Tearsheet

American Exceptionalism Acquisition A (AEXA)


Market Price (2/3/2026): $11.7 | Market Cap: $155.7 Mil
Sector: Financials | Industry: Multi-Sector Holdings

American Exceptionalism Acquisition A (AEXA)


Market Price (2/3/2026): $11.7
Market Cap: $155.7 Mil
Sector: Financials
Industry: Multi-Sector Holdings

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Low stock price volatility
Vol 12M is 19%
Trading close to highs
Dist 52W High is -1.3%, Dist 3Y High is -1.3%
Key risks
AEXA key risks include [1] its heavy reliance on the sponsor's ability to identify a successful target, Show more.
1  Weak multi-year price returns
2Y Excs Rtn is -31%, 3Y Excs Rtn is -62%
 
0 Low stock price volatility
Vol 12M is 19%
1 Trading close to highs
Dist 52W High is -1.3%, Dist 3Y High is -1.3%
2 Weak multi-year price returns
2Y Excs Rtn is -31%, 3Y Excs Rtn is -62%
3 Key risks
AEXA key risks include [1] its heavy reliance on the sponsor's ability to identify a successful target, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

American Exceptionalism Acquisition A (AEXA) stock has remained largely at the same level since 10/31/2025 because of the following key factors:

1. As a pre-merger Special Purpose Acquisition Company (SPAC), American Exceptionalism Acquisition A (AEXA) inherently trades near its trust value, which acts as a floor for its stock price.

2. The absence of a definitive business combination announcement meant there were no significant new developments to drive the stock price substantially higher or lower during the period. AEXA was still in the process of searching for a merger target in its stated focus areas of energy production, artificial intelligence, decentralized finance, and defense.

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Stock Movement Drivers

Fundamental Drivers

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Market Drivers

10/31/2025 to 2/2/2026
ReturnCorrelation
AEXA1.1% 
Market (SPY)2.0%38.3%
Sector (XLF)3.2%24.6%

Fundamental Drivers

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Market Drivers

7/31/2025 to 2/2/2026
ReturnCorrelation
AEXA  
Market (SPY)10.3%36.1%
Sector (XLF)3.5%30.9%

Fundamental Drivers

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Market Drivers

1/31/2025 to 2/2/2026
ReturnCorrelation
AEXA  
Market (SPY)16.6%36.1%
Sector (XLF)6.1%30.9%

Fundamental Drivers

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Market Drivers

1/31/2023 to 2/2/2026
ReturnCorrelation
AEXA  
Market (SPY)77.5%36.1%
Sector (XLF)54.5%30.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AEXA Return----7%2%9%
Peers Return0%0%0%0%3%1%4%
S&P 500 Return27%-19%24%23%16%1%85%

Monthly Win Rates [3]
AEXA Win Rate----75%50% 
Peers Win Rate0%0%0%0%43%50% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
AEXA Max Drawdown----0%-1% 
Peers Max Drawdown0%0%0%0%-0%-0% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-1% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: AIIA, ALIS, APAC, APXT, BCSS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/2/2026 (YTD)

How Low Can It Go

AEXA has limited trading history. Below is the Financials sector ETF (XLF) in its place.

Unique KeyEventXLFS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-26.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven36.7%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven525 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-43.3%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven76.5%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven295 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-26.1%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven35.2%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven338 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-83.7%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven515.2%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven4,470 days1,480 days

Compare to AIIA, ALIS, APAC, APXT, BCSS

In The Past

SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About American Exceptionalism Acquisition A (AEXA)

