Chamath Palihapitiya knows what you think of his brief reign as the "SPAC King." And he agrees with you.

• Palihapitiya, the longtime VC and podcast host who's now running an AI startup called 8090, sat down with me yesterday for the next episode of "The Axios Show."
• Most of our conversation focused on AI, but there was a bit of Pro Rata catnip, when I asked why his American Exceptionalism Acquisition Corp. — a SPAC that raised $300 million last September — hasn't yet found an exceptional American company to acquire.

Driving the news: Palihapitiya hinted that AEAC does indeed have a target, but that the due diligence and negotiating process isn't yet complete. And then he volunteered this about his past SPAC efforts:

• "The most important thing I learned, which I fought from accepting for a while, was that my incentives were grossly misaligned. You pushed me on that a lot. Andrew Ross Sorkin did, I was too insecure to admit it. I was like, 'No, this is the game. This is how it works.' But I think you guys were right. My incentives were totally and fundamentally misaligned because I could do a deal and still get paid."
• "I don't think I did bad deals in the way I underwrote them, but I think the stock performance is what the stock performance is and that's undeniable."

Catch up quick: As he notes, this is a different perspective than Palihapitiya shared the last time I interviewed him, at the inaugural Axios BFD event in October 2022.

• At the time, he argued that poor SPAC performance was part and parcel of broader market pullbacks after a "decade-plus of zero interest rates ... that perverted the markets and distorted reality."
• He added that retail investors had held on too long in all sorts of equities, but that it was a natural part of investing in equities.

Zoom in: Palihapitiya's new perspective perhaps isn't surprising, given that AEAC has a much different structure from his past SPACs.

• For example, his shares only vest if the post-merger company trades at a 50% premium to the IPO price (i.e., $15 or more).
• Whether it succeeds (e.g. SoFi) or struggles (e.g., Virgin Galactic, Clover Health) remains to be seen.

State of play: The SPAC market is in something of a second boom.

• There currently are 251 pre-deal SPACs with nearly $47 billion in available capital, plus another 110 live deSPAC deals, per SPACResearch.com.
• Other 73 SPACs are waiting to price IPOs.

Look ahead: The full episode drops tomorrow on our YouTube channel and at Axios.com. Lots of discussion of AI CEO doomerism, regulation, immigration Trump, and more.

SK Hynix, a listed South Korean memory chipmaker, filed for a Nasdaq listing that could raise over $29 billion.

Why it's the BFD: This may be part of a new normal, where giant public offerings are the rule rather than the exception — billions replacing millions as raise and revenue thresholds.

Zoom in: SK Hynix's Seoul shares have tripled this year, giving them over a $1 trillion market value.

• It reports $26.4 billion of profit in Q1 2026 on $34.5 billion in sales

The bottom line: "SK Hynix and other leading makers of high-bandwidth memory, known as HBM — most notably Samsung Electronics Co. and Micron Technology — sit at the chokepoint of the global AI buildout, with their products forming a critical bottleneck for data-center expansion." — Bloomberg

🚑 Ollin Biosciences, an Austin, Texas-based ophthalmology biotech, raised $330m in Series B funding. TCGX and Arch Venture Partners led, joined by a16z, Blackstone, Commodore Capital, RA Capital Management, and CPPIB. axios.link/4xNogcC

🚑 Osanni Bio, an SF-based biotech whose lead candidate focuses on dry age-related macular degeneration, raised $190m in Series B funding. Patient Square Capital led, joined by Horowitz Group, Invus Opportunities and the Retinal Degeneration Fund. axios.link/4eKSep7

🚑 Assort Health, an AI agent platform for patient journeys, raised $120m in Series C funding at a $1.2b post-money valuation. Menlo Ventures led, joined by Lightspeed, Felicis, First Round Capital, Chemistry, Joe Montana, Tau Ventures, and Quiet Capital. axios.link/3SIysmK

🚑 Cadence, a chronic disease management platform for older adults, raised $100m in Series C funding. Spark Capital led, joined by Thrive Capital, General Catalyst, Coatue, B Capital, Corewell Health Ventures, Memorial Hermann, and Duke Health. axios.link/3QCoz9u

