Momentus Inc. is set to become the first publicly traded space cargo company, after it merges with Stable Road Acquisition, SRAC a special-purpose-acquisition company that trades on the Nasdaq.
With clients including Elon Musk's SpaceX, Lockheed Martin (LMT) - Get Lockheed Martin Corporation (LMT) Report and the National Aeronautics and Space Administration, Momentus will have an enterprise value of some $1.2 billion.
It will be listed on Nasdaq under the ticker MNTS once the transaction closes, which the companies expect in early 2021.
Stable Road shares at last check were off 0.4% at $10.25.
"Momentus is at the forefront of the new space economy and is poised to capitalize on the significant growth opportunity as a first mover," said Chief Executive Mikhail Kokorich in a statement. "We believe in a future where humanity is equipped with all it needs to flourish throughout the solar system."
At closing the company will have $310 million cash on the balance sheet.
As of Sept. 30, Momentus had customer contracts that represent about $90 million in potential revenue over the next several years.
The global space economy is expected to more than triple to $1.4 trillion by 2030 from $415 billion in 2020, according to the company's calculation.
Momentus plans to launch its first low earth orbit transport and service vehicle, Vigoride, to deliver small satellites up to 750kg (1,650 pounds) in December 2020 with commercial customers.
It also plans to launch four or five Vigorides in 2021.
The company is also building its largest vehicle to date, the Fervoride, to extend the capabilities of rockets from SpaceX and Blue Origin.