Why this name is on the tape
Intuitive Machines, Inc. (NASDAQ: LUNR) is a Houston space company. Search boxes still pull up Odysseus and Athena — Nova-C landers that already flew. The live book after January 2026 is a mix: remaining CLPS lunar task orders, NASA operations work, and spacecraft buses from Lanteris, the satellite manufacturer acquired on 13 January 2026.
This article keeps Q2 revenue and flown landers apart from IM-3/IM-4 calendars, CLPS competitions, and a $1.8 billion backlog that is mostly later years. It is not a ranking of the stock and not a trade instruction.
What has actually printed
For the quarter ended 30 June 2026 Intuitive Machines reported $206 million of revenue, up from $50.3 million a year earlier. Management said the jump was spacecraft production plus execution on CLPS, OMES, and NSNS, after Lanteris closed. Q1 had already printed a record $186.7 million; that quarter excluded about twelve days of Lanteris, which the company put at roughly $13 million.
Q2 backlog was $1.8 billion after $920 million of new bookings. Management said about 25–30% of that backlog was expected as 2026 revenue, 35–40% in 2027, and the rest later. Q1 backlog had been $1.1 billion, of which $612.8 million was acquired Lanteris backlog — not organic lunar wins. Full-year 2026 revenue guided at $900 million to $1 billion was reaffirmed. That is a target, not a print.
Which landers flew, and which are still on the calendar
IM-1 (Odysseus, February 2024) and IM-2 (Athena, March 2025) already flew. Both were NASA CLPS deliveries. Both had landing problems. They are history, not this year’s lander cadence. IM-3 was described on the Q2 call as a January–March 2027 window, with hot-fire testing, navigation-sensor testing, and an October delta flight-readiness review still ahead. IM-4 was still described as on the books for late 2026, with resources shifting over from IM-3. Both IM-3 and IM-4 were in loss positions at 30 June; Q2 included about $14.7 million of IM-4 estimate-at-completion cost for payload changes.
- CLPS: NASA selected Intuitive Machines for CT-4 earlier in 2026 and CS-8 in Q2 — described as the fifth and sixth CLPS missions, extending deliveries beyond 2028 into 2030. Awards are task orders. They are not landers on the surface this year. The company said it expected to compete for four more CLPS opportunities in 2026, including a 10-year CLPS 2.0 multi-award follow-on. A competition is not an award.
- Lanteris / IM-300: management said more than 70 IM-300-class spacecraft were under contract. That is a manufacturing book, not 70 satellites on orbit.
- L3Harris / SDA: 18 AMDT-3 Golden Dome satellites for L3Harris in support of a national-security customer. Booked in the $1.8 billion backlog. Not Q2 lunar-landing revenue.
What this does not tell you
A $206 million quarter is evidence that Lanteris buses and NASA operations can print without a new Nova-C landing this year. It is not proof that IM-4 flies in late 2026, that IM-3 lands in the January–March 2027 window, that CLPS 2.0 is won, or that 25–30% of the $1.8 billion backlog becomes 2026 revenue. Two flown landers with hard landings are not a production cadence.
On MarketNeon, LUNR is a ticker like any other: price, volume, crowd mentions, and headlines can run hot on a Moon clip while the next lander is still a window. This article is context for those prints. It does not rank the name, and it does not tell anyone to buy or sell.