• Engram, an SF-based AI memory layer startup, raised $98m from General Catalyst, Kleiner Perkins, Sequoia Capital, Factory, Modern, Amplify Partners, and Neo. axios.link/4g2vraO

• HyperLight, a Cambridge, Mass.-based photonics developer, raised $80m in Series C funding. MediaTek led, joined by UMC Capital, Jabil, Foxconn, EDBI, CDIB-TEN Capital, Qatar Investment Authority, Summit Partners, The Engine, Foothill Ventures, and Xora Innovation. axios.link/3SHwEKK

• Partly, an Austin, Texas-based AI model for the automotive repair supply chain, raised $50m in Series B funding led by DST Global Partners. axios.link/4eXwuro

• Allium, an NYC-based blockchain data platform, raised $40m in Series B funding. Amplify Partners led, joined by Kleiner Perkins and Theory Ventures. axios.link/4oGGZ5C

• Ornn, a GPU and compute marketplace, raised $33m. A16z crypto led, joined by Galaxy Ventures, Nordstar, and SV Angel. axios.link/3Si5NVF

• Tsuga, a Paris-based AI observability startup, raised $35m in Series A funding. Singular led, joined by General Catalyst, DST Global Partners, Quantumlight, Picus, and Databricks Ventures. axios.link/4uXEg9B

• Attention, an NYC-based developer of software for revenue teams, raised $30m in Series B funding led by RTP Global. Linea Ventures and returning investors Aglaé Ventures, Eniac, Alven, and angel investors joined. axios.link/4oNzTMH

• Tissium, a French developer of "biomorphic programmable polymers," raised €30m from insiders Mérieux Développement and Cathay. It also secured €30m in debt. axios.link/4p4JXBn

• Coval, an SF-based voice AI startup, raised $28m in Series A funding, per Axios Pro. Norwest led, joined by Base10, Twilio Ventures, and MaC Venture Capital. axios.link/4b7mzwZ

⚡ Astral Systems, a U.K. developer of multi-state fusion tech, raised £23m. Mercia Ventures led, joined by Tees River, Daphni, and Blast Club, alongside previous investors Speedinvest and Playfair. axios.link/4w675BI

🚑 CroíValve, an Irish maker of transcatheter devices, raised $20m in Series B funding from BGF and European Innovation Council. axios.link/4erswHq

• Onyx Odds, a sports prediction app, raised $20m at a $220m post-money valuation, per Axios Pro. Kraken parent Payward led, joined by Xfund and Breyer Capital. axios.link/4oK6cwb

🚑 Rapalogix Health, a Carlsbad, Calif.-based skin health longevity company, raised $20m in Series A funding led by Woodline Partners and GordonMD Global Investments. axios.link/4vn828x

• JustAI, an SF-based agentic marketing startup, raised $17m in Series A funding, per Axios Pro. Base10 Partners led, joined by YC and Peak XV Partners. axios.link/3QHpC89

• Caplight Technologies, a VC data and transaction platform, raised $16m in Series A funding. BlackRock and Fin Capital led, joined by UBS. axios.link/4ak7Pur

• Trovy, provider of a home equity-backed credit card, raised $15m in Series A funding, per Axios Pro. Left Lane Capital led, joined by insiders Kleiner Perkins, DCM Ventures, and Camber Creek. axios.link/4eLFbnz

🚑 Trimtech Therapeutics, a U.K. biotech focused on neurodegenerative diseases, raised $14m in seed extension funding led by Johnson & Johnson Innovation. axios.link/4uMZo21

• Sportway Media Group, a Stockholm-based sports video production company, raised €20m led by Gamma Waves. axios.link/4f0r1Qs

• Jupus, a German AI secretarial service for law firms, raised €13m in Series A funding. Semapa Next led, joined by NRW.Venture, Acton Capital and HTGF. axios.link/4vvwd4W

