Space-focused SPAC brings in $287.5M with former Blue Origin president as CEO

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Space industry executive Rob Meyerson speaks at the 2016 International Symposium on Personal and Commercial Spaceflight in New Mexico. (ISPCS via YouTube)

A blank-check company as CEO Rob Meyerson, former chairman of Blue Origin, completes a $287.5 million initial public offering, furthering its plans to engage with ventures that focus on space, cyber security and energy innovation. Have done.

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C5 Acquisition Corp. Closed the IPO with sales of 28.75 million units at $10 per unit, higher than the original allocation for sales by 3.75 million units. Those units are now listed on the New York Stock Exchange as CXAC.U, and the common stock is expected to be listed as CXAC.

Blank-check companies — formally known as special purpose acquisition companies, or SPACs — use their capital to pursue mergers or other types of business combinations with enterprises in target industry sectors.


The strategy generally accelerates the process of going public, and has been used with a growing number of space ventures, including Virgin Galactic, Virgin Orbit, Rocket Lab, BlackSky and Astra. Seattle-area telecommunications pioneer Craig McCaw was instrumental in the SPAC deal involving Astra, which valued the company at $2.1 billion.

In News release, C5 Acquisition Corp. said it would seek deals related to national security concerns.

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“While the company may pursue an initial business combination with any company in any industry, the company intends to focus on businesses at the leading edge of national security innovation in three key areas: space, cyber security and energy. infection,” the company said.

Meyerson served as president of Blue Origin, Jeff Bezos’s privately held space venture, from 2003 to 2018. In 2020, he became an operating partner capital C5, a firm that invests in cyber security, AI, cloud and space ventures. Its portfolio includes Axiom Space, due to which Send three customers to the International Space Station this year And is also developing its own space outpost.

Last year, Meyerson told GeekWire that C5 Capital was “highly motivated” to seek out new markets in the space industry. “Data storage and computing is a market,” he said. “Cyber ​​security is another.”

Today, Meyerson said all the pieces were in place for the next phase.

“We’ve built an excellent team with Blue Origin with experience in Jacobs, Microsoft and the intelligence community, and with backgrounds in space, cybersecurity, cloud, analytics and energy,” he told GeekWire in an email. “I have personally mentored and mentored some of the most exciting new space companies, and this ownership will provide a very unique source of deal flow.”

C5 Capital is acting as a sponsor of C5 Acquisition Corp., with the intention of providing assistance with deal-flow and acquisition processes. The chairman of the non-executive board of SPAC is Steve Demetriou, who is the chairman and CEO of Jacobs Engineering. David Glickman, Partner at Resilience Capital, is SPAC’s Chief Financial Officer and Chief Business Development Officer.

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