Drone startup Elroy Air to list on Nasdaq via $1 billion SPAC deal

Cargo drone startup Elroy Air has agreed to list in the U.S. through ‌a merger ⁠with ⁠blank-check firm Columbus Circle Capital Corp II in a deal valued at roughly $1 billion, the companies said on Friday.

The deal is expected to generate proceeds of at least $165 million from committed investors, with up ⁠to $230 million ‌from the SPAC's trust account, depending on redemptions.

A SPAC is a ⁠shell company that raises money through an IPO to merge with a private business, allowing it to go public without a traditional IPO.


Elroy Air, which is developing autonomous heavy-cargo drones for defense, rapid response and commercial logistics, expects to be listed ‌on the Nasdaq under the ticker symbol "ELRY."

It intends to use the proceeds to accelerate ⁠its technology and platform development, enable strategic M&A, and hire talent in software and hybrid-electric systems.

The companies expect the deal to close in late 2026.

Bloomberg News first reported the news earlier on Friday.