We are led by Chamath Palihapitiya, the founder and Managing Partner of Social Capital. Like Social Capital, the company is formed to confront the world’s hardest problems. Although these problems have evolved over the past decade, our approach remains the same—with a dedication to first principles thinking, deep technological understanding and a willingness to be contrarian to consensus. --- We intend to find companies that operate in sectors that we believe will be instrumental in maintaining U.S. global leadership for the next century. We believe that these innovative sectors are dependent on new company formation, the sustainability of robust private market funding and an increased willingness of private technology companies to become publicly-traded and therefore become available to a broader universe of investors who can benefit from their disruption and growth. Although there are many industries that are critically important in maintaining U.S. global leadership, we intend to focus on four areas that we believe are the most critical for investment and in which we have direct expertise. • Energy Production: Led by reindustrialization, AI, data centers and electrification, the United States has faced a sustained increase in demand for energy for the first time in two decades. In order for the United States to maintain energy independence, we do not believe there is any substitute to an ‘all of the above’ approach to energy production. While fracking and the natural gas revolution have supported the United States to date, we do not believe that this will be sufficient in the coming decades. Scaled solar energy, commercial nuclear energy, enhanced geothermal energy and mining for critical non-fuel minerals that are essential to national and economic security are all areas that will require capital in the coming years to support economic growth. • In this area, Social Capital led a $375 million Series C round in 2021 for Palmetto, a clean energy and technology services platform. In 2024, Palmetto secured more than $1.2 billion in capital to expand LightReach, accelerating solar adoption to an average of 300 new households per day across 30 states, according to a press release issued by Palmetto. • Artificial Intelligence: Venture investment in AI reached a record $130 billion in 2024, as reported in fDi Intelligence, as new language models competed for market share against established incumbents—while incumbents accelerated investment to keep their technological advantages. While the ultimate implications of the AI arms race are unclear, it appears obvious that we are in the early innings of a paradigm change in how technology interacts with day-to-day life. We will look to opportunities in AI technology itself, as well as solutions that solve the defining constraints of compute and technology. • In this area, Social Capital led Groq’s Series A and Series B rounds in 2016 and 2018 to develop custom silicon designed specifically for fast and scalable AI inference. Since then, Groq has raised over $1 billion to deploy its chips known as LPUs in data centers around the world. In addition, Mr. Palihapitiya founded 8090 in 2024 to build an AI-enabled software factory designed to produce high-quality, well-maintained enterprise software and has seen firsthand how AI has the power to fundamentally reshape our relationship with work. • Decentralized Finance: While Mr. Palihapitiya has long been a proponent of Bitcoin as an inflation hedge and alternative to fiat currencies, we believe that the next stage of development is the increased integration between traditional finance and decentralized finance. Recent developments such as the success of the public market debut of Circle Internet Group Inc. (NYSE: CRCL) has demonstrated how decentralized finance can be used to disintermediate traditional finance intermediaries and provide clear value for customers via reduced friction. As adoption accelerates across both consumers and institutions, we believe the opportunities for thoughtful application of decentralized finance are significant. • In this area, as an early investor in Bitcoin and Digital Currency Group, Mr. Palihapitiya has long believed in the power of decentralized finance and blockchain technologies to revolutionize traditional finance. Although the path to mainstream acceptance has taken longer than expected, the expansion of digital assets (including stablecoins) into the mainstream now appears to be inevitable. • Defense: Over the last decade, the U.S. Department of Defense budget requests for procurement and R&D have increased by approximately 340%, reaching $30.6 billion in 2024 from $9 billion in 2015, as reported by the Deloitte Research Center for Energy & Industrials. We believe the defense industry is expected to see continued growth as heightened geopolitical tensions contribute to increases in defense spending, notably in the unmanned systems market. • In this area, Social Capital led a Series A round in 2016 for Saildrone, which is a solution for offshore energy development and protection. Since then, Saildrone has raised over $200 million in funding to scale production and deploy its fleet of wind and solar-powered unmanned surface vehicles (USVs) for applications in climate science, maritime security and ocean mapping. Our executive offices are located Menlo Park, CA.

