Lunar + space services (Intuitive Machines) - landers, satellite buses and ground segment, now a small space prime
AI exposure 0% — derived from reported segment revenue, not asserted.
Frontier & Emerging Bets → Space & Satellite Infrastructure · figures rebased to Q2 2026, reported 2026-08-13
Lunar access and delivery - NASA CLPS Nova-C/Athena landers and OMES orbital services leads 3 businesses in this sub-tier that together are 100% of revenue, so Space & Satellite Infrastructure is effectively the whole company rather than one leg of it.
Intuitive Machines ($206.2M Q2 2026, more than 4x Q2 2025's $50.3M; H1 $392.9M; FY2026 guided $900M-$1.0B). Reports a SINGLE segment - the split below is the Atlas's own estimate, anchored to the one mix figure the company discloses, national security rising from 3% to 30% of revenue. Lunar access and delivery ~50% (NASA CLPS Nova-C/Athena landers, OMES) = primary B7 Space & Satellite Infrastructure; satellite systems and national security programmes ~30% (Lanteris buses, the GEO multi-satellite award valued above $600M); space data transport and ground segment ~20% (NSNS lunar relay…
Moat. NASA CLPS and OMES incumbency plus, since the $800M Lanteris deal, a flight-proven satellite-bus line and the Goonhilly and COMSAT ground stations that closed in August 2026 - heritage and clearances new entrants cannot buy quickly. But $612.8M of the $1.8B backlog was acquired rather than won, and the rest is task-order work re-competed programme by programme.
Bottleneck / pricing power. Limited pricing power - government programme and task-order pricing. The record $1.8B backlog buys visibility, not margin: the quarter that carried it produced a $47.1M operating loss and adjusted EBITDA of -$13.8M.
Role in the AI stack. The lunar-access layer, now broadened to a small space prime — landers, satellite buses and ground segment.
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