Completed · 13 Mar 2025IPXXU · NasdaqCIK 1970622Sponsor at IPO: Inflection Point Holdings II LLC
Inflection Point Acquisition Corp. II
Now USA Rare Earth, Inc. · Name history
$251MTrust raised at IPO · 8% of public shares left after its last counted vote
Merged with USA Rare Earth, Inc. (USAR) · Materials and mining
- IPO24 May 2023
- Searching18 months
- Deal announcedAgreement signed
- Closed13 Mar 2025
- 01
Larger than 87% of 2023’s SPAC IPOs.
$250M raised, against a median of $69M for the 31 SPACs that priced in 2023.
- 02
$10.05 in trust per unit, below the 2023 median.
The median that year was $10.10. Above $10.00, the sponsor tops up the trust from its own private placement.
- 03
92% of public shares redeemed across 2 votes.
1 extension vote and the merger vote, counted from the SPAC’s 8-Ks. 8% of the public shares remained after the last one.
- 04
Closed its merger 22 months after its IPO.
The combined company is USA Rare Earth, Inc. (USAR). Sector: Materials and mining.
Worked out from checked figures in snapshot 14 · no forecasts or advice
Key terms
Other 2023 SPAC IPOs →- IPO priced
- 24 May 2023
- IPO closed
- 30 May 2023
- Raised
- $250M1
- Units sold
- 25,000,0002
- Trust raised
- $251M3
- Trust per unit
- $10.054
- Unit
- 1 sh + ½ warrant5
- Months to complete
- 186
- Deadline before extensions
- 30 Nov 2024
- Over-allotment
- Exercised in part
Each unit: “one Class A ordinary share and one-half of one redeemable warrant”
Name history
The same company under every name it has filed with the SEC, tracked by its CIK, 1970622. This page keeps its IPO name; the others lead here.
- Inflection Point Acquisition Corp. IIAt IPO5 Apr 2023 – 11 Mar 2025
- USA Rare Earth, Inc.Now11 Mar 2025 – today
Dates are those EDGAR records for each name, as of 16 October 2026. A name change follows a shareholder vote or a merger’s closing, and is reported in an 8-K.
How it compares
Inflection Point Acquisition Corp. II against the 31 SPACs that priced in 2023.
- Raised
- $250M
- 87% of 2023 SPACs are below it
- 2023 median: $69M
- Trust per unit
- $10.05
- 77% of 2023 SPACs are above it
- 2023 median: $10.10
- Months to complete
- 18
- 68% of 2023 SPACs are below it
- 2023 median: 12
- Redeemed across its votes
- 92%
- 61% of 2023 SPACs are above it
- 2023 median: 95%
Trust and redemptions
- Extension vote · 18 Nov 202422,794,651 of 25,000,000 redeemed (91%)
- Merger vote · 10 Mar 2025128,140 of 2,205,349 redeemed (6%)
Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.
Firms named in the prospectus
Bookrunners
Company counsel
Underwriters’ counsel
Auditor
Other SPACs from Inflection Point
Inflection Point’s track record →Inflection Point has brought 5 SPACs to market since 1 January 2019, $1.4B in all: 3 completed, 1 with a deal announced, 1 searching. 3 of the 3 that reached an end completed a merger.
Inflection Point IV, V and VII are in our data under their IPO names: Bleichroeder Acquisition Corp. I (renamed Inflection Point Acquisition Corp. IV), Maywood Acquisition Corp. (renamed Inflection Point Acquisition Corp. V), Columbus Circle Capital Corp II (renamed Inflection Point Acquisition Corp. VII).
| SPAC | IPO | Raised | Status | Outcome | Months |
|---|---|---|---|---|---|
| Inflection Point Acquisition Corp. VIII | 27 Aug 2026 | $288M | Searching | — | — |
| Inflection Point Acquisition Corp. VI | 26 Mar 2026 | $253M | Deal announced | — | — |
| Inflection Point Acquisition Corp. III | 24 Apr 2025 | $253M | Completed | Air Water Ventures Limited (WATR) | 16 |
| Inflection Point Acquisition Corp. II This SPAC | 24 May 2023 | $250M | Completed | USA Rare Earth, Inc. (USAR) | 22 |
| Inflection Point Acquisition Corp. | 21 Sept 2021 | $330M | Completed | Intuitive Machines, Inc. (LUNR) | 17 |
Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.
Peers
Other 2023 SPAC IPOs with Cantor Fitzgerald & Co. as bookrunner.
| SPAC | IPO | Raised | Unit | Status |
|---|---|---|---|---|
| Spark I Acquisition Corp | 29 Sept 2023 | $100M | 1 sh + ½ warrant | Deal announced |
| Haymaker Acquisition Corp. 4 | 25 Jul 2023 | $230M | 1 sh + ½ warrant | Completed |
| Alchemy Investments Acquisition Corp 1 | 4 May 2023 | $115M | 1 sh + ½ warrant | Deal announced |
Sources
- PFinal prospectus: 0001213900-23-043605
- 1Gross proceeds: 0001213900-23-046264
The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $250,000,000.
- 2Units sold: 0001213900-23-046264
Pursuant to the Initial Public Offering, the Company sold 25,000,000 Units, which includes a partial exercise by the underwriter of their over-allotment option in the amount of 3,000,000 Units
- 3Trust raised: 0001213900-23-046264
A total of $251,250,000 of the proceeds from the IPO and Private Placement, which amount includes $13,100,000 of the underwriters’ deferred discount, was placed in a U.S.-based trust account
- 4Trust per unit: 0001213900-23-043605
$221,100,000, or $254,265,000 if the underwriters’ over-allotment option is exercised in full ($10.05 per unit in either case), will be deposited into a trust account
- 5Unit composition: 0001213900-23-043605
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-half of one redeemable warrant.
- 6Months to complete: 0001213900-23-043605
We have until the date that is 18 months from the closing of this offering or until such earlier liquidation date as our board of directors may approve, to consummate our initial business combination.
Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.
How the figures are compiled
- Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
- Dated by. The date of the final prospectus.
- Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
- Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
- Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
- Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
- Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
- Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
- Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
- Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
- Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
- Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
- Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
- Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
- Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
- Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.
Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026
For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.