Venture capitalist Chamath Palihapitiya has filed an S-1 registration statement for a new special-purpose acquisition company, returning to the blank-check market after a lull in new listings. The prospectus contains unusually blunt language aimed at retail investors, advising them to “only invest what you can afford to lose” and warning that there will be “no crying in the casino” if the investment sours. The candid disclosure has reignited discussion about whether investor appetite for SPACs is reviving, with market watchers noting that Palihapitiya’s previous blank-check ventures became emblematic of the sector’s boom-and-bust cycle.