Xsolla SPAC 1 is a blank check company (SPAC) incorporated in the Cayman Islands with no operating business. Its sole purpose is to identify and acquire a private company, taking it public in the process. Xsolla SPAC 1 raised approximately $204M in its IPO and holds those proceeds in a trust account, invested in safe securities until a deal closes. Public shareholders can redeem shares at roughly $10.00 per share plus accrued interest if no deal closes, or if they dislike a proposed acquisition. The sponsor, controlled solely by Aleksandr Agapitov, received founder shares at a nominal price and retains them only if a deal closes — creating an incentive to complete an acquisition. Xsolla SPAC 1 targets companies in video games, fintech, ad tech, and telecommunications, with a preferred enterprise value range of $500M–$1B, spanning geographies including North America, Asia Pacific, Europe, the Middle East, and North Africa. The sponsor's affiliation with Xsolla — a private global payments and commerce platform for the video game industry — is the central sourcing argument, providing access to a network of developers, publishers, and payment providers. If no acquisition closes within 24 months of the IPO, the trust is liquidated and public shareholders are returned their capital.