Analysis
Space-Eyes, a Miami-based startup building AI-powered counter-drone and geospatial intelligence tools for governments and agencies, will go public on Nasdaq under the planned ticker CUAS through a merger with McKinley Acquisition Corp, in a deal valuing the combined company at $638 million in pro-forma equity value, multiple outlets reported. The implied enterprise value is $370 million, and the deal, which won unanimous board approval at both companies, is expected to close in the fourth quarter of 2026.
Space-Eyes' products include SeaWatch, a maritime tracking platform, and Morpheus, a counter-drone detection and response system -- positioning the company at the intersection of two defense-tech categories that have both drawn significant capital in 2026: maritime domain awareness and counter-unmanned-aerial-systems technology, as drone threats have moved from a niche military concern to a mainstream homeland-security and critical-infrastructure issue.
The financing structure is a standard SPAC arrangement with some notable specifics: McKinley holds $176.7 million in trust capital, and the deal is backed by up to $75 million secured through a Securities Purchase Agreement, with an initial $5 million tranche of senior secured convertible notes carrying 10% annual interest and maturing in 2031. Eric Trump has been named a strategic adviser and investor in the transaction, adding a layer of political visibility uncommon for a company of this size.
“Eric Trump has been named a strategic adviser and investor in the transaction, adding a layer of political visibility uncommon for a company of this size.”
A Miami defense-tech company going public. Space-Eyes' Miami, Florida headquarters places it within the broader wave of dual-use and defense-tech startups building in South Florida, a region that has increasingly attracted founders and capital in categories ranging from maritime security to counter-drone systems -- deal activity the South Florida Funding Tracker tracks in more detail across the region.
- Space-Eyes -- Miami-based, founded by CEO Jatin Bains, building counter-drone and maritime intelligence software
- McKinley Acquisition Corp (Nasdaq: MKLY) -- the SPAC vehicle taking Space-Eyes public
- Anduril, Castelion -- larger venture-backed defense-tech comparables operating in adjacent counter-drone and precision-weapons categories, though both remain private at far higher valuations
The counterweight worth naming directly: SPAC mergers carry a mixed track record over the past several years, with many post-merger companies trading well below their deal-announcement valuations once the redemption period passes and public float thins out. A $638 million pro-forma value against a $370 million implied enterprise value also signals a meaningful gap between the equity story being sold and the underlying business value, a common SPAC-structure feature investors should read closely in the proxy statement rather than take at face value.
What to watch is the redemption rate when McKinley shareholders vote on the deal -- high redemptions would shrink the actual cash Space-Eyes receives well below the headline trust figure, a detail that has undone the economics of numerous SPAC mergers in this cycle even when the underlying business thesis was sound.
