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Inflection Point Acquisition Corp.

IPAX · Nasdaq

Trust settledIntuitive Machines, Inc. · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

In plain terms

What it is
A SPAC from Bleichroeder, listed on Nasdaq in September 2021.
What it's doing now
It agreed to buy Intuitive Machines, Inc., a space exploration and lunar infrastructure services company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
What you should know
This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.

At a glance

Where it stands
Closed (deSPAC)
The business it bought
Intuitive Machines, Inc. — Machines Intuitive Machines is a diversified space exploration, infrastructure, and services company focused on fundamentally disrupting lunar access economics.
Industry
Industrials — space exploration and lunar infrastructure services
Deal value
not stated in the filings we hold
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
23 September 2021
size not on file
Headquarters
13467 COLUMBIA SHUTTLE STREET, HOUSTON, TX, 77059
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
BLITZER MICHAEL (Director) · Ghaffarian Kamal Seyed (Director) · Crain Timothy Price II (SVP & Chief Technology Officer)
Listed securities
IPAX common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

1 dated milestone

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 23 September 2021IPOpassed

    IPO size not on file

The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

  • Intuitive Machines, Inc.—
    closedIndustrials

    What Intuitive Machines, Inc. does — read from intuitivemachines.com on 26 August 2026

    Intuitive Machines describes itself as 'The Space Infrastructure Company' that builds flight-proven spacecraft and space systems, connects spacecraft through an integrated network, and scales long-term presence with surface mobility, orbital transfer, and payload operations.

    Space InfrastructureSpacecraft ManufacturingSpace NetworksLunar Operations
    Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
    Min-cash condition
    $120M
    stated in:0001213900-22-063601 opens on sec.gov in a new tab

The score

deterministic, from filed fields

IPAX is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

Inflection Point Acquisition Corp. was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker IPAX. The company priced its initial public offering on September 23, 2021, pursuant to a 424B4 prospectus filed under SEC file number 333-253963, which was part of an S-1 registration statement filed March 5, 2021, registering shares sold for cash. The registrant self-described as a blank check company in that prospectus and was classified under SEC SIC industry code 3812, covering search, detection, navigation, guidance, and aeronautical systems. The vehicle completed a business combination and no longer files, as established by an 8-K filed February 14, 2023, reporting a change in shell company status under item 5.06; EDGAR now lists CIK 0001844452 under the name Intuitive Machines, Inc.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • 10-Q13 August 20260001628280-26-056821opens on sec.gov in a new tab

    This summary is drawn from the cover page and cautionary note of the report; the financial statements are not covered here. The company's Q2 2026 figures are stated in its earnings release filed the same day (accession 0001628280-26-056476).

  • 8-K3 August 20260001193125-26-330778opens on sec.gov in a new tab

    A $10 million base cash price is a small, self-funded acquisition rather than a transformational one, so the dilution risk to former IPAX holders is nil — this is paid in cash, not stock. What it buys is ground-segment infrastructure to complement the company's lunar and space services business, which is the vertical-integration path management has been signalling. The purchase price adjustments for cash, debt and working capital plus a post-closing true-up mean the final figure will differ from $10 million.

  • S-4/A20 January 20230001213900-23-004052opens on sec.gov in a new tab

    The structure separates votes from economics: Inflection Point becomes the managing member of Intuitive Machines OpCo and issues to the existing Intuitive Machines Members voting equity securities without economic rights, so those members hold votes at the listed company while their economic interest stays at the OpCo level. Substantially all of the assets and business remain in OpCo under an Up-C structure. The Recapitalization converts all of Intuitive Machines' equity into common units, options and unvested earn out units before the closing.

  • S-4/A12 January 20230001213900-23-002534opens on sec.gov in a new tab

    This is an Up-C structure with a voting-only class: the filing states Inflection Point will issue voting equity securities without economic rights, so votes and economics are deliberately separated between the listed company and the operating limited liability company. Substantially all of the business stays inside Intuitive Machines OpCo with the public company as its managing member. The 23,332,500 registered warrants are more than a third of the 64,551,250 registered Class A shares, so warrant exercise is a substantial second layer.

