Rice Acquisition Corp 3 (NASDAQ: KRSP) is a blank check special purpose acquisition company incorporated on June 6, 2025, as a Cayman Islands exempted company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination. The company raised $345.0 million in gross proceeds through its IPO of 34,500,000 units at $10.00 per unit, which closed October 2, 2025, with net proceeds held in trust pending a business combination. The filing identifies target sectors including natural gas, oil, power generation infrastructure, data centers, metals and mining, and manufacturing as areas of focus for a potential acquisition. Key personnel named in the 10-K filed March 19, 2026, include Kyle Derham, Jamie Rogers, and Anne Cameron.

Revenue model

As a SPAC, the company generates interest income on cash held in a trust account from IPO proceeds of $345.0 million. It does not generate operating revenue. The sponsor purchased 10,650,000 private placement warrants at $1.00 each, generating $10.65 million at IPO close. The company's economic model depends on completing a qualifying business combination before its deadline.

Products and services

Units consisting of one Class A ordinary share and one-sixth of one redeemable public warrant, sold at $10.00 per unit in the IPO (October 2, 2025). Each whole public warrant entitles the holder to purchase one Class A ordinary share at $11.50 per share. The sponsor holds 11,500,000 founder securities purchased at $0.002 per unit ($26,000 total) and 10,650,000 private placement warrants.

Customers and end markets

Target acquisition sectors identified in the 10-K include natural gas production, oil, power generation (on- and off-grid brownfield assets), data centers, metals and mining, and manufacturing. No operating customers exist as of the filing date.

Value-chain role

Pre-combination SPAC vehicle. The company acts as an acquisition vehicle, pooling capital from public investors to acquire a private or public operating business in identified sectors. The sponsor bears the at-risk equity via founder securities; public shareholders hold redeemable Class A shares.

Geographic exposure

Incorporated in the Cayman Islands. The 10-K acknowledges potential cross-border business combination targets but does not specify a geographic focus.

Source: SEC 10-K, filed 2026-03-19

Industry: Blank Checks