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Intuitive Machines Signs Combination Agreement With Inflection Point Acquisition Corp.; Pro Forma Implied Enterprise Value $815M

Intuitive Machines Signs Combination Agreement With Inflection Point Acquisition Corp.; Pro Forma Implied Enterprise Value $815M

Intuitive Machines 与 Inflection Point Accurition Corp. 签署合并协议；Pro For
Benzinga Real-time News ·  2022/09/16 07:06
  • Intuitive Machines is a diversified space exploration, infrastructure, and services company with marquee contracts supporting space exploration and NASA's $93 billion Artemis program.
  • Intuitive Machines is a leading participant in NASA's Commercial Lunar Payload Services initiative, having been awarded contracts for three missions to date, more than any other contractor.
  • For its first mission scheduled for no earlier than Q1 2023, an Intuitive Machines lunar lander, launched on a SpaceX Falcon 9 Rocket, is expected to transport government and commercial payloads to the surface of the Moon, marking the United States' first return to the Moon since NASA's last Apollo mission in 1972.
  • Intuitive Machines currently has $188 million in contracted backlog and expects to generate approximately $102 million in revenue in 2022.
  • Pro forma implied enterprise value of the combined company is approximately $815 million, representing a 2.8x EV / projected 2023 revenue multiple.
  • Intuitive Machines is expected to have a pro forma equity value of more than $1 billion, assuming there are no redemptions by IPAX's public stockholders.
  • $55 million in committed capital and a $50 million equity facility has been secured in conjunction with the business combination with Inflection Point which Intuitive Machines expects will fund its business plan to profitability over the next 2-3 years.
  • Intuitive Machines' shareholders will roll 100% of their existing equity holdings into the combined company.
  • 直觉机器公司是一家多元化的太空探索、基础设施和服务公司，拥有支持太空探索和NASA价值930亿美元的Artemis计划的大量合同。
  • 直觉机器公司是NASA商业月球有效载荷服务计划的主要参与者，到目前为止已经获得了三项任务的合同，比其他任何承包商都多。
  • 在不早于2023年第一季度的首次任务中，由SpaceX猎鹰9号火箭发射的直观机器月球着陆器预计将把政府和商业有效载荷运送到月球表面，这标志着美国自1972年NASA上一次阿波罗任务以来首次重返月球。
  • 直觉机器目前有1.88亿美元的合同积压，预计2022年将产生约1.02亿美元的收入。
  • 合并后公司的预计企业价值约为8.15亿美元，相当于2.8倍的EV/预计2023年收入倍数。
  • 假设IPAX的公众股东没有赎回，直觉机器预计将拥有超过10亿美元的形式股权价值。
  • 5,500万美元的承诺资本和5,000万美元的股权融资已与Inflect Point的业务合并一起获得，直觉机器公司预计将为其业务计划提供资金，使其在未来2-3年内实现盈利。
  • 直觉机器的股东将把他们现有的股权100%投入合并后的公司。
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