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Shares of space surveillance provider NorthStar Earth & Space Inc. dropped as much as 45 per cent on its first trading day on the New York Stock Exchange after merging with a blank-check company.
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The Montreal-based firm says its system — using satellite sensors, imagery processing, data and artificial intelligence — can address space collision threats by identifying and anticipating the position of objects. Clients include the Royal Canadian Air Force and North American and European military entities.
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The volume of space that needs to be monitored between Earth and geostationary orbit is “200,000 times the size of all the oceans combined, and you want to know where all the fish are,” chief executive Stewart Bain said in an interview. “Space is contested, congested, and needs to be more secure.”
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NorthStar went public to access capital to build a full-coverage, space-based sensor constellation, Bain said, adding that the initial public offering of Elon Musk’s Space Exploration Technologies Corp. gave the sector a boost: “You don’t pick your timing. You figure out how to ride the timing.”
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NorthStar stock traded at US$4.35 at 1:46 p.m. in New York, giving it a market capitalization of US$39.8 million.
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The firm merged Thursday with special purpose acquisition company Viking Acquisition Corp. I, sponsored by KingsRock Advisors LLC, which was formed by ex-Deutsche Bank AG executives. It will trade under the ticker NSTR.
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The business combination had pegged NorthStar at a pre-money equity valuation of US$300 million, the company said. It includes US$30 million from a private investment in public equity backed by Cartesian Capital Group LLC and other institutional investors. Most public shares were redeemed prior to the merger, Bain said, leaving a small amount in Viking’s trust account.
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The company, which has received about US$100 million in capital so far, is on track to earn over US$30 million in revenue in 2026.
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