Taking industrialleaders public

Our team has taken two SPACs to Nasdaq and completed a de-SPAC. We partner with founders in seven industries that keep the economy secure and productive.

Introduce a company See our record

$287.5Mraised across two Nasdaq IPOs
2SPACs listed on Nasdaq, 2021 and 2024
1de-SPAC completed: Borealis Foods, 2024
$50Mconvertible financing arranged for Borealis Foods

Seven industries we back

We look for revenue-generating companies whose products the industrial economy cannot run without. View our criteria: open an industry for our thesis and what we look for.

Enterprise software and production AI

Software that moves AI from pilot into production: data infrastructure, model operations and vertical applications with recurring revenue.

Software that moves AI from pilot into production: data infrastructure, model operations and vertical applications with recurring revenue.

What we look for here

Recurring revenue from enterprise customers
Products in production use, not pilots
Unit economics that hold as compute costs move

Cybersecurity

Protection for networks, identities and industrial control systems as every connected device widens the attack surface.

What we look for here

Recurring revenue with low churn
Coverage of operational technology as well as IT
Customers in critical infrastructure or government

Industrial productivity, software and automation

Controls, software and machines that raise output per worker in plants, warehouses and job sites.

The interior of the Kaiser Steel mill, Fontana, California

Controls, software and machines that raise output per worker in plants, warehouses and job sites.

What we look for here

An installed base that earns service and software revenue
Payback customers can measure
Manufacturing or deployment in the US or allied countries

Power, grid and thermal infrastructure suppliers

Transformers, switchgear, cooling and thermal systems that data centres and electrification are waiting on.

The switchyard of a 750 kV electrical substation

Transformers, switchgear, cooling and thermal systems that data centres and electrification are waiting on.

What we look for here

Suppliers with contracted backlog
Manufacturing in the US or allied countries
Products specified into utility and data-centre programmes

1 de-SPAC in this industry since 2024

Defense enablers and dual-use technology

Components, sensors, communications and software that serve defense programmes and commercial markets alike.

What we look for here

Revenue from both defense and commercial customers
Positions on programmes of record, or a path to them
Supply chains that meet sourcing rules

1 de-SPAC in this industry since 2024

Specialty materials and critical-minerals supply chain

Processing, advanced materials and supply-chain capacity outside concentrated single-country supply.

An electric mining shovel at the Bingham Canyon open-pit copper mine

Processing, advanced materials and supply-chain capacity outside concentrated single-country supply.

What we look for here

Processing or materials capacity already producing
Offtake agreements with industrial buyers
Operations in allied or partner jurisdictions

Where we focus

Rare earth elements: separation, metals and magnets
Battery materials: lithium, nickel and graphite, and their processing
Processing and refining outside concentrated single-country supply
Recycling and recovery of critical materials

Tavia Critical Minerals

In formation. Not yet operating.

A private platform being built to acquire and develop critical-mineral assets in allied and partner jurisdictions, with majority or governance stakes and supply linked directly to industrial off-takers.

Discuss a partnership

Frontier robotics and autonomy

Robots, autonomous systems, and the perception and control software that lets machines work alongside people.

An industrial robot arm polishing a guitar body on a production line

Robots, autonomous systems, and the perception and control software that lets machines work alongside people.

What we look for here

Deployed fleets earning revenue
Payback customers can measure
A software layer that improves with every deployment

1 de-SPAC in this industry since 2024

What we look for in every company

Revenue and a path to profit

A business with customers and revenue, not a concept.

A team ready to lead in public

Management that wants to run a listed company and stay for the next chapter.

Audit-ready financials

Financial statements audited under PCAOB standards by an eligible independent auditor, or a clear path to them within months.

A product supply chains depend on

Something the industrial economy specifies, buys again, and cannot easily replace.

Two SPAC IPOs on Nasdaq

Each vehicle is a volume of its own: what it raised, what became of it, the filings behind every line, and the team that took it public.

Oxus Acquisition Corp.

$172.5M

Nasdaq: OXUS. Raised at IPO in September 2021: 17,250,000 units at $10.00, with the over-allotment exercised in full.

