NorthStar Earth & Space Inc. and Viking Acquisition Corp. I have filed a joint registration statement on Form F-4 with the U.S. Securities and Exchange Commission (SEC) regarding their proposed business combination. The agreement values NorthStar at a pre-money equity valuation of $300 million. The transaction is expected to close in Q3 2026, subject to the registration statement being declared effective by the SEC and other customary closing conditions.

Transaction Details

The Business Combination Agreement includes a fully committed $30 million PIPE financing. This financing is anchored by Cartesian Capital Group and supported by leading Canadian and U.S. institutional investors. Upon the closing of the transaction, shares of the combined company are expected to trade on the New York Stock Exchange under the ticker symbol "NSTR".

Strategic Context

Stewart Bain, Founder and Chief Executive Officer of NorthStar, stated that the filing represents an important milestone in the process of becoming a public company. He noted that market demand for NorthStar’s space-based intelligence platform requires accelerating the company's long-term growth strategy. Bain added that increased access to capital and global awareness inherent with a public company will enable the expansion of capabilities and customer support.

N. Håkan Wohlin, Chief Executive Officer of Viking, remarked that the filing marks a meaningful step toward completing the proposed business combination. He highlighted continued strong interest in the growing importance of Space Situational Awareness (SSA) and Space Domain Awareness (SDA).

Regulatory Status

While the Registration Statement has been declared effective, the information included is subject to review and amendment by the SEC. The document contains important information about the Company’s securities listing and the Business Combination Agreement. Viking plans to file a definitive proxy statement with the SEC and mail copies to shareholders as of a record date to be established for voting on the proposed business combination.

NorthStar Earth & Space has secured a commercial services agreement valued at more than CAD$40 million over 12 months with the Royal Canadian Air Force's 3 Canadian Space Division (3 CSD). The deal enables 3 CSD to integrate NorthStar's space-based surveillance capabilities to enhance mission readiness and threat detection in orbit. This partnership underscores the strategic importance of sovereign Space Domain Awareness (SDA) for national security and economic stability.

The agreement reinforces NorthStar's role in advancing Canada's space sector. Headquartered in Montreal and governed by a majority-Canadian board, NorthStar processes millions of images and observations from space- and ground-based sensors. The company delivers precise assessments and predictions of object behaviour in space, supporting critical operations such as communications, navigation, and defence.

"This collaboration marks a milestone in the use of commercial innovation to protect Canadian interests in space," said Stewart Bain, founder and CEO of NorthStar. "Integrating NorthStar's advanced scanning and detection capabilities will strengthen the mission readiness and national security objectives at the core of 3 CSD's mandate."

RCAF Brig.-Gen Christopher Horner emphasized the foundational role of Space Domain Awareness in all space operations. "Our decisional advantage in both peacetime and conflict is built upon our ability to detect and differentiate threats from the responsible actors in space," Horner stated. "NorthStar gives the Canadian Armed Forces the higher ground with advanced SDA services."

The Hon. Mélanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions, highlighted the government's focus on defence partnerships. "NorthStar's partnership with 3 Canadian Space Division on their sovereign SDA capabilities will advance Canada's satellite capacity and equip our Armed Forces with mission-ready tools," Joly said.

Key Agreement Details

NorthStar is the first commercial Space Situational Awareness (SSA) company to leverage space-based assets for continuous scanning and monitoring of near-Earth orbits. The company operates globally, with headquarters in Montreal, a European headquarters in Luxembourg, and a US operation in McLean, VA.