NorthStar Space & Surveillance Slumps 45% in NYSE Debut After SPAC Merger

Shares of NorthStar Earth & Space Inc. fell as much as 45% on their first trading day on the New York Stock Exchange, closing at $4.35 and giving the Montreal-based space surveillance provider a market capitalization of $39.8 million. The company merged with special purpose acquisition company Viking Acquisition Corp. I on October 1, 2026, and now trades under the ticker NSTR. The business combination had valued NorthStar at a pre-money equity valuation of $300 million, including $30 million from a private investment in public equity backed by Cartesian Capital Group LLC. Most public shares were redeemed before the merger, leaving little capital in Viking's trust account. CEO Stewart Bain said the company went public to fund a full-coverage, space-based sensor constellation. NorthStar, which has raised about $100 million to date, expects over $30 million in revenue in 2026. Clients include the Royal Canadian Air Force and North American and European military entities.