Cantor Equity Partners (CAEP) is a SPAC — a blank check company with no operating business — formed to identify and complete a merger or acquisition with a private company, thereby taking that company public. CAEP raised $276M in its IPO in June 2025, with proceeds held in a Trust Account invested in U.S. government securities or money market funds. CAEP has until June 2027 to complete a deal or it must liquidate and return funds to shareholders. CAEP is sponsored by and affiliated with Cantor Fitzgerald, and its two-person management team — Chairman/CEO Brandon Lutnick and CFO Jane Novak — are both Cantor Fitzgerald employees. In November 2025, CAEP signed a Business Combination Agreement with AIR, a Jersey-incorporated company; if completed, both CAEP and AIR would become subsidiaries of a new public holding company. CAEP generates no revenue; the Trust Account earns interest on the IPO proceeds, which accrues to public shareholders. The SPAC structure creates inherent conflicts: the Sponsor acquired Founder Shares at roughly $0.004 per share, creating a strong incentive to close any deal before the deadline, since those shares become worthless if no deal is completed. Public shareholders can redeem shares at approximately $10.36 per share regardless of how they vote on any proposed deal, providing downside protection.