Palihapitiya's SPAC rises premarket following upsized IPO last week

Shares of blank cheque vehicle American Exceptionalism Acquisition Corp AEXA.N rise 3.7% to $11.18 in premarket trading

Chaired by venture capital investor and Trump donor Chamath Palihapitiya, the special purpose acquisition vehicle marks the return of Wall Street's "SPAC KING" to the market after several years

AEXA sold 30 million Class A ordinary shares last week at $10 apiece to raise $300 million in an upsized offering

Chamath was one of the most prolific proponents of SPACs as a listing alternative during the blank cheque frenzy of 2020-21, before regulatory scrutiny led to investors souring on the vehicles

His new SPAC aims to merge with companies in AI, energy, decentralized finance, and defense - the sectors most aligned with the Trump administration's policies