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The whole lifecycle, verified against the filings.
Rumor → LOI → definitive → approved
Summed over 8 of 9 filed.
No dated vote for these deals is on file with us yet — our record, not the companies' calendars.
More equity than the headline, over 7 of 9 measured.
The vote has passed. These shares carry no redemption right at all — the trust is committed to closing.
| SPAC | Target | Segment | Value | Announced | Vote | SPAC price | Status | ARS | Delivers | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
| VACIViking Acquisition Corp INo floor | NorthStar Earth & Space Inc. | Defense/Space | $300M | Apr 16, 2026 | Q3 2026 | $6.32 | +37.2% |
A definitive agreement is signed and the vote is still ahead, so the redemption right survives to it.
The list is grouped by lifecycle stage and the sort orders rows inside a stage: a vote that has already passed and one still ahead are not the same list. An announced deal is not a closed deal — 1 of the combinations in our record were terminated. A premium to trust is a selling point, not a buying point — and once a vote has passed there is no redemption right left to price against. Every stage, target and figure here is read from the SEC filing that stated it; where a figure is missing it is missing from our record, and the page says so rather than estimating one.
5 of 9 deals in this view carry a dated vote or a stated close period. Where the Vote column is empty, the filings we hold state neither — that is a gap in our record, not a claim that the parties have no timetable.
Sorted inside each stage.
| Approved |
| 4242 |
| BCCQBleichroeder Acquisition III | Ursa Major Technologies, Inc. | Defense/Space | $1.6B | Aug 24, 2026 | $10.01 | -0.1% | Definitive (DA signed) | 7676 |
| PONOPono Capital Four | Blackstar Orbital | Defense/Space | $380M | Aug 6, 2026 | Q1 2027 | $10.03 | -0.3% | Definitive (DA signed) | 8181 | Blackstar Orbital Technologies Corporation, founded in 2023 and headquartered on Florida's Space Coast in Titusville, is an aerospace and defense company developing a reusable orbital spacecraft platform called SpaceDrone. The company's flagship vehicle, the BX-100, is a lifting-body spaceplane designed to launch aboard existing rockets as a conventional payload, operate in low Earth orbit, and then return to Earth with a runway landing for recovery and reuse. The vehicle can carry up to 100 kg to LEO, supports powered payload hosting with downlink capability, and is engineered for approximately 100 flights per airframe with a 48-hour turnaround between missions. Blackstar offers three configurations of the BX-100: a modular variant for science and R&D missions, a defense variant designed for rapid call-up and on-orbit reconstitution, and a CubeSat dispenser variant for constellation deployment. The company also markets SpaceBox, a certified container that lets customers fly products to space and back with no engineering on their side. Blackstar's SpaceBox has already flown on Axiom-4, marking the company's first returned flight hardware. The company is led by President and CEO Christopher Jannette, who has framed Blackstar's mission around the premise that today's satellites are designed without a return path. By integrating orbital operations, payload return, and runway recovery into a single platform, Blackstar aims to serve both government and commercial customers with responsive, repeatable access to orbit and the ability to recover high-value payloads, technologies, and materials from space. The company has secured approximately $1.9 million in cumulative U.S. government research and development funding, including awards through SpaceWERX, the innovation arm of the U.S. Space Force, as well as participation in NASA's Tipping Point program and the U.S. Space Force's Orbital Prime initiative. On the commercial side, Blackstar reports over $120 million in signed letters of intent from customers spanning in-orbit servicing, in-space compute, and other space economy segments. The company has also established strategic partnerships with Starfighters Space for F-104-based flight testing of the SpaceDrone, Phantom Space for launch collaborations, and KMI for active debris removal missions. Blackstar has raised roughly $31 million in total funding across a seed round closed in May 2024, a $30 million Series A in August 2024, debt financing, and accelerator programs. Its investors include Seraphim Space, Space Florida, Space-Edge, and CT Holdings. The company employs approximately 10 people and is reportedly generating revenue. Its technology has been classified under multiple categories including reusable satellites, re-entry transport services, space tugs, and microgravity flight services, reflecting the breadth of mission types the SpaceDrone platform is designed to support. On August 6, 2026, Blackstar announced a definitive merger agreement with Pono Capital Four, Inc. (NASDAQ: PONO), a special purpose acquisition company led by Dustin Shindo, in a stock transaction valuing Blackstar at $380 million. The deal structure involves Blackstar merging with a Pono subsidiary and continuing as the surviving corporation, with Pono subsequently renaming itself Blackstar Orbital Corporation. Approximately 25% of the merger consideration shares will be escrowed for six years to secure indemnification and litigation claims, and an additional equity incentive plan reserve of up to 6 million shares is planned. The transaction, which has been unanimously approved by both boards, is expected to close in the first quarter of 2027, subject to shareholder approvals, regulatory clearances, and Nasdaq listing conditions. Blackstar's leadership framed the SPAC route as a way to accelerate the company's path toward making repeatable access to and return from orbit a practical capability, positioning Blackstar to become a global leader in the premmore ▾less ▴ |
