A delivery that already happened
On September 15, 2026, Intuitive Machines said it had handed the SXM-11 communications satellite to SiriusXM after in-orbit testing. The company described the satellite as fully operational following a June 28 Falcon 9 launch. SXM-11 is an IM 1300-series geostationary spacecraft, not a lunar lander. Handover after orbital commissioning is a more advanced milestone than an order or a launch reservation.
The September handover occurred after the quarter ended June 30. It should not be presented as a fresh $206 million of quarterly revenue; that figure was Intuitive Machines' reported Q2 total across spacecraft production, lunar and NASA programs, and network work.
The broader spacecraft book
The company also announced a September 1 order to build two IM 300 platforms for an undisclosed new customer. An order for two platforms is not delivery of two spacecraft, and the customer has not been named. Together with SXM-11, it shows why LUNR cannot be read only as a lunar-lander ticker.
At June 30, Intuitive Machines reported roughly $1.8 billion of backlog and $206 million of Q2 revenue. Backlog includes future work and acquired Lanteris commitments; it is not cash received or revenue already recognized. The September satellite handover and the IM 300 order are later operational developments, not revisions to the June income statement.
What remains unproven
SXM-11's handover demonstrates that one geostationary customer spacecraft made it through commissioning. It does not prove the schedule or outcome of the next Nova-C mission, and it does not convert the entire backlog into this year's sales. The next useful checks are new spacecraft acceptances, the timing of revenue recognition, and actual lunar-mission milestones.
This note updates the space-systems side of LUNR's story. MarketNeon's separate lander article covers the CLPS and Nova-C calendar. Neither article is a stock recommendation.