In a deal that values the venture at about $1 billion, the company will go public through a SPAC.
In the first quarter, the merger is expected to close. The ticker symbol for the company will be "LUNR."
"As the United States plans its return to the Moon after a 50-year absence, Intuitive Machines is excited to play a critical role in providing technologies and services to establish long-term lunar infrastructure and commerce," said the co- founder and executive chairman.
The cash addition to the balance sheet is dependent on shareholder redemptions.
The space company has gone public through a SPAC. After a flurry of space stock debuts in 2020 and 2021, there was a pause in such deals. Many of the recently public stocks have taken a beating this year as investors begin to view the once-hot SPAC frenzy as too risky.
The Houston-based company has 140 employees.
The company is expecting $102 million in revenue this year. The number is expected to increase to $291 million in the next five years. As of June, the company had a contract backlog of $188 million and it will be profitable in two to three years.
There are four business units for the company: lunar access services, lunar data services, Orbital services, and space products and infrastructure. Propulsion and lunar vehicles are some of the technologies that are being worked on by the two companies.
The majority of the company's addressable market will come from lunar services.
Three NASA contracts worth $233 million were won under the commercial lunar payload services program.
The company's first mission will be in the first quarter of 2023 and will deliver a combination of science and technology to the moon's surface with the company's Nova-C lunar lander. The company plans to fly cargo flights to the moon every year with the help of the company.
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