Intuitive Machines (LUNR) Hits Record $1.8B Backlog as Spending Scales Up

Intuitive Machines (LUNR) Hits Record $1.8B Backlog as Spending Scales Up Maham Fatima Fri, August 21, 2026 at 12:50 PM EDT 4 min read LUNR On August 20, Intuitive Machines (NASDAQ: LUNR ) reported second-quarter revenue of $206 million, more than four times what it brought in a year earlier, and closed the quarter with a record $1.8 billion in backlog. The company reaffirmed its full-year guidance of $900 million to $1 billion in revenue and said it still expects positive adjusted EBITDA for 2026. Behind those headline numbers sits a business spending heavily to chase a market it says has grown far beyond the moon. Intuitive Machines (LUNR) Hits Record $1.8B Backlog as Spending Scales Up Bull Case: A Business Firing On Every Cylinder The quarter's standout number was bookings. Intuitive Machines logged $1.7 billion in bookings so far this year, including $1.2 billion in the second quarter alone, the highest quarterly total in company history. Management said that volume reflects a shift away from depending on any single customer or mission type. The $1.8 billion backlog now splits roughly 37% civil, 49% commercial and 14% national security, and Q2 bookings skewed even further toward commercial and national security work, at 50% and 30% respectively. That diversification showed up across every part of the business. NASA selected Intuitive Machines for the CS-8 lunar delivery mission, its sixth award under the CLPS contract, extending its delivery cadence into 2030. On the nat…