Satellite manufacturer Astro Digital plans to go public in a special purpose acquisition company (SPAC) merger at a $587 million enterprise value. Astro Digital and blank check company Proem Acquisition Corp I announced plans for the SPAC on Monday. The deal is expected to close in the first quarter of 2027.
The company has delivered nearly 40 satellites across a number of different mission types. Its customers include NASA, Sony, Boeing, EchoStar, and others. Astro Digital platforms supported the Starcloud-1 on-orbit computing mission, as well as the Mandrake 2 mission for DARPA’s Blackjack program. The company also built the Lyra IoT satellites for EchoStar.
“Next, we [will] move into constellation scale production, modular production lines, and co-manufacturing as customers grow from demonstrations to hundreds of satellites, alongside expanded U.S. civil, defense, and sovereign programs. Beyond that, we intend to be the physical layer of the space economy — the platforms under orbital data centers, on-orbit power, and in-space servicing and logistics,” Astro Digital CEO Chris Biddy said during a Monday investor call.
Astro Digital’s revenue has increased from $25 million in 2024 to $34 million in 2025. This year, the company expects $50 million in revenue. The company projects to hit more than $500 million in revenue by 2032 through a combination of growth from existing customers, new customers, and M&A.
Biddy said that revenue is “an aspirational target, not a projection or forecast.”
“Our existing customers have announced constellation plans, converting a meaningful share of that at pricing consistent with our history is the largest single driver,” Biddy said, explaining the growth path. “We have an active sales pipeline with multiple new logos in play, and our strategic pursuits with U.S. civil, defense, and with sovereign constellations are expected to accelerate as we add sales capacity.”
The company emphasized it operated with a positive Adjusted EBITDA margin of 11% in 2024 and 14% in 2025.
Astro Digital ended last year with $64 million in backlog and expects to close this year with $86 million in backlog.
According to the SPAC presentation, the transaction is expected to provide $180 million in financing — $130 million from the SPAC, assuming investors do not redeem their shares, and $50 million from a private investment (PIPE).
There are a number of active SPAC deals in the space industry — NorthStar Earth & Space, Quantum Space, and Astrum Space have active SPAC deals.
SPACs were very popular in 2021 with Rocket Lab, Spire, BlackSky, Momentus, AST SpaceMobile and others using SPACs to go public; but have not been as common in recent years.
