"King of SPACs" Strikes Again: Raising $250 Million to Establish SPAC, Targeting Energy, AI, Cryptocurrency, and National Defense.

Venture capitalist Chamath Palihapitiya has submitted an application to launch a special purpose acquisition company (SPAC) named "American Exceptionalism Acquisition Corp." and plans to raise $250 million through an initial public offering (IPO). The funds raised are expected to be used for acquiring companies in the energy production, artificial intelligence, cryptocurrency, and defense sectors. The SPAC's IPO price is set at $10 per share and is scheduled to be listed on the New York Stock Exchange. The company has stated that, unlike other SPAC IPOs, this offering will not include any warrants for investors. In the filing, Palihapitiya stated, "My private investment portfolio covers multiple companies that can diversify risk; and American Exceptionalism Acquisition Corporation A will serve as a single operating company investment vehicle. Therefore, we believe this type of investment is best suited for institutional investors, and retail investors, even if considering participation, should proceed with caution." As a staunch supporter of Bitcoin, Palihapitiya is a veteran player in the SPAC industry and is also the founder and CEO of venture capital firm Social Capital. In 2021, Palihapitiya led the SPAC merger with SoFi (SOFI) for its listing. By early 2025, SoFi's stock price had risen by 57.3% cumulative. Other companies that have gone public through mergers with Palihapitiya's SPACs include Opendoor Technologies (OPEN.US), Virgin Galactic (SPCE.US), and Clover Health (CLOV.US), among others.