Satellite communications firm Astrum Space Inc. announced Thursday that it will go public through a merger deal with a special purpose acquisition company, Black Spades Acquisitions III Co. The deal will value Astrum at $1 billion. Once completed, the combined entity will be listed on the New York Stock Exchange (NYSE), marking the company’s shift from a privately held enterprise into a publicly listed company, almost overnight.
Astrum, a Singapore-based space tech company, is building a wholesale satellite-to-device broadcast and data network to deliver wide-area connectivity and content services across the Asia-Pacific region, effectively bypassing the need for ground-based infrastructure.
As per the deal terms, existing shareholders will retain more than 80% of the newly formed entity. This structure allows Astrum’s original backers to retain control as the company transitions into the public market.
Astrum President and CEO Michael Do called the merger a validation of the company’s groundwork rather than a shortcut to public markets, pointing to the spectrum, orbital assets, and satellite infrastructure the company has assembled to support its Asia-Pacific ambitions. He added that the deal should help strengthen partnerships and execution across the region.
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This transaction marks Spade’s third SPAC venture. Its earlier deals include a $27 billion merger with VinFast Auto in August 2023 and a $488 million merger with The Generation Essentials Group in June 2025. Black Spade Acquisition III, a blank-check company that raises capital through its own IPO before acquiring a private business, is run by Co-CEO and Executive Chairman Dennis Tam.
