Silicon Valley investor Chamath Palihapitiya’s stock-only SPAC – American Exceptionalism Acquisition Corp. A (AEXA) – was upsized at pricing to 30 million shares – up from 25 million shares – and priced at $10.00 per share, as expected – to raise $300 million on Thursday night, Sept. 25, 2025. American Exceptionalism’s stock is expected to start trading today – Friday, Sept. 26, 2025 – on the New York Stock Exchange.
A stock-only SPAC IPO is worth noting. Most SPAC IPOs are unit offerings – with a unit composed of a share of stock and a whole or a fraction of a warrant or a right to acquire stock upon completion of the SPAC’s initial business combination.
Santander US Capital Markets acted as the sole book-runner.
Palihapitiya, the founder and managing partner of Social Capital, is a Silicon Valley investor who led numerous SPAC IPOs during the SPAC boom in 2020 and 2021. He was the vice president of user growth at Facebook, where he worked from 2007 until mid-2011, when he left to launch Social Capital.
In the prospectus, American Exceptionalism Acquisition Corp. A said: “We intend to focus our search for an acquisition target on companies involved in energy, AI (artificial intelligence), DeFi (decentralized finance) and defense.”
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