Public Warrants
Class of Stock [Line Items]
Warrants exercised (in shares)							1,800,000
Warrant, exercise price (in dollars per share) \| $ / shares																					$ 11.50
Class A Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares)							941,080
Repurchase of common stock \| $							$ 20,700,000
Sale of stock, number of shares issued in transaction (in shares)						4,705,883
Stock issued during period (in shares)					3,487,278
Number of votes for each share \| vote														1
Conversion of Series A preferred stock (in shares)									7,738,743
Conversion of Series A preferred stock \| $									$ 23,100,000
Class A Common Stock \| Commitment Shares
Class of Stock [Line Items]
Stock purchase agreement, shares, issued (in shares)																0
Class A Common Stock \| Public Offering and Private Placement
Class of Stock [Line Items]
Sale of stock, transaction costs \| $		$ 6,500,000
Payments of stock issuance costs \| $		$ 116,900,000
Class A Common Stock \| Public Offering
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	10,952,381
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 10.50
Class A Common Stock \| Over-Allotment Option
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	1,275,714
Class A Common Stock \| Over-Allotment Option \| Selling Stockholder
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	152,857
Class A Common Stock \| Private Placement
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)								952,381
Sale of stock, price per share (in dollars per share) \| $ / shares		$ 10.50
Class A Common Stock \| Cantor Stock Purchase Agreement \| Commitment Shares
Class of Stock [Line Items]
Purchase agreement, shares authorized (in shares)																							100,000
Class B Common Stock
Class of Stock [Line Items]
Number of votes for each share \| vote														1
Class C Common Stock
Class of Stock [Line Items]
Number of votes for each share \| vote														3
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend rate			10.00%											10.00%
Preferred stock, percentage of accrued value														100.00%
Preferred stock, convertible, conversion price (in dollars per share) \| $ / shares						$ 5.10													$ 3.00	$ 12.00
Shares held by registered holder (in shares)									21,000
Series A Preferred Stock \| After Year Five Post-Closing
Class of Stock [Line Items]
Preferred stock, convertible, conversion price, percentage														100.00%
Series A Preferred Stock \| After Year Three Post-Closing
Class of Stock [Line Items]
Preferred stock, convertible, conversion price, percentage														115.00%
Series A Preferred Stock \| After Year Four Post-Closing
Class of Stock [Line Items]
Preferred stock, convertible, conversion price, percentage														110.00%

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 582,606	$ 207,607
Restricted cash	2,733	2,042
Trade accounts receivable, net of allowance for credit losses of $3,295 and $0, respectively	12,193	44,759
Contract assets	12,236	34,592
Prepaid and other current assets	9,046	4,161
Total current assets	618,814	293,161
Property and equipment, net	68,550	23,364
Intangible assets, net	12,968	0
Goodwill	18,697	0
Operating lease right-of-use assets	36,755	38,765
Finance lease right-of-use assets	94	114
Other assets	1,276	0
Total assets	757,154	355,404
Current liabilities
Contract liabilities, current	57,368	65,184
Operating lease liabilities, current	10,466	2,021
Finance lease liabilities, current	48	37
Other current liabilities	33,028	11,489
Total current liabilities	124,832	98,831
Long-term debt	335,335	0
Contract liabilities, non-current	6,341	14,334
Operating lease liabilities, non-current	26,290	35,259
Finance lease liabilities, non-current	20	63
Earn-out liabilities	0	134,156
Warrant liabilities	60,394	68,778
Other long-term liabilities	240	62
Total liabilities	553,452	351,483
Commitments and contingencies (Note 15)
MEZZANINE EQUITY
Series A preferred stock subject to possible redemption, $0.0001 par value, 25,000,000 shares authorized, 5,000 and 5,000 shares issued and outstanding	6,613	5,990
Redeemable noncontrolling interests	951,536	1,005,965
SHAREHOLDERS’ DEFICIT
Treasury stock, at cost, 2,191,080 shares	(33,525)	(12,825)
Paid-in capital	0	0
Accumulated deficit	(721,457)	(996,453)
Total shareholders’ deficit attributable to the Company	(754,964)	(1,009,262)
Noncontrolling interests	517	1,228
Total shareholders’ deficit	(754,447)	(1,008,034)
Total liabilities, mezzanine equity and shareholders’ deficit	757,154	355,404
Nonrelated Party
Current liabilities
Accounts payable and accrued expenses	22,199	17,350
Affiliated Entity
Current liabilities
Accounts payable and accrued expenses	1,723	2,750
Class A Common Stock
SHAREHOLDERS’ DEFICIT
Common stock	12	10
Class B Common Stock
SHAREHOLDERS’ DEFICIT
Common stock	0	0
Class C Common Stock
SHAREHOLDERS’ DEFICIT
Common stock	$ 6	$ 6

