Veteran SPAC dealmaker Betsy Cohen said on June 24, 2026 that the revival of the special-purpose acquisition company (SPAC) market is becoming a viable route to public listings for companies tied to AI data centers, speaking on a Bloomberg program.
June 24, 2026 · Cohen Circle
SPACs Make a Comeback — Now Riding the AI Data-Center Boom
Once a tool for 1990s steelmakers and the 2020 tech frenzy, blank-check companies are re-emerging as a listing route for AI infrastructure and quantum-computing startups, says SPAC veteran Betsy Cohen.
$5.3T
Big Tech AI & data-center investment, 2025–2030 (Goldman Sachs estimate)
$45.7B
U.S. data-center private-equity investment in 2025 — a five-year high
~30%
Of SPACs fail, per Cohen — the cautionary lesson of the boom
Boom to Bust: SPAC Deal Activity
Deal count, 2020–2021 peak vs. first half of 2023
861
2020–2021 peak
$246B raised
15
First half 2023
under $2B
Rising rates and weak prices collapsed activity — but AI-infrastructure demand is now reviving the route.
New AI-Infrastructure SPACs Forming
AI Infrastructure Acquisition Corp.
Aug 2025 — IPO up to $100M , targeting next-gen data centers
BTC Development
Cohen-linked SPAC — filed for IPO in Aug 2025
Kyivstar (KYIV)
$2.2B de-SPAC completed in 2025, reaching Nasdaq
The Case For
SPACs "fill a need" — a flexible, faster route to public markets for capital-hungry AI data-center and quantum firms as power, cooling and land constraints intensify.
The Caution
Roughly 30% of SPACs fail; the 2020–2021 wave saw underprepared firms underperform. A rebound likely limited to higher-quality players, complementing PE-driven funding.
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