Outcome: de-SPAC completed

Combined with Borealis Foods Inc. on 7 February 2024. Borealis trades on Nasdaq as BRLS.

Index of filings

2 Sep 2021Final prospectus: 15,000,000 units at $10.00424B4 on sec.gov (opens in a new tab)
8 Sep 2021IPO closed: $150M raised, $153M placed in trust8-K on sec.gov (opens in a new tab)
13 Sep 2021Over-allotment closed: 2,250,000 more units, $172.5M in total, $175.95M in trust8-K on sec.gov (opens in a new tab)
9 Dec 2022Oxus sponsor completes $20M of convertible note funding to Borealis13D on sec.gov (opens in a new tab)
23 Feb 2023Business combination agreement signed with Borealis Foods8-K on sec.gov (opens in a new tab)
2 Feb 2024Shareholders approve the business combination8-K on sec.gov (opens in a new tab)
7 Feb 2024Business combination closed8-K on sec.gov (opens in a new tab)
8 Feb 2024Borealis Foods begins trading on Nasdaq as BRLS8-K on sec.gov (opens in a new tab)

Open the Oxus volume

Tavia Acquisition Corp.

$115M

Nasdaq: TAVI · TAVIR · TAVIU. Raised at IPO in December 2024: 11,500,000 units at $10.00, each with one right to 1/10 of a share. No warrants.

Since 1 October 2026: in partnership

A new sponsor team now leads TAVI toward its business combination. Tavia Sponsor remains a shareholder with 1,500,000 ordinary shares.

Index of filings

3 Dec 2024Final prospectus: 10,000,000 units priced at $10.00424B4 on sec.gov (opens in a new tab)
5 Dec 2024IPO closed: $100M raised, $100.5M placed in trust8-K on sec.gov (opens in a new tab)
11 Dec 2024Over-allotment closed: 11,500,000 units, $115M in total, $115.575M in trust8-K on sec.gov (opens in a new tab)
20 Dec 2024Shares (TAVI) and rights (TAVIR) begin separate tradingRelease on GlobeNewswire (opens in a new tab)
2 Jun 2026Shareholders extend the deadline to 5 March 2027; 7,167,225 shares redeemed, about $46.2M left in trust8-K on sec.gov (opens in a new tab)
13 Jul 2026Non-binding letter of intent with Vita Inclinata Technologies announced8-K on sec.gov (opens in a new tab)
29 Sep 2026Purchase and Sponsor Handover Agreement signed8-K on sec.gov (opens in a new tab)
1 Oct 2026Handover closes; Tavia Sponsor retains 1,500,000 ordinary shares8-K on sec.gov (opens in a new tab)

Open the TAVI volume

All SPACs How a SPAC works

From letter of intent to closing

An illustration, not a forecast: about five months from letter of intent to closing if every stage runs to plan, drawn to scale in weeks. Many deals take longer.

Diligence · 3–5 weeksLOI, then technical, legal and financial diligence, and an investor plan.
Documentation · 3–5 weeksBusiness combination agreement, F-4/S-4 drafting, PIPE (private investment in public equity) preparation.
Announcement · 2–3 weeksSign, announce, execute PIPE subscriptions.
SEC review and marketing · 8–10 weeksFile, answer SEC comments, run the roadshow.
Closing · 1–2 weeksShareholder vote, redemptions, close. The combined company begins trading.

How a SPAC works, step by step

SPAC Market Intelligence

The SPAC IPO market since 2021 and the firms behind it, compiled from SEC filings with the assistance of AI, alongside our own filings and press releases.

SPAC IPO market

SPAC IPOs since 2021: 1,049
Raised since 2021: $243.6B
IPOs in 2026 to date: 148
Raised in 2026 to date: $28.9B

SPAC IPOs on Nasdaq and the NYSE since 1 January 2021 in our reviewed dataset, 1,049 of the 1,057 read so far, compiled from SEC filings with the assistance of AI.

Filings and press

All SPAC Market Intelligence