Astrum Space

Satellite · Space · Telecommunications

IPO

Astrum Space to go public via $1B SPAC merger with Black Spade

The Singapore firm won't launch its first satellite until 2028, testing investor appetite for pre-revenue space bets in a reviving SPAC market.

• Astrum Space agreed to merge with NYSE-listed blank-check firm Black Spade Acquisition III, valuing the satellite venture at about $1 billion, with closing expected by year-end 2026.
• Astrum is a Singapore-based satellite operator building a direct-to-device (D2D) network to sell wholesale broadcast and data connectivity to mobile operators, broadcasters and governments across Asia-Pacific.
• Astrum founder Zhou Qingzhi has committed up to $168 million to fund the group, while the SPAC itself holds $172.5 million in trust, subject to shareholder redemptions.
• The company's first satellite, Neastar-1, is built on Swissto12's HummingSat platform and targets a late-2028 to Q1-2029 launch, with Impulse Space handling in-orbit delivery to geostationary orbit.
• Assuming no shareholder redemptions, Astrum's existing owners would hold over 80% of the combined public company, with founders eligible for up to 25.5 million additional shares tied to satellite-build milestones.
• The deal lands days after Ursa Major's own SPAC announcement, part of a broader revival of space-sector SPAC listings following renewed investor enthusiasm for the industry.
• Going public years before its first satellite reaches orbit lets Astrum tap public markets for capital, but it also shifts execution risk for an unproven technology onto retail shareholders.