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

During the three months ended December 31, 2025, certain of our officers or directors listed below adopted or terminated trading arrangements for the purchase or sale of shares of our Class A Common Stock in amounts and prices determined in accordance with a formula set forth in each such plan:

Duration of Plan

Name

Title

Action

Date of Action

Start Date

End Date

Kamal Ghaffarian

Chairman of the Board

Adopted

12/4/2025

3/24/2026

9/21/2026

or until all securities under the plan have been sold

The potential sale of up to 1,986,732 shares of Class A Common Stock, subject to pricing conditions that preclude or limit the sale of shares below predetermined minimum pricing

Michael Blitzer

Director

Terminated

11/12/2025

(1)

(1) On November 12, 2025, Michael Blitzer, a member of our Board, terminated a Rule 10b5-1 plan which was adopted on December 16, 2024. The terminated trading plan provided for the potential sale of up to 500,000 shares of our common stock, and was scheduled to be effective from December 16, 2024 until March 24, 2026.

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

Kamal Ghaffarian [Member]

Trading Arrangements, by Individual

Name

Kamal Ghaffarian

Title

Chairman of the Board

Rule 10b5-1 Arrangement Adopted

true

12/4/2025

9/21/2026

181 days

1,986,732

Michael Blitzer [Member]

Trading Arrangements, by Individual

Name

Michael Blitzer

Title

Director

Rule 10b5-1 Arrangement Terminated

true

Termination Date

11/12/2025

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

NOTE 18 - SEGMENT INFORMATION

The Company operates in one operating segment and one reportable segment underpinned by our operating model organized around three integrated capabilities, Build-Connect-Operate that have similar customers. The Company’s chief operating decision-maker (“CODM”) is our chief executive officer. Our CODM reviews and evaluates consolidated Net income (loss), a U.S. GAAP measure, and Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (“Adjusted EBITDA”), a non-GAAP measure, for purposes of evaluating financial performance, making operating decisions, allocating resources, and planning and forecasting for future periods. Although we utilize a non-GAAP measure of Adjusted EBITDA to evaluate our ability to generate cash and as an alternative measure of profitability, our primary profitability measure is the GAAP measure of Net income (loss).

All of the Company’s long-lived assets are maintained in the U.S. We geographically disaggregate our revenues based on the customer’s country of domicile. Most of our revenues are derived from customers in the U.S., and our revenues from foreign customers was 5% of total revenues for the year ended December 31, 2025, and was not material for the year ended

December 31, 2024. Refer to Note 2 for information regarding our major customer and Note 4 for further information on revenues.

The following presents the significant financial information with respect to the Company’s one reportable segment (in thousands):


	Year Ended December 31,
	2025		2024
Revenue	$	210,059	$	228,000
Less:
Cost of revenue (excluding depreciation and amortization)(1)	201,069		225,231
Depreciation and amortization	3,597		1,859
Impairment of property and equipment	—		5,044
General and administrative expense (excluding depreciation and amortization):
Sales and marketing expense(2)	15,812		3,122
Other general and administrative expense(3)	76,812		50,140
Total general and administrative expense (excluding depreciation and amortization)	92,624		53,262

Operating loss	(87,231)		(57,396)

Interest income	15,272		272
Interest expense	(4,177)		(92)
Change in fair value of earn-out liabilities	(33,369)		(120,124)
Change in fair value of warrant liabilities	8,384		(77,651)
Change in fair value of contingent consideration liabilities	(1,854)		—

Loss on issuance of securities	—		(93,136)
Other income, net	91		1,242
Income tax expense	(3,962)		(37)
Net loss	$	(106,846)	$	(346,922)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Mezzanine Equity and Equity

12 Months Ended

Dec. 31, 2025

Mezzanine Equity and Equity

NOTE 10 - MEZZANINE EQUITY AND EQUITY

Equity Transactions

Share Repurchase

In February 2025, related to the Warrant Redemption (as further discussed in Note 11), Michael Blitzer, a director and warrant holder, agreed to exercise 1,800,000 of the Warrants, and the Company agreed to repurchase 941,080 shares of the Company’s Class A Common Stock for an aggregate purchase price of $20.7 million.

