Space-Eyes has spent years helping operators find vessels and drones that slip out of view. Now, the Miami defense technology company is preparing to become considerably more visible itself.
Space-Eyes has agreed to merge with McKinley Acquisition Corp., a special purpose acquisition company, in a transaction giving the combined business an implied equity valuation of $638 million. If approved, the company will trade on Nasdaq under CUAS, a ticker derived from counter-unmanned aerial systems.
The deal is expected to close in the fourth quarter of 2026, subject to regulatory and shareholder approval. It could provide Space-Eyes with as much as $251.7 million, including $176.7 million held in McKinley’s trust and up to $75 million from a private investment in public equity. The announced valuation assumes McKinley shareholders do not redeem their shares.
The transaction would accelerate a journey Space-Eyes had already begun from its Brickell headquarters.
When Refresh Miami spoke with the company in March, Space-Eyes had expanded from 15 to 35 employees, raised $5.76 million and begun exploring a potential mid-2026 IPO window. Its team includes people with backgrounds in the military, intelligence and major technology companies.
Miami put the company close to U.S. Southern Command, the Coast Guard and maritime activity across Latin America and the Caribbean. Space-Eyes also opened a Washington office to pursue federal partnerships and contracts.
“Miami has been a big part of our story. We’ve built an incredible team here, found great partners, and received support from the local community,” said Space-Eyes COO Dylan Monroe, who co-founded the company with Jatin S. Bains. “As we grow, we want to keep investing in the region that has invested in us.”
Space-Eyes develops software that combines satellite imagery, radar, radio-frequency sensors and other information into a single operational picture. Its counter-drone technology runs on CATE AI, a proprietary engine that fuses those inputs to help customers detect, identify and respond to unauthorized drones.
The platform is sensor-agnostic, meaning customers can connect hardware they already own instead of replacing their existing infrastructure.
The same AI foundation supports SeaWatch, Space-Eyes’ maritime intelligence platform, as well as potential applications in wildfire detection and satellite command and control. Possible customers range from governments and military installations to cruise operators, data centers and large public venues.
Space-Eyes is making its public-market move with limited existing revenue. The company has operated largely in research and development and generates approximately $1 million annually, according to four people familiar with the business who spoke with Reuters.
Its current awards are generally worth between $300,000 and $400,000 per year, while the company is negotiating contracts valued at approximately $35 million over five years, the sources said. Space-Eyes said it is moving from prototype deployments toward larger production contracts, making its prospective growth rather than its present revenue the foundation of the deal.
The transaction also brings a politically prominent name into the company. Eric Trump recently became Space-Eyes’ third-largest private investor and is expected to advise the combined business on emerging technology and drone-related security threats, Reuters reported. He also helped introduce potential board candidates.
Months before this deal emerged, Monroe summed up the company’s strategy in one line: “Miami is where we build; DC is where we engage.”
Space-Eyes may soon add a third point to that map. Nasdaq is where it will have to prove it can scale.
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Pictured above: Space-Eyes co-founders Jatin S. Bains (CEO), left, and Dylan Monroe (COO).
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