IPFX merger with Quantum Space
Quantum Space (US) — National-security space company building Ranger, a highly maneuverable, refuelable, modular spacecraft platform (4,000+ kg fuel capacity, up to 12 km/s delta-V, 15-year design life) intended to operate across LEO, MEO …Revenue $24M (FY2026E) — a projection, not a reported figure.
Expected close, as filed: Q4 2026.
Announced 8 June 2026.
The symbol the combined company is expected to trade under.
Bridenstine (ex-NASA); $300M PIPE
Structure & dilution
SEC-primary termsThe headline number ignores the shares that did not pay $10 — the founder promote, PIPE stock and warrants. This is the same deal with all equity claims counted.
Effective equity counts every claim on the post-close company at $10.00 — rollover, public shares, the founder promote and the PIPE. Here the announced headline already counts all of them, so there is no hidden equity to add — the number in the press release is the whole company, not the price of the business.
- PIPE
- $300M
- Min-cash condition
- $90M
- Sponsor promote
- 25%
- Pro-forma shares
- 119.6M
- Exchange ratio
Aggregate Consideration to the Sellers = a number of Quantum Space Common Units and New Quantum Space Class A Common Stock equal to $600,000,000 divided by the per-share trust redemption price applicable to a Cayman Class A Share. Up-C structure: paired non-economic Class B-1/B-2 voting shares are not consideration.more ▾less ▴
- Instrument
- convertible preferred stock
- Coupon
- 12% — paid in kind, or in cash at a lower rate
- Conversion price
- $12.00
- Reset floor
- $7.00
- Warrants attached
- 25.9M shares
If the 20-trading-day VWAP measured as of the twenty-first trading day following the date that is six months after Closing is less than the conversion price then in effect, the conversion price resets to the greater of that VWAP and $7.00 (the “VWAP Adjustment”). Dividends compound semi-annually and are 10% per annum if paid in cash rather than 12% in kind. Put right at Accrued Value after the 5th anniversary; call right from the 3rd anniversary at the greater of 120% of Accrued Value and the as-converted value.
the date that is six (6) months after the consummation of the Business Combination (the “ Lock-Up Periodmore ▾less ▴
Transfers to the Company pursuant to any contractual arrangement in effect upon the consummation of the Business Combination that provides for the repurchase by the Company or forfeiture of Common Stock or other securities convertible into, or exercisable, redeemable or exchangeable for, Common Stock in connection with the termination of the Securityholder’s service to the Companymore ▾less ▴
Three different numbers are all called the deal value
They are not the same fact, and only the last one is what a valuation multiple may be struck on.
What Quantum Space, LLC on its own is valued at, before a dollar of the SPAC's trust or the PIPE reaches it. This is the price agreed for the business itself.
assumes 0% redemptions
Every share of the combined company, marked at the reference price, once the deal closes — the business PLUS the cash that arrives with it. This is the figure press headlines quote, and it is bigger than the business for that reason alone.
assumes 0% redemptions
Money the transaction puts INTO the company. It is counted inside the equity value above, which is why it comes straight back out to reach the figure below — nobody pays a revenue multiple for a bank balance.
The combined company net of that cash — what the buyers are paying for the BUSINESS. Every multiple below is struck on this figure and on nothing else.
What that price is, per dollar of sales
FY2026E projection — a forecast the company made about itself, not money it has earned
$663.2M ÷ $24M of FY2026E revenue. $1 of Quantum Space, LLC's 2026 PROJECTED sales is being bought for $27.60.
FY2027E projection — a forecast the company made about itself, not money it has earned
$663.2M ÷ $61M of FY2027E revenue. $1 of Quantum Space, LLC's 2027 PROJECTED sales is being bought for $10.90.
Enterprise value ÷ EBITDA — not shown
No EBITDA figure for Quantum Space, LLC appears in any filing we hold, so no EV/EBITDA multiple is shown. We have not inferred one from a margin assumption — a multiple built on an assumed margin measures the assumption, not the company.
What qualifies these figures
- The equity and cash figures above assume NOBODY REDEEMS — the filing's own assumption, and the most favourable one available to it. Public shareholders in this market frequently redeem most of a trust; at a higher rate both figures fall together and the enterprise value the multiples are struck on does not move.
