It’s deep 2022, you might think SPAC deals are done, done, dusted, and forgotten. Furthermore, as Technology Flow recently reported, Itutive Machines’ SPAC-led debut to the public markets is underway as we speak.
You may not know about the company unless you are close to the space business. Let me catch them all.
The Moon-focused company is combining Intuitive Machines with Inflection Point Acquisition Corp. in a deal that values it at $1.15 billion in equity terms and $815 million when we factor in its assumed enterprise value.
The gap between the two is the company’s expected post-combination cash on hand; To reassure potential investors that that number won’t evaporate through redemptions as the merger date approaches, Intuitive Machines has pledged $55 million in what it calls “committed capital,” or “affiliates” with the SPAC in question for non-redemption contracts or external funding (PIPE).
The exchange explores startups, markets and money.
Read it every morning on Technology Flow+ or get the Exchange newsletter every Saturday.
Intuitive machines will hit the public markets as unicorns if things go as planned. A unicorn in space? Given SpaceX’s reported value, intuitive machines aren’t the first. But like enterprise software, it’s also one of the less concentrated sectors.