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  • Public Investment Vehicle: American Exceptionalism Acquisition A offers public investors a vehicle to invest in the future acquisition of a private company, managed by an experienced sponsor team.
  • Public Listing Pathway: It provides a mechanism for a private company to become publicly traded by merging with AEXA, often serving as an alternative to a traditional initial public offering (IPO).
  • Growth Capital Provision: AEXA raises capital through its initial public offering (IPO) and subsequent funding rounds to finance and fuel the growth of the private company it ultimately acquires.

AI Analysis | Feedback

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American Exceptionalism Acquisition A (AEXA) is an acquisition company, also known as a Special Purpose Acquisition Company (SPAC). As such, it does not currently have major customers that purchase goods or services from it.

SPACs are formed specifically to raise capital through an initial public offering (IPO) with the sole purpose of acquiring an existing private company. Until such an acquisition is completed (a process known as a de-SPAC transaction), American Exceptionalism Acquisition A does not operate a business that sells products or services to other companies or individuals.

Therefore, there are no customer companies or categories of individual customers to list for AEXA at this time.

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Steven Trieu Chief Executive Officer

Mr. Steven Trieu has served as the Chief Executive Officer of American Exceptionalism Acquisition Corp. A since July 2025. He also holds the position of Group Chief Financial Officer (CFO) at Social Capital, and is a Partner and Interim Global CFO at Social Capital. Additionally, Mr. Trieu is the Chief Financial Officer at 8090 Solutions Inc. and has been a Director at Groq, Inc. since 2025. His prior experience includes serving as a Partner and Chief Financial Officer at Social Capital LP from October 2017 to May 2021, where he oversaw multiple venture funds and publicly traded SPACs. He was also the Vice President of Finance at Quora, Inc. from 2011 to 2016 and the Director of Finance and Business Operations at Facebook from 2007 to 2011. Mr. Trieu's career began as an Analyst at Banc of America Securities from 2001 to 2004, followed by a role as Senior Manager, Business Operations at Yahoo! Inc. from 2004 to 2007.

Chamath Palihapitiya Chairman

Mr. Chamath Palihapitiya is the Founder and Managing Partner of Social Capital and serves as the Chairman of American Exceptionalism Acquisition Corp. A. Known as a serial blank-check firm operator or "SPAC King", he has led numerous special purpose acquisition companies, which have taken companies like Virgin Galactic (2019), Opendoor (2020), Clover Health (2020), and SoFi (2021) public through mergers. Some of his SPACs were liquidated after failing to secure merger targets. Social Capital has also sought to sell stakes in hundreds of startup companies. Earlier in his career, he was a senior executive at Facebook from 2007 to 2011, where he was involved in user growth for mobile and international markets. He also held positions at AOL, where he was a Vice President overseeing the instant messaging division, and at Mayfield Fund.

Kevin Conroy Independent Director

Mr. Kevin Conroy is an Independent Director for American Exceptionalism Acquisition Corp. A. He is currently the CEO of ConroyCo Ventures and serves on the board of BDG Media Inc. His extensive experience includes serving as an advisor to Madison Dearborn Partners, with a focus on technology, media, and telecom (TMT), indicating involvement with private equity. Mr. Conroy was the CEO and Chairman of the Board at Exact Sciences, joining in 2009 and becoming chairman in 2014, and oversaw the acquisition of more than 10 companies during his tenure. He was also the President and CEO of Third Wave Technologies, Inc. from 2005 to 2008. His background also includes leadership roles at GE Healthcare and executive positions at major media and entertainment corporations such as CBS, Fox, Bertelsmann, AOL, Univision (as Chief Strategy and Data Officer), and MGM Studios (as President, Digital and New Platforms).

Jas Athwal Independent Director

Mr. Jas Athwal is an Independent Director for American Exceptionalism Acquisition Corp. A. He previously served as the Chief Accounting Officer at Facebook. Prior to Facebook, he worked at Yahoo starting in 2001. He also has experience with a startup software company that was acquired before its initial public offering. Beyond his corporate financial roles, Mr. Athwal has a background in public service, having been elected as an MP for Ilford South since July 2024 and previously serving as the Leader of Redbridge London Borough Council. He co-owns residential and commercial properties in London and Bedfordshire that generate rental income.

