WISeSat.Space
Definitive (DA signed)Pre-revenueIndustrials · satellite IoT connectivity services · Zug, Switzerland · founded 2023 · 7 employees
- What it is
- Pre-commercial: customer service agreements for R&D, proofs of concept, test satellite capacity (uplink/downlink) and training; intended model is selling secure satellite IoT/D2D connectivity and orbital capacity rights (e.g. planned QSOC right-of-use to affiliate SEALSQ) on a constellation it does not yet own - current fleet access is via FOSSA Systems.
- What it’s doing now
- Merging with Columbus Acquisition Corp/Cayman Islands (COLA) — definitive (da signed), announced Dec 12, 2025.
- What you should know
- It reports no meaningful revenue yet — this deal is priced on a story, not on financials. The real share count puts the effective valuation 30% above the announced $250M.
The business, per its filings
SEC primaryWISeSat.Space is the satellite spin-out of NASDAQ/SIX-listed WISeKey International Holding (WKEY): a BVI holdco (incorporated 17-Jun-2025, also d/b/a SpaceAIQ Corp.) over Swiss OpCo WISeSat.Space AG (incorporated 15-Feb-2023), contributed by WISeKey in Oct-2025 ahead of the SPAC deal. It is EARLY-STAGE with nominal revenue: FY2025 actual net sales of just $196,764 (FY2024: $57,397) from R&D services, proof-of-concept studies, short-term satellite test capacity and training - against a FY2025 operating loss of $3.35M - yet carries a $250M all-stock headline. The business: secure LEO satellite IoT / device-to-device connectivity using WISeKey digital-identity PKI and affiliate SEALSQ's (LAES) post-quantum chips, pivoting toward 'secure orbital infrastructure' for sovereign/defense/critical-infrastructure uses; today it has ACCESS to 14 operational LEO satellites via WISeKey's 2021 investee FOSSA Systems (Spain, picosatellites), plans 12 satellites from Q4-2026 for SEALSQ's Quantum Spatial Orbital Cloud (QSOC - right-of-use agreement NOT yet signed), and targets up to 100 satellites by 2029-2033. Only ~7 full-time employees, all employed by WISeKey SA in Switzerland and cross-charged. Founder-chairman-CEO Carlos Creus Moreira (WISeKey founder/CEO); John O'Hara (WISeKey/SEALSQ CFO circle) negotiated the deal. Cash $9.65M at Dec-31-2025 exists only because affiliate SEALSQ subscribed $10M in Nov-2025; post-close WISeKey and affiliates including Moreira hold ~57.5% of ordinary shares and 92% of super-voting Class F shares (49.99% of votes as a class), ~80% of total voting power.
| Revenue | $0.2M (FY2025A (nominal; FY2024A $0.057M)) |
| Cash | $9.6M |
Source: 425, accession 0001213900-26-086249 · as of Dec 31, 2025 · extraction confidence: high
What the company says about itself
Web research — not auditedSite positions WISeSat as low-cost secure satellite IoT: '+20 Satellites Launched', '100% Messages Encrypted', powered by WISeKey digital trust and SEALSQ post-quantum cryptography; sovereign, independent-of-third-party-operators messaging.
- Markets:
- Smart containers/logistics, Energy & Utilities, Oil & Gas, Smart Farming, Defense & Security, Infrastructure & Construction
- Products:
- Secure satellite IoT/D2D connectivity via picosatellites and low-power sensors; PKI authentication, post-quantum encryption (SEALSQ chips), asset tracking
- Customers:
- No named customers; pitched at logistics, agriculture, energy, defense and smart-city asset monitoring
Website banner claims '+20 Satellites Launched'; the F-4/A states WISeSat has secured ACCESS to 14 operational satellites (via FOSSA Systems) rather than owning/having launched 20+.
Source: https://www.wisesat.space/ · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
WISeSat.Space is merging with Columbus Acquisition Corp/Cayman Islands (COLA), a $60M SPAC currently marked Deal announced and trading at $9.75 against $10.67 in trust per share.
| Headline equity value | $250M |
| Effective valuation (all shares) | $325M+30% vs headline |
| Sponsor promote | 20% |
| PIPE | ≈ $10M · unsourcedcommon at the Redemption Price: $10,000,000 of Pubco Ordinary Shares "at a price per share equal to the Redemption Price", with Additional Subscription Shares issuable if the 10-day VWAP ending 60 days after closing is below that price. "Assuming a Redemption Price of approximately $10.66 per share as of June 30, 2026, the number of Subscription Shares would be 938,086 Pubco Ordinary Shares." |
Structure per SEC accession(s) 0001213900-25-110047, 0001213900-25-008391, 0001213900-26-086245. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
WISeSat.Space has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $315.4M.
The company reports no meaningful sales yet, so there is nothing to divide the price by.
Post-dilution equity + target net debt.
FY2025A (nominal; FY2024A $0.057M) — a reported actual.
