AI Infrastructure Acquisition Corp (NYSE: AIIA) is a blank-check special purpose acquisition company (SPAC) formed to identify and complete a merger or acquisition with a target business, with a stated focus on the AI infrastructure sector. The company generates no operating revenue. Instead, it holds proceeds from its IPO in a trust account and deploys capital upon completing an initial business combination (IBC). The company is incorporated under the laws of the Cayman Islands and lists on NYSE. Its sponsor purchased 3,833,333 founder shares in a private placement on May 25, 2025. Leadership centers on Michael D. Winston and George Murnane, whose finance, capital markets, and entrepreneurship backgrounds are the stated basis for deal sourcing. Working capital loans from the sponsor of up to $1,500,000 may be converted into units at $10.00 per unit at the lender's option. If no IBC is completed, public shareholders face liquidation of the trust.

Revenue model

No operating revenue. The SPAC structure holds IPO proceeds in trust. Value to shareholders is realized only upon completion of an initial business combination. The sponsor paid approximately $0.0065 per founder share for its equity stake.

Products and services

Blank-check acquisition vehicle targeting an initial business combination with a company in the AI infrastructure sector. Offers target businesses an alternative path to public listing outside a traditional IPO process.

Customers and end markets

No customers in the traditional sense. End market is the AI infrastructure sector, as indicated by the company name and stated acquisition focus per the 10-K filed 2026-03-20.

Value-chain role

SPAC sponsor and acquirer. Sits upstream of an operating business combination. Post-IBC, the company's role would shift to that of the acquired operating entity.

Geographic exposure

Incorporated in the Cayman Islands. Listed on NYSE. No disclosed operational geography beyond U.S. capital markets activity as of the 10-K filed 2026-03-20.

Source: SEC 10-K, filed 2026-03-20

Industry: Blank Checks