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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

直觀的機器簽署與拐點收購公司的組合協議; 臨形式隱含企業價值 $815M
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.
  • 直覺機器公司是一家多元化的太空探索、基礎設施和服務公司，擁有支持太空探索和NASA價值930億美元的Artemis計劃的大量合同。
  • 直覺機器公司是NASA商業月球有效載荷服務計劃的主要參與者，到目前為止已經獲得了三項任務的合同，比其他任何承包商都多。
  • 在不早於2023年第一季度的首次任務中，由SpaceX獵鷹9號火箭發射的直觀機器月球著陸器預計將把政府和商業有效載荷運送到月球表面，這標誌著美國自1972年NASA上一次阿波羅任務以來首次重返月球。
  • 直覺機器目前有1.88億美元的合同積壓，預計2022年將產生約1.02億美元的收入。
  • 合併後公司的預計企業價值約為8.15億美元，相當於2.8倍的EV/預計2023年收入倍數。
  • 假設IPAX的公眾股東沒有贖回，直覺機器預計將擁有超過10億美元的形式股權價值。
  • 5,500萬美元的承諾資本和5,000萬美元的股權融資已與Inflect Point的業務合併一起獲得，直覺機器公司預計將為其業務計劃提供資金，使其在未來2-3年內實現盈利。
  • 直覺機器的股東將把他們現有的股權100%投入合併後的公司。
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