Quantum Space
Definitive (DA signed)Industrials · space defense and orbital mobility satellites · Rockville, MD, US
- What it is
- Dual model: (1) sell spacecraft outright, principally to U.S. government customers for missions requiring uniformed operators (e.g. proximity operations against non-cooperative adversary satellites); (2) own and operate its own Ranger spacecraft and sell the capability as a service, which management prefers because it yields up to 15 years of predictable recurring revenue. Government contracts are milestone-payment based. Adjacent revenue vectors: on-orbit refueling/propellant delivery, satellite life extension, payload hosting and data services, space domain awareness.
- What it’s doing now
- Merging with Inflection Point Acq VI (IPFX) — definitive (da signed), announced Jun 8, 2026; expected close Q4 2026.
- What you should know
- The headline revenue figure is a projection, not a reported actual. At 27.6× revenue the deal prices it above its listed peers, which trade at 9.96×. The deal carries a $90M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryNational-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.
| Revenue | $24M (FY2026E) projection |
Source: 425, accession 0001213900-26-072041 · as of Jun 8, 2026 · extraction confidence: medium
What the company says about itself
Web research — not auditedQuantum Space builds the Ranger spacecraft platform, a highly maneuverable spacecraft engineered for space defense, orbital mobility and cislunar operations, specified at 4,000 kg fuel capacity, 12 km/s max delta-V, 15 years operational life and 5 mission-configurable ports.
- Markets:
- Space defense | Orbital mobility | Cislunar operations | Commercial space operations
- Products:
- Ranger spacecraft platform
No substantive conflict; the site is thinner than the filings. The website names no customers at all, whereas the SEC press release and deck name the U.S. Space Force, the Department of War, DARPA and the Air Force Research Laboratory with specific contract and proposal values. The website repeats the deck's 'up to 70% lower cost than conventional architectures beyond LEO' claim - note that in the filings this is expressly flagged as 'based on management estimates and internal analysis', not independently verified. Domain caution: quantumspace.com is an unrelated Russian robotics company and quantumspace.io is a parked domain; the correct property is www.quantumspace.us, which redirects to www.quantumspaceinc.com.
Source: https://www.quantumspaceinc.com · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Quantum Space is merging with Inflection Point Acq VI (IPFX), a $253M SPAC currently marked Deal announced and trading at $10.06 against $10.07 in trust per share.
| Headline equity value | $1.2B |
| Effective valuation (all shares) | $1.2B+-0% vs headline |
| Sponsor promote | 25% |
| PIPE | $300Mconvertible preferred@12.00 stated value |
| Minimum cash to close | $90M |
| Pro-forma shares | 119.6M |
| Post-close ticker | QSPC |
Structure per SEC accession(s) 0001213900-26-066032, 0001213900-26-056848, 0001213900-26-068265. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
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.
Each row is one filing. A forecast that moves while the transaction price does not is a change in what the deal costs, and the filings that make that change are months apart.
Revenue
The underlined figure in each column is the ledger’s current answer for that year. The rest are not wrong; they are earlier, and they are kept.
| Document | FY2026E | FY2027E |
|---|---|---|
| 425 — EX-99 investor deck2026-06-08 · the target's own filing or deck | $24M | $61M |
Gross margin
The underlined figure in each column is the ledger’s current answer for that year. The rest are not wrong; they are earlier, and they are kept.
| Document | FY2026E | FY2027E |
|---|---|---|
| 425 — EX-99 investor deck2026-06-08 · the target's own filing or deck | 22% | 23% |
What that does to the price of a dollar of forecast revenue
- FY2026E: 27.6x enterprise value to forecast revenue, unchanged across every document that states it.
- FY2027E: 10.9x enterprise value to forecast revenue, unchanged across every document that states it.
No document in this chain has revised a forecast. That is a finding too: it means every multiple above is the one struck at announcement, and it is what a reader should expect to see change first if the deal starts to slip.
Every revenue figure we hold for Quantum Space, LLC is a forecast, including the FY2026E figure quoted elsewhere on this page. There are no audited financials in any filing we hold — awaiting audited S-4 financials.
The tables these figures were read out of, verbatim
- 425 — EX-99 investor deck (0001213900-26-066032) — EX-99.2 investor deck, "Scaling Revenue While Improving Margins" — "$24M $61M FY2026E FY2027E"
- 425 — EX-99 investor deck (0001213900-26-066032) — EX-99.2 investor deck, "Scaling Revenue While Improving Margins" — "FY2026E FY2027E 22% 23%"
Was this deal done at an expensive or a cheap valuation?
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 listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| RKLB | Rocket Lab Corporation | $51.2B | 59.5x | — | 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.more ▾less ▴ |
| LUNR | Intuitive Machines, Inc. | $2.8B | 8.4x | — | 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.more ▾less ▴ |
| RDW | Redwire Corporation | $3.3B | 6.6x | — | 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.more ▾less ▴ |
| SIDU | Sidus Space Inc | $205M | — | — | 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.more ▾less ▴ |
| BKSY | BlackSky Technology Inc. | $1.3B | 11.5x | — | 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.more ▾less ▴ |
| FLY | Firefly Aerospace Inc. | $3.6B | — | — | 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.more ▾less ▴ |
| MNTS | Momentus Inc. | $92M | 2.1x | — | 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.more ▾less ▴ |
| VOYG | Voyager Technologies, Inc. | $1.5B | — | — | 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.more ▾less ▴ |
| TSAT | Telesat Corp | $2.0B | — | — | 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.more ▾less ▴ |
| YSS | York Space Systems Inc | — | — | — | Operational comp: Aerospace & Defense (NEC); shares spacecraft, space, orbit, satellite, defense, national with the target's own description; forward EV/Sales 2.3x.more ▾less ▴ |
| DRS | Leonardo DRS Inc | $9.1B | — | — | 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.more ▾less ▴ |
| GSAT | Globalstar, Inc. | $10.7B | 38.2x | 118.0x | 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.more ▾less ▴ |
| KRMN | Karman Holdings Inc | $9.7B | — | — | 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.more ▾less ▴ |
| VSATcontext only | ViaSat, Inc. | $11.4B | 3.6x | 12.0x | 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.more ▾less ▴ |
| PLcontext only | Planet Labs PBC | $8.8B | 25.6x | — | 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.more ▾less ▴ |
| ASTScontext only | AST SpaceMobile, Inc. | $27.9B | 196.4x | — | 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.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 14, 2026; a private target’s deal multiple (here struck on projected revenue) is not audited the way theirs are.
Common questions
Is Quantum Space going public?
Quantum Space has a signed merger with the SPAC Inflection Point Acq VI (IPFX), announced Jun 8, 2026. The combined company expects to trade as QSPC. Deal status: Definitive (DA signed).
What is Quantum Space's SPAC deal valuation?
The announced headline equity value is $1.2B, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $1.2B, -0% above the headline.
Was Quantum Space bought at an expensive or a cheap valuation?
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.
Does Quantum Space have revenue?
The filings show a PROJECTED revenue figure of $24M (FY2026E) — a forecast, not an audited actual.
Educational content, not investment advice.
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