SPAC Space Acquisition I files for a $300 million IPO, targeting the "space economy"

Space Acquisition I, a blank check company targeting the “space economy", filed on Wednesday with the SEC to raise up to $300 million in an initial public offering.

The Las Vegas, NV-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Space Acquisition I would command a market value of $375 million.

The company is led by Co-CEO Raphael Roettgen, the founder and Managing Partner of space-focused venture capital firm E2MC, and Co-CEO and Director Kevin Schubert, the former SVP of Development and Strategy at Red Rock Resorts. The company plans to target the "space economy," focusing on space sub-sectors such as launch vehicles, remote sensing, satellite communications, spacecraft and spacecraft components, global navigation, space tourism, and in-orbit services. It will focus on businesses with enterprise values of $1 billion or more. Space-focused acquisition targets are becoming popular among SPACs, with six space startups having selected SPAC listings so far.

Space Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol OUTRU. Cantor Fitzgerald is the sole bookrunner on the deal.