Praetorian Capital Acquisition is a SPAC incorporated in the Cayman Islands in September 2025, with no operations, no revenues, and no identified acquisition target. Its sole purpose is to identify and merge with a private company to take it public. Praetorian raised $253M in its IPO at $10.00 per unit, with proceeds held in trust. The management team, led by CEO Dr. Justin Di Rezze and CFO Peter Ondishin, states a preference for traditional businesses that can be transformed through automation and AI, though the company can pursue targets in any industry or geography. The deal must close by January 2028 (extendable to April 2028), or Praetorian liquidates and returns trust funds to shareholders. The sponsor, Praetorian Sponsor LLC, purchased Founder Shares at a nominal price and will receive roughly 24.9% of the post-combination company upon deal close — the standard SPAC "promote" structure that rewards sponsors through equity rather than cash. Public shareholders bear the cost of this promote through dilution but have downside protection via a redemption right at approximately $10.00 per share. Ondishin previously served as CFO on two prior SPACs under the "Inflection Point" brand — one that merged with Intuitive Machines and one with USA Rare Earth — both of which saw redemption rates above 83% before closing, a pattern common across the SPAC market. Notably, Ondishin concurrently serves as CFO of a separate still-searching SPAC, IPCX, which raises a potential conflict of interest in sourcing acquisition targets.