They can’t keep getting away with this… 

Future Commander and Chief Don Jr. & Co. (read: Eric Trump), just pulled off the funniest plot twist in SPAC history: they launched one in 2025… and it actually went up.

(Source: Giphy) 

New America Acquisition I Corp., the patriotically named blank-check playground of the Trump boys, IPO’d at the traditional $10 and immediately drifted higher like everyone just collectively forgot what happened the last time a Trump-branded SPAC hit the tape. Shares finished the day up roughly 3–5%, depending on where you squint on the chart, which qualifies as a bull market by SPAC standards.

“bUt ThEy oNlY rAIsEd $300 miLliOn”

Yeah, I mean that isn’t exactly sovereign wealth, but for a vehicle whose business plan amounts to “revitalize American manufacturing”, it’s more than anyone expected. Case in point: SPACs were supposed to be dead. Buried. Cremated. Swept into urns and placed next to Chamath’s Peloton shorts. But here we are again… Wall Street, like a toxic ex, crawling back because rates dropped 50 bps and suddenly everyone’s feeling risky again.

(Source: Wall Street Journal) 

Even more so, the sector itself is actually showing signs of life. Roughly 194 SPACs have formed this year, more than the last three years combined, which is basically the financial equivalent of waking up to see Blockbuster trending on TikTok because someone reopened one in Nebraska. It shouldn’t be happening, and yet it is. And now, investors are pretending it all makes sense: “Lower borrowing costs”... “America First sectors”.... Quantum computing”... all the works. 

But the real appeal here is simpler. The Trump brand moves order flow the same way meme stocks move divorced dads back into trading options they don’t understand. Which is why Don Jr. and Eric over delivered. Their mandate is broad enough to cover everything from nuclear tech to crypto mining to rebuilding the Rust Belt via inspirational LinkedIn posts. That said, SPACs remain the highest-risk corner of public markets, with ~60% of the 2020–21 vintages never completing mergers and another 30% wandering the earth like ghosts. Even Trump Media’s infamous rocket ride from $174 to $10 still haunts bagholders with PTSD flashbacks of the Buy Truth Social era.

(Source: Giphy) 

Does that stop anyone, though? Of course not. Because this is the same market where Nvidia drops 19% in a month and people start diagnosing themselves with long-term buying opportunities. We are in the golden age of financial amnesia. Nobody remembers anything past 18 months… including the part where SPACs burned enough retail wealth to qualify as a controlled demolition. But hey, it is what it is. Kudos to the Trump heirs. They did the unthinkable (again) and launched a SPAC that didn’t immediately trade like a distressed yard sale.

Of course, we’ll see what comes of this going forward. Maybe it’s the start of another SPAC cycle (God help us). Or maybe it’s just a one-off meme flash. Who knows… but don’t pretend you’re above watching this unfold. None of us are. Sure, we may know how this ends… but watching it get there is half the fun. So place your bets accordingly, friends. Until next time… 

At the time of publishing, Stocks.News does not hold positions in companies mentioned in the article.