Blackstar Orbital to go public via Pono SPAC deal at $380M valuation
What's the deal? Blackstar Orbital TechnologiesDealroom has a profile for this one. Try Dealroom →, a developer of reusable spacecraft, has signed a definitive agreement to go public through a merger with Pono Capital FourDealroom has a profile for this one. Try Dealroom →, a Nasdaq-listed special purpose acquisition company. The deal values Blackstar OrbitalDealroom has a profile for this one. Try Dealroom → at $380 million. After the merger closes, Pono will rename itself Blackstar Orbital Corporation.
What's the endgame? BlackStar Orbital is building SpaceDrone, a reusable orbital spacecraft designed to launch aboard existing rockets as a payload, operate in low Earth orbit, carry payloads back from orbit, and land on a runway for reuse. The company aims to lead the market for premium orbital down mass and high-performance satellites.
Why now? "Today's satellites are generally designed without a return path," said Christopher Jannette, Blackstar Orbital's president and chief executive officer. He said the transaction will "accelerate our path toward making repeatable access to and return from orbit a practical capability for government and commercial customers."
Show me the money. Blackstar Orbital has been awarded roughly $1.9 million in cumulative U.S. government research and development funding, including awards through SpaceWERXDealroom has a profile for this one. Try Dealroom →, the innovation arm of the U.S. Space ForceDealroom has a profile for this one. Try Dealroom →. It has also secured over $120 million in signed commercial letters of intent from customers spanning in-orbit servicing to in-space compute.
Cash proceeds from the deal, after redemptions and expenses, are earmarked for further technology development and general operations.
The signal: The commercial satellite industry generated $303 billion in revenue in 2025, accounting for 71% of the $429 billion global space economy, according to the Satellite Industry Association. A record 4,434 satellites reached orbit in 2025, up 65% over 2024 — a growth curve that reuse-focused startups like Blackstar Orbital are betting on.
Read more: Stockwatch
Image credit: U.S. Department of Defense Current Photos
