Venture capitalist Chamath Palihapitiya is launching a new special-purpose acquisition company that aims to raise about $250 million, reviving the blank-check strategy that once made him a fixture of the 2021 SPAC boom. Palihapitiya’s earlier vehicles took SoFi Technologies and MP Materials public, though most of his subsequent deals struggled as the broader SPAC market soured. Investors are watching whether his latest fund can replicate his few successful exits and signal a durable turnaround for the sector. The move comes amid a broader rebound in risk appetite. Venture investors completed 384 funding rounds of $100 million or more in 2024, the third-highest annual total on record. SoftBank founder Masayoshi Son has likewise accelerated dealmaking, holding Zoom pitches up to 14 hours a day and deploying roughly $210 million a week, prompting comparisons to the frothy conditions of 2021.