Safeguard Acquisition Corp is a SPAC with no operations, revenue, or products. Safeguard raised $230M at $10 per share in its December 2025 IPO, with all proceeds held in a Trust Account invested in U.S. Treasuries or money market funds. Safeguard has 24 months to complete a Business Combination; if no deal is done, the Trust is liquidated and shareholders get their money back at approximately $10 per share. Safeguard is targeting acquisitions in three sectors: defense technology (drones, counter-drone, AI/ML for defense, munitions), government solutions and national security (cybersecurity, intelligence analytics, cloud infrastructure), and space (satellite comms, commercial launch, LEO broadband). Within these sectors, Safeguard is focused on established, profitable businesses with long-term government contracts, visible backlog, and proprietary technology — not early-stage startups. The Sponsor, Safeguard Acquisition Management, received Founder Shares representing 25% of post-IPO shares outstanding for a nominal ~$25,000 investment; these shares convert to real equity upon a completed deal, or expire worthless if no deal closes. Safeguard's investment thesis centers on sustained growth in U.S. and NATO defense spending, citing an enacted U.S. DoD budget of $842B in FY2024, a proposed FY2026 budget of $962B, and a new NATO commitment to raise member defense spending to 3.5% of GDP by 2035.