Kamal Ghaffarian, a director and 10% owner of Intuitive Machines, Inc. (NASDAQ:LUNR), filed a Form 4 on September 10, 2026, reporting a series of Class A Common Stock sales and Common Unit conversions executed on September 8 and September 9, 2026.

Key Highlights

  • Sales on September 8, 2026: Ghaffarian Enterprises, LLC sold 93,105 shares of Class A Common Stock at a weighted average price of $15.3913 and 1,501 shares at a weighted average price of $15.7573.
  • Sale on September 9, 2026: Ghaffarian Enterprises, LLC sold 1,698 shares of Class A Common Stock at a weighted average price of $16.0029.
  • Unit conversions: 94,606 Common Units were converted to Class A Common Stock on September 8, and 1,698 Common Units were converted on September 9, each on a one-to-one basis.
  • Class C cancellation: An equal number of Class C Common Stock shares were automatically cancelled upon each conversion, per the filing's footnote.
  • Post-transaction ownership: Following all reported transactions, Ghaffarian Enterprises, LLC held 3,494,768 shares of Class A Common Stock and 31,883,115 Common Units and Class C shares; GM Enterprises, LLC held 2,241,121 Common Units and Class C shares.
  • Rule 10b5-1 plan: The sales were effected pursuant to a Rule 10b5-1 plan adopted by Ghaffarian Enterprises, LLC on December 4, 2025.
  • Direct Class A holdings: Ghaffarian also directly held 153,526 shares of Class A Common Stock following the reported transactions.

Ghaffarian Enterprises Executes Planned Share Sales and Unit Conversions at Intuitive Machines

According to the filing, Kamal Ghaffarian - identified as a director and 10% owner of Intuitive Machines, Inc. - reported transactions carried out indirectly through Ghaffarian Enterprises, LLC and GM Enterprises, LLC. The filing states that Ghaffarian is the sole trustee of a revocable trust that is the sole member of Ghaffarian Enterprises, LLC, and the sole managing member of GM Enterprises, LLC. As a result, the filing notes, "Dr. Ghaffarian may be deemed to share beneficial ownership of the securities reported herein, but disclaims beneficial ownership except to the extent of his pecuniary interest therein."

On September 8, 2026, 94,606 Common Units of Intuitive Machines, LLC were converted (transaction code M) into an equal number of Class A Common Stock shares, with a corresponding automatic cancellation of 94,606 shares of Class C Common Stock. That same day, 93,105 Class A shares were sold at a weighted average of $15.3913 per share, with individual transaction prices ranging from $14.75 to $15.7467, and 1,501 additional Class A shares were sold at a weighted average of $15.7573, with prices ranging from $15.75 to $15.78. On September 9, 2026, an additional 1,698 Common Units were converted and the resulting 1,698 Class A shares were sold at a weighted average of $16.0029, with prices ranging from $16.00 to $16.01.

The filing discloses that all sales were made pursuant to a Rule 10b5-1 trading plan adopted by Ghaffarian Enterprises, LLC on December 4, 2025. The filing further notes that full information on shares sold at each separate price within the stated ranges is available upon request to the issuer, any security holder, or SEC staff. The form was filed jointly by Kamal Ghaffarian, Ghaffarian Enterprises, LLC, and GM Enterprises, LLC, signed by Anna Jones as Attorney-in-Fact on September 10, 2026.

What Was Disclosed

The filing reported the conversion of Common Units to Class A Common Stock and the subsequent sale of a combined 96,304 Class A shares by entities affiliated with director and 10% owner Kamal Ghaffarian, all executed under a pre-established Rule 10b5-1 plan.