  • S-4/A23 December 20220001213900-22-082265opens on sec.gov in a new tab

    The registered amounts are settled early — 64,551,250 Class A shares plus warrants over a further 23,332,500 — so a holder can size the dilution at the second amendment. The structure separates votes from economics: Inflection Point becomes the managing member of Intuitive Machines OpCo and issues the existing Intuitive Machines Members voting equity securities carrying no economic rights, with substantially all assets and business staying in OpCo under an Up-C structure. The extraordinary general meeting is not yet dated.

  • S-4/A1 December 20220001213900-22-076947opens on sec.gov in a new tab

    Votes and economics are separated by design: Inflection Point acquires equity securities and becomes the managing member of Intuitive Machines OpCo, and issues to the existing Intuitive Machines Members voting equity securities without economic rights. The target's members can therefore carry the vote while holding their economic interest at the OpCo level. Three structural steps precede the combination — the Cayman-to-Delaware domestication, Intuitive Machines' conversion from Texas to Delaware, and a recapitalisation into common units, options and unvested earn out units.

Show 1 more material filings
  • S-413 October 20220001213900-22-063601opens on sec.gov in a new tab

    There is no minimum cash condition at all — the filing states the Business Combination Agreement 'is not conditioned on an available cash condition' — but two other tests replace it: at least $5,000,001 of net tangible assets after redemptions, and a condition that Kingstown 1740 has NOT redeemed its 2,900,000 Class A ordinary shares. Ownership runs 111,611,404 Class A shares at no redemptions (public 32,975,000 or 29.5%, Intuitive Machines Members 68,125,987 or 61.0%, sponsor 8,243,750, PIPE 2,166,667, Cantor 100,000) down to 81,536,404 at maximum, where the public holds 2,900,000, or 3.6%.

Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPOnot extracted from the prospectus

from 424B4 0001193125-24-270922

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Search, Detection, Navigation, Guidance, Aeronautical Sys (3812)
Registered inDelaware
Exchange · CIKNasdaq · 0001844452

All filings on EDGARopens on sec.gov in a new tab

Directors & officers

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

14 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

News

company wires and the financial press

Reporting we have matched to this ticker. Headlines belong to the outlets that wrote them.

Show the headlines

Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

35 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail4 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

IPAX — company record
UNIVERSE-IPO-INDEX2026-08-17

admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 3812 (Search, Detection, Navigation, Guidance, Aeronautical Sys). The screen found it by filing SHAPE instead — S-1 2021-03-05 → 8-A12B 2021-09-20 → 424B4 2021-09-23 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 3812 + self-described blank check in 424B4 0001213900-21-049554; 424B 0001213900-21-049554 priced 2021-09-23 under S-1 0001213900-21-013804 (file 333-253963, an offering for cash); common ticker IPAX off 10-Q 0001213900-22-071287 (2022-11-10); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-253963, which belongs to S-1 0001213900-21-013804 (2021-03-05) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-09-23). Ending PROVEN, not inferred: CLOSED per 8-K 0001213900-23-011495 (2023-02-14) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.02,3.03,4.01,5.01,5.02,5.03,5.06,9.01). EDGAR now files this CIK as "Intuitive Machines, Inc." — the SPAC's own name is kept here and the successor is the target. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SPONSOR-ID2026-08-14

sponsor "Inflection Point Holdings LLC" (SEC CIK 0001844453) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-21-049193.

Deal — Intuitive Machines, Inc.
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001844452 records "Inflection Point Acquisition Corp." ending 2023-02-10; the registrant continues as "Intuitive Machines, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2023-02-10. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] minCashM=120 from primary filings (0001213900-22-063601).

SEGMENT-FROM-FILING2023-01-12

OTHER -> DEFENSE_SPACE, on S-4/A 0001213900-23-002534: "2,500,000 Earn Out Units will vest if, during the Earn Out Period (as defined below), Intuitive Machines is awarded the OMES III Contract by NASA"

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