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Argentine Spacetech Satellogic Goes Public Via SPAC Merger

6 July 2021

Argentine satellite earth observation startup Satellogic merged with CF Acquisition Corp. V, a SPAC formed by Cantor Fitzgerald, to go public at a reported USD850m valuation. The deal includes a USD100m PIPE investment from SoftBank and Cantor Fitzgerald. Tencent and Fondo Pitanga made a USD50m follow-on in 2020 after leading a USD27m Series B in 2017; previous investors include  monashees, Valor Capital Group, NXTP Labs, Cygnus, CrunchFund, Starlight Ventures and Endeavor Catalyst.

(TechCrunch) – The space SPAC frenzy might have died down, but it isn’t over: Earth observation startup Satellogic is the latest to go public via a merger with CF Acquisition Corp. V, a special purpose acquisition company set up by Cantor Fitzgerald.

Satellogic already has 17 satellites in orbit, and aims to scale its constellation to over 300 satellites to provide sub-meter resolution imaging of the Earth updated on a daily frequency.

The SPAC deal values the company at $850 million, and includes a PIPE worth $100 million with funds contributed by SoftBank’s SBLA Advisers Group and Cantor Fitzgerald. It assumes revenue of around $800 million for the combined company by 2025, and Satellogic expects to have a cash balance of around $274 million resulting from the deal at close.

Read more at TechCrunch.