Kamal Ghaffarian, serving as a director and holding a 10% ownership stake in Intuitive Machines, Inc. (NASDAQ:LUNR), completed the sale of Class A Common Stock valued at approximately $2.9 million on June 29, 2026. The transaction involved the disposal of 141,909 shares, executed at prices fluctuating between $19.63 and $21.25. These sales were processed through Ghaffarian Enterprises, LLC, operating under a pre-arranged Rule 10b5-1 trading plan that was initially adopted on December 4, 2025.
The execution of the sale occurred in multiple distinct transactions. A primary block comprising 94,899 shares was sold at a weighted average price of $20.2426 per share, with individual sale prices within this block ranging from $19.63 to $20.62. Concurrently, 47,010 shares were sold at a weighted average price of $20.8018 per share, with prices for these specific transactions ranging from $20.63 to $21.25. The aggregate proceeds generated from these sales amounted to $2,898,895.
Prior to the execution of these sales, Ghaffarian Enterprises, LLC facilitated the conversion of 141,909 Common Units of Intuitive Machines, LLC into an equal number of Class A Common Stock shares. This conversion was accompanied by the automatic cancellation of 141,909 shares of Class C Common Stock for no consideration. The Common Units are redeemable for Class A Common Stock on a one-to-one basis at the holder's discretion and do not possess expiration dates.
Following the completion of these transactions, Dr. Ghaffarian retains indirect beneficial ownership of 3,494,768 shares of Class A Common Stock held by Ghaffarian Enterprises, LLC. Additionally, he maintains ownership of 2,241,121 Common Units and Class C Common Stock shares held by GM Enterprises, LLC. Dr. Ghaffarian serves as the sole managing member of GM Enterprises, LLC and the sole trustee of a revocable trust that functions as the sole member of Ghaffarian Enterprises, LLC. He has disclaimed beneficial ownership except to the extent of his pecuniary interest.
The stock activity occurs against a backdrop of recent corporate developments for Intuitive Machines. The company recently announced the securing of a firm-fixed-price contract from NASA valued at up to $148.3 million. This agreement involves the delivery of a Nova-C lander to the Moon by 2028 and includes a $68.6 million base contract for mission execution, along with a $79.7 million performance incentive. This award marks the company's sixth Commercial Lunar Payload Services award from NASA.
Financially, Intuitive Machines reaffirmed its fiscal 2026 revenue guidance of $900 million to $1 billion and expects positive adjusted EBITDA by that year. The company's IM-3 Mission to the Moon remains on schedule for the second half of 2026. Cantor Fitzgerald reiterated its Overweight rating for Intuitive Machines with a price target of $43, highlighting the company's operational milestones.
Market context for Intuitive Machines includes recent price performance and valuation metrics. LUNR shares delivered an 89% return over the past year, though the stock currently trades at $20.18. This price point is well above InvestingPro's Fair Value estimate, placing it among overvalued stocks. According to InvestingPro Tips, the stock generally trades with high price volatility, which may have influenced the timing of this insider transaction.
Broader market dynamics are also influencing the sector. The recent debut of SpaceX on the Nasdaq has influenced market dynamics, as its initial public offering pushed its valuation above $2 trillion. This development has led to increased investor interest in the space sector overall.