Satellite manufacturer and operator Astro Digital has agreed to go public through a merger with blank-check company Proem Acquisition Corp I, in a transaction that values the combined business at approximately $587 million.
The deal is expected to provide Astro Digital with up to $180 million in gross proceeds, including up to $130 million from Proem’s trust account and about $50 million from private investments led by Proem Asset Management and Leon Capital Group. The additional capital is expected to support Astro Digital’s production capacity, sales operations and expansion into new space-industry markets.
Astro Digital designs, manufactures and operates satellites for Earth observation, communications, space infrastructure and defense. Since 2018, the company says it has delivered nearly 40 satellites across 16 mission types and served more than 30 customers, including NASA, the U.S. Department of Defense, Boeing and Sony.
The transaction is expected to close in the first quarter of 2027, subject to shareholder approval and other closing conditions. Following completion, Proem is expected to be renamed Astro Digital Holdings Inc., with the combined company expected to trade on the Nasdaq.
Astro Digital has also been involved in emerging space technologies, including its Starcloud-1 mission, which carried an NVIDIA H100 GPU into orbit in 2025 for testing AI computing in space. The proposed listing comes as commercial demand for satellite constellations and space-based infrastructure continues to attract investment.
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