Darrell Etherington @etherington / 17 hours
Monday brings with it not one, but two space SPACS — there’s Rocket Lab , and there’s Spire Global, a satellite operator that bills itself primarily as a SaaS company focused on delivering data and analytics made possible by its 100-plus spacecraft constellation. SPACs have essentially proven a pressure-release valve for the space startup market, which has been waiting on high-profile exits to basically prove out the math of its venture-backability.
Spire Global debuted in 2012, and has raised more than $220 million to date. It will merge with a special purpose acquisition company (SPAC) called NavSight Holdings, in order to make a debut on the NYSE under the ticker “SPIR.” The combined company will have a pro forma enterprise value of $1.6 billion upon transaction close, which is targeted for this summer.
The deal will provide $475 million in funds for the company, including via a PIPE that includes Tiger Global, BlackRock and Hedosophia. Existing Spire stockholders will wind up with around 67% of the company after the businesses combine.