- The $1,200M quoted in the announcement and in the press is the PRO-FORMA EQUITY value rounded — the whole post-close company including its new cash. It is not what Quantum Space, LLC itself was valued at, which was $600M. It is also not the figure the multiples below are struck on, which is $663.2M.
- Every multiple above is struck on a PROJECTION the company made about itself in a marketing document, not on money it has earned. Listed peers are measured on revenue they actually booked, so any comparison flatters this deal by exactly as much as the forecast is optimistic.
All figures above are stated in EX-99.2 investor deck (425)0001213900-26-066032
All four figures are on one slide of the filed investor deck — the Transaction Summary capitalisation table and its Sources and Uses. Two things we declined to publish, and why. (1) 8-K 0001213900-26-068265 says the combination values the company "at a pro forma enterprise value of approximately $1.2 billion". That is the EQUITY value: the deck's own table, one line apart, calls $1,196.2M the pro forma equity value and $663.2M the enterprise value, the difference being the $533.0M of cash the transaction itself puts in. We publish the table's arithmetic, which reconciles, and leave the 8-K's looser use of the term on the record rather than silently choosing between them. (2) FY2027E revenue is $61M on slide 21 of this deck; in the webcast transcript filed as 425 0001213900-26-066459 the CEO twice says $51M. We use the written filed exhibit, whose own "156%" growth label fits $61M and not $51M.
Which of its big numbers are actually contracts
Quantum Space, LLC has $20M of contracts actually awarded, and quotes a $5.2bn pipeline it has not won — a ratio of about 260 to 1, against $24M of FY2026E revenue. The four blocks below are four different kinds of number and none of them is revenue.
$20M awarded in total, across the life of these contracts — not in any one year.
Work the company has actually been awarded. The value is the contract's, as the filing states it — it is collected over the life of the contract as milestones are met, and it is not this year's revenue.
- Cislunar — payload hosting & data services · United States Space Force$16M
The deck's footnote (1): "Assumes government exercise of options."
- Multi-mode propulsion · Air Force Research Laboratory$4M
$66M of proposals outstanding. None of it is contracted.
Bids the company has submitted and nobody has accepted. The filings say so in their own footnotes: no binding agreement has been executed, and there is no assurance one ever will be. A proposal is not backlog and not revenue.
- GEO fuel depot · Department of War$36M
The deck's footnote (2): "Reflects the value of a proposal made by the Company. No binding agreement relating to the proposed amount has been executed. There is no assurance that the Company will enter into a binding agreement for such amount or at all."
- Cislunar — space superiority · DARPA$30M
The deck's footnote (2): "Reflects the value of a proposal made by the Company. No binding agreement relating to the proposed amount has been executed. There is no assurance that the Company will enter into a binding agreement for such amount or at all."
$5.2bn of unweighted pipeline. No probability has been applied to any of it.
Management's own estimate of opportunities it has identified, UNWEIGHTED — meaning no probability of winning any of them has been applied. It is the total size of everything the company would like to bid on. Treat it as a description of a market, not of a company.
- Space superiority & space control$1.3bn
The slide's own note: "Reflects unweighted pipeline value; based on management estimates and publicly available information sources."
- Communication & data services$1.3bn
The slide's own note: "Reflects unweighted pipeline value; based on management estimates and publicly available information sources."
- Space situational awareness / remote sensing$1bn
The slide's own note: "Reflects unweighted pipeline value; based on management estimates and publicly available information sources."
- Satellite life extension of high-value GEO assets$700M
The slide's own note: "Reflects unweighted pipeline value; based on management estimates and publicly available information sources."
- Orbital transportation$500M
The slide's own note: "Reflects unweighted pipeline value; based on management estimates and publicly available information sources."
- Refueling of other satellites$400M
The slide's own note: "Reflects unweighted pipeline value; based on management estimates and publicly available information sources."
Not totalled. A programme ceiling is not the company's money, so adding it to anything — including another ceiling — produces a figure about nobody.
The maximum value of a government contract vehicle SHARED with other awardees. The company competes for task orders under it and, unless the filing states an allocation to this company specifically, none of this figure belongs to it.
- Andromeda IDIQ · United States Space Force$6.2bn
The deck's footnote (2) on slide 19: "$6.2 billion reflects the maximum shared contract value across 14 awardees. Funding will be allocated among competitive bidders, and the Company has not been allocated any funding under this contract as of this date." None of this figure is Quantum Space's until a task order says so.
