Astro Digital has agreed to merge with blank-check company Proem Acquisition Corp I in a transaction valuing the satellite maker at about $587 million. The deal is expected to close in the first quarter of 2027, subject to customary closing conditions, with the combined company expected to trade on Nasdaq. Astro Digital designs, manufactures and operates satellites for Earth observation, communications, space infrastructure and defense. Since 2018, it has delivered nearly 40 satellites and served more than 30 customers, including NASA, the U.S. Department of Defense, Boeing and Sony. The transaction is expected to provide up to $180 million in gross proceeds, including up to $130 million from Proem's trust account and about $50 million from PIPE investments led by Proem Asset Management and Leon Capital Group. Early-stage space companies are increasingly using SPAC (blank-check merger vehicle) transactions to access investor demand and raise capital more quickly as government spending and demand for satellite constellations grow.