Not computable — the filings record only $0.2M of revenue and treat the company as pre-revenue — a multiple struck on a nominal figure is noise, not a valuation.
$1 of their sales costs $25.56 on the open market. Median of 9 listed companies we judged a true comparable, which individually run from 2.27× to 441.51×. Their share prices are from 15 August 2026, not today.
What qualifies the figures above
- Struck on the post-dilution value of $325M, not the announced $250M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash is filed but its debt is not, so this enterprise value is a lower bound, too low by whatever debt the company carries.
- TSAT, IOTR, DGII, AMPG, VISN have no revenue to divide by, so they are shown but left out of the peer median.
- The peer group does not agree with itself: its revenue multiples run from 2.27× to 441.51×. A median drawn across that spread is a weak benchmark, so treat the verdict as a rough bearing, not a measurement.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| WKEY | WISeKey International Holding L | $82M | 2.3x | — | WISeKey International Holding is the parent, seller and post-close ~80%-voting controller - the single most direct listed proxy for the asset. |
| LAES | SEALSQ Corp | $642M | 8.0x | — | SEALSQ is the affiliated post-quantum-chip maker, $10M pre-closing financier and intended anchor customer (QSOC right-of-use) - same Moreira ecosystem, listed on Nasdaq.more ▾less ▴ |
| TSAT | Telesat Corp | $2.0B | — | — | Operational comp: Satellite Service Operators; mid-cap ($2.0bn); shares leo, satellite, satellites, connectivity, critical, over with the target's own description; forward EV/Sales 23.7x.more ▾less ▴ |
| IRDM | Iridium Communications Inc | $5.3B | 7.8x | 16.3x | Iridium is the profitable incumbent in exactly the satellite-IoT connectivity market WISeSat targets - the reality-check comp for what scaled satellite IoT earns.more ▾less ▴ |
| GSAT | Globalstar, Inc. | $10.7B | 38.2x | 118.0x | Globalstar operates a LEO constellation for IoT and direct-to-device messaging - the closest listed pure-play on low-cost LEO IoT connectivity. |
| ASTS | AST SpaceMobile, Inc. | $27.9B | 196.4x | — | AST SpaceMobile is the market's benchmark for a pre-revenue LEO constellation story stock funded ahead of deployment - pricing template for WISeSat's build-out promise.more ▾less ▴ |
| IOTR | iOThree Ltd | $9M | — | — | Operational comp: Satellite Service Operators; micro-cap ($9m); shares satellite, just, connectivity, digital, critical, sales with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| SPIR | Spire Global, Inc. | $548M | 7.2x | — | Spire Global de-SPAC'd a smallsat LEO constellation selling space-based data services - comparable scale, comparable smallsat economics, cautionary multiple.more ▾less ▴ |
| PL | Planet Labs PBC | $8.8B | 25.6x | — | Planet Labs operates the largest smallsat LEO fleet with a subscription data model - upper-bound comp for smallsat constellation platforms. |
| RGTI | Rigetti Computing, Inc. | $6.3B | 441.5x | — | Operational comp: Semiconductors (NEC); mid-cap ($7.3bn); shares quantum, chips, device, cloud, infrastructure, full with the target's own description; forward EV/Sales 233.1x.more ▾less ▴ |
| SATL | Satellogic Inc. | $890M | 27.9x | — | Satellogic is a de-SPAC'd smallsat constellation with minimal revenue against a big constellation plan - the nearest precedent for a nominal-revenue satellite SPAC at announcement.more ▾less ▴ |
| DGII | Digi International Inc. | $1.4B | — | — | Operational comp: Communications & Networking (NEC); small-cap ($1.4bn); shares iot, secure, connectivity, device, infrastructure, critical with the target's own description; forward EV/Sales 6.0x.more ▾less ▴ |
| AMPG | Amplitech Group Inc | $62M | — | — | Operational comp: Communications & Networking (NEC); micro-cap ($62m); shares satellite, satellites, quantum, space, defense, cloud with the target's own description; forward EV/Sales 1.9x.more ▾less ▴ |
| VISN | Vistance Networks Inc | $2.0B | — | — | Operational comp: Communications & Networking (NEC); small-cap ($2.0bn); shares pki, secure, infrastructure, cloud, access, operating with the target's own description; forward EV/Sales 1.4x.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 WISeSat.Space going public?
WISeSat.Space has a signed merger with the SPAC Columbus Acquisition Corp/Cayman Islands (COLA), announced Dec 12, 2025. Deal status: Definitive (DA signed).
What is WISeSat.Space's SPAC deal valuation?
The announced headline equity value is $250M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $325M, 30% above the headline.
Was WISeSat.Space bought at an expensive or a cheap valuation?
WISeSat.Space has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $315.4M.
Does WISeSat.Space have revenue?
No meaningful reported revenue in its most recent filed period — the deal is priced on a story and projections, not on financial results. Treat every valuation multiple accordingly.
Educational content, not investment advice.
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