Intuitive Machines is a space infrastructure and services company that designs, builds, and operates spacecraft and space systems, primarily for NASA, the U.S. Department of Defense, and commercial satellite operators. The company organizes around three capabilities: Build (spacecraft and satellite manufacturing), Connect (communications and data relay networks), and Operate (mission operations and hosted payload services). Intuitive Machines was historically a lunar delivery company, winning contracts under NASA's Commercial Lunar Payload Services (CLPS) initiative to transport payloads to the lunar surface, and has completed two such missions. The January 2026 acquisition of Lanteris Space Systems dramatically expanded the business — Lanteris is the world's leading manufacturer of GEO communications satellites, with its 1300-class platform deployed on over 95 operational satellites, and also builds satellite buses for national security LEO constellations. Lanteris now contributes roughly two-thirds of combined revenue. Intuitive Machines generates most revenue today through fixed-price, milestone-based government contracts, but is shifting toward recurring service revenue through NASA's Near Space Network Services (NSNS) contract — valued at up to $4.82B — under which Intuitive Machines is deploying a five-satellite lunar data relay constellation and will earn consumption-based revenue for communications, navigation, and data relay services. Management views this mix shift from build toward connect and operate as the key margin driver, given the higher and more recurring nature of service revenue relative to milestone-based delivery.