Core Insights - Intuitive Machines acquired Lanteris Space Systems for $800 million, transitioning from a lunar lander operator to an integrated space platform [1] - The company raised $175 million at a share price of $15.12, resulting in a 360% increase in shares outstanding since 2023 [1] - Despite the acquisition, Intuitive Machines reported a Q3 2025 revenue of $52.4 million and a net loss of $10 million, with an adjusted EBITDA of negative $13.2 million [1] Financial Performance - The stock trades at 11 times trailing revenue, significantly higher than the sector median of 2 times [1] - Total debt stands at $371 million, with accumulated losses of negative $397 million [1] - The latest equity raise led to a 15.93% drop in premarket trading on announcement day [1] Market Sentiment - Reddit sentiment around Intuitive Machines has shifted from a quarterly average of 70.2 (bullish) to a weekly average of 57.7 (neutral) [1] - Discussions on Reddit reflect concerns about the company's revenue projections and dilution trajectory [1] - Analyst ratings show seven out of nine covering analysts rate the stock as a Buy, with a consensus price target of $18.89 [1] Strategic Outlook - The acquisition is seen as a move into multi-billion-dollar space programs, with CEO Steve Altemus emphasizing the potential for significant revenue growth [1] - The upcoming NASA Lunar Terrain Vehicle contract decision is viewed as a critical catalyst for the company's future [1] - The price target range from analysts varies significantly, indicating differing opinions on the credibility of the company's pivot strategy [1]