Chamath's New SPAC Bets on Crypto's Mainstream Future With Investor-Friendly Design

Chamath Palihapitiya, a prominent Silicon Valley investor and early Bitcoin advocate, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a new special purpose acquisition company (SPAC) named American Exceptionalism Acquisition Corp. A. The SPAC seeks to raise $250 million by offering 25 million Class A shares at $10 per share and is expected to list on the New York Stock Exchange under the ticker symbol AEXA [1]. This latest venture is structured to target companies operating in sectors aligned with Palihapitiya’s historical expertise, including decentralized finance (DeFi), artificial intelligence (AI), energy production, and defense [2].

Palihapitiya, often referred to as the "SPAC King," has previously sponsored 10 SPACs since 2017, four of which were liquidated without completing acquisitions. The remaining SPACs merged with companies such as Virgin Galactic, Opendoor, SoFi, and Clover Health [1]. Of these, only SoFi Technologies Inc. is trading above its $10 IPO price, while the others have seen median losses of 75% [2].

The new SPAC is designed with increased alignment with investor interests. For instance, founder shares will vest only if the post-merger business achieves at least a 50% increase in stock price from the $10 IPO price. The structure awards a 30% promote, which is larger than the typical 20%, further tying the sponsor’s financial success to the performance of the company [1]. The SPAC also omits the inclusion of warrants, a feature common in prior SPAC offerings that often added complexity and risk for investors.

The SPAC’s founder letter, authored by Palihapitiya, highlights his belief in the transformative potential of DeFi and AI, particularly in addressing global risks while reinforcing American innovation [1]. The SPAC is led by Social Capital managing partner Steven Trieu as CEO and Palihapitiya as chairman. Palihapitiya emphasized the growing convergence between traditional finance and DeFi, citing the recent public listing of stablecoin issuer Circle Internet Group as a sign of progress toward mainstream adoption [3]. However, he acknowledged that the broader acceptance of crypto and stablecoins has taken longer than expected, though he remains optimistic about the inevitable trajectory of integration.

The SPAC is being marketed in a broader context of renewed interest in sectors such as defense and domestic infrastructure, which have drawn increased venture capital attention amid policy shifts in the Trump administration [2]. Palihapitiya, who publicly supported Donald Trump in the 2024 election, has aligned his new vehicle with themes of American exceptionalism and long-term economic resilience [1].

Banco Santander SA is the lead underwriter for the offering, and the SPAC aims to complete its initial public offering as part of a broader industry revival. Over $16 billion has been raised by 81 SPACs in 2025 alone, according to SPAC Research, surpassing the combined totals of 2023 and 2024 [2]. The new SPAC reflects both a strategic and structural evolution in the post-crash SPAC environment, where sponsors are increasingly focusing on performance-based incentives and minimizing investor risk through simplified structures.

Source:

[1] SPAC King Chamath Palihapitiya Back with American Exceptionalism (https://pitchbook.com/news/articles/spac-king-chamath-palihapitiya-back-with-american-exceptionalism)

[2] SPAC King Palihapitiya Returns Nearly Three Years After Retreat (https://www.bloomberg.com/news/articles/2025-08-18/spac-king-palihapitiya-returns-nearly-three-years-after-retreat)

[3] Bitcoiner Chamath Palihapitiya Files for $250M SPAC (https://cointelegraph.com/news/billionaire-chamath-palihapitiya-files-250m-spac-targeting-defi-ai)