Venture capitalist Chamath Palihapitiya has returned to the blank-cheque market, filing an S-1 for American Exceptionalism Acquisition Corp. A. The special-purpose acquisition company aims to raise $250 million by selling 25 million units at $10 apiece and plans to list on the New York Stock Exchange under the symbol AEXA, with Banco Santander acting as sole book-running manager. The prospectus says the vehicle will pursue targets in energy production, artificial intelligence, decentralized finance and defense—industries it argues are critical to maintaining U.S. global leadership. It also cautions would-be investors that they could lose their entire investment, adding the line, “no crying in the casino.” Palihapitiya was one of the highest-profile sponsors during the 2020-21 SPAC boom, bringing companies such as Opendoor, Virgin Galactic and Clover Health to market. Those stocks have since slumped—Opendoor is about 65% below its debut price and Clover Health roughly 74%—highlighting the scrutiny the new vehicle may face as it enters a cooled market for blank-cheque mergers.