Astro Digital

Space Technology · Satellites · Defense

IPO

Astro Digital to go public via $587M SPAC merger with Proem

Positive adjusted EBITDA and rapid revenue growth set it apart from most cash-burning satellite startups going public.

• Astro Digital agreed to go public through a merger with blank-check company Proem Acquisition Corp I, a deal valuing the combined company at about $587 million and expected to close in Q1 2027 on Nasdaq.
• Founded in 2018, Astro Digital designs, builds and operates mission-configurable satellites for earth observation, communications and defense, having delivered nearly 40 satellites to over 30 customers including NASA, the Pentagon, Boeing and Sony.
• The transaction could deliver up to $180 million in gross proceeds, combining as much as $130 million from Proem's trust account with a $50 million PIPE co-led by Proem Asset Management and Leon Capital Group.
• Astro Digital grew revenue at a 42% two-year compound annual rate while posting positive adjusted EBITDA, a rare combination among publicly traded space companies.
• One of its satellites, Starcloud-1, carried the first NVIDIA H100 GPU into orbit in November 2025 and has since run large language model training and inference directly in space.
• Proem Asset Management is led by Imran Khan, Snap's former chief strategy officer, who will join Astro Digital's board once the merger closes.
• Early-stage space companies are increasingly turning to SPAC mergers to raise capital faster than traditional IPOs, as rising government spending and satellite-constellation demand fuel sector growth.