Cantor Equity Partners (CEPF) is a special purpose acquisition company (SPAC) — a publicly traded shell company with no operations of its own. The company raised $450M in its IPO in August 2025 at $10.00 per share, with proceeds held in a Trust Account earning interest until a deal closes. Its sole purpose is to identify and complete a merger or acquisition with a private company, thereby taking that company public. Target industries include financial services, digital assets, healthcare, real estate services, technology, and software — areas aligned with Cantor Fitzgerald, CEPF's sponsor. CEPF has until August 2027 to close a deal; if it fails to do so, the Trust Account is returned to public shareholders. The Sponsor receives Founder Shares — roughly 20% of post-IPO shares — at effectively no cost, creating a large embedded profit if a deal closes at or above the $10.00 IPO price. Public shareholders, meanwhile, can redeem shares for their pro rata share of the Trust Account (roughly $10.15 per share as of December 2025) if they do not approve the chosen deal. Cantor Fitzgerald's affiliates include BGC Group and Newmark Group, which Cantor cites as examples of its ability to build businesses and which provide deal flow and sector relationships to support CEPF's acquisition efforts.