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The most significant stock market story of 2021 isn’t the one about Robinhood and Reddit; it’s the story of SPACs — those blank-check acquisition companies that are multiplying like Gremlins after a midnight snack.

Axios Re:Cap talks with Victoria Grace, CEO of a $300 million SPAC called Queen's Gambit Growth Capital, about how SPACs work, why there are so many and whether the trend is a bubble.

Go deeper

Feb 9, 2021 - Technology

Reddit raises $250 million at $6 billion valuation

Illustration: Aïda Amer/Axios

Reddit said Monday that it raised more than $250 million in Series E funding from existing and new investors. Sources say the company raised the new funding at a $6 billion pre-money valuation.

Why it matters: The company has doubled its valuation since its last funding round of $300 million at a $3 billion valuation in 2019.

Dan Primack, author of Pro Rata
Feb 9, 2021 - Economy & Business

Alternative vehicles charge into public markets

Illustration: Sarah Grillo/Axios

Alternative vehicles have become the new biotechs, often racing into the public markets with little to no revenue.

Driving the news: Hyzon Motors, a hydrogen fuel cell truck and bus startup, is going public via SPAC at a $2.7 billion valuation. Its technology is commercialized, unlike Nikola, but says it plans to have only 5,000 vehicles delivered by the end of 2023.

Dan Primack, author of Pro Rata
Feb 10, 2021 - Economy & Business

Colin Kaepernick forms a SPAC

Photo by Carmen Mandato/Getty Images

Former NFL quarterback Colin Kaepernick on Tuesday disclosed that he has formed a blank-check company that will seek to raise $250 million in an IPO.

Why it matters: Kaepernick hasn't played pro football since 2016, but has remained a cultural lightning rod — either loved or loathed for his social activism, including his strong support of the Black Lives Matters movement.

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