LUNR: When space infrastructure becomes a businessIntuitive Machines, Inc. Class ABATS:LUNRTotoshkaTradesIntuitive Machines has long ceased to be just a lunar lander company. After acquiring Lanteris Space Systems, it transformed into a vertically integrated space contractor, combining satellite platforms, ground stations, navigation services and lunar technologies. Today the company builds infrastructure for the new space economy, not isolated missions. Fundamentals - Q1 2026 On May 14, the company posted a record quarterly report. Revenue nearly tripled year over year to $186.7 million, driven by the consolidation of Lanteris. Adjusted EBITDA turned positive for the first time at $2.7 million. The backlog grew to a record $1.1 billion, up nearly $842 million from the end of 2025. Management reaffirmed full-year 2026 guidance: revenue of $900 million to $1 billion and positive Adjusted EBITDA. What's happening now In January, Intuitive Machines closed the $800 million acquisition of Lanteris Space Systems. In Q2, the company received a new task order under the NASA CLPS program, entered the US Space Force Andromeda IDIQ defense program with a potential ceiling of up to $6.24 billion, and signed an agreement to acquire the British Goonhilly Earth Station, strengthening its Earth-to-Moon communications infrastructure. On June 3, the company registered an ATM program of up to $500 million. This does not mean an immediate issuance of all shares but provides management with the flexibility to gradually raise capital to fund further growth. The market reacted negatively to the potential dilution, putting pressure on the stock. An additional factor was NASA's decision to select Astrolab and Lunar Outpost for the Lunar Terrain Vehicle program, leaving Intuitive Machines out of that project. Technicals On the weekly chart, price is approaching a strong demand zone at $10.81–$11.44, where the 0.786 Fibonacci retracement, the 200-week moving average, and a long-term ascending diagonal support line converge. This kind of confluence often becomes an area of increased buyer interest. If this zone holds, the first target is $24.95, with the next target at $46.75. Intuitive Machines is undergoing a major transformation. The company is no longer limited to lunar landings but is building a full-fledged space infrastructure for government and commercial customers. A record backlog, the integration of Lanteris, and expanding partnerships with NASA and the US Space Force form a strong long-term foundation. At the same time, pressure comes from the equity offering, an earnings miss, and the capital-intensive nature of the business. That is why the current correction looks more like a repricing of market expectations rather than a deterioration of the long-term investment case.