Director Kamal Seyed Ghaffarian and entities affiliated with him sold a total of 283,818 shares of Intuitive Machines, Inc. Class A Common Stock (NASDAQ: LUNR) on March 24, 2026, for approximately $5.3 million. The disposals were completed in multiple transactions at prices ranging between $17.7966 and $20.343 per share.
The sales were executed by Ghaffarian Enterprises, LLC pursuant to a pre-arranged Rule 10b5-1 trading plan that the entity adopted on December 4, 2025. In conjunction with the transactions, 283,818 Common Units were converted into Class A Common Stock, and an equal number of Class C Common Stock shares were sold.
Post-transaction ownership
After the conversions and sales, Ghaffarian Enterprises, LLC retained 3,494,768 shares of Class A Common Stock as well as 33,291,338 Common Units and shares of Class C Common Stock. Separately, GM Enterprises, LLC holds 2,241,121 Common Units and shares of Class C Common Stock, and Intuitive Machines KG Parent, LLC holds 249,080 Common Units and shares of Class C Common Stock. Kamal Seyed Ghaffarian also directly owns 146,092 shares of Class A Common Stock.
Market context and valuation note
The insider sale took place against the backdrop of a stock that has risen 119% over the last year. InvestingPro analysis, referenced in company coverage, has suggested the shares may be overvalued at current levels. InvestingPro subscribers are noted to have access to 15 additional exclusive tips and expanded financial metrics for LUNR.
Company developments and quarterly results
Intuitive Machines also announced it was awarded a $180.4 million contract by NASA to deliver seven science and technology payloads to the Lunar South Pole Region using its larger Nova-D class lunar lander, as part of NASA’s Commercial Lunar Payload Services initiative.
On the financial front, the company reported fourth-quarter fiscal 2025 results that missed expectations. Revenue for the quarter came in at $44.8 million versus an anticipated $53.7 million. Adjusted EBITDA was negative $19.1 million, and the loss per share was $0.35, both of which missed analyst estimates.
Analyst reactions and strategic moves
Analysts responded with mixed adjustments to the company’s outlook: Stifel raised its price target to $22 and maintained a Hold rating, while Canaccord increased its target to $24 and retained a Buy rating, citing recent acquisition activity. The company has recently completed acquisitions of Lanteris Space Systems and KinetiX, which the company says enhance its capabilities in deep space navigation and satellite program management.
Separately, reports that SpaceX is preparing to file for an initial public offering aimed at raising over $75 billion have been linked to heightened interest in U.S. space-related equities, including Intuitive Machines.
What is clear
The factual record shows a director-led sale executed under a preexisting trading plan, substantial remaining holdings across related entities, a major NASA contract award, a quarterly earnings shortfall, and divergent analyst target changes. The company’s strategic acquisitions and the broader market attention toward U.S. space stocks are noted developments in the public disclosures cited.