D-Orbit ION spacecraft. Photo: D-Orbit

D-Orbit is the latest space company to announce plans to go public via a special purpose acquisition company (SPAC). 

D-Orbit is an in-space transportation company headquartered in Italy. Its ION satellite carrier takes satellites after launch to their in-orbit position. ION has been used on four missions over the last 15 months, most recently on the SpaceX Transporter-3 mission supporting customers Lockheed Martin, SatRevolution, and Czech Aerospace Research Centre. 

On Thursday, D-Orbit announced plans to combine with SPAC ​​Breeze Holdings Acquisition Corp. to form a combined company worth $1.28 billion. In addition, Ché Bolden, (son of former NASA Administrator Charles Bolden) and Renee Wynn, former NASA CIO, are expected to join the board through a partnership between Breeze Holdings and the Charles F. Bolden Group.

“With our proven ION technology, we are well positioned to capitalize on this near-term market opportunity,” said Luca Rossettini, D-Orbit founder and CEO. “As the new space economy continues to evolve, we will capture opportunities in the mid-term with in-orbit servicing solutions and the long-term by enabling new transportation and logistics infrastructure. Through this transaction, we will have access to resources to scale our business and accelerate growth.” 

D-Orbit has plans to expand services from its ION spacecraft, with hosted payloads and in-orbit technology validations. The company also plans to pursue in-orbit servicing and active debris removal, and in-orbit recycling and manufacturing. 

According to its investor presentation, D-Orbit reported $3 million in revenue in 2021, and expects to make $20 million this year, and $1.4 billion in 2025. Near-term revenue growth is driven by a $21.5 million backlog. The company expects future revenue growth from satellite servicing and in-orbit services commencing in 2023. 

The transaction is set to close in the second or third quarter of this year. If it closes, D-Orbit will trade on the Nasdaq under ticker symbol “DOBT.” D-Orbit expects to take home $186 million from the transaction, including $5.5 million in PIPE funding.