Quantum Space, led by former NASA Administrator, Jim Bridenstine plans to go public through a special purpose acquisition company (SPAC) merger with Inflection Point Acquisition. This move values Quantum Space at $1.2 billion. The aim is to create a pure-play national security space company and accelerate production of Ranger, a maneuverable spacecraft platform built for multi-orbit operations. The company announced its intentions to go public on June 8.
The company is a venture of Kam Ghaffarian, who also co-founded Axiom Space, Intuitive Machines, and X-energy.
Quantum Space want to build one of the leading space mobility platforms, built on its flagship vehicle, Ranger. The vehicle is engineered to reach Geostationary Orbit (GEO) and beyond, with what Quantum Space claims is to 70% lower costs than conventional architectures beyond Low-Earth Orbit (LEO).
The Ranger platform is still in development, and a pathfinder mission is scheduled for June of 2027, according to the SPAC investor presentation.
Quantum Space reports it has six contracts and pending proposals with the U.S. Space Force, the Department of Defense, DARPA, and the Air Force Research Laboratory. It was recently one of the companies named to the Space Force’s $1.8 billion firm fixed price “Andromeda” contract for the Geosynchronous Reconnaissance & Surveillance Constellation (RG-XX) satellites.
The company estimates its pipeline of opportunities to be valued at more than $5 billion across the national security, civil, and commercial space markets.
The company expects revenue of $24 million this year and $61 million in 2027, according to its investor presentation.
“Quantum Space is defining the space national security industry at a pivotal moment for American space preeminence. Its differentiated, highly maneuverable spacecraft has already earned meaningful traction with the U.S. national security space enterprise, including six contracts and pending proposals, as well as selection on the U.S. Space Force’s flagship Andromeda program,” Michael Blitzer, chairman of Inflection Point, said in a statement.
SPACs, also referred to as “blank check” deals, are an alternative way to go public than the traditional IPO process. SPACs were very popular in 2021 with Rocket Lab, Spire, BlackSky, Momentus, AST SpaceMobile, and others using SPACs to go public; although SPACs have drawn a lot of criticism as well.
SPACs have been less common in recent years — Lynk Global had a SPAC deal fall through last year. Canadian company NorthStar Earth & Space recently announced a SPAC as well.
