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Satellite data company Spire goes public via SPAC, adding to a growing list of public space plays


A Spire satellite tv for pc pictured in orbit.

Spire Global

Small satellite tv for pc builder and data specialist Spire Global is planning to go public, saying on Monday that it’s the newest amongst a number of space corporations to merge with a SPAC.

Spire Global is merging with particular goal acquisition company NavSight. When the deal closes, which is predicted this summer season, Spire Global will list on the New York Stock Exchanged beneath the ticker SPIR.

“Spire was founded nearly a decade ago to help lead, inspire, and create the business of space-based data. Today, our proprietary data and solutions help customers solve some of earth’s greatest challenges,” Spire founder and CEO Peter Platzer stated in a press launch.

The company’s Lemur satellites are small and relatively cheap, each internet hosting a selection of devices. Spire’s satellites assist forecast climate, observe ships at sea and airplanes in flight. Spire plans to use the funds from the SPAC deal to develop its enterprise in a number of methods – from increasing its gross sales staff to reaching new geographic markets to buying extra capabilities by means of software program or data evaluation acquisitions.

Spire expects to elevate about $475 million in money proceeds by means of the merger, together with $245 million in a PIPE spherical led by BlackRock, Hedosophia (the enterprise fund of U.Ok. investor Ian Osborne), and JAWS (the household workplace of investor Barry Sternlicht).

The merger values Spire at a $1.6 billion fairness valuation based mostly on the PIPE, in accordance to the discharge.

NavSight’s SPAC presently trades beneath the ticker NSH. Shares of the SPAC rose as a lot as 15% in buying and selling from its earlier shut of $10.47 a share.

Spire Global’s announcement additionally got here on the identical day as small rocket builder Rocket Lab confirmed that it’s going to additionally go public via a SPAC.

Together, Spire Global and Rocket Lab symbolize the fifth and sixth space ventures to announce SPAC offers up to now few months, following the satellite tv for pc imagery centered BlackSky, rocket builder Astra, satellite broadband centered AST & Science, and space transportation specialist Momentus. Additionally, Richard Branson’s Virgin Galactic went public by means of a SPAC deal with Chamath Palihapitiya’s enterprise in 2019.

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