MKLY merger with Space-Eyes
Space-Eyes (United States)
Expected close, as filed: Q4 2026.
Announced 31 July 2026.
The symbol the combined company is expected to trade under.
Eric Trump-linked board (Reuters)
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. The headline counts only the target.
- PIPE
- ≈ $75M · unsourced
- Sponsor promote
- 27%
- Pro-forma shares
- 53.6M
- Exchange ratio
Space-Eyes shares convert at the Exchange Ratio = (Aggregate Transaction Consideration shares, i.e. $275,000,000 divided by $10.00, less shares issued under Section 4.01(a)) divided by Space-Eyes shares outstanding immediately prior to the Effective Time; Company Bridge Notes convert at $5.50 per sharemore ▾less ▴
- Coupon
- 10% — paid in kind, or in cash at a lower rate
until the date that is the earlier of (i) one year from the date hereof or (ii) the date on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property (the “ Lock-up Periodmore ▾less ▴
What the filings actually value
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
Enterprise value ÷ EBITDA — not shown
No EBITDA figure for Space-Eyes 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.
All figures above are stated in EX-99 press release0001213900-26-085663
EX-99 press release, 0001213900-26-085663: proFormaEnterpriseValueM "$370 million". A press release is a party's own claim, not a filed table: any stated capitalisation table supersedes it.
Why headline and effective values differ is covered in headline vs effective deal value, in plain English.
The target: Space-Eyes
from 425The business actually being bought — described from SEC primary filings, with projections labelled as projections.
Space-Eyes is a U.S. geospatial intelligence and technology company delivering space-driven awareness for high-stakes environments through advanced analytics and multi-sensor integration. It supplies AI-driven, sensor-agnostic counter-unmanned-aerial-systems platforms that detect, track, identify and mitigate unauthorised drones across critical infrastructure, military installations, borders and mass-gathering venues, built on its proprietary CATE AI fusion engine which integrates radar, RF, EO/IR and satellite inputs into a single air picture. The same engine underpins a broader geospatial intelligence platform spanning maritime domain awareness, wildfire detection and satellite command and control.
Space-Eyes — every SPAC that has bid for it, and its listed peers
Expensive or cheap?
vs 5 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 Space-Eyes 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
No multiple can be computed
We hold no revenue figure in US dollars for Space-Eyes, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $370M regardless.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
Pro-forma enterprise value as filed.
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
$1 of their sales costs $7.15 on the open market. Median of 5 listed companies we judged a true comparable, which individually run from 4.93× to 25.56×. Their share prices are from 15 August 2026, not today.
What qualifies the figures above
- AVEX, VWAV, LYNX, SIDU, ARBE, KRMN, MRCY have no revenue to divide by, so they are shown but left out of the peer median.
The 12 listed companies it is measured against, and why
- AVAV4.93× revenue
Direct comp: Aerospace & Defense (NEC); mid-cap ($9.9bn); shares uas, space, counter, domain, delivering, platforms with the target's own description; forward EV/Sales 4.0x.
- AVEXno revenue multiple
Direct comp: Aerospace & Defense (NEC); shares uas, unmanned, aerial, counter, intelligence, critical with the target's own description; forward EV/Sales 5.0x.
- VWAVno revenue multiple
Direct comp: Aerospace & Defense (NEC); micro-cap ($138m); shares awareness, engine, environments, aerial, detection, driven with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- LYNXno revenue multiple
Direct comp: Aerospace & Defense (NEC); shares sensor, awareness, space, maritime, detect, domain with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- SIDUno revenue multiple
Operational comp: Aerospace & Defense (NEC); micro-cap ($205m); shares satellite, sensor, space, intelligence, multi, platform with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- KTOS7.15× revenue
Operational comp: Aerospace & Defense (NEC); large-cap ($13.1bn); shares unmanned, command, satellite, aerial, space, intelligence with the target's own description; forward EV/Sales 5.8x.
- ARBEno revenue multiple
Operational comp: Satellite Design & Manufacture; micro-cap ($129m); shares radar, sensor, picture, drones, detection, environments with the target's own description; forward EV/Sales 20.2x.
- PL25.56× revenue
Operational comp: Satellite Design & Manufacture; mid-cap ($8.4bn); shares satellite, geospatial, analytics, proprietary, intelligence, critical with the target's own description; forward EV/Sales 18.5x.
- RDW6.61× revenue
Operational comp: Aerospace & Defense (NEC); small-cap ($1.5bn); shares uas, space, domain, spanning, environments, critical with the target's own description; forward EV/Sales 5.8x.
- KRMNno revenue multiple
Operational comp: Aerospace & Defense (NEC); mid-cap ($9.7bn); shares uas, satellite, engine, space, unmanned, critical with the target's own description; forward EV/Sales 11.8x.
- BKSY11.53× revenue
Operational comp: Aerospace & Defense (NEC); small-cap ($674m); shares satellite, radar, analytics, space, intelligence, built with the target's own description; forward EV/Sales 8.2x.
- MRCYno revenue multiple
Operational comp: Aerospace & Defense (NEC); mid-cap ($7.6bn); shares sensor, radar, command, environments, critical, intelligence with the target's own description; forward EV/Sales 6.1x.
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.
Earnout — the contingent shares
Shares that only vest if targets are hit. They are excluded from the effective value above because they are not equity today — but they are dilution waiting on success.
Up to 8,000,000 Earn-Out Shares to certain Space-Eyes stockholders on milestone satisfaction during the Earn-Out Period
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.