🚀 Ubotica Technologies, an Irish space-tech startup focused on maritime intelligence, raised $11m. Act Venture Capital and Greencode Ventures led, joined by Atlantic Bridge. axios.link/44rQRa2

• Kinoa, an AI operating system for mobile app ops, raised $10m. Transcend Fund led, joined by Sisu Game Ventures. axios.link/4xCC0Hc

• HaloBraid, maker of a braiding device for hair salons, raised $7m in seed funding led by Seven Seven Six. axios.link/4aMIzx4

🚀 Longshot, an Alameda, Calif.-based kinetic launch system startup, raised $5m from South Park Commons. axios.link/4uT7Lcq

🚑 Xella Health, an SF-based women's health startup, raised $4.7m from Precursor Ventures, Capital F, and Ulu Ventures. https://axios.link/4w2340Y

• Fika Jobs, a Stockholm-based hiring platform focused on video resumes, raised $4m in pre-seed funding led by Luminar Ventures. axios.link/4eXtKdA

• SuperPlane, a platform engineering startup, raised $2.6m in pre-seed funding. Credo Ventures led, joined by First Momentum Ventures. axios.link/44r3rX3

• Nudge, an NYC-based agentic optimization commerce platform for consumer brands, raised $1.1m in pre-seed funding from S16VC and Antler. axios.link/3Sq8dBy

• Axis CLC, backed by H.I.G. Capital, acquired Fieldway Group, a U.K. provider of specialist fire safety and compliance services, from Foresight Group (LSE: FSG). axios.link/4eA7ftO

• Berkshire Partners invested in Harbourfront, a Canadian wealth management firm, at a C$1.78b valuation. Existing investor Audax Private Equity will retain a "significant interest." axios.link/4eBX2gu

• Edward Jones invested in Quicken, a Menlo Park-based personal financial management software firm owned by Aquiline. axios.link/4ezGsxH

🚑 Incline Equity Partners invested in West Physics, an Atlanta-based provider of medical and health physics testing and consulting services. axios.link/4ervZWj

• Mari Group, the PE-backed entertainment firm led by Ari Emanuel, is in talks to buy British West End and Broadway theater operator ‌ATG Entertainment for £4.5 billion from Providence Equity Partners, per the FT. axios.link/4eEVWQW

• Platinum Equity is the last remaining bidder for a 50% stake in Nestlé's (Swiss: NESN) water business, after CD&R dropped out, per Bloomberg. axios.link/3QYvtWP

• Platinum also agreed to acquire Tangent Technologies, an Aurora, Ill.-based manufacturer of high-synthetic materials. axios.link/4oMjwzZ

• Quad-C Management invested in Armstrong Transport Group, a Charlotte-based logistics platform that connects commercial shippers with full and less-than truckload carriers. axios.link/4oNBEcL

🚑 Stada, a German drugmaker owned by CapVest, is weighing a €6b takeover of Cooper Consumer Health, a Dutch personal care products maker owned by CVC Capital Partners, per Bloomberg. axios.link/3Slv9lu

• Teleo Capital Management acquired SmartFactory Rx, a pharma manufacturing intelligence platform, from Applied Materials (Nasdaq: AMAT). axios.link/4aktUcq

• CopperTech Metals, a copper miner being spun out of India's Vedanta Resource, set IPO terms to 23.5m shares at $16-$18. It would have a $3.4b fully diluted value, were it to price in the middle, and plans to list on the NYSE (CUX). axios.link/4er680J

• EG Group, the U.K. gas station convenience store giant backed by TDR Capital, confidentially filed for a U.S. IPO that could raise about $1b, per Bloomberg. axios.link/3SoCpgw

• Gores Holdings XI, a SPAC formed by The Gores Group, raised $312m in its IPO. axios.link/4uKh9zP

• Kilcoy Global Foods, an Australian protein products supplier, withdrew U.S. IPO registration. Shareholders include Hosen Capital and Asia Alternatives Management. axios.link/4y1u7eO

⚡ Mainspring Energy, an on-site power provider that's raised nearly $800m in VC funding, hired Goldman Sachs to manage a possible IPO, per Axios Pro. axios.link/3R3wY69

