this goes deep In 2022, you might think SPAC deals are over, done, dusted, and forgotten. However, TechCrunch recently reported that, as we said, Intuitive Machines is seeking a SPAC-led public market debut.
If you don’t follow the space business closely, you’re probably not familiar with the company. Let me catch up with all of us.
Intuitive Machines is merging with Inflection Point Acquisition Corp. In the deal, the moon-focused company’s equity is valued at $1.15 billion, or $815 million if we factor in its expected enterprise value.
The gap between the two is the company’s expected post-merger cash on hand; to reassure would-be investors that this figure won’t evaporate due to redemptions as the merger date approaches, Intuitive Machines has moved from what it calls “commitment.” received $55 million in “capital”, or committed funds for non-redemption agreements or external funds (PIPE) from “entities” associated with the relevant SPAC.
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If things go according to plan, Intuitive Machines will go public as a unicorn. Unicorns in space? Given SpaceX’s reported value, Intuitive Machines won’t be the first. But it’s also one of those areas that isn’t super-intensive, like enterprise software.