"Pie in the sky" describes a desired outcome that is unlikely to happen. Perhaps it is ludicrous even to believe it would happen. Speculation has a pejorative connotation, such as someone trying to make a quick profit, without concern for anything else. By saying "no pie-in-the-sky speculation", the speaker is trying to qualify a transaction by differentiating it from mere wishful thinking. The speaker is trying to say it is serious.

"pie in the sky" means that if an idea or plan is" a pie in the sky," it seems good , but is not likely to be achieved. Example: Those plans of his to set up his own business are just a pie in the sky. Therefore "this no pie in the sky speculation" means that the plans are likely to succeed.

Better to give the context of the sentence. It would be helpful to find the correct meaning.