Form 4: Intuitive Machines CEO Sells $31.5M in Stock

Intuitive Machines CEO Stephen J. Altemus sold over 2 million shares of Class A Common Stock for approximately $31.5 million in December 2025, pursuant to a Rule 10b5-1 plan.

Summary

• Stephen J. Altemus, CEO, Director, and 10% Owner of Intuitive Machines, Inc. (LUNR), reported significant stock transactions.
• On December 19, 2025, Altemus acquired 41,407 shares of Class A Common Stock and disposed of 41,407 shares of Class C Common Stock, then sold 41,407 shares of Class A Common Stock at a weighted average price of $15.0143.
• On December 22, 2025, he acquired 1,958,593 shares of Class A Common Stock and disposed of 1,958,593 shares of Class C Common Stock.
• On the same day, he sold 639,767 shares of Class A Common Stock at a weighted average price of $15.1691, 1,200,567 shares at $15.9986, and 118,259 shares at $16.7064.
• All sales were executed under a Rule 10b5-1 plan adopted on December 18, 2024.
• In total, Altemus sold 2,009,900 shares of Class A Common Stock across these dates, generating approximately $31.5 million in proceeds.
• Following these transactions, Altemus beneficially owns 1,026,402 shares of Class A Common Stock and 13,342,213 Common Units (redeemable for Class A Common Stock) and Class C Common Stock.

Sentiment

Score: 3

Explanation: The significant insider selling by the CEO, Director, and 10% owner, Stephen J. Altemus, totaling over 2 million shares for approximately $31.5 million, is generally viewed negatively by the market. While the sales were conducted under a pre-arranged Rule 10b5-1 plan, mitigating some of the immediate negative implications, the sheer volume of shares sold by a key executive can still raise concerns about future growth prospects or valuation.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 plan, adopted over a year prior to the transactions, which suggests a planned liquidity event rather than a reaction to recent negative company developments.
• The stock was sold at prices ranging from $14.565 to $16.85, indicating a strong market valuation for the company's shares at the time of the transactions.

Negatives

• Stephen J. Altemus, a key insider holding multiple significant roles (CEO, Director, 10% Owner), executed substantial sales of company stock.
• The sale of 2,009,900 shares of Class A Common Stock, totaling approximately $31.5 million, represents a significant reduction in his direct holdings.
• Large insider selling, even under a 10b5-1 plan, can sometimes be perceived by investors as a lack of confidence in the company's future prospects or a signal of peak valuation.

Risks

• Investor sentiment could be negatively impacted by the significant insider selling, potentially leading to downward pressure on the stock price.
• The market may interpret the sales as a signal from a key executive that the stock's current valuation is high or that future growth prospects are limited.

Future Outlook

No forward-looking statements or guidance regarding the company's operational or financial performance are provided in this insider transaction report.

Industry Context

Insider selling is a routine event in the public markets. The prices at which the shares were sold suggest a robust valuation for Intuitive Machines' stock during the transaction period, which could reflect ongoing investor interest in the space exploration and lunar technology sector.

Comparison to Industry Standards

• Not applicable for an insider transaction report as this filing details personal stock transactions by an executive, not company performance against industry benchmarks.

Stakeholder Impact

• Shareholders may react negatively to the significant insider selling, potentially leading to a decrease in the company's stock price due to concerns about management's confidence or future prospects.

Key Dates

Recommendation

The substantial insider selling by CEO Stephen J. Altemus, while executed under a Rule 10b5-1 plan, warrants caution. Such large sales by a key executive can create negative market sentiment and potentially signal a belief that the stock is fully valued or that future upside is limited. However, the pre-planned nature of the sales suggests a personal liquidity or diversification strategy rather than an immediate reaction to adverse company news. Investors should maintain a 'hold' position to observe the market's reaction, assess any further company-specific news, and evaluate the broader industry context before making a more definitive investment decision.

Keywords

Intuitive Machines, LUNR, Stephen J. Altemus, Insider Trading, Form 4, Stock Sale, CEO, 10b5-1 Plan, Space Exploration, Lunar Lander