Private Placement Transaction

On September 5, 2023, the Company consummated a securities purchase agreement (the “Purchase Agreement”) with Armistice Capital Master Fund Ltd (the “Purchaser”) pursuant to which the Company agreed to sell securities to the Purchaser in a private placement (the “Private Placement”). The Purchase Agreement provided for the sale and issuance by the Company of (i) an aggregate of 4,705,883 shares of the Company’s Class A Common Stock (the “PIPE Shares”) and (ii) an accompanying (a) warrant to purchase up to 4,705,883 shares of Class A Common Stock (the “Initial Series A Warrant”) at an exercise price of $4.75 per share and (b) warrant to purchase up to 4,705,883 shares of Class A Common Stock (the “Initial Series B Warrant”) at an exercise price of $4.75 per share, for aggregate gross proceeds of $20.0 million, before deducting related transaction costs of $1.4 million. The Initial Series A Warrant and the Initial Series B Warrant are immediately exercisable and will expire on March 5, 2029 and March 5, 2025, respectively. During the first quarter of 2024, the Initial Series A Warrant and the Initial Series B Warrant were fully exercised. See Note 11 for additional information on these warrants.

Bridge Loan Conversion

On January 28, 2024, the Company and the Guarantor entered into a letter agreement (the “Letter Agreement”) pursuant to which, on January 29, 2024 the Guarantor contributed $10.0 million to the Company for purposes of repaying the principal amount owed to the lender under the Bridge Loan in exchange for which the Company issued to the Guarantor 3,487,278 shares of the Company’s Class A Common Stock and Conversion Warrants described further in Note 11. Following the contribution, all amounts due to the Lender in satisfaction of the Bridge Loan were repaid in full.

Public Offering and Private Offering

On December 5, 2024, the Company completed an underwritten public offering of 10,952,381 shares of its Class A Common Stock at a price to the public of $10.50 per share (the “Public Offering”), which included the full exercise of the underwriters’ option to purchase an additional 1,275,714 shares of Class A Common Stock from the Company and 152,857 shares of Class A Common Stock from a selling stockholder. On December 2, 2024, the Company entered into an agreement with an accredited investor, pursuant to which the Company sold to the investor 952,381 shares of its Class A Common Stock in a concurrent private placement at a purchase price per share equal to the Public Offering price per share of $10.50 (the “Private Offering” together with the Public Offering, the “2024 Offering”). The net proceeds to the Company from the 2024 Offering, after deducting transaction costs of $6.5 million, were approximately $116.9 million.

Capital Stock

The table below reflects share information about the Company’s capital stock as of December 31, 2025.


	Par Value		Authorized	Issued	Treasury Stock	Outstanding
Class A Common Stock	$	0.0001	500,000,000	123,472,960	(2,191,080)	121,281,880
Class B Common Stock	$	0.0001	100,000,000	—	—	—
Class C Common Stock	$	0.0001	100,000,000	58,628,185	—	58,628,185
Series A Preferred Stock	$	0.0001	25,000,000	5,000	—	5,000
Total shares			725,000,000	182,106,145	(2,191,080)	179,915,065

Class A Common Stock

Each holder of Class A Common Stock is entitled to one vote for each share of Class A Common Stock held of record in person or by proxy on all matters submitted to a vote of the holders of Class A Common Stock, whether voting separately as a class or otherwise. Class A Common Stock has rights to the economics of the Company and to receive dividend distributions, subject to applicable laws and the rights and preferences of holders of Series A Preferred Stock or any other series of stock having preference over or participation rights with Class A Common Stock. In the event of liquidation, dissolution or winding up of the affairs of Company, Class A Common Stock has rights to assets and funds of the Company available for distribution after making provisions for preferential and other amounts to the holders of Series A Preferred Stock or any other series of stock having preference over or participation rights with Class A Common Stock.

Class B Common Stock

Each holder of Class B Common Stock is entitled to one vote for each share of Class B Common Stock held of record in person or by proxy on all matters submitted to a vote of the holders of Class B Common Stock, whether voting separately as a class or otherwise. Class B Common Stock does not have rights to the economics of the Company nor to receive dividend distributions, except in limited circumstances. In the event of liquidation, dissolution or winding up of the affairs of the Company, Class B Common Stock holders are entitled to receive par value per share only. Class B Common Stock ownership is limited only to Intuitive Machines, LLC members in an amount not to exceed at any time the aggregate number of Intuitive Machines, LLC Common Units held of record by such member.

Class C Common Stock

Each holder of Class C Common Stock is entitled to three votes for each share of Class C Common Stock held of record in person or by proxy on all matters submitted to a vote of the holders of Class C Common Stock, whether voting separately as a class or otherwise. Class C Common Stock does not have rights to the economics of the Company nor to receive dividend distributions, except in limited circumstances. In the event of liquidation, dissolution or winding up of the affairs of the Company, Class C Common Stock holders are entitled to receive par value per share only. Class C Common Stock ownership is limited only to Intuitive Machines, LLC Founders in an amount not to exceed at any time the aggregate number of Intuitive Machines, LLC Founder Common Units held of record by such founder. The Intuitive Machines, LLC Founders are Dr. Kamal Ghaffarian, Stephen J. Altemus and Dr. Timothy Crain and their permitted transferees.