• Air Distribution Technologies, a Truelink Capital portfolio company, sold ventilation systems maker PennBarry to Hessaire Products. axios.link/4oM49rm

⚡ Energy Fuels (TSX: EFR) agreed to acquire German magnetics company Vac from Ara Partners for $1.9b. axios.link/3QYuw0H

• Sofi (Nasdaq: SOFI) acquired Composer, a Toronto-based automated investing platform for retail traders. Composer had raised over $11m from firms like Left Lane Capital and First Round Capital. axios.link/4xJeVCT

• Superhuman, valued by VCs at over $13b, acquired GPTZero, an AI detection startup that had raised $13.5m from Footwork, Reach Capital, Alt Capital, Uncork Capital, and Neo. axios.link/4oKkuNb

• Walmart (Nasdaq: WMT) agreed to buy Vibe.co, a streaming ad platform that had raised nearly $80m from firms like Hedosophia, Revolut, Elaia and Singular. axios.link/4nt9ORD

• Agility Robotics, a Salem, Ore.-based maker of humanoid robots for warehouses and factories, agreed to go public at an implied $2.5b valuation via Churchill Capital Corp. XI (Nasdaq: CCXI), a SPAC led by Michael Klein. Agility has raised around $680m from VC firms like Playground Global, DCVC, SoftBank, WP Global Partners, Kirra Capital, Palo Alto Capital, Amazon, and Gaingels. https://axios.link/3SXYp1I

🏀 Bill Foley, owner of the NHL's Vegas Golden Knights, said he'll seek to buy an NBA expansion franchise in Las Vegas. axios.link/3QZGLKs

• Maridea Wealth Management acquired Ashford Investment Advisors, a Daytona Beach, Fla.-based wealth management firm with approximately $180m under management. axios.link/4uYc5Y6

• MoEngage, an Indian customer engagement software unicorn, acquired Aampe, an SF-based developer of AI agent assignment software. axios.link/4uYcTfA

• Prologis (NYSE: PLD) said it was rebuffed on a £12.6b takeover offer for industrial real estate peer Segro (LSE: SGRO). axios.link/4oVdcX1

• Ridgepost Capital (NYSE: RPC) completed its acquisition of Stellus Capital Management, a midmarket direct lender with around $4b in AUM. axios.link/3SIvChD

⚡ SoftBank said it will seek to invest in Tepco (Tokyo: 9501), Japan's largest utility. axios.link/43PbP2u

• SPS Commerce (Nasdaq: SPSC), a supply chain software maker with a $2b market cap, hired Morgan Stanley to explore a sale after activist pressure, per Reuters. axios.link/4fYQz1x

• Main Capital Partners, a Dutch enterprise software investor, raised €4b for its ninth flagship fund and €1.25b for its third "foundation" fund. axios.link/4oNBm5F

• Menlo Ventures raised $3b for a pair of new funds. axios.link/4w5Cown

• Nucleo Ventures (fka Fortech Ventures) of Romania raised €34m for a fund focused on startups in Central and Eastern Europe. axios.link/4w7xIGi

🚑 Margaret Kaczor Andrew joined Clarevia Ventures as a venture partner. She previously was with William Blair. axios.link/43Sv0IO

• Carlos Couret joined H.I.G. Capital as a managing director and head of its Spanish lower midmarket team. He previously was with ProA Capital. axios.link/4vzn0sq

• Larry Greenberg was named president of private markets platform Willow Wealth. axios.link/4erEy3z

• Alex Jones joined Headland Consultancy as head of private capital. He previously led comms at Triton Partners. axios.link/4fXyHUI

Shares of Edgewell Personal Care spiked yesterday after Bloomberg reported that the Schick razors maker had rejected a $30 per share takeover offer from PE firm Yellow Wood Partners.

• Edgewell, whose portfolio also includes Hawaiian Tropic sunscreen and Wet Ones wipes, was last in this space six years ago when the FTC blocked the company's $1.37 billion deal to buy razor brand Harry's on antitrust grounds.