Overview

• AEXA filed to raise $250 million by selling 25 million Class A shares at $10, as a Cayman Islands–incorporated vehicle that plans an NYSE listing under the ticker AEXA.
• The blank-check firm has not identified a target and will prioritize decentralized finance, artificial intelligence, defense, and energy production.
• The structure gives the company 24 months to complete a merger, extendable to 27 months if a deal is signed within that period.
• The prospectus says the investment is most suitable for institutional investors and tells retail investors to approach with caution, invoking President Trump’s “no crying in the casino” line.
• It is Palihapitiya’s first SPAC in three years and his 11th overall, returning to a busier market that has recorded 81 SPAC IPOs raising $16.15 billion this year as reported by SPAC Insider, and follows a mixed record in which SoFi outperformed while several other de‑SPACs fell sharply.