AI Infrastructure Acquisition Corp. closes upsized $138 million SPAC IPO

NEW YORK - AI Infrastructure Acquisition Corp. announced Monday the closing of its upsized initial public offering, raising $138 million by selling 13.8 million units at $10 each on the New York Stock Exchange.

The blank check company, incorporated in the Cayman Islands, began trading on the NYSE on October 3 under the symbol "AIIA U." Each unit consists of one Class A ordinary share and one right, with the right entitling holders to receive one-fifth of a Class A ordinary share upon completion of an initial business combination.

The company’s sponsor, AIIA Sponsor Ltd., is a minority-owned subsidiary of Jet.AI Inc. (NASDAQ:JTAI), a Las Vegas-based company that describes itself as transitioning to a pure-play AI data center business. According to InvestingPro data, JTAI currently trades at $3.08 per share with a market capitalization of approximately $10.3 million. While the company holds more cash than debt on its balance sheet, it faces profitability challenges with negative EBITDA of -$11.9 million in the last twelve months.

AI Infrastructure Acquisition Corp. is led by Chief Executive Officer Michael Winston and Chief Financial Officer George Murnane. The company was formed to pursue a merger, share exchange, asset acquisition or similar business combination. InvestingPro analysis indicates that JTAI, the sponsor’s parent company, is currently undervalued, with 12 additional exclusive insights available to subscribers, including detailed financial health metrics and growth projections. Get access to comprehensive analysis and real-time updates with an InvestingPro subscription.

Maxim Group LLC served as the sole book-running manager for the offering, which included the full exercise of underwriters’ over-allotment option. The entire $138 million from the IPO and a simultaneous private placement has been placed in trust. This significant capital raise comes as JTAI maintains a current ratio of 2.97, indicating strong short-term liquidity position despite challenging market conditions.

Once the securities begin separate trading, the Class A ordinary shares and rights are expected to list on the NYSE under the symbols "AIIA" and "AIIA R," respectively.

The offering was made through a prospectus following the SEC’s declaration that the registration statement was effective on September 30, according to the company’s press release statement.

In other recent news, AI Infrastructure Acquisition Corp. has successfully priced its initial public offering at $120 million. The offering consists of 12 million units priced at $10.00 each, with each unit including one Class A ordinary share and one right. These units are set to begin trading on the New York Stock Exchange under the symbol "AIIAU." Jet.AI Inc. has also contributed capital to AIIA Sponsor Ltd., the sponsor of AI Infrastructure Acquisition Corp. This SPAC is focusing on opportunities with private technology companies that are advancing artificial intelligence and machine learning, as well as those involved in data center infrastructure. AI Infrastructure Acquisition Corp. has filed a Registration Statement with the Securities and Exchange Commission related to this initial public offering. These developments highlight the ongoing interest and investment in the AI and machine learning sectors.

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