NorthStar Earth and Space stock trades under the ticker NSTR, with public warrants under NSTR.WS. NorthStar Earth & Space listed after merging with Viking Acquisition Corp. I, a special purpose acquisition company (SPAC), at a $300 million equity value.
NorthStar sells data on what is moving in orbit. It pairs space-based sensors with ground-based optical systems and sells the resulting tracking and threat information to defense and commercial customers.
Several numbers a stock researcher would want are not published in the sources used for this page, including redemptions, revenue, and satellite counts. We explain what NorthStar does, how the Viking deal worked, and which filings carry the numbers that matter.
What NorthStar Earth & Space Does
NorthStar Earth & Space is a Canadian space-domain-awareness company that became publicly listed as NSTR after merging with Viking Acquisition Corp. I at a $300 million equity value. NorthStar describes itself as a space intelligence company. It sells tracking data on objects in orbit to defense and commercial customers.
NorthStar is headquartered in Montreal and has operations in Luxembourg and New York. Stewart Bain founded NorthStar and serves as its chief executive officer (CEO).
NorthStar builds its services from three parts:
- Space-based sensors. Sensors in orbit observe other objects in orbit. Raising money to deploy a dedicated space-based sensor constellation was a stated purpose of the listing.
- Ground-based optical systems. Optical systems on the ground add observations of orbital activity.
- The Si² platform. Si² merges multiple observation data streams into one real-time view of orbital activity. Customers use that view to detect, track, and characterize objects and potential threats.
NorthStar sells the output under two service labels: Space Domain Awareness (SDA) and Space Situational Awareness (SSA).
Before researching NSTR, a reader needs three facts in hand. NorthStar reached the market through a SPAC merger. SPAC-listed companies carry specific risks around redemptions and cash. NorthStar’s financial figures have to be read from its filings, because the trade-press sources on this deal do not report them.
How NorthStar Became a Public Company
NorthStar went public by combining with Viking Acquisition Corp. I, a special purpose acquisition company led by CEO N. Håkan Wohlin.
The deal was announced in mid-April 2026. It valued NorthStar at an equity value of $300 million. It also included a $30 million private investment in public equity (PIPE), a common-stock purchase anchored by Cartesian Capital Group and supported by Canadian and U.S. institutional investors whose names were not published.
The $300 million figure is a valuation. It is not the amount of cash NorthStar received. The PIPE is cash committed by named and unnamed investors, and $30 million divided by $300 million equals 10 percent of the headline equity value.
The timeline from announcement to trading ran as follows:
- Mid-April 2026. NorthStar and Viking announced the combination at a $300 million equity value with the $30 million PIPE.
- September 2, 2026. Shareholders of both companies approved the combination at their meetings. The Securities and Exchange Commission (SEC) also declared the registration statement effective, on a date the sources used here do not state.
- Friday, October 2, 2026. Trading was scheduled to begin for NorthStar Earth & Space Enterprises, the name of the combined company.
NorthStar’s announcement named NYSE American as the exchange, with common shares under NSTR and public warrants under NSTR.WS. Earlier announcements expected a listing on the New York Stock Exchange (NYSE), and the Satellite Today report on the listing says NYSE. The Pulse 2.0 report on the completed combination covers the same closing. Confirm the trading venue on NorthStar’s investor materials.
Four advisory firms worked on the deal:
| Firm | Side | Role |
|---|---|---|
| Cohen & Company Capital Markets | NorthStar | Exclusive financial adviser, lead capital markets adviser, sole placement agent |
| Greenberg Traurig | NorthStar | Legal counsel |
| KingsRock Advisors | Viking | Financial adviser |
| Nelson Mullins Riley & Scarborough | Viking | Legal counsel |
Bain described the purpose of the raise as building “a space-based sensor constellation that delivers trusted intelligence on the orbital environment.” NorthStar said the proceeds would speed deployment of that dedicated space-based constellation and of ground-based sensors.
