Intuitive Machines lunar lander. Photo: Intuitive Machines

Intuitive Machines has secured a $20 million equity investment, giving the company enough capital that it doesn’t have to use a $50 million line of credit. The space exploration company is publicly traded and went public earlier this year. 

Intuitive Machines is preparing to launch a lunar lander mission, IM-1, in mid-November, and two more lunar missions in 2024. 

CEO Steve Altemus said the company is continuing to execute toward its lunar lander missions, and has started transitioning a $719 million NASA contract OMES III contract and expects revenue to begin in the fourth quarter. The contract is Omnibus Multidiscipline Engineering Services (OMES) award to support NASA’s Joint Polar Satellite System program and its Exploration and In-space Services projects division.

“We continue to be disciplined and opportunistic with capital. Given the timing of milestone-based payments, we elected to strengthen our balance sheet defensively, as we grow and execute on new programs,” said CFO Erik Sallee.

Intuitive Machines was founded by Kam Ghaffarian, who also co-founded Axiom Space, Quantum Space, and X-energy. Axiom Space recently raised $350 million in a Series C funding round.