Intuitive Machines, Inc. / Related Parties and Variable Interest Entities
Report section 7.0
Related Parties and Variable Interest Entities
7.0 Related Parties and Variable Interest Entities
IM maintains several related‑party relationships and consolidated variable interest entities arising from joint ventures and historical partnership structures. Key related‑party activity includes engineering services and cost‑of‑revenue arrangements with KBR and Aerodyne‑affiliated entities. All transactions were conducted in the normal course of business.
| Related Party | Relationship to Intuitive Machines | Nature of Transactions |
|---|---|---|
| KBR, Inc. | Holds ~10% equity in Space Network Solutions, LLC (SNS) subsidiary | • Engineering services revenue to IM/SNS • Cost of revenue to KBR (OMES III) |
| ASES (JV of Aerodyne & KBR) | JV; Kamal Ghaffarian is in management at Aerodyne | • Engineering services revenue to IM |
| Aerodyne Industries, LLC | Related via ASES; management overlap | • Cost of revenue (OMES III) |
| X‑Energy, LLC | Kamal Ghaffarian is Executive Chairman of parent | • Operating expenses |
| IBX, LLC / PTX, LLC | Kamal Ghaffarian is co‑founder and management | • Management & professional services (admin, accounting, legal) |
| Axiom Space, Inc. | Kamal Ghaffarian is co‑founder, CEO & Executive Chairman | • Space infrastructure development revenue |
The Company consolidates several VIEs, including Space Network Solutions (SNS) and the OMES III JV, where IM is deemed the primary beneficiary due to control over key operating activities.
| Entity / JV | Partner(s) | IM Ownership | Purpose & Key Notes |
|---|---|---|---|
| Space Network Solutions, LLC (SNS) | KBR, Inc. | 90% IM / 10% KBR | Formed to provide cybersecurity, communications, and tracking services for lunar and space missions. Awarded NASA IDIQ contract in Q2 2023 (JPSS / Exploration & In‑Space Services). IM controls activities that most significantly impact economic performance. |
| OMES III JV (Silo within SNS) | KBR, Inc. | 47% IM / 53% KBR (profits interest) | Separate JV agreement within SNS specifically to execute the OMES III contract. Considered a silo VIE due to distinct governance and economics. IM is primary beneficiary despite minority profit share because of control over key activities. |