A Miami defense-technology company generating about $1 million in annual revenue is preparing to enter the public market in a deal that could value the combined company at $638 million. Its biggest advantage may be its growing access to Washington.

Space-Eyes develops artificial-intelligence software that detects and tracks drones while combining radar, radio-frequency and satellite data into a single operating picture for governments and security agencies.

Eric Trump joined the company during the second quarter as its third-largest private investor and a strategic adviser. Space-Eyes has agreed to merge with McKinley Acquisition Corp., a blank-check company, and expects the combined business to trade on the Nasdaq under the ticker CUAS.

The transaction assigns an enterprise value of approximately $370 million to the operating business—about 370 times its reported annual revenue. The larger $638 million figure represents the projected equity value of the combined company and assumes that McKinley shareholders do not withdraw their money before closing.

That distinction matters. Space-Eyes has participated in military exercises and was selected by the U.S. Space Force to develop tracking algorithms, but its valuation depends heavily on winning much larger government and commercial contracts as it moves beyond research and development.

The company opened a Washington office in January and has assembled a proposed post-merger board with extensive defense, financial and corporate experience. The nominees include retired Army Lieutenant Colonel and former Delta Force officer Jim Reese; former Morgan Stanley investment-banking executive Terry Meguid; Wharton professor Harbir Singh; and aerospace entrepreneur Norm Christensen.

Company executives said Eric Trump helped introduce prospective board members but will not serve as a director. McKinley Chief Executive Peter Wright said Trump brings experience assessing drone threats to high-profile properties, regardless of his relationship to the president.

The investment adds Space-Eyes to a growing collection of drone and robotics companies connected to President Donald Trump’s sons.

Eric Trump invested in Israeli drone manufacturer Xtend as part of its planned public-market transaction. Eric Trump and Donald Trump Jr. also backed Powerus through an investment vehicle, while Trump Jr. became an adviser to drone-components manufacturer Unusual Machines in late 2024. Eric Trump separately serves as chief strategy adviser to robotics developer Foundation Future Industries.

Several of those companies have secured or pursued government business. Powerus announced an agreement to supply interceptor drones to the U.S. Air Force, while Foundation Future Industries received a $24 million Pentagon contract to test humanoid robots for potential military applications.

Those connections have attracted congressional scrutiny. House Democrats asked the Defense Department’s inspector general in May to investigate the circumstances surrounding Pentagon business awarded to a drone company backed by the president’s sons. Lawmakers later sought a broader review of federal awards involving multiple defense companies connected to the Trump family.

Representatives for Eric Trump have said he is a passive investor in certain ventures, does not participate in their daily operations and plays no role in awarding or overseeing government contracts.

For investors, the immediate question is whether Space-Eyes can turn government relationships and promising technology into substantial revenue. The merger still requires shareholder and regulatory approval, and its expected fourth-quarter closing is not guaranteed.

Buying into the company would therefore mean wagering on contracts Space-Eyes expects to win—not on the approximately $1 million in business it produces today.

JBizNews Desk | Miami

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