Gores Holdings X is a Special Purpose Acquisition Company (SPAC) — a publicly traded shell company with no operations whose sole purpose is to identify and merge with a private business, taking it public. Gores Holdings X raised $358.8M in its May 2025 IPO, and that capital sits in a trust account earning interest until an acquisition is completed. The sponsor is The Gores Group, a private equity firm, and Gores Holdings X is the tenth vehicle in the Gores Holdings SPAC series. The sponsor economics center on the "promote": The Gores Group paid $25,000 for 8,970,000 founder shares representing 20% of shares outstanding, which become valuable if a deal closes. Public investors buy in at $10.00 per unit, each including one Class A share and one-quarter of a warrant exercisable at $11.50, giving them principal protection via the trust plus upside optionality. Gores Holdings X has 24 months from the IPO close to complete a deal, extendable to 27 months if a definitive agreement is signed in time. If no deal closes, the trust is liquidated and public shareholders receive approximately $10.00 per share. The company has not identified a target, but focuses on businesses with defensible customer relationships undergoing changes in capital structure, strategy, or operations. Gores Holdings X is sector-agnostic and plans to leverage The Gores Group's private equity network to source deals.