Astro Digital is going public, having inked a business-combination agreement with Proem Acquisition Corp I that values the company at about $587 million on a pro forma post-money enterprise basis.

The company--which designs, manufactures and operates mission-configurable satellites for commercial, civil and defense applications--is expected to trade on the Nasdaq following closing, which is anticipated in the first quarter of 2027.

Astro Digital said it has delivered nearly 40 satellites across 16 distinct mission types since 2018. With the deliveries, the company has served more than 30 customers including NASA, the Department of Defense, Boeing and Sony.

"This transaction with Proem will enable us to increase our sales force and production capacity, and expand into new verticals, while preserving the discipline that got us here," Astro Digital Chief Executive Chris Biddy said.

The transaction will be funded by up to about $180 million in gross proceeds, comprising up to $130 million of cash held in Proem's trust account and roughly $50 million from PIPE investments, led by Proem Asset Management and Leon Capital Group.

Looking ahead, Biddy sees a long runway for the company's continued growth: "Our customers continue to expand their constellation plans and develop new applications including data-centers-in-space which we are well suited to take on," he said.