Eric Trump-backed Space-Eyes to go public via $638M SPAC merger
Space-Eyes, a defense technology startup backed by U.S President Donald Trump’s son Eric Trump, has revealed it’s planning to go public through a merger with a special purpose acquisition company called McKinley Acquisition Corp. The deal will value the combined businesses at around $638 million, Reuters reported.
Eric Trump recently became the third-largest private investor in Space-Eyes, which has so far operated primarily as a research and development company and generates around $1 million in annual revenue, four people familiar with the business told Reuters. Following the completion of the transaction, he will serve as a strategic adviser to the combined business, having already introduced a number of prospective board candidates to the company’s management.
Miami-based Space-Eyes is a developer of artificial intelligence technologies focused on countering drone warfare and geospatial intelligence systems that are marketed to governments and militaries. Following the acquisition, the company reportedly intends to scale up its business by using third-party manufacturers. This will allow it to compete for government contracts in multiple countries and also target corporate clients ranging from data center operators to cruise companies, Reuters’ sources said.
