Singapore-based satellite operator Astrum Space said on Thursday it will go public through a merger with special purpose acquisition firm Black Spade Acquisition III, in a deal valuing the Satellite-to-Device (S2D) venture at about US$1 billion. The transaction is expected to close by the end of 2026, subject to regulatory and shareholder approvals.
An Asia-Pacific 5G Satellite-to-Device Bet
Astrum Space (formerly Astrum Mobile) is building what it says is Asia-Pacific's first dedicated Satellite-to-Device platform delivering 5G Non-Terrestrial Network services directly to smartphones and smart devices. The company plans to sell wholesale to mobile operators, broadcasters, governments and enterprises, using geostationary satellites as a complementary broadcast layer that can reach many users at once with rich media, IoT and emergency notification traffic.
The company already operates its own GEO satellite in orbit and is developing NEASTAR-1, a small geostationary satellite manufactured by SWISSto12 on the HummingSat platform. NEASTAR-1 is contracted to fly with Impulse Space in the late-2028 to Q1 2029 window, giving Astrum a purpose-built S2D bird to sit alongside its existing GEO capacity.
Riding A Reopened Space SPAC Window
Investor interest in the space sector has surged after the Nasdaq debut of Elon Musk's SpaceX, boosting optimism about the pipeline of space and satellite companies now angling for public markets. That backdrop echoes the wave of listings seen across the AI sector and Asia-Pacific chip peers such as Ingenic Semiconductor's HK$3.2B Hong Kong listing, and it mirrors private-market momentum at satellite platforms like Muon Space.
Black Spade Acquisition III Co is a NYSE-listed SPAC sponsored by an affiliate of Black Spade Capital, the family office of Melco Resorts & Entertainment chairman Lawrence Ho. The vehicle raised US$150 million in its January 2026 IPO under ticker BIIIU and had flagged leisure, technology and communications as focus areas for a de-SPAC target.
What The Deal Buys Astrum
The de-SPAC gives Astrum a public listing to underwrite NEASTAR-1's construction, launch campaign and ground-segment build-out at a time when its 3GPP 5G NTN broadcast-over-GEO specifications are moving through standardisation. Cohen & Company Capital Markets is acting as financial adviser to Black Spade. Both boards have unanimously approved the deal.
For the broader satcom sector, Astrum's US$1 billion valuation adds another datapoint on the price the market is willing to pay for direct-to-device operators as their capacity scales alongside LEO mega-constellations like SpaceX Starlink.
Reporting based on coverage from BNN Bloomberg, SWISSto12 and Astrum Space press materials.