Customers and the Space Domain Awareness Market
NorthStar sells to government defense and space agencies on both sides of the Atlantic, plus commercial customers. The named customers are:
- The Royal Canadian Armed Forces’ 3 Canadian Space Division
- The U.S. Space Force’s Joint Commercial Operations Cell
- The Defense Advanced Research Projects Agency (DARPA)
- The Luxembourg Space Agency
- The European Space Agency (ESA)
A customer name tells you who has bought from NorthStar. It does not tell you contract size, contract length, or how much each customer contributes to revenue. The sources used here publish none of those figures.
NorthStar’s space domain awareness work aims to detect, track, and characterize objects in orbit and potential threats. For a plain-language look at how militaries and agencies approach that work, read our space domain awareness explainer.
Risks in NorthStar Earth and Space Stock as a SPAC Listing
One unknown in NorthStar Earth and Space stock is how much cash reached NorthStar at closing. In a SPAC merger, public shareholders of the SPAC can redeem their shares for cash before the deal closes. Redemptions reduce the cash that reaches the operating company, so the cash NorthStar received can sit well below any headline figure.
How many Viking public shares were redeemed has not been published in the sources used for this page. Viking’s Form F-4/A registration statement models several redemption scenarios. Those are modeled scenarios, so none of them is the actual result.
The only cash figure in the sources used for this page is the $30 million PIPE. Total cash raised beyond that amount is unpublished. Until NorthStar reports a post-closing cash balance, a reader can count only the $30 million as committed money.
SPAC-listed companies are often young and unprofitable. NorthStar’s revenue and profit figures are not published in the sources used here, so neither status can be confirmed from this record for NorthStar specifically. Treat that as an open question and look for the answer in NorthStar’s first financial report as a listed company.
The public warrants trading under NSTR.WS are a separate security from the common shares. When you read the Form F-4/A, find the section describing the public warrants and note how many shares they could add if exercised.
How to Research NorthStar Earth and Space Stock
Research on NSTR starts with the SEC filings from the Viking merger and moves to NorthStar’s own reports as they appear. Work through these steps in order:
- Read the redemption scenarios. Open Viking’s Form F-4/A and note the range of cash outcomes it models. You will compare that range with the actual result later.
- Record the deal terms. Write down the $300 million equity value, the $30 million PIPE, and Cartesian Capital Group as the PIPE anchor. Those are the fixed numbers you test later disclosures against.
- Find the actual redemption figure. Look for a NorthStar Earth & Space Enterprises disclosure stating how many Viking public shares were redeemed and how much cash remained.
- Find revenue and customer detail. Look for revenue figures and any breakdown across the five named customers.
- Track the constellation. Look for the number of satellites planned and in orbit, since building the space-based constellation was the stated use of the money.
Each of these steps answers a question the press coverage leaves open.
OrbitalIntel does not publish price targets, price forecasts, or daily quotes for NSTR. For other space companies we explain, see our guides to Astroscale stock, Rocket Lab stock, Planet Labs stock, and our best space stocks overview.
What Is Not Yet Public
Five figures a stock researcher would want are absent from the sources used for this page:
- Redemptions. The number of Viking public shares redeemed at closing.
- Total cash raised. Any cash beyond the $30 million PIPE.
- Revenue. NorthStar’s sales figures for any period.
- Satellite count. How many satellites NorthStar plans or has in orbit.
- Share price. OrbitalIntel does not publish quotes, and none appear in the sources used here.
The redemption figure would change our read of NSTR the most, because it sets the cash NorthStar has to deploy its sensor constellation. A low redemption figure would mean more money for satellites and ground sensors. A high figure would mean less cash reaching NorthStar.
Start your research on NorthStar Earth and Space stock by reading the redemption scenarios in Viking’s Form F-4/A, then compare them with the actual figure once NorthStar Earth & Space Enterprises publishes it.