Elroy Air to List on Nasdaq Via $1 Billion SPAC Merger

By EC Assets · Published 26 June 2026

Drone startup Elroy Air plans to list on Nasdaq through a merger with a special purpose acquisition company (SPAC). The deal is valued at approximately $1 billion. This transaction will enable Elroy Air to become a publicly traded company. Elroy Air, a cargo drone startup, has agreed to the U.S. listing via a merger with blank-check firm Columbus Circle Capital Corp II (NASDAQ:CMII). The deal values Elroy Air at $800 million pre-money equity. Post-transaction, the enterprise value is expected to be approximately $1.0 billion. The company focuses on autonomous heavy-cargo drones. Becoming publicly traded will position Elroy Air to scale its product for defense and commercial use. This move aims to accelerate production of its Chaparral autonomous cargo drone. This transaction highlights the continued use of SPAC mergers for companies in the drone technology sector seeking public market access. Such listings provide capital and market visibility for startups aiming to commercialize advanced technologies. Upcoming announcements regarding the closing of the deal and initial trading details will provide further clarity. This article is intended for informational purposes only. It does not constitute investment advice.