MDA Space sells 23,000,000 shares at US$35.60 to fund its CLS purchase

MDA Space closed an upsized bought deal on July 14, 2026, selling 23,000,000 common shares at US$35.60 for gross proceeds of approximately US$819 million. The deal was launched on July 8 at 20,000,000 shares and US$712 million and sold in Canada under a shelf prospectus and in the United States under a Form F-10, the registration form Canadian issuers use under the multijurisdictional disclosure system. The stated use of proceeds is to fund part of the purchase price for about 70% of Collecte Localisation Satellites, with any balance available to repay CLS debt and pay fees [1][2].

The purchase itself was announced the same morning as the offering: a firm offer of approximately €567 million, or C$920 million, in cash for the stake, with the French space agency CNES keeping 30%. CLS is based in Toulouse, has about 1,200 employees and is expected to generate about €286 million of revenue in 2026; MDA may also fund about €198 million to retire CLS's existing debt, and completion is expected by the end of 2026 or early 2027 [3].

For a U.S. holder the arithmetic is the point. This is MDA's second equity raise of 2026 after its US$300 million March offering and NYSE listing [4], and the shares were sold in U.S. dollars to buy a euro-denominated business with a Canadian-dollar reporting line. Backlog and revenue acquired this way arrive with a larger share count attached, which is why our brief on defense backlogs reads MDA's organic bookings separately from what it buys.