Why headline and effective values differ is covered in headline vs effective deal value, in plain English.
If holders redeem
a model, from filed inputsEvery public share can be cashed out for its slice of the trust instead of rolling into the new company. Drag the slider to see what that does to the cash the business receives, to who owns it, and — the one that decides whether the deal happens at all — to the minimum-cash condition the buyer can walk on.
Cash on the balance sheet at close: $533M — the filed sources-and-uses figure less the trust that redeems. It is a different number from the minimum-cash test above, which measures only what that clause says it measures.
Redemptions cannot breach it. If every public share redeemed, the clause would still measure $220M against $90M — $130M of headroom.
A condition can be waived, amended or satisfied by financing raised after the filing this reads. This is what the clause and the last filed balances say today, not a prediction about the vote.
Who owns Quantum Space at 0% redemptions
- Target holders (rollover)60.0M · 50.2%
- SPAC public shareholders25.3M · 21.2%
- PIPE investors25.9M · 21.7%
- Sponsor promote8.4M · 7.0%
- Shares outstanding
- 119.6M
- Implied equity value
- $1,196M
- Implied enterprise value
- $663M27.6× FY2026E revenue (a projection)
Equity value and cash both fall as shares redeem. Enterprise value is the difference between them, and it drifts here only because the filed table marks its shares at a different price from the trust's redemption price.
Only the public share count moves. Rollover, PIPE and sponsor counts are held at the filed table’s values — for this deal the consideration is fixed in dollars and divided by the redemption price, so those counts do not change with redemptions.
What this model is made of — 7 filed inputs
- Redeemable public shares
- 25.3M at $10.07/share
- Trust
- $254.8M
- Minimum-cash condition
- $90M — trust after redemptions + committed financing0001213900-26-068265
- Financing the clause counts
- $240M0001213900-26-068265
- Transaction costs(a filed estimate)
- $20M0001213900-26-066032
- Cash to the balance sheet at 0% redemptions
- $533M0001213900-26-066032
- Pro-forma ownership at close (0% redemptions)
- 60M · 25.3M · 25.9M · 8.4M at $10.000001213900-26-066032
As of the Closing, the aggregate cash proceeds available for release to the Purchaser from the Trust Account in connection with the Transactions (after, for the avoidance of doubt, giving effect to all of the Purchaser Shareholder Redemptions), plus the gross proceeds of the PIPE Investment available to Purchaser, less all Company Transaction Costs and Purchaser Transaction Costs, shall be equal to or greater than $90,000,000 (the Minimum Cash Condition
The target: Quantum Space, LLC
from 425The business actually being bought — described from SEC primary filings, with projections labelled as projections.
National-security space company building Ranger, a highly maneuverable, refuelable, modular spacecraft platform (4,000+ kg fuel capacity, up to 12 km/s delta-V, 15-year design life) intended to operate across LEO, MEO, GEO and cislunar space for space-defense, orbital-mobility, satellite-servicing and on-orbit-refueling missions. PRE-PRODUCT: the company's own risk factors state it 'has not yet manufactured or delivered a fully operational Ranger satellite to customers' and that its 'limited operating history makes it difficult to evaluate its current business and future prospects'; the first Ranger is targeted for orbit in 2027. It is NOT zero-revenue - it holds six government contracts and pending proposals (including a $16M U.S. Space Force cislunar contract and a $4M Air Force Research Laboratory multi-mode propulsion contract) that generate milestone-based contract revenue - but NO actual historical revenue figure for any completed period appears in any SEC filing. The only revenue figures on file are the CEO's forward statements of ~$24M for 2026 and ~$51M for 2027.
A projection from the deal deck, not a reported figure — read the valuation with that in mind.
Quantum Space, LLC — every SPAC that has bid for it, and its listed peers
Expensive or cheap?
vs 6 listed peersA price only means something next to what the same kind of business costs on the stock market. This divides what the buyers are paying by what Quantum Space, LLC actually sells, and sets the answer against its closest listed comparables — or says plainly when that cannot be done.
SpacBrain’s read on the price
Priced above its listed peers
The deal values Quantum Space, LLC at $663.2M, or 27.6× its own 2026 projected revenue. That is 2.8× what the market pays for its closest listed peers (median 9.96×) — an expensive price. It is priced above 67% of them.
Pro-forma enterprise value as filed.
