Spring Valley Acquisition Corp. III (SVIII) is a SPAC — a publicly listed shell company with no operations — that raised $230M in its September 2025 IPO to find and merge with a private company, thereby taking it public. SVIII focuses on natural resources and decarbonization, and in January 2026 announced a definitive merger agreement with General Fusion, a Canadian private fusion energy company. If the deal closes, SVIII will be renamed General Fusion and list on a public exchange. The $230M in IPO proceeds sits in a trust invested in U.S. Treasuries while the deal is pending; public shareholders can redeem at roughly $10.00 per share if they dislike the deal or if no deal closes within 24 months. SVIII also secured a PIPE of approximately $107.7M to supplement trust proceeds for the General Fusion transaction. The sponsor earns economics through the "promote" — founder shares received at nominal cost that convert into equity in the post-merger company if the deal closes. SVIII is part of the broader Spring Valley SPAC franchise, whose prior deals include NuScale Power (an SMR company, merged 2022) and Eagle Nuclear Energy (merged February 2026), reflecting a repeated focus on nuclear energy alongside the broader energy transition theme.