Chamath Palihapitiya has launched a new special purpose acquisition company (SPAC) to raise $250 million, marking his return to the market after a series of setbacks. The vehicle, named American Exceptionalism Acquisition Corp A (AEXA), will sell 25 million shares at $10 each and target investments in energy, defence, artificial intelligence and decentralised finance.
Sri Lankan born Canadian Palihapitiya will serve as chairman, while Social Capital managing partner Steven Trieu will act as chief executive.
The move follows the former Facebook executive’s earlier role as a leading figure in the 2020–2021 SPAC boom, when his deals included Clover Health and Virgin Galactic. Several of those ventures faced regulatory scrutiny and sharp share price declines, leading him to wind down some vehicles in 2022 as investor demand weakened.
AEXA adopts a tighter structure than many past SPACs. It excludes warrants and requires founder shares to vest only if the stock price rises at least 50% above its IPO level. In filings, Palihapitiya cautioned investors about the risks involved.
The launch comes as investors show signs of renewed appetite for risk after a prolonged slowdown in the SPAC market. The listing will test whether investor confidence can return to a sector that has struggled to regain momentum since its peak. (Newswire)