K2 Acquisition Corp is a SPAC — a blank check company incorporated in the Cayman Islands with no operations — formed for the sole purpose of identifying and merging with a private company to take it public. K2 raised $138M in its IPO in January 2026 by selling 13.8M units at $10 per unit, with proceeds held in trust. K2 has 18 months from IPO close to complete an acquisition or it must liquidate and return capital to shareholders. K2 is focused on two target sectors: physical AI and humanoid robotics (autonomous systems with applications in manufacturing, logistics, and eldercare) and advanced energy, specifically small modular nuclear reactors. K2's primary geographic focus is northern Europe, targeting companies with enterprise values between $150M and $750M. The sponsor, K2 Capital Sponsor LLC, receives founder shares at minimal cost that convert into equity in the combined company if a deal closes — this "promote" is the sponsor's primary economic incentive. The sponsor also purchased $2.6M in private placement units at $8 per unit. If no deal closes within 18 months, public shareholders receive their $10 per unit back plus interest from the trust. If a deal closes, shareholders who dislike the target can still redeem at trust value. The $138M in trust is K2's primary deal currency, supplementable with new equity, debt, or a combination.