Karbon Acquisition (KBON) is a SPAC — a blank check company with no operations — formed to acquire a private company and bring it public through a Business Combination. Karbon raised $345M in its December 2025 IPO, with proceeds held in trust and invested in short-term U.S. Treasuries until a deal closes. Karbon intends to focus on power generation, energy infrastructure, and energy technology, targeting companies with enterprise values of $2B or more. Karbon has not yet identified a target and has 24 months (or 27 months if it signs a letter of intent within 24 months) to complete a deal, after which it must liquidate and return cash to shareholders at roughly $10.00 per share. The sponsor, Karbon Capital Partners Core Holdings, received ~20% of post-IPO shares for a nominal $25,000, giving it a strong incentive to close a deal. Karbon's primary asset at this stage is its management team, which includes Thomas Karam, former CEO of Equitrans Midstream, and Joseph Manchin, former U.S. Senator and West Virginia Governor, whose energy sector networks and policy relationships are Karbon's main deal-sourcing advantage.