AI Analysis | Feedback

The key risks to American Exceptionalism Acquisition Corp. A (AEXA) include:
  1. Failure to Complete a Business Combination: As a Special Purpose Acquisition Company (SPAC), AEXA's sole purpose is to identify and complete a merger or acquisition with a private company. If AEXA is unable to successfully identify a suitable target or complete a business combination within the required timeframe, it may be forced to liquidate and return the funds held in trust to its public stockholders. This would likely result in investors receiving back their initial investment without any opportunity for capital appreciation.
  2. Reliance on Sponsor's Track Record and Ability to Identify a Suitable Target: The success of AEXA is highly dependent on the ability of its sponsor, Chamath Palihapitiya, and his management team to identify and execute a value-creating business combination. Palihapitiya's previous SPAC ventures have had mixed outcomes, with some performing well while others have faced liquidations or significant losses for investors. The SPAC's performance metric, which requires a 50% stock appreciation threshold for sponsor vesting, aims to mitigate the risk of speculative overvaluation; however, the ultimate success still hinges on the sponsor's deal-making capabilities.
  3. General Market Skepticism and Regulatory Environment for SPACs: The broader SPAC market has experienced a period of heightened skepticism and increased regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC) following a boom-and-bust cycle. This environment presents challenges for SPACs in attracting investor confidence, identifying attractive merger candidates, and navigating complex regulatory requirements, which could negatively impact AEXA's ability to successfully complete its mission.

AI Analysis | Feedback

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For American Exceptionalism Acquisition Corp. A (AEXA), a Special Purpose Acquisition Company (SPAC) that recently completed its initial public offering on September 26, 2025, the expected drivers of future revenue growth are intrinsically linked to its strategic acquisition targets within specific high-growth sectors.

Led by Chamath Palihapitiya, AEXA aims to identify and merge with transformative businesses across four critical sectors. Therefore, the anticipated drivers of revenue growth over the next 2-3 years, once a business combination is completed, will stem from the underlying growth dynamics of the acquired entity within these identified areas:

  1. Growth and Adoption in Artificial Intelligence (AI) Solutions: AEXA is focused on acquiring companies in the artificial intelligence sector. Future revenue growth is expected to be driven by the increased demand for and adoption of AI technologies, products, or services developed and offered by the acquired company, including advancements in machine learning, data analytics, and automation across various industries.
  2. Expansion and Innovation in Energy Production: The SPAC targets businesses involved in energy production, specifically mentioning areas such as scaled solar energy, commercial nuclear energy, enhanced geothermal energy, and the mining of critical non-fuel minerals essential for national and economic security. Revenue growth will likely be fueled by increasing global energy demand, the transition to cleaner energy sources, and technological innovations in energy generation and storage.
  3. Development and Mainstream Integration of Decentralized Finance (DeFi): AEXA has indicated a focus on the decentralized finance (DeFi) sector. Revenue growth would be driven by the continued innovation and increasing mainstream adoption of decentralized financial applications, platforms, and services, potentially disrupting traditional financial systems.
  4. Advancements and Demand in the Defense Industry: The defense industry is another key sector for AEXA's acquisition strategy. Future revenue growth is anticipated to come from the development and deployment of new defense technologies, increased government spending on defense initiatives, and potential expansion into new markets or contracts for defense-related products and services.

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Share Issuance

  • American Exceptionalism Acquisition A completed its initial public offering (IPO) in late September/early October 2025, pricing an upsized offering of 30 million Class A ordinary shares at $10.00 per share, raising $300 million.
  • The IPO ultimately closed with the issuance of 34,500,000 Class A ordinary shares at $10.00 per share, including the full exercise of the underwriters' over-allotment option, generating gross proceeds of $345 million.
  • Concurrently with the IPO, the sponsor, AEXA Sponsor LLC, purchased 175,000 private placement shares at $10.00 per share, contributing an additional $1.75 million.

