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 ...