Drone startup Elroy Air nearing $800 million SPAC deal, Bloomberg News reports

Lockheed Martin

26/06/2026 06:16

June 26 (Reuters) - Cargo drone startup Elroy Air is in advanced talks to go public through a merger with blank-check vehicle Columbus Circle Capital Corp. II CMII.O, Bloomberg News reported on Friday, citing people familiar with the matter.
The deal would create a company with an enterprise value of about $1 billion. 
Here are some more details: 
The deal values Elroy Air at about $800 million on a pre-money basis and includes a private investment in public equity (PIPE) of $165 million, the report said. 
Inflection Point, a veteran special purpose acquisition company (SPAC), is anchoring the PIPE, Bloomberg said. 
Elroy Air and Columbus Circle Capital did not immediately respond to requests for comment outside regular business hours.
Elroy Air was started in 2016 and raised $40 million in 2021 from investors including Lockheed Martin's LMT.N venture capital arm, as per its website. 
The company has facilities in Byron, California, and is backed by premier venture capital firms including Diamondstream Partners, Catapult Ventures, among others. 


 (Reporting by Abu Sultan in Bengaluru; Editing by Janane Venkatraman)
 ((Abu.Sultan@thomsonreuters.com;))