Elroy Air signs SPAC deal with Columbus Circle Capital Corp II
Elroy Air announced a business-combination agreement with Columbus Circle Capital Corp II that values the company at an $800 million pre-money equity value and includes more than $165 million in PIPE financing.
Evidence notes
- The transaction is expected to list the combined company in the fourth quarter of 2026, subject to approvals and closing conditions.
- Elroy said proceeds would support commercial-scale production of Chaparral autonomous cargo drones with Kratos.
- The company cited a demand pipeline of more than 1,400 aircraft and an Abu Dhabi manufacturing joint venture.
Company context
Elroy Air builds Chaparral, an autonomous hybrid-electric VTOL cargo aircraft for middle-mile logistics, military resupply, humanitarian aid and rapid-response missions.