The once-fading market for special purpose acquisition companies (SPACs) is staging a surprising comeback, with two high-profile investors raising a combined $550 million to target fast-moving, high-risk sectors such as artificial intelligence, digital assets, and defense technology.
On Thursday, venture capitalist Chamath Palihapitiya—often referred to as the former “SPAC king”—announced that his new vehicle, American Exceptionalism Acquisition Corp. A, had raised $300 million. The blank-check company will focus on acquiring firms in frontier industries including AI, energy, and decentralized finance.
Chamath's SPAC IPO opened +8.1% at $10.81
— Julian Klymochko (@JulianKlymochko) September 26, 2025
Tom Lee's SPAC IPO opened +5.0% at $10.50
We are so back$AEXA $FCRS/U pic.twitter.com/tFnhxrXE6a
Chamath Palihapitiya's SPAC $AEXA opened at $10.81 (+8.1%) and Tom Lee's $FCRS at $10.50 (+5.0%), marking a bullish debut and signaling the potential resurgence of SPACs.
Just hours later, Tom Lee, co-founder of Fundstrat Global Advisors and a well-known Wall Street strategist, revealed that his FutureCrest Acquisition Corp. had secured $250 million for similar goals, with an eye on opportunities in AI, fintech, and crypto-related businesses.
Palihapitiya, a former Facebook executive who spearheaded several high-profile SPACs in 2020 and 2021, has had a mixed track record. While he was central to the SPAC boom, many of his past deals have struggled—Virgin Galactic, one of his marquee ventures, has plunged nearly 98% since going public. He has since cautioned retail investors that his latest effort carries substantial risks.
Lee, meanwhile, brings a history of market analysis and advisory across ETFs, equities, and cryptocurrency. His new SPAC reflects growing interest in digital transformation and blockchain-driven finance.
SPACs raise funds through initial public offerings and then seek out private companies to merge with, offering an alternative route to going public. Their popularity soared in 2020 amid low interest rates and a surge in speculative investing. But as market conditions shifted and regulatory scrutiny increased, many SPAC-backed companies collapsed, leading to mass liquidations.
This year, however, momentum appears to be returning. Nearly 100 SPACs have already raised $19.3 billion—surpassing the totals of both 2023 and 2024 combined, according to SPAC Research.
Both Palihapitiya and Lee’s new ventures have a two-year window to strike a deal, with the option of a short extension in Palihapitiya’s case if negotiations are near completion. If no acquisition is finalized, funds are returned to investors, a safeguard introduced after the market’s earlier wave of failures.
