L.O.T.W. #146 - Inside Intuitive Machines' $40 Million Secured Revolver with Stifel Bank
Non-formula, cash-backed revolving facility provides additional dry powder and working capital flexibility to support the company's growth objectives.
In March 2025, Intuitive Machines closed a new $40 million revolving credit facility with Stifel Bank, providing the company with a more flexible and lower cost source of funding.
UPDATE - In January 2026, in conjunction with the borrower’s acquisition of Lanteris Space Holdings, Intuitive Machines and Stifel agreed to suspend covenant testing and freeze the line (no outstanding balances at time of announcement) until Stifel decides in its sole discretion to terminate the line freeze.
👓At a Glance
Borrower: Intuitive Machines, Inc. and subsidiary borrower, Intuitive Machines, LLC
Lender: Stifel Bank
Deal Size: $40 million
Structure: Non-formula revolving loan
Rate: Variable, Greater of a) Term SOFR + 2.75%, and b) 6.00%
Term: 26 months
Use of Proceeds: Growth initiatives, working capital, general corporate purposes
Source: SEC 8-K
📷Borrower Snapshot
Sector: Industrials
Subsector: Aerospace & Defense
Ownership: Public NASDAQ - LUNR
Commercial Stage: Revenue generating, LTM EBITDA (-)
Business Overview: Intuitive Machines, Inc. is an aerospace company focused on delivering space access and infrastructure solutions, with particular emphasis on lunar missions and beyond. Its offerings include lunar lander services, spacecraft systems, and data communications solutions that support scientific, commercial, and government customers. The company operates under contracts such as NASA’s Commercial Lunar Payload Services program and is expanding its capabilities through strategic partnerships and acquisitions to serve broader orbital and space systems markets. Intuitive Machines aims to lower the cost of access to lunar and cislunar environments while building recurring revenue streams from mission services and space data infrastructure.
⚙️Structure & Terms
Source: SEC 8-K
Commitment:
$40 million
Borrowing Formula:
N/A
Maturity: April 30, 2027
Collateral: First priority all asset lien
Rate: Variable, Greater of a) Term SOFR + 2.75%, and b) 6.00%
Fees:
Final Payment - $240k due at maturity or line termination
Financial Covenants:
Maintain majority (70%) of depository accounts, operating accounts, cash equivalents, and excess cash with Stifel Bank
Min. Revenue - 80% Performance to Plan