Luxembourg-based space firm Spire Global is planning to list on the New York Stock Exchange by the summer of this year, announcing this week that two groups of investors will buy new shares in the company.

Stockholders in Spire Global would own 67% of the shares in the listed company, which is estimated to be worth $1.6 billion. 

The new capital would come from defense and government technology investment fund NavSight, based in Virginia in the United States, which would merge with Spire Global, the company said.

The newly formed company would also receive a €245 investment from US hedge fund Tiger Global Management and from funds managed by BlackRock, Hedosophia, the JAWS family office and Bloomtree Partners. These groups would hold around 15% of the shares in the new company.

Spire, which was set up in San Francisco in 2012 and came to Luxembourg in 2017, is due to finish the transaction by summer this year, providing it gets the required regulatory approval needed. NavSights provides an alternative path for companies looking to IPO or find new capital, according to its website.

Spire creates satellites to monitor weather patterns and illegal fishing amongst others, sharing the information it gleans with governments, maritime agencies or enforcement agencies.