Space-Eyes
Definitive (DA signed)Industrials · geospatial intelligence and counter-drone defense technology · Miami, United States
- What it is
- Space-Eyes is a U.S
- What it’s doing now
- Merging with McKinley (MKLY) — definitive (da signed), announced Jul 31, 2026; expected close Q4 2026.
- What you should know
- The real share count puts the effective valuation 95% above the announced $275M.
The business, per its filings
SEC primarySpace-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.
Source: 425, accession 0001213900-26-093749 · extraction confidence: high
What the company says about itself
Web research — not auditedSpace-Eyes presents itself as a provider of 'Global Intelligence Architecture' that fuses space, data, and decision-making. The site states its technology is engineered to think faster and act sooner, built with cognitive AI, powered by quantum efficiency, and designed for sovereignty.
[WEB-INTEL 2026-08-21] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "McKinley Acquisition plans a merger with Space-Eyes, offering $275M in stock plus up to 8M earn-out shares and arranging up to $83.66M" [https://www.stocktitan.net/sec-filings/MKLY/8-k-mc-kinley-acquisition-corp-reports-material-event-f9440da5f451.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Space-Eyes will go public through a merger with McKinley Acquisition Corp. valued at $638 million." [https://www.bizjournals.com/southflorida/news/2026/08/04/space-eyes-go-public.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Space-Eyes agreed to merge with SPAC McKinley in a $638 million deal; Eric Trump increases his stake and will serve as a strategic advisor ..." [https://mezha.net/eng/bukvy/1d6daa11_space-eyes_will_go/]
Source: https://space-eyes.com/ · captured Aug 21, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Space-Eyes is merging with McKinley (MKLY), a $173M SPAC currently marked Deal announced and trading at $10.26 against $10.00 in trust per share.
| Headline equity value | $275M |
| Effective valuation (all shares) | $536M+95% vs headline |
| Sponsor promote | 26.9% |
| PIPE | ≈ $75M · unsourcedPIPE notes + PIPE warrants; initial tranche of $5 million funded |
| Pro-forma shares | 53.6M |
| Post-close ticker | CUAS |
Structure per SEC accession(s) 0001213900-26-085668, 0001213900-26-085663, 0001213900-26-057711. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
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.
Was this deal done at an expensive or a cheap valuation?
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 listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| AVAV | AeroVironment, Inc. | $9.8B | 4.9x | 50.1x | 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.more ▾less ▴ |
| AVEX | AEVEX Corp | — | — | — | Direct comp: Aerospace & Defense (NEC); shares uas, unmanned, aerial, counter, intelligence, critical with the target's own description; forward EV/Sales 5.0x.more ▾less ▴ |
| VWAV | VisionWave Holdings Inc | $138M | — | — | 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.more ▾less ▴ |
| LYNX | Lyntris Inc. | — | — | — | 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.more ▾less ▴ |
| SIDU | Sidus Space Inc | $205M | — | — | 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.more ▾less ▴ |
| KTOS | Kratos Defense & Security Solut | $12.1B | 7.2x | 125.0x | 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.more ▾less ▴ |
| ARBE | Arbe Robotics Ltd | $129M | — | — | 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.more ▾less ▴ |
| PL | Planet Labs PBC | $8.8B | 25.6x | — | 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.more ▾less ▴ |
| RDW | Redwire Corporation | $3.3B | 6.6x | — | 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.more ▾less ▴ |
| KRMN | Karman Holdings Inc | $9.7B | — | — | 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.more ▾less ▴ |
| BKSY | BlackSky Technology Inc. | $1.3B | 11.5x | — | 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.more ▾less ▴ |
| MRCY | Mercury Systems Inc | $7.6B | — | — | 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.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 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is Space-Eyes going public?
Space-Eyes has a signed merger with the SPAC McKinley (MKLY), announced Jul 31, 2026. The combined company expects to trade as CUAS. Deal status: Definitive (DA signed).
What is Space-Eyes's SPAC deal valuation?
The announced headline equity value is $275M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $536M, 95% above the headline.
Was Space-Eyes bought at an expensive or a cheap valuation?
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.
Does Space-Eyes have revenue?
The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.
Educational content, not investment advice.
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