| MKLYMcKinley | Space-Eyes | Defense/Space | $275M | Jul 31, 2026 | Q4 2026 | $10.26 | -2.6% | Definitive (DA signed) | 6767 | Eric Trump-linked board (Reuters) |
| CMIIInflection Point Acquisition Corp. VIINo date ahead | Elroy Air | Defense/Space | $800M | Jun 26, 2026 | Q4 2026 | $10.04 | -0.4% | Definitive (DA signed) | 7676 | $165M+ PIPE; Inflection Point-led |
| IPFXInflection Point Acq VI | Quantum Space | Defense/Space | $1.2B | Jun 8, 2026 | Q4 2026 | $10.06 | +0.1% | Definitive (DA signed) | 7777 | Bridenstine (ex-NASA); $300M PIPE |
| COLAColumbus Acquisition Corp/Cayman IslandsNo date ahead | WISeSat.Space Holdings Corp. | Defense/Space | $250M | Dec 12, 2025 | $9.75 | +8.6% | Definitive (DA signed) | 8484 | Original BCA dated Dec 12, 2025 (sellers SEALSQ Corp / WISeKey); First Amendment Aug 6, 2026. |
| EURKEurekaNo date ahead | Marine Thinking Inc. | Defense/Space | $130M | Oct 29, 2025 | $11.55 | -0.9% | Definitive (DA signed) | 6666 | Marine Thinking Inc. is a Canadian deep-tech company headquartered in Halifax, Nova Scotia, founded in 2018 by Lishao Wang, who continues to serve as founder and chairman. The company describes itself as a physical AI technology firm specializing in autonomous ship and fleet solutions, developing uncrewed surface vessels (USVs) and AI-driven control systems that transform how industries monitor and interact with maritime environments. Its product lineup includes the Marine Tensor Kit, BlueBoat USV, Marine Tracer USV, Marine Acadia E-31 and E-55 USVs, Marine Guardian USV, and a vessel retrofit program called "Transform Your Own Vessel." These products serve survey and mapping, environmental monitoring, and ghost gear recovery applications, and the company also operates as a Canadian distributor for Blue Robotics, offering upgraded and custom-built BlueBoat platforms with expanded payload capabilities. Marine Thinking positions its low-cost, easy-to-assemble autonomous navigation technology as a way for existing shipbuilders to quickly become autonomous ship manufacturers, addressing applications ranging from unmanned ferries and river freight to water surveys, rescue operations, and defense, while tackling the growing global shortage of seafarers. Over its roughly eight years of operation, Marine Thinking has established itself as Canada's leading autonomous ship and fleet solution provider, securing numerous R&D projects backed by an impressive roster of Canadian federal government agencies and organizations, including Innovative Solutions Canada, Fisheries and Oceans Canada, the National Research Council Canada, Natural Resources Canada, Transport Canada, Defence Research and Development Canada, Sustainable Development Technology Canada, and Canada's Ocean Supercluster. The company has also received incubation support from Halifax-based organizations such as COVE, The PIER Halifax, VOLTA, and the Atlantic Canada Opportunities Agency. Its autonomous solutions have been applied across multiple marine industry fields in more than a dozen countries, and the company holds 17 patent documents across five patent families, covering technologies such as smart scales readers, cable-operated ROV control systems, and marine product logistics monitoring apparatus. According to PitchBook, the company has approximately 20 employees and has raised modest venture capital funding through a combination of angel investment, seed rounds, accelerator/incubator programs, and a Series A round in May 2022, with investors including Volta (Nova Scotia), China Canada Angels Alliance, and Diana (UK). The S-4 filing describes Marine Thinking as still in the development stage with limited revenues and heavy R&D spending, indicating it has not yet achieved commercial scale despite its technical progress and government-backed traction. Marine Thinking is going public through a definitive business combination agreement signed on October 29, 2025, with Eureka Acquisition Corp. (NASDAQ: EURK), a Cayman Islands-incorporated SPAC. The transaction values Marine Thinking at approximately $130 million pre-money, with Eureka paying aggregate consideration of $130 million in shares to Marine Thinking's shareholders at closing. The deal structure involves Eureka domesticating to Canada via a continuance under the CBCA, followed by an amalgamation of Marine Thinking with a Eureka subsidiary, resulting in a combined entity renamed Marine Thinking Holdings Inc. listed on NASDAQ. The S-4 registration contemplates issuance of up to 19,540,264 Pubco Class A shares, with 13,120,231 shares going to Marine Thinking shareholders. The SPAC route gives Marine Thinking a faster path to public markets than a traditional IPO, which matters for an early-stage hardware-plus-software business where management wants to present a long-range growth story centered on future adoption of autonomous marine systems across commercial, environmental, and defense-adjacent applications. The deal |