Intuitive Machines (LUNR) board director and 10% major shareholder Kamal Ghaffarian sold 141,909 shares of Class A common stock through Ghaffarian Enterprises on June 1, for a total value of approximately $5.537 million. LUNR did not win NASA’s lunar terrain rover contract, and its share price dropped sharply after the news.
Transaction Details: 10b5-1 Plan and Conversion Mechanism
This sale was automatically executed under a 10b5-1 plan adopted by Ghaffarian Enterprises, LLC on December 4, 2025. On the same day, the relevant unit conversion mechanism was as follows: holders of Intuitive Machines, LLC common stock units may elect to redeem the issuer’s Class A common stock at a 1:1 ratio, and it will never expire. Dr. Ghaffarian stated that, other than his economic interests, he has no beneficial ownership in the relevant securities.
Ownership Structure After Ghaffarian’s Transaction
After the transaction, Ghaffarian’s indirect holdings are as follows:
GM Enterprises, LLC: holds 2,241,121 common stock units and Class C common stock
Ghaffarian Enterprises, LLC: holds 32,830,873 common stock units and Class C common stock, and 3,494,768 shares of Class A common stock
Directly held: 146,092 shares of Class A common stock
Latest Company Update: FY2026 Guidance Maintained, NASA Contract Loses Out
Intuitive Machines reiterated its FY2026 revenue guidance of $900 million to $1 billion and expects adjusted EBITDA to be positive. The final NASA lunar terrain rover contract was awarded to Astrolab and Lunar Outpost; Intuitive Machines was not included on the winning list, and its share price fell sharply after the announcement. The company said it expects to receive contract decision(s) for the lunar terrain vehicle project before the weekend of the reporting period.
Cantor Fitzgerald maintained its LUNR “Buy” rating and raised the target price from $26 to $43, citing optimism about the company’s prospects for winning more contracts in the future. SpaceX’s recent IPO filing has also led to a broad rally in aerospace and satellite stocks.
FAQ
What is the significance of Kamal Ghaffarian selling under the 10b5-1 plan?
The 10b5-1 plan allows company insiders to set advance stock sale plans without being in possession of material nonpublic information, and to automatically execute them once the plan is adopted. The sale plan was adopted on December 4, 2025, and has no direct connection to the company’s recent news.
What impact does the loss of the NASA lunar terrain rover contract have on Intuitive Machines?
NASA awarded the contract to Astrolab and Lunar Outpost, while Intuitive Machines was excluded. After the announcement, the share price fell sharply. The company said its overall revenue guidance for FY2026 of $900 million to $1 billion remains unchanged.
What is the basis for Cantor Fitzgerald raising its target price?
Cantor Fitzgerald raised its LUNR target price from $26 to $43 and maintained its “Buy” rating, citing optimism about Intuitive Machines’ future prospects for winning more contracts.
