Space-Eyes to go public in $638M SPAC deal backed by Eric Trump

Space-Eyes, a Miami-based defense technology company specializing in AI-driven geospatial intelligence, is going public through a merger with McKinley Acquisition Corp in a deal that values the combined entity at $638 million in pro forma equity. Eric Trump, the third-largest private investor in the company, will serve as a strategic adviser.

The deal is expected to close by the fourth quarter of 2026, with shares set to trade on Nasdaq under the ticker CUAS. The implied enterprise value sits around $370 million.

Here’s the thing: Space-Eyes currently generates approximately $1 million in annual revenue. That means the market is being asked to price this company at roughly 638 times its top line. For context, major defense contractors like Lockheed Martin and Raytheon typically trade at single-digit revenue multiples.

What Space-Eyes actually does

Space-Eyes has been operating for over 25 years in the national security space, building platforms focused on geospatial intelligence. The company’s technology portfolio includes a few proprietary platforms. CATE is its core analytics engine, MORPHEUS handles counter-unmanned aerial systems (counter-UAS, or anti-drone tech), and SeaWatch focuses on maritime domain awareness.

The company remains primarily a research and development operation. Its workforce numbers between 11 and 50 employees. Earlier in 2026, Space-Eyes expanded its Miami headquarters and opened a new office in Washington, D.C.

The Eric Trump factor

Eric Trump’s involvement adds a layer of political intrigue to what might otherwise be a niche defense tech story. As the third-largest private investor and incoming strategic adviser, his participation puts the deal squarely at the intersection of Trump family business interests and the defense sector.

SPAC mergers involving politically connected figures have a mixed track record. Digital World Acquisition Corp, the SPAC that took Trump Media & Technology Group public, saw extreme volatility driven more by political sentiment than business fundamentals.

The SPAC landscape and defense tech momentum

SPACs have fallen dramatically out of favor since their 2021 peak, when hundreds of blank-check companies flooded public markets. Many of those deals resulted in companies trading well below their initial valuations within a year. The structure allows companies to bypass the traditional IPO process, which includes more rigorous financial scrutiny from underwriters.

Companies like AeroVironment, Kratos Defense, and Palantir have seen their valuations climb significantly as investors bet on next-generation defense capabilities. Space-Eyes is positioning itself in that same narrative, betting that AI-powered intelligence platforms and counter-UAS solutions will command premium valuations from a market hungry for defense innovation.

What this means for investors

The bull case for Space-Eyes rests on a few pillars. Counter-UAS technology is genuinely in demand, with the Department of Defense actively seeking solutions to drone threats across multiple theaters. AI-driven geospatial intelligence is a growth area as the volume of satellite and sensor data overwhelms traditional analysis methods.

The bear case is more straightforward. A company with $1 million in revenue, fewer than 50 employees, and an enterprise value of $370 million is priced for near-flawless execution over several years. SPAC mergers have historically underperformed the broader market, with many post-merger companies seeing their stock price decline substantially in the first year of trading.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.