Space Asset Acquisition Corp. completed its initial public offering of 23 million units at $10.00 per unit, resulting in aggregate proceeds of $230 million after the underwriters’ 3 million-unit over-allotment option was fully exercised. The units, which began trading on NASDAQ under the ticker SAAQU on January 28, 2026, each contain one Class A ordinary share and one-third of a redeemable warrant.
Under the terms disclosed, each full warrant entitles the holder to acquire one Class A ordinary share at an exercise price of $11.50 per share. The company indicated that once the bundled units are split and the securities commence separate trading, the Class A ordinary shares are expected to trade under the symbol SAAQ and the warrants under the symbol SAAQW.
At the same time as the public offering, Space Asset Acquisition Corp. completed a private placement of 645,000 units at the same $10.00 per unit price, raising gross proceeds of $6.45 million. Purchasers in the private placement included Space Asset Acquisition Sponsor LLC, which acquired 415,000 units, and BTIG LLC, which purchased 230,000 units.
The company placed the $230 million of proceeds from the combined offerings into a trust account, representing $10.00 for each unit sold in the public offering. The filing notes that Space Asset Acquisition Corp. is a blank check company formed to seek mergers, acquisitions or other business combinations.
In describing its strategic focus, the firm stated it intends to pursue opportunities in the global space economy and may consider targets across technology and defense sector businesses. BTIG LLC acted as the sole book-running manager for the offering.
Regulatory steps for the offering included the Securities and Exchange Commission declaring the registration statement effective on January 27, 2026.
Contextual note: The company’s structure and the placement of proceeds into trust are consistent with blank check offering practices and set the stage for the issuer to pursue a qualifying business combination within the parameters of its stated industry focus.