The space SPAC frenzy might have died down, but it isn’t over: Earth observation startup Satellogic is the latest to go public via a merger with CF Acquisition Corp. V, a special purpose acquisition company set up by Cantor Fitzgerald.
Satellogic already has 17 satellites in orbit, and aims to scale its constellation to over 300 satellites to provide sub-meter resolution imaging of the Earth updated on a daily frequency.
The SPAC deal values the company at $850 million, and includes a PIPE worth $100 million with funds contributed by SoftBank’s SBLA Advisers Group and Cantor Fitzgerald. It assumes revenue of around $800 million for the combined company by 2025, and Satellogic expects to have a cash balance of around $274 million resulting from the deal at close.
Satellogic has raised a total of just under $124 million since its founding in 2010, from investors including Tencent, Pitanga Fund and others. The company claims its satellites are the only ones that can provide imaging at the resolution it offers with a price tag that remains relatively affordable for commercial clients.