An illustration of Quantum Space’s Ranger spacecraft. Credit: Quantum Space
WASHINGTON — Quantum Space, a company led by a former NASA administrator that is developing highly maneuverable spacecraft for national security missions, will go public by merging with a special purpose acquisition company, or SPAC.
Quantum Space announced June 8 that it will merge with Inflection Point Acquisition Corp. VI, a SPAC traded on the Nasdaq exchange. The companies expect the deal to close in the fourth quarter, with Quantum Space then trading on the Nasdaq under the ticker symbol QSPC.
The deal includes a $300 million investment, known as a private investment in public equity, or PIPE, by Inflection Point into Quantum Space. The SPAC also has $253 million in trust that would go to Quantum Space, assuming none of its shareholders redeem their shares. The deal would value Quantum Space at more than $1.1 billion if there are no SPAC redemptions.
The company plans to use the proceeds to ramp up production of Ranger, a maneuverable spacecraft, seeking to take advantage of growing interest in increased mobility for spacecraft used in national security missions. Quantum Space is one of 14 companies selected by the Space Force in April for Andromeda, a contract vehicle to develop satellites and supporting technologies for monitoring activities in geosynchronous orbit.
