Macau tycoon Lawrence Ho’s family office ventures into space with de-SPAC merger

By the Editorial Team · Saturday, August 29, 2026

Black Spade Capital is merging its third SPAC, Black Spade Acquisition III, with Singapore-based satellite communications company Astrum Space in a deal valuing the combined entity at around US$1 billion. The merger will support Astrum's plans to expand its next-generation satellite broadcast network across the Asia-Pacific region and pursue a listing on the New York Stock Exchange by the end of 2026.

Black Spade Capital, the family office of Macau casino billionaire Lawrence Ho Yau-lung, is entering the space technology sector through its third special-purpose acquisition company (SPAC) merger. The firm announced a deal to combine Black Spade Acquisition III (BIII) with Singapore-based satellite communications company Astrum Space at an equity valuation of approximately US$1 billion. The newly merged entity, Astrum Space Company, plans to pursue a listing on the New York Stock Exchange.

Astrum Space, founded in 2023, focuses on developing a next-generation satellite-to-device broadcast network aimed at the Asia-Pacific market. Its wholesale business model targets clients including mobile network operators, broadcasters, government agencies, and enterprise customers. The company currently operates an in-orbit geostationary (GEO) satellite and is actively developing NEASTAR-1, a new satellite scheduled for launch between late 2028 and early 2029.

According to regulatory filings submitted to the U.S. Securities and Exchange Commission, Astrum’s founder, Zhou Qingzhi, has committed up to US$168 million in financial support to advance the company’s operations, investments, and satellite development objectives. Following the merger, Astrum’s existing shareholders are expected to retain more than 80% ownership of the combined business.

Michael Do, president and CEO of Astrum, said the transaction will enhance the company’s ability to execute its commercialization strategy and deepen strategic partnerships across the region. Dennis Tam, executive chairman of the board and co-CEO of BIII, emphasized the growing importance of the space industry in everyday life and expressed confidence in the partnership’s potential to drive impactful technological advancements.

BIII completed its initial public offering in January 2026, raising US$150 million. Black Spade Capital initially indicated that it would target business combinations at the intersection of entertainment-related enabling technologies and digital financial infrastructure.

This transaction follows Black Spade Capital’s previous SPAC mergers, including one with Vietnamese electric vehicle maker VinFast in 2023, a company valued at about US$23 billion and founded by Vietnam’s wealthiest individual, Pham Nhat Vuong. The firm’s second SPAC merged with media and entertainment company The Generation Essentials Group.

The merger between BIII and Astrum Space is subject to regulatory and shareholder approvals and is expected to close by the end of 2026.

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