Class B and C Common Stock Conversions to Class A Common Stock

After the expiration of the applicable lock-up period on August 14, 2023, holders of certain Intuitive Machines, LLC Common Units were permitted to exchange their Intuitive Machines, LLC Common Units (along with the cancellation of the paired share of Class B Common Stock or share of Class C Common Stock) for shares of Class A Common Stock on a one-for-one basis (subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications) or at the Company’s election (determined by a majority of our directors who are disinterested with respect to such determination), cash from a substantially concurrent public offering or private sale in an amount equal to the net amount, on a per share basis, of cash received as a result of such public offering or private sale.

During the third quarter of 2023, all of the previously issued shares of Class B Common Stock (and paired Intuitive Machines, LLC Common Units) were exchanged for shares of Class A Common Stock on a one-for-one basis. The Intuitive Machines, LLC Common Units and shares of Class B Common Stock were subsequently cancelled.

Equity Facility

On September 16, 2022, in connection with the Business Combination discussed in Note 1, the Company entered into a common stock purchase agreement (the “Cantor Purchase Agreement” with CF Principal Investments LLC (“CFPI”), relating to an equity facility under which shares of Class A Common Stock may be sold to CFPI at the Company’s discretion, up to the lesser of (i) $50.0 million and (ii) the Exchange Cap (as defined in the common stock purchase agreement), subject to certain requirements and limitations. In connection with the execution of the Cantor Purchase Agreement, the Company agreed to issue 100,000 shares of Class A Common Stock to CFPI. The Company entered into a registration rights agreement with CFPI, pursuant to which it agreed to register for resale, pursuant to Rule 415 under the Securities Act, the shares of Class A Common Stock that are sold to CFPI under the equity facility and the Commitment Shares. During the second quarter of 2023, we recorded a recapitalization adjustment to increase other current liabilities and decrease to paid-in capital for $1.0 million to recognize the Commitment Share liability within our consolidated balance sheets which was not previously recognized in the balance sheet of IPAX prior to the closing of the Business Combination.

In June 2023, the Company issued 95,785 Commitment Shares to CFPI. Under the terms of the Cantor Purchase Agreement, to the extent after the resale of the Commitment Shares by CFPI is less than $1.0 million, the Company agreed to pay CFPI the difference between $1.0 million and the net proceeds of the resale of the Commitment Shares received by CFPI in cash. During the first quarter of 2024, CFPI sold the 95,785 Commitment Shares resulting in a reduction of the Commitment Share liability to approximately $771 thousand. Under a separate agreement in March 2024, CFPI agreed to proportionally reduce the liability to the extent CFPI earned commissions under the Controlled Equity Offering Sales Agreement discussed below. As a result of the Class A Common Stock sold under the Controlled Equity Offering Sales Agreement during the nine months ended September 30, 2024, the Commitment Share liability was reduced to zero and there is no remaining liability as of December 31, 2024. The Cantor Purchase Agreement contractually terminated on September 1, 2024 and no shares of Class A Common Stock were sold to CFPI under the Cantor Purchase Agreement.

Controlled Equity Offering Sales Agreement

On March 27, 2024, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor” or “agent”) to sell shares of the Class A Common Stock having an aggregate sale price of up to $100.0 million through our ATM Program under which Cantor acts as the sales agent. The sales of the shares made under the ATM Program may be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The agent sells the Class A Common Stock based upon the Company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). Under the ATM Program, the agent is entitled to total compensation at a commission rate of up to 3.0% of the sales price per share sold.

As of the third quarter of 2024, the Company had sold and issued 16,521,612 shares of Class A Common Stock under the ATM Program and received cash proceeds of approximately $97.5 million, net of $2.5 million in transaction fees, thereby reaching the $100.0 million limit of aggregate Class A Common Stock sales under the ATM Program.

Series A Preferred Stock (Mezzanine Equity)

The Series A Preferred Stock votes together with the Company’s Common Stock on an as-converted basis, except as required by law and under certain protective provisions. Each holder of Series A Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Class A Common Stock into which the shares of Series A Preferred Stock are convertible. The Series A Preferred Stock pays dividends, semi-annually at the rate of 10% of the original price per share, plus the amount of previously accrued, but unpaid dividends, compounded semi-annually, and participates with our Common Stock on all other dividends. Accrued dividends may be paid (i) in cash, (ii) subject to satisfaction of certain equity conditions, in shares of Class A Common Stock or (iii) accumulated, compounded and added to the liquidation preference described below.

Upon any liquidation or deemed liquidation event, the holders of Series A Preferred Stock will be entitled to receive out of the available proceeds, before any distribution is made to holders of Common Stock or any other junior securities, an amount per share equal to the greater of (i) 100% of the Accrued Value (as defined in the Certificate of Designation) or (ii) such amount per share as would have been payable had all shares of Series A Preferred Stock been converted into Class A Common Stock immediately prior to the liquidation event.

