This goes deeper In the year By 2022, you might think SPAC deals are over, done, dusted, forgotten. And yet, TechCrunch recently reported that Intuitive Machines, led by a SPAC, is talking about its first public markets.
If you don’t follow the space business closely, you may not be familiar with the company. To take us all.
Intuitive Machines combined with Inflection Point Acquisitions Corp., a lunar-focused company, is worth $1.15 billion in equity and an estimated enterprise value of $815 million.
The gap between the two is the company’s expected post-merger cash on hand; Intuitive Machines has $55 million of what it calls “worked capital,” or funds pledged to non-redemption deals or external funds (PIPE), to reassure investors that this figure won’t be wiped out by redemptions as the merger date approaches. “Affiliates” with the SPAC in question.
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If things go as planned, intelligent machines will hit the public markets as unicorns. A unicorn in space? Given SpaceX’s record value, Intuitive Machines won’t be the first. But it’s one of those sectors that isn’t as dense as enterprise software.
