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Freedom251 › Blog › Canadian space industry

The Weekly Close: NorthStar Goes Public as SpaceQ’s Canadian Space Index Edges Higher

By Freedom251 Team · · 3 min read

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NorthStar Earth & Space began trading on NYSE American as NSTR after completing its business combination with Viking Acquisition Corp. I. Its first session ended at US$4.45, which SpaceQ reported as 42% below Viking’s previous close. For the week ended October 2, 2026, the SpaceQ Canadian Space Index rose 0.9% to 104.05, while the three market comparators in the report fell.

How NorthStar became publicly traded

Montreal-based NorthStar Earth & Space completed its business combination with Viking Acquisition Corp. I, a merger the companies had agreed to in April. The combined company, NorthStar Earth & Space Enterprises, Inc., began trading Friday on NYSE American under the ticker NSTR. Its warrants trade as NSTR.WS.

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SpaceQ reported a transaction valuation of US$300 million and a US$30 million private placement anchored by Cartesian Capital Group. The debut was a day later than the previously announced October 1 date, and the listing venue changed from the New York Stock Exchange to NYSE American.

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What happened to NSTR in its first session

SpaceQ, citing Yahoo Finance for NSTR’s first-session figures, reported that Viking had closed Thursday at US$7.72. NSTR opened Friday at US$5.30, reached an early high of US$5.64, and closed at US$4.45 on about 213,000 shares traded. SpaceQ described the close as 42% below Viking’s previous close. That is a comparison with the predecessor security’s Thursday closing price, not a comparison with the transaction valuation.

How the SpaceQ Canadian Space Index performed

For the week ended October 2, 2026, SpaceQ reported that its Canadian Space Index gained 0.9% to 104.05. The index began at a base of 100.00 at the September 4 close, so its reported level was 4.05 points above that starting value four weeks later.

Measure Weekly change Reported level or scope
SpaceQ Canadian Space Index +0.9% 104.05; nine companies
S&P/TSX Composite −0.8% Canadian broad-market comparator; level not stated by SpaceQ
Procure Space ETF −1.0% Space-sector fund comparator; level not stated by SpaceQ
S&P 500 −0.3% U.S. broad-market comparator; level not stated by SpaceQ

SpaceQ described its measure as an equal-weighted editorial index of Canadian publicly traded space-economy companies. It is published for journalistic purposes; it is not investable, is not a financial benchmark, and is not investment advice. The figures are a dated snapshot for the week ended October 2, not current quotes.

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Which constituents moved most

Four of the index’s nine companies gained during the week, two were unchanged, and three fell. SpaceQ’s constituent table identified the largest weekly gain and steepest decline as follows:

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Company Weekly change
5N Plus +10.7%
MDA Space −4.6%

SpaceQ said 5N Plus issued no news during the week and MDA made no announcements. Those movements therefore should not be read as evidence of a cause. The report’s constituent table also gives closing prices and year-to-date performance as of October 2, but the weekly percentages above are not year-to-date returns.

Why NorthStar was not in the index

NorthStar was not a constituent when SpaceQ published its report. The index requires a Canadian listing quoted in Canadian dollars; a new Canadian listing must trade for 90 days before it can be considered for inclusion. SpaceQ noted that NorthStar had pursued a Toronto Stock Exchange listing earlier, but the announcements that week identified only the NYSE American debut. A Canadian listing or future index membership was not established.

Company developments reported alongside the debut

SpaceQ also reported a $40 million, 12-month contract for NorthStar to supply space-surveillance data to the Royal Canadian Air Force, an agreement to fly the company’s next sensors on Kepler Communications satellites, and the appointment of Peter Klimas as chief technology officer.

The same report mentioned a Northstar Defence Lab announced by Calian and Invest Ottawa. That lab is separate from NorthStar Earth & Space and has no connection to the company.

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Source and reporting date

The market figures and company developments here are from Marc Boucher’s SpaceQ report published October 2, 2026: “The Weekly Close: NorthStar goes public, index edges higher”. SpaceQ attributed NSTR’s first-session figures to Yahoo Finance; the market data was not independently rechecked for this article.

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