Each share of Series A Preferred Stock will be convertible at the holder's option into shares of Class A Common Stock at an initial conversion ratio determined by dividing the Accrued Value (as defined in the Certificate of Designation) of such shares of Series A Preferred Stock by the conversion price of $12.00 per share subject to adjustment in accordance with the terms of the Certificate of Designation. As a result of the Private Placement on September 5, 2023 as discussed above and in accordance with the terms of the Certificate of Designation, the Series A Preferred Stock conversion price was reduced to $5.10 per share. Additionally, as a result of the Warrant Exercise Agreement on January 10, 2024 in conjunction with

the warrant transactions discussed in Note 11, the Series A Preferred Stock conversion price was further reduced from $5.10 per share to $3.00 per share.

In a series of notifications to the Company during February 2024, the registered holder of 21,000 shares of Series A Preferred Stock elected to convert all of its Series A Preferred Stock holdings into Class A Common Stock at a conversion price of $3.00 per share. The Company issued 7,738,743 shares of Class A Common Stock as a result of the conversion and recorded an increase to equity of approximately $23.1 million and a corresponding decrease to Series A Preferred Stock in the consolidated balance sheets.

The Series A Preferred Stock shall be redeemable at the option of the holder commencing any time after the 5th year anniversary of the Closing Date at a price equal to the 100% of the sum of (i) original purchase price plus (ii) all accrued/declared but unpaid dividends.

The Series A Preferred Stock shall be redeemable at the Company’s option commencing any time (A) after the 3rd year anniversary of the Closing Date at a price equal to the 115% of the Accrued Value, (B) after the 4th anniversary of the Closing Date at a price equal to the 110% of the Accrued Value and (C) after the 5th anniversary of the Closing Date at a price equal to the 100% of the Accrued Value.

Redeemable Noncontrolling Interests (Mezzanine Equity)

As of December 31, 2025, the prior investors of Intuitive Machines, LLC owns 32.6% of the common units of Intuitive Machines, LLC. The prior investors of Intuitive Machines, LLC have the right to exchange their common units in Intuitive Machines, LLC (along with the cancellation of the paired shares of Class B Common Stock or Class C Common Stock in Intuitive Machines, Inc.) for shares of Class A Common Stock on a one-to-one basis or cash proceeds for an equivalent amount. The option to redeem Intuitive Machines, LLC’s common units for cash proceeds must be approved by the Board, which as of December 31, 2025, is controlled by the prior investors. The ability to put common units is solely within the control of the holder of the redeemable noncontrolling interests. If the prior investors elect the redemption to be settled in cash, the cash used to settle the redemption must be funded through a private or public offering of Class A Common Stock and subject to the Company’s Board approval.

The financial results of Intuitive Machines, LLC and its subsidiaries are consolidated with Intuitive Machines, Inc. with the redeemable noncontrolling interests' share of our net loss separately allocated.

The entire disclosure for equity.

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	NOTE 19 - SUBSEQUENT EVENTS Purchase Agreement - Lanteris Space Holdings LLC On January 13, 2026, the Company completed the acquisition of 100% of the issued and outstanding membership interests of Lanteris, pursuant to a Membership Interest Purchase Agreement with Vantor Holdings Inc. The aggregate consideration transferred at closing was approximately $705.8 million consisting of $403.3 million in cash and 22,991,028 shares of the Company’s Class A Common Stock valued at $283.7 million. In addition, the Company issued approximately 1,518,163 shares of Class A Common Stock valued at $18.7 million for retention and transaction bonuses. Lanteris is a spacecraft manufacturer serving national security, commercial and civil customers. The acquisition expands the Company’s spacecraft manufacturing and space systems capabilities. The acquisition will be accounted for as a business combination in accordance with ASC 805, Business Combinations. As of the date of this filing, the initial accounting for the acquisition is incomplete because the Company has not yet completed the valuation of the assets acquired and liabilities assumed. The Company is continuing to gather the information necessary to complete the purchase accounting and to provide additional required disclosures, including unaudited pro forma financial information, in future filings. The operating results of Lanteris will be included in the Company’s consolidated financial statements beginning in the first quarter of 2026. Stifel Bank - Waiver of Loan Security Agreement On January 12, 2026, the Company and Stifel Bank entered into a waiver, in respect to the Loan Agreement pursuant to which Stifel Bank consented to the acquisition of Lanteris while halting any borrowing and covenant obligations by the Company under the Revolving Facility. See Note 8 - Debt for more information on the Loan Agreement and Revolving Facility. Securities Purchase Agreement On February 27, 2026 the Company completed the issuance and sale of 11,574,069 shares of Class A Common Stock at a price of $15.12 per share for an aggregate purchase price of $175.0 million to certain Investors pursuant to the terms of the Securities Purchase Agreement.

