LeapFrog Acquisition Corp (LFAC) is a SPAC — a blank check company with no operations whose sole purpose is to identify and acquire a business. LeapFrog raised roughly $144M in its August 2025 IPO, with approximately $139M held in trust and invested in short-term U.S. government securities until a deal closes. LeapFrog is targeting acquisitions in energy, critical minerals, and infrastructure, with a preference for assets outside the United States. Specific themes include strategic energy supply chains with hard-to-replicate assets, critical minerals (rare earths, graphite, copper, lithium) where supply chain diversification away from China is creating opportunity, and infrastructure bottlenecks in grid, battery storage, LNG, and nuclear power. The Sponsor, LeapFrog Partners LLC, paid $25,000 for roughly 4.8M founder shares that convert to common shares upon deal close, creating a strong incentive to complete a transaction within the 24-month window. If no deal closes, the trust is liquidated and public shareholders receive approximately $10.00/share back, while the Sponsor's founder shares become worthless. Upon closing an acquisition, LeapFrog can fund the deal using trust cash, stock, debt, or PIPE financing, and public shareholders retain the right to redeem shares at approximately $10.00/share regardless of how they vote on the deal.