Projection — a forecast the company made about itself, not money it has earned
FY2026E
27.6× 2026 projected revenue. Put another way: $1 of its forecast annual sales is being bought for $27.60.
$1 of their sales costs $9.96 on the open market. Median of 6 listed companies we judged a true comparable, which individually run from 2.11× to 59.49×. Their share prices are from 14 August 2026, not today.
What qualifies this number
- SIDU, FLY, VOYG, TSAT, YSS, DRS, KRMN have no revenue to divide by, so they are shown but left out of the peer median.
- VSAT, PL, ASTS shown for context only — not close enough to move the median.
- This multiple is struck on a PROJECTION the company made about itself, not on money it has actually earned. Peers are measured on revenue they really booked, so the comparison flatters the deal.
The 16 listed companies it is measured against, and why
- RKLB59.49× revenue
Rocket Lab builds and sells spacecraft platforms and components to national-security customers and is the benchmark for a vertically integrated space-defense manufacturer scaling into recurring government programs.
- LUNR8.39× revenue
Intuitive Machines is the single most direct comparable: a Kam Ghaffarian-founded, cislunar-focused, milestone-payment government-contract space company that went public via SPAC at a similar pre-revenue-at-scale stage - and the deck itself uses it as the sponsor's track-record proof point.
- RDW6.61× revenue
Redwire sells spacecraft platforms, in-space servicing and infrastructure to the same DoD/Space Force/DARPA customer set at comparable contract sizes and a comparable revenue base.
- SIDUno revenue multiple
Direct comp: Aerospace & Defense (NEC); micro-cap ($205m); shares cislunar, satellite, space, geo, leo, modular with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- BKSY11.53× revenue
BlackSky is a small-cap national-security space company that owns and operates its own constellation and sells the capability as a service, matching Quantum Space's preferred service model and government customer concentration.
- FLYno revenue multiple
Direct comp: Spacecraft Manufacturing; mid-cap ($3.6bn); shares spacecraft, orbital, maneuverable, space, orbit, missions with the target's own description; forward EV/Sales 8.5x.
- MNTS2.11× revenue
Momentus is a direct product comparable - orbital transfer vehicles and in-space mobility - though at a far smaller and more distressed scale than Quantum Space's stated ambitions.
- VSAT3.61× revenuecontext only — left out of the median
Not a scale peer, but the closest listed operator of GEO assets whose life-extension and servicing economics define the demand case for Ranger's refueling proposition.
- VOYGno revenue multiple
Direct comp: Aerospace & Defense (NEC); small-cap ($1.5bn); shares space, orbit, missions, defense, propulsion, national with the target's own description; forward EV/Sales 9.6x.
- PL25.56× revenuecontext only — left out of the median
Planet Labs owns and operates its own satellites and sells data as a service with growing defense exposure, useful for the service-model read-through but a remote-sensing rather than a mobility business.
- ASTS196.45× revenuecontext only — left out of the median
AST SpaceMobile is a pre-revenue, capital-intensive satellite builder valued entirely on a future constellation - a valuation-regime comparable for how the market prices unproven spacecraft platforms, not a business-model peer.
- TSATno revenue multiple
Direct comp: Satellite Service Operators; mid-cap ($2.0bn); shares satellite, geo, leo, orbit, mobility, government with the target's own description; forward EV/Sales 23.7x.
- YSSno revenue multiple
Operational comp: Aerospace & Defense (NEC); shares spacecraft, space, orbit, satellite, defense, national with the target's own description; forward EV/Sales 2.3x.
- DRSno revenue multiple
Operational comp: Aerospace & Defense (NEC); mid-cap ($9.1bn); shares force, propulsion, space, defense, operational, air with the target's own description; forward EV/Sales 3.0x.
- GSAT38.17× revenue
Operational comp: Satellite Service Operators; mid-cap ($7.8bn); shares orbit, satellite, leo, operational, capacity, across with the target's own description; forward EV/Sales 36.5x.
- KRMNno revenue multiple
Operational comp: Aerospace & Defense (NEC); mid-cap ($9.7bn); shares space, propulsion, spacecraft, satellite, defense, design with the target's own description; forward EV/Sales 11.8x.
Which companies count as comparable is our judgement, written out above so you can disagree with it. The median is what these shares happened to trade at on the date given — not a price anyone is offering for this deal.
In plain English
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.