Illumination Acquisition Corp I is a SPAC — a blank check company with no operations, revenues, or identified acquisition target. Illumination is raising $200M through an IPO at $10.00 per unit, with proceeds held in a U.S. trust account. The company has 24 months to acquire a private business, targeting middle-market companies with enterprise values of roughly $500M to $1B in sectors including nuclear energy, AI and high-performance computing, technology, industrial growth, and financial services. If no deal closes in time, the trust is liquidated and proceeds are returned to public shareholders at approximately $10.00 per share. Public shareholders can also redeem shares for cash at that price if they dislike a proposed deal. The sponsor, Illumination Acquisition 1 Sponsor LLC, acquired roughly 7.67M founder shares for $25,000 total, which convert to Class A shares upon deal completion — creating substantial upside for the sponsor even if the post-deal stock trades well below $10.00. Illumination's leadership comes primarily from Lucid Capital Markets, a boutique investment bank focused on small- and mid-cap growth companies, and CEO John Lipman previously led six SPACs under the Roth CH Acquisition franchise, all of which completed business combinations.