Spire Global to Go Public: $1.6 Billion SPAC Deal

Spire Global to Go Public via SPAC Merger

Two space companies, including Spire Global, announced plans to go public via Special Purpose Acquisition Companies (SPACs) on Monday. Spire Global positions itself as a SaaS company, specializing in data and analytics derived from its extensive constellation of over 100 spacecraft.

Addressing the Need for Space Startup Exits

SPACs have become a crucial mechanism for space startups seeking high-profile exits. These exits are essential to validate the financial viability of venture capital investment within the space industry.

Details of the Merger with NavSight Holdings

Founded in 2012, Spire Global has secured over $220 million in funding. The company will merge with NavSight Holdings, a SPAC, to list on the NYSE under the ticker symbol “SPIR.”

The resulting company is projected to have a pro forma enterprise value of $1.6 billion following the transaction, which is expected to be completed this summer.

Financial Implications of the Deal

This deal will inject $475 million into the company, including funds from a Private Investment in Public Equity (PIPE) involving investors like Tiger Global, BlackRock, and Hedosophia. Current Spire Global shareholders will retain approximately 67% ownership after the merger.

Spire’s “Space-as-a-Service” Model

Spire’s satellite network offers a unique “space-as-a-service” model. This allows customers to deploy their own payloads and access collected data through an API for integration into their existing software.

The subscription-based service is designed to enable customers to establish their own space-based data feeds within a year of initial agreement.

Investor Background and Launch History

Notable investors in Spire Global include RRE Ventures, Promus Ventures, and Seraphim Capital. The company recently secured debt financing as part of its funding strategy.

Spire has utilized launch services from Rocket Lab, alongside a diverse range of launch vehicles. These include SpaceX’s Falcon 9, Russia’s Soyuz, ISRO’s PSLV, Japan’s H-2B, ULA rockets, Northrop Grumman’s Antares, and even the International Space Station.