Form 4: Intuitive Machines CEO Sells LUNR Shares

Intuitive Machines CEO Stephen J. Altemus reported the sale of 500,000 Class A Common Stock shares in early January 2026, executed under a Rule 10b5-1 plan.

Summary

• Stephen J. Altemus, CEO, Director, and 10% Owner of Intuitive Machines, Inc. (LUNR), reported transactions involving the company's stock.
• On January 2, 2026, Altemus acquired 83,914 shares of Class A Common Stock through the conversion of Common Units and simultaneously disposed of 83,914 shares of Class C Common Stock.
• Following this conversion, 83,914 shares of Class A Common Stock were sold at a weighted average price of $18.0391 per share, with individual sales ranging from $18.00 to $18.105.
• On January 5, 2026, Altemus acquired an additional 416,086 shares of Class A Common Stock via Common Unit conversion, disposing of an equal number of Class C Common Stock shares.
• Subsequently, 416,086 shares of Class A Common Stock were sold at a weighted average price of $18.0845 per share, with individual sales ranging from $18.00 to $18.26.
• All sales were conducted pursuant to a Rule 10b5-1 plan adopted by the reporting person on December 18, 2024.
• After these transactions, Altemus beneficially owns 1,026,402 shares of Class A Common Stock and 12,842,213 shares of Class C Common Stock.

Sentiment

Score: 4

Explanation: The CEO's sale of a significant number of shares, while executed under a pre-arranged 10b5-1 plan, represents a reduction in insider ownership, which can be viewed with slight caution by investors. However, the planned nature mitigates the negative sentiment compared to an unplanned, opportunistic sale.

Negatives

• The CEO, a Director and 10% owner, sold a significant number of shares (500,000 Class A Common Stock) in the open market, which can sometimes be interpreted as a lack of confidence, despite being pre-planned.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: May interpret the insider selling as a potential signal, though the pre-arranged 10b5-1 plan suggests it is for personal financial planning rather than a reaction to new, adverse company information. This could lead to increased scrutiny of the company's future performance.

Key Dates

Recommendation

The reported transactions are insider sales by the CEO, executed under a pre-arranged Rule 10b5-1 plan. While insider selling can sometimes signal a lack of confidence, the existence of a 10b5-1 plan suggests these are for personal financial planning rather than a reaction to new, negative company developments. Given this context, and without further operational or financial updates, a 'hold' recommendation is appropriate as the filing itself does not provide new fundamental information to warrant a change in investment thesis, but the insider selling warrants monitoring.

Keywords

Intuitive Machines, LUNR, Stephen J Altemus, Insider Trading, Form 4, Stock Sale, Rule 10b5-1, CEO, Space Industry