Inbound Investments

  • A total of $345 million from the IPO and the concurrent private placement was deposited into a U.S.-based trust account.

Outbound Investments

  • American Exceptionalism Acquisition A is a "blank check company" formed with the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, or similar business combination with one or more businesses.
  • The company intends to focus its search for a target company within sectors instrumental to maintaining U.S. global leadership, specifically energy production, artificial intelligence, decentralized finance, and defense industries.
  • As of late October 2025, American Exceptionalism Acquisition A continues operating without announced merger prospects.

Trade Ideas

Select ideas related to AEXA.

Unique Key

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

AEXAAIIAALISAPACAPXTBCSSMedian
NameAmerican.AI Infra.Calisa A.StoneBri.Apex Tre.Bain Cap. 
Mkt Price11.6810.009.9910.069.9710.1810.03
Mkt Cap0.20.20.1-0.40.10.2
Rev LTM--0---0
Op Inc LTM---0----0
FCF LTM---0----0
FCF 3Y Avg-------
CFO LTM---0----0
CFO 3Y Avg-------

Growth & Margins

AEXAAIIAALISAPACAPXTBCSSMedian
NameAmerican.AI Infra.Calisa A.StoneBri.Apex Tre.Bain Cap. 
Rev Chg LTM-------
Rev Chg 3Y Avg-------
Rev Chg Q-------
QoQ Delta Rev Chg LTM-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM-------
CFO/Rev 3Y Avg-------
FCF/Rev LTM-------
FCF/Rev 3Y Avg-------

Valuation

AEXAAIIAALISAPACAPXTBCSSMedian
NameAmerican.AI Infra.Calisa A.StoneBri.Apex Tre.Bain Cap. 
Mkt Cap0.20.20.1-0.40.10.2
P/S-------
P/EBIT---596.0----596.0
P/E---596.2----596.2
P/CFO---682.0----682.0
Total Yield---0.2%----0.2%
Dividend Yield0.0%0.0%0.0%-0.0%0.0%0.0%
FCF Yield 3Y Avg-------
D/E0.00.00.0-0.00.00.0
Net D/E-0.0-0.0-0.0-0.0-0.0-0.0

Returns

AEXAAIIAALISAPACAPXTBCSSMedian
NameAmerican.AI Infra.Calisa A.StoneBri.Apex Tre.Bain Cap. 
1M Rtn2.2%0.7%0.4%1.1%0.8%0.8%0.8%
3M Rtn2.2%0.7%0.7%17.8%0.5%1.0%0.9%
6M Rtn10.1%0.7%0.7%17.8%0.5%1.0%0.9%
12M Rtn10.1%0.7%0.7%17.8%0.5%1.0%0.9%
3Y Rtn10.1%0.7%0.7%17.8%0.5%1.0%0.9%
1M Excs Rtn0.6%-1.3%-1.3%-0.8%-1.1%-0.9%-1.0%
3M Excs Rtn-0.5%-1.6%-1.5%15.5%-1.8%-1.3%-1.4%
6M Excs Rtn-1.8%-11.1%-11.1%6.0%-11.3%-10.8%-11.0%
12M Excs Rtn-4.8%-14.2%-14.2%2.9%-14.4%-13.9%-14.1%
3Y Excs Rtn-61.7%-71.1%-71.1%-54.0%-71.3%-70.8%-71.0%

Comparison Analyses

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Financials

Short Interest

Short Interest: As Of Date1152026
Short Interest: Shares Quantity0.1 Mil
Short Interest: % Change Since 1231202514.0%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity13.3 Mil
Short % of Basic Shares0.5%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202511/14/202510-Q