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenues:
Service revenue	$ 207,132	$ 228,000
Grant revenue	2,927	0
Total revenues	210,059	228,000
Operating expenses:
Depreciation and amortization	3,597	1,859
Impairment of property and equipment	0	5,044
General and administrative expense (excluding depreciation and amortization)	92,624	53,262
Total operating expenses	297,290	285,396
Operating loss	(87,231)	(57,396)
Other income (expense):
Interest income	15,272	272
Interest expense	(4,177)	(92)
Change in fair value of earn-out liabilities	(33,369)	(120,124)
Change in fair value of warrant liabilities	8,384	(77,651)
Change in fair value of contingent consideration liabilities	(1,854)	0
Loss on issuance of securities	0	(93,136)
Other income, net	91	1,242
Total other expense, net	(15,653)	(289,489)
Loss before income taxes	(102,884)	(346,885)
Income tax expense	(3,962)	(37)
Net loss	(106,846)	(346,922)
Net loss attributable to redeemable noncontrolling interest	(25,059)	(67,004)
Net income attributable to noncontrolling interest	1,507	3,495
Net loss attributable to the Company	(83,294)	(283,413)
Less: Preferred dividends	(616)	(896)
Net income (loss) attributable to Class A common shareholders - basic	(83,910)	(284,309)
Net income (loss) attributable to Class A common shareholders - diluted	$ (83,910)	$ (284,309)
Net income (loss) per share
Net income (loss) per Class A common share - basic (in dollars per share)	$ (0.73)	$ (4.63)
Net income (loss) per Class A common share - diluted (in dollars per share)	$ (0.73)	$ (4.63)
Weighted-average common shares outstanding
Weighted average shares outstanding - basic (in shares)	115,426,620	61,410,250
Weighted average shares outstanding - diluted (in shares)	115,426,620	61,410,250
Nonrelated Party
Operating expenses:
Cost of revenue (excluding depreciation and amortization)	$ 177,247	$ 190,369
Affiliated Entity
Operating expenses:
Cost of revenue (excluding depreciation and amortization)	$ 23,822	$ 34,862

Share-Based Compensation and Retirement Benefits - Schedule of Unit Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options
Beginning balance (in shares)	989,423
Granted (in shares)	0
Exercised (in shares)	(206,578)
Forfeited / Cancelled (in shares)	(34,488)
Ending balance (in shares)	748,357	989,423
Exercisable (in shares)	557,555
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 3.54
Granted (in dollars per share)	0
Exercised (in dollars per share)	1.80
Forfeited / Cancelled (in dollars per share)	1.80
Ending balance (in dollars per share)	4.09	$ 3.54
Exercisable (in dollars per share)	$ 3.65
Additional Disclosures
Outstanding, term (in years)	5 years 10 months 2 days	6 years 8 months 26 days
Exercisable, term (in years)	5 years 9 months 3 days
Exercised, intrinsic value	$ 2,981
Outstanding, intrinsic value	9,082
Exercisable, intrinsic value	$ 7,015

Net Loss Per Share - Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,752,419
Vested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	189,312
RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,941,731	3,307,039
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	748,357	989,423
Options \| Out-Of-The-Money Instruments
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,091,854	1,893,830
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,857,302	26,787,265
Warrants \| Out-Of-The-Money Instruments
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	22,636,485
Earn Out Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	7,500,000
Escrow Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	329,827	0
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	26,310,770	0

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Recognized Asset Acquired and Liability Assumed


	October 1, 2025
Cash consideration	$	15,000
Fair value of Class A Common Stock issued	11,715
Equity holdback in escrow	3,500
Transaction costs and other adjustments payable to the seller	1,130
Purchase consideration	$	31,345

Assets:
Cash and cash equivalents	$	1,247
Trade accounts receivable	1,232
Contract assets	34
Prepaid and other current assets	306
Property and equipment, net	134
Intangible assets, net	13,300
Operating lease right-of-use assets	495
Total assets	16,748
Liabilities:
Accounts payable and accrued expenses	174
Operating lease liabilities, current	114
Deferred tax liability, current	2,847
Other current liabilities	584
Operating lease liabilities, non-current	381
Total liabilities	4,100
Fair value of net identifiable assets acquired	12,648
Goodwill	$	18,697

Business Combination, Intangible Asset, Acquired, Finite-Lived

The following table summarizes the preliminary estimated fair values of intangible assets acquired by class and the related estimated lives (in thousands, except useful life in years):


Intangible Asset	Estimated Life in Years	October 1, 2025
Customer relationships	10	$	1,900
Developed technology	10	11,400
Total intangible assets		$	13,300

