Chamath Palihapitiya Backs New $250M SPAC Targeting Crypto and Tech Deals

The Cayman Islands-incorporated special purpose acquisition company (SPAC) is sponsored by AEXA Sponsor LLC and led by investor Chamath Palihapitiya, who has built a reputation for backing disruptive ventures. The firm sold 25 million Class A ordinary shares at $10 apiece, with an additional 3.75 million shares available to the underwriter under a 45-day option. Notably, unlike most SPAC IPOs, the deal comes without warrants, simplifying its capital structure.

Chamath Palihapitiya is returning to the blank-check game after throwing in the towel in 2022 on a pair of jumbo firms that failed to find targets

— Bloomberg (@business) August 18, 2025

Palihapitiya and the sponsor have also committed $1.75 million through the purchase of 175,000 private placement shares, which will not carry redemption rights. In addition, 12.3 million Class B founder shares were issued at a nominal price, convertible into Class A stock once specific trading thresholds are reached — $15, $17.50, and $20 per share — aligning long-term incentives with performance.

While the SPAC has yet to identify a merger target, its prospectus makes clear the search will lean toward sectors aligned with Palihapitiya’s expertise, including fintech, blockchain, and cryptocurrency infrastructure. Public shareholders will be entitled to redeem their shares at the trust value should they choose not to participate in a future deal.

The structure gives Palihapitiya significant flexibility to pursue a crypto-focused transaction at a time when institutional demand for digital assets continues to expand. With $250 million in cash and a founder-led mandate, American Exceptionalism Acquisition Corp. enters a crowded SPAC market, but one that remains keen on crypto-driven opportunities.

The launch comes as electric vehicle maker Faraday Future (NASDAQ: FFAI) announced a sharp pivot into digital assets. The Los Angeles-based company said Sunday it will establish a crypto treasury, purchase $30 million worth of digital assets, and explore tokenized car sales. The plan also includes launching a cryptocurrency index fund to track major tokens, signalling a shift in strategy beyond the EV market.