Chamath Palihapitiya, once dubbed the 'SPAC King', has filed for a $250 million IPO of American Exceptionalism Acquisition Corp. A, marking his comeback after a three-year break. The blank-check firm will target AI, energy, DeFi, and defense. SPACs, which boomed in 2020–21 before fading, have seen fresh momentum in 2025, with $16 billion raised across 81 deals.