Lunataspis is the oldest known , with three known species all dating from the late Ordovician (latest Sandbian for L. borealis, Katian for L. gundersoni, earliest Hirnantian for L. aurora).
A second species, L. borealis, was described in 2022 based on three specimens, including an adult (ROM IP 64616) and two juveniles or subadults (ROM IP 64617 and ROM IP 64618). All specimens were found in the upper member of the Gull River Formation in Kingston, Ontario, dating from the latest Sandbian, late Ordovician, . This site was a warm-water platform shelf at the time near the paleo-equator.
A third species, L. gundersoni was described from two specimens found in the Big Hill Formation, which was likely a shallow lagoonal site connected to the ocean. Uniquely, this species has an elongated shovel-like prosoma with recurved posterior spines, as opposed to the more conventional form of the others. Alongside this, the holotype specimen also preserves a U-shaped structure interpreted as the ovaries, with pale spheres preserved within interpreted as eggs. This further suggests that this L. gundersoni specimen was an adult.
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