Eric Trump-backed Space-Eyes plans $638 million SPAC listing

Space-Eyes lined up a $638 million merger with McKinley Acquisition Corp. to take the Miami-based defense technology company public, with the business combination unanimously approved by the boards of both companies. The deal placed Eric Trump’s backing in the middle of a listing that was meant to ride renewed investor appetite for defense-tech startups.

Space-Eyes has positioned itself as an AI-powered geospatial-intelligence company built around counter-drone systems. Its tools are designed to detect, track, identify and mitigate unauthorized and hostile drones across critical infrastructure, military installations, borders and mass-gathering events. The company also said its intelligence platforms would deliver real-time situational awareness for governments and enterprises monitoring threats across land, sea and air.

The merger partner, McKinley Acquisition Corp., was listed on Nasdaq as MKLY and sourced up to $75 million in PIPE financing to support the transaction and expansion. The combined company was expected to trade on Nasdaq under the ticker CUAS, with a closing targeted for the fourth quarter of 2026, subject to approvals and closing conditions.

The deal put a sharp spotlight on the gap between defense-tech enthusiasm and the harder work of proving a business model. SPAC transactions let companies reach public markets without a traditional IPO, but they also push investors to judge whether a valuation rests on current revenue or on projections built around future government contracts and deployment wins. That question is especially pointed in defense, where procurement cycles are slow, competitive and tightly regulated.

Eric Trump was expected to advise the company on security threats posed by drones and other emerging technologies, tying the listing to the Trump family’s broader footprint in defense-related business. That connection may have amplified visibility for the transaction, but it also ensured that Space-Eyes would be judged on more than technology alone. The company will now have to show that its counter-drone platform can win customers and scale fast enough to justify a $638 million public-market bet.