Intuitive Machines to go public as a space exploration company after merger with SPAC Inflection Point Acquisition

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Space exploration company Intuitive Machines announced Friday that it will go public through a merger with special purpose acquisition company (SPAC) Inflection Point Acquisition Corp. IPAX, -0.31% in a deal that values the combined company at about $815 million. When the deal closes, which is expected to occur in the first quarter of 2023, the combined company will be named Intuitive Machines Inc. and the stock will be listed on the Nasdaq, but the new ticker symbol has not yet been determined. Intuitive Machines said it currently has $188 million in contracted backlog and expects to generate revenue of approximately $102 million in 2022. The company said for its first space mission scheduled for no earlier than the first quarter of 2023, its lunar lander is expected to transport government and commercial payloads to the moon. Inflection Point’s stock, which is still inactive in premarket trading, has gained 1.0% over the past three months while the S&P 500 SPX, -1.13% has tacked on 2.9%.

This article was originally published by Marketwatch.com. Read the original article here.

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