Income Taxes - Schedule of Deferred Tax Assets & Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating losses	$ 17,152	$ 3,256
Restricted stock options	889	629
Deferred revenue	19	25
Investment in Intuitive Machines, LLC	334,502	334,982
Excess Business Interest Expense	687	0
Other deferred tax assets	653	664
Total deferred tax assets	353,902	339,556
Valuation allowance	(353,896)	(339,543)
Net deferred tax assets	6	13
Deferred tax liabilities:
Section 481(a) adjustment	(6)	(13)
Total deferred tax liabilities	(6)	(13)
Net deferred tax asset (liability)	$ 0	$ 0

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Apr. 30, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amortization of deferred contract costs			$ 29,800	$ 10,100
Launch delay fees			2,300	3,600
Contract with customer, liability, revenue recognized			53,300	13,600
Net losses related to contracts			22,600	28,100
Contract loss provision, current			6,996	7,890
Contract loss provision			441	0
Revenue, remaining performance obligation, amount			102,800
Government assistance, award amount					$ 10,000
Government assistance, award, applied to reimburse costs					$ 10,000
Grant revenue			2,927	0
Grants receivable, current			$ 2,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period			12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage			60.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage			65.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period			12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage			35.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage			40.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Commercial Lunar Payload Services, Contract One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized		$ 11,600
Contracts, variable consideration, maximum			$ 12,300
Loss on contracts				5,700
Commercial Lunar Payload Services, Contract Two
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Loss on contracts			$ 20,100	12,500
Long-term contract, percent complete			85.00%
Contract loss provision, current			$ 6,500	7,000
Commercial Lunar Payload Services, Contract Three
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Loss on contracts			1,000	9,900
Contract loss provision, current			0	$ 900
IM-2 Mission Contract for Lunar Payload Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 5,500
IM-4 Mission Contract for Lunar Payload Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Loss on contracts			$ 1,400
Long-term contract, percent complete			32.00%
Contract loss provision, current			$ 500
Contract loss provision			$ 400

Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current:
Federal	$ 0	$ 0
State	35	41
Deferred:
Federal	3,927	0
State and local	0	(4)
Total income tax provision (benefit)	$ 3,962	$ 37

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Nov. 22, 2024	Dec. 31, 2025	Dec. 31, 2024
Other Commitments [Line Items]
Loss contingency accrual		$ 2.1	$ 2.1
Long-term purchase commitment, amount		15.2	$ 51.6
Purchase obligation		58.1
Purchase obligation, to be paid, year one		38.5
Purchase obligation, to be paid, year two		$ 19.6
Series A Preferred Stock
Other Commitments [Line Items]
Preferred stock dividend rate	10.00%	10.00%
Preferred stock, par or stated value per share (in dollars per share)	$ 0.0001

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 13 - FAIR VALUE MEASUREMENTS


	December 31, 2025
	Frequency of Measurement	Total		Level 1		Level 2		Level 3
Liabilities


Warrant liabilities - Series A	Recurring	60,394		—		—		60,394
Warrant liabilities - Series B	Recurring	—		—		—		—
Warrant liabilities		60,394		—		—		60,394

Contingent consideration liabilities	Recurring	5,353		—		—		5,353

Total liabilities measured at fair value		$	65,747	$	—	$	—	$	65,747


	December 31, 2024
	Frequency of Measurement	Total		Level 1		Level 2		Level 3
Liabilities
Earn-out liabilities	Recurring	$	134,156	$	—	$	—	$	134,156

Warrant liabilities - Series A	Recurring	68,778		—		—		68,778
Warrant liabilities - Series B	Recurring	—		—		—		—
Warrant liabilities		68,778		—		—		68,778

Total liabilities measured at fair value		$	202,934	$	—	$	—	$	202,934

The following table provides a roll-forward of the Company’s Level 3 liabilities (in thousands):


	Earn-out liabilities		Warrant liabilities Series A		Warrant liabilities Series B		Total Warrant liabilities		Contingent consideration liabilities




Balance, December 31, 2023	14,032		8,612		2,682		11,294		—
Additions	—		20,827		11,262		32,089		—
Change in fair value	120,124		59,810		17,841		77,651		—
Converted to equity	—		(20,471)		(31,785)		(52,256)		—
Balance, December 31, 2024	134,156		68,778		—		68,778		—
Additions	—		—		—		—		3,499
Change in fair value	33,369		(8,384)		—		(8,384)		1,854
Converted to equity	(167,525)		—		—		—		—
Balance, December 31, 2025	$	—	$	60,394	$	—	$	60,394	$	5,353

Earn-out Liabilities

As a result of the Business Combination, certain Intuitive Machines, LLC members received 10,000,000 earn out units of Intuitive Machines, LLC (“Earn Out Units”) subject to certain triggering events. Upon the vesting of any Earn Out Units, each of the certain Intuitive Machines, LLC members will be issued (i) by Intuitive Machines, LLC an equal number of Intuitive Machines, LLC Common Units and (ii) by Intuitive Machines, an equal number of shares of Class C Common Stock, in exchange for surrender of the applicable Earn Out Units and the payment to Intuitive Machines, Inc. of a per-share price equal to the par value per share of the Class C Common Stock. Under the earn out agreement, Earn Out Units of 2,500,000 vested for the year ended December 31, 2023, and the remaining 7,500,000 Earn Out Units vested during the year ended December 31, 2025.

