A Spire satellite in orbit.

Spire Global

Small satellite maker and data specialist Spire Global is planning an IPO and announced on Monday that it will be the newest of several space companies to join forces with a SPAC.

Spire Global merges with special purpose vehicle company NavSight. When the deal closes, which is expected this summer, Spire Global will be listed on the New York Stock Exchange under the ticker SPIR.

“Spire was founded nearly a decade ago to lead, inspire, and build the space-based data business. Today, our proprietary data and solutions are helping our customers solve some of the world’s greatest challenges,” said Peter Platzer, Founder and CEO from Spire, in a press release.

The company’s Lemur satellites are small and comparatively inexpensive, and each contain a variety of instruments. Spire’s satellites help forecast the weather, track ships at sea and aircraft in flight. Spire plans to use the funds from the SPAC deal to grow its business in a variety of ways – from expanding its sales team to entering new geographic markets, to adding more capabilities through software or data analytics acquisitions.

Spire expects to generate approximately $ 475 million in cash proceeds from the merger, including $ 245 million in a PIPE round led by BlackRock, Hedosophia (the venture fund of UK investor Ian Osborne) and JAWS (the Family Office of the investor Barry Sternlicht).

The merger values ​​Spire at a stock valuation of $ 1.6 billion based on the PIPE, according to a press release.

NavSight’s SPAC is currently trading under the ticker NSH. The SPAC’s shares rose roughly 5% in premarket trading from the previous closing price of $ 10.47 per share.

Spire Global’s announcement also came on the same day that small rocket builder Rocket Lab confirmed that it will also go public via a SPAC.

Together, Spire Global and Rocket Lab make up the fifth and sixth space company to announce SPAC deals in recent months after BlackSky, rocket maker Astra, AST & Science with broadband satellite focus, and space transportation specialist Momentus focused on satellite imagery. In addition, Richard Branson’s Virgin Galactic went public in 2019 through a SPAC deal with Chamath Palihapitiya.

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