Austerlitz Acquisition is a blank check SPAC that raised $230M in its February 2026 IPO at $10.00 per unit, with that capital held in trust invested in U.S. treasuries or money market funds while management searches for an acquisition target. The company has up to 36 months to complete a merger with a private company, effectively taking that target public; if no deal closes, trust funds are returned to shareholders. Management — CEO Lorne Abony and CFO/COO Leo Kofman — focuses on targets in defense technology, advanced computing, software, and media, with target enterprise values of roughly $750M to $1.5B. The sponsor, Abony Sponsor I LLC, receives founder shares at nominal cost that convert into an equity stake in the combined company upon deal close, representing the primary economic incentive for management. The sponsor and BTIG also purchased $6.95M in private placement units alongside the IPO, which are at risk if no deal is completed. Public shareholders, by contrast, can redeem shares at approximately $10.00 per share regardless of how they vote on a proposed deal, limiting downside but also limiting upside. The sponsor's near-zero cost basis on founder shares creates an incentive to complete a deal before the deadline even if the target quality is poor — a misalignment with public shareholders who bear the downside of a bad acquisition.