Inflection Point Acquisition Corp III (IPCX) is a blank-check special purpose acquisition company incorporated in the Cayman Islands that was formed to identify and complete a merger or business combination with a private operating company. It generates no operating revenue. The company holds proceeds from its IPO in a trust account and incurs costs in pursuit of an acquisition target. As of the 10-K filed March 31, 2026 (fiscal year ended December 31, 2025), management has identified Air Water as a proposed business combination target. The completion window for consummating an initial business combination runs through April 28, 2027, after which the company would liquidate if no deal is closed. Management disclosed going-concern doubt as of the filing date, citing insufficient liquidity to sustain operations for at least one year. The sponsor is Inflection Point Holdings III LLC, managed by Inflection Point Asset Management LLC. Michael Blitzer, Chairman and Chief Executive Officer, controls the sponsor and serves as Chief Investment Officer of Inflection Point Asset Management LLC. IPCX was incorporated on January 31, 2024 (inception date).

Revenue model

No operating revenue. The company is pre-combination and holds IPO proceeds in trust. Income, if any, derives from interest earned on trust account funds prior to a business combination.

Products and services

Blank-check SPAC vehicle. Securities issued include Class A ordinary shares, units, and rights. The proposed business combination involves Air Water, with deal mechanics including share exchange ratios, conversion of Air Water Series A Preferred Shares into PubCo Series A Preferred Shares, and warrant conversions.

Customers and end markets

No operating customers. The end market is determined by the target acquisition. The disclosed proposed target is Air Water.

Value-chain role

SPAC sponsor and acquisition vehicle. Serves as the public-market shell through which a private company (Air Water or an alternative target) would complete a merger to achieve a public listing.

Geographic exposure

Incorporated in the Cayman Islands. Registered office in the Cayman Islands with U.S. SEC reporting obligations.

Source: SEC 10-K, filed 2026-03-31

Industry: Blank Checks