Iron Horse Acquisition II Corp is a SPAC — a blank check company incorporated in the Cayman Islands with no operations, no revenue, and no identified acquisition target. Iron Horse II raised $230M in its IPO at $10.00 per unit, with proceeds held in trust. The company has 24 months from its December 2025 IPO close to complete an acquisition; if it fails, it must return trust funds to shareholders and dissolve. The management team focuses on the media and entertainment and AI industries, targeting companies in family entertainment, animation, gaming, and music, as well as businesses exposed to AI and shifting global media consumption. The business model centers on the sponsor "promote": the sponsor acquires founder shares at a nominal cost before the IPO, and if a deal closes, those shares convert into a meaningful equity stake in the combined company. If no deal is completed, the founder shares are worthless. Public shareholders can either hold through a deal or redeem at approximately $10.00 per share plus trust interest, giving them downside protection. Most deals will likely require additional financing via a PIPE, since management targets businesses with enterprise values larger than the $230M in trust.