Warrant Liabilities

Conversion Warrants

Pursuant to the Letter Agreement and the issuance of warrants on January 29, 2024 as described further in Notes 8 and 11, the fair values of the Conversion Series A Warrant and the Conversion Series B Warrant liabilities were estimated at $10.0 million and $5.1 million, respectively, utilizing the Black-Scholes-Merton model. The significant assumptions utilized in estimating the fair value of the Conversion Series A Warrant liabilities include: (i) a per share price of the Class A Common Stock of $3.05; (ii) a dividend yield of 0.0%; (iii) a risk-free rate of 3.97%; and (iv) expected volatility of 102%. The significant assumptions utilized in estimating the fair value of the Conversion Series B Warrant liabilities include: (i) a per share price of the Class A Common Stock of $3.05; (ii) a dividend yield of 0.0%; (iii) a risk-free rate of 4.53%; and (iv) expected volatility of 76%.

The fair value of the Conversion Series A Warrant liabilities as of December 31, 2025 was estimated using a Black-Scholes-Merton model. The significant assumptions utilized in estimating the fair value of the Conversion Series A Warrant liabilities include: (i) a per share price of the Class A Common Stock of $16.23; (ii) a dividend yield of 0.0%; (iii) a risk-free rate of 3.56%; and (iv) expected volatility of 104%.

During June 2024 and November 2024, the investor fully exercised and converted to equity the Conversion Series B Warrants. As of December 31, 2025, the Conversion Series A Warrants remain outstanding. Refer to Note 11 for more information on the Conversion Warrants.

Initial Warrants

Pursuant to the Warrant Exercise Agreement on January 10, 2024 (as further described in Note 11 and discussed below), the terms of the Initial Warrants were modified, and the Initial Series B Warrant was exercised in full and converted to equity. The pre-modification fair value of the Initial Warrant liabilities was estimated using a Black-Scholes-Merton model. The significant assumptions utilized in estimating the pre-modification fair value of the Series A Warrant liabilities include: (i) a per share price of the Class A Common Stock of $2.83; (ii) a dividend yield of 0.0%; (iii) a risk-free rate of 3.99%; and (iv) expected volatility of 104%. The significant assumptions utilized in estimating the pre-modification fair value of the Series B Warrant liabilities include: (i) a per share price of the Class A Common Stock of $2.83; (ii) a dividend yield of 0.0%; (iii) a risk-free rate of 4.75%; and (iv) expected volatility of 85%.

During February 2024, the investor also fully exercised and converted to equity the Initial Series A Warrant. Refer to Note 11 for more information on the warrant exercises.

New Warrants

Pursuant to the Warrant Exercise Agreement on January 10, 2024 as described further in Note 11, the fair values of the New Series A Warrant and the New Series B Warrant liabilities were estimated at $10.8 million and $5.7 million, respectively, utilizing the Black-Scholes-Merton model. The significant assumptions utilized in estimating the fair value of the New Series A Warrant liabilities include: (i) a per share price of the Class A Common Stock of $2.83; (ii) a dividend yield of 0.0%; (iii) a risk-free rate of 4.00%; and (iv) expected volatility of 105%. The significant assumptions utilized in estimating the fair value of the New Series B Warrant liabilities include: (i) a per share price of the Class A Common Stock of $2.83; (ii) a dividend yield of 0.0%; (iii) a risk-free rate of 4.55%; and (iv) expected volatility of 83%.

During February 2024, the investor fully exercised and converted to equity the New Warrants. Refer to Note 11 for more information on the warrant exercises.

Contingent Consideration Liability

On October 1, 2025 and in connection with the purchase consideration related to our recent acquisition of KinetX, approximately 329,827 shares of Class A Common Stock was held back in escrow to fund post-closing adjustments, in the amount of $3.5 million, based on the acquisition date closing stock price of $10.61, and recorded as a contingent consideration liability in our consolidated balance sheets. The fair value of the contingent consideration liability as of December 31, 2025 was estimated based on our Class A Common Stock closing stock price of $16.23. See Note 3 - Acquisitions for additional information on the acquisition of KinetX,

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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