Iron Horse Acquisitions II (IRHO)
Market Price (8/7/2026): $10.01 | Market Cap: $293.5 MilSector: Financials | Industry: Multi-Sector Holdings
Iron Horse Acquisitions II (IRHO)
Market Price (8/7/2026): $10.01Market Cap: $293.5 MilSector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 1.8% | Trading close to highsDist 52W High is -0.6%, Dist 3Y High is -0.6% Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -67% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -1.2 Mil Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 115x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5% Key risksIRHO key risks include [1] the management team's poor performance with a previous SPAC and [2] a targeted acquisition focus on the volatile media and entertainment sector. |
| Low stock price volatilityVol 12M is 1.8% |
| Trading close to highsDist 52W High is -0.6%, Dist 3Y High is -0.6% |
| Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -67% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -1.2 Mil |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 115x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5% |
| Key risksIRHO key risks include [1] the management team's poor performance with a previous SPAC and [2] a targeted acquisition focus on the volatile media and entertainment sector. |
Qualitative Assessment
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Iron Horse Acquisitions II (IRHO) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Stable Trust Account Value for a Special Purpose Acquisition Company (SPAC).
As a Special Purpose Acquisition Company (SPAC), Iron Horse Acquisitions II (IRHO) completed its initial public offering (IPO) in December 2025, raising approximately $230 million. These proceeds are held in a trust account, which largely dictates the floor of the stock's value, typically around $10.00 per share. The company's net income for fiscal Q1 2026 (ended February 28, 2026) was $1.36 million, primarily driven by $1.64 million in interest earned on these trust account funds. Similarly, for the six months ended May 31, 2026 (fiscal Q3 2026), net income was $2.66 million, fueled by $3.71 million of interest on the approximately $233.54 million held in trust, reinforcing the stability around the IPO price.
2. Ongoing Definitive Business Combination with Private Company Electra AI.
The stock's consistent trading level is primarily a reflection of its status as a SPAC awaiting the completion of its definitive business combination. On April 21, 2026, IRHO announced a merger agreement with Electra Vehicles, Inc. ("Electra"), an AI Battery Intelligence company, valued at over $250 million. Since IRHO has no operational revenues of its own as a blank-check company, its stock movement is tied to the expectation of this merger's successful close, anticipated in the second half of 2026, rather than fluctuating based on traditional business performance.
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Iron Horse Acquisitions II (IRHO) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Stable Trust Account Value for a Special Purpose Acquisition Company (SPAC).
As a Special Purpose Acquisition Company (SPAC), Iron Horse Acquisitions II (IRHO) completed its initial public offering (IPO) in December 2025, raising approximately $230 million. These proceeds are held in a trust account, which largely dictates the floor of the stock's value, typically around $10.00 per share. The company's net income for fiscal Q1 2026 (ended February 28, 2026) was $1.36 million, primarily driven by $1.64 million in interest earned on these trust account funds. Similarly, for the six months ended May 31, 2026 (fiscal Q3 2026), net income was $2.66 million, fueled by $3.71 million of interest on the approximately $233.54 million held in trust, reinforcing the stability around the IPO price.
2. Ongoing Definitive Business Combination with Private Company Electra AI.
The stock's consistent trading level is primarily a reflection of its status as a SPAC awaiting the completion of its definitive business combination. On April 21, 2026, IRHO announced a merger agreement with Electra Vehicles, Inc. ("Electra"), an AI Battery Intelligence company, valued at over $250 million. Since IRHO has no operational revenues of its own as a blank-check company, its stock movement is tied to the expectation of this merger's successful close, anticipated in the second half of 2026, rather than fluctuating based on traditional business performance.
3. Consistent Progress and Communication Regarding the Merger.
Throughout the period from April 30, 2026, to August 2, 2026, IRHO and Electra consistently updated investors on the merger process. This included the filing of a Form S-4, amendments to the merger agreement, and the release of additional investor materials. Positive news regarding Electra's business, such as its selection by Propel Industries to power an electric mining fleet in July 2026, provided incremental positive updates. However, these updates served more to affirm the merger's progression rather than to introduce new information significant enough to cause a substantial deviation from the stable SPAC valuation.
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Stock Movement Drivers
Fundamental Drivers
The 0.6% change in IRHO stock from 4/30/2026 to 8/6/2026 was primarily driven by a 0.0% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8062026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.95 | 10.01 | 0.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| Net Income Margin (%) | ∞% | ∞% | 0.0% |
| P/E Multiple | 198.3 | 115.0 | -42.0% |
| Shares Outstanding (Mil) | 24 | 29 | -16.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 8/6/2026| Return | Correlation | |
|---|---|---|
| IRHO | 0.6% | |
| Market (SPY) | 6.9% | -1.5% |
| Sector (XLF) | 10.9% | -2.9% |
Fundamental Drivers
nullnull
Market Drivers
1/31/2026 to 8/6/2026| Return | Correlation | |
|---|---|---|
| IRHO | ||
| Market (SPY) | 11.4% | 1.9% |
| Sector (XLF) | 8.7% | 0.7% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2025 to 8/6/2026| Return | Correlation | |
|---|---|---|
| IRHO | ||
| Market (SPY) | 22.6% | 1.9% |
| Sector (XLF) | 11.7% | 0.7% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2023 to 8/6/2026| Return | Correlation | |
|---|---|---|
| IRHO | ||
| Market (SPY) | 73.8% | 1.9% |
| Sector (XLF) | 71.0% | 0.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IRHO Return | - | - | - | - | - | 2% | 2% |
| Peers Return | 1% | 1% | |||||
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| IRHO Win Rate | - | - | - | - | - | 43% | |
| Peers Win Rate | 80% | ||||||
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| IRHO Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | |||||||
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AACP, ACGC, AESP, ALPX, AMAN.
[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 8/6/2026 (YTD)
How Low Can It Go
IRHO has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.5% | -18.8% |
| % Gain to Breakeven | 18.4% | 23.1% |
| Time to Breakeven | 80 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.7% | -9.5% |
| % Gain to Breakeven | 12.0% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.1% | -6.7% |
| % Gain to Breakeven | 19.1% | 7.1% |
| Time to Breakeven | 270 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.7% | -19.2% |
| % Gain to Breakeven | 24.5% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
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IRHO has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.4% | -12.2% |
| % Gain to Breakeven | 27.3% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.1% | -17.9% |
| % Gain to Breakeven | 35.3% | 21.8% |
| Time to Breakeven | 162 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.3% | -53.4% |
| % Gain to Breakeven | 359.8% | 114.4% |
| Time to Breakeven | 2329 days | 1085 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% 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 Iron Horse Acquisitions II (IRHO)
Iron Horse Acquisitions II (IRHO) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its core business purpose is to raise capital through an initial public offering (IPO) and then use that capital to acquire and merge with one or more existing private operating businesses. Essentially, IRHO serves as an investment vehicle designed to facilitate a private company's entry into the public market through an acquisition, rather than a traditional IPO.
As a SPAC, IRHO does not currently offer any products or services of its own, nor has it identified a specific business combination target. While its mandate allows it to pursue acquisition opportunities across any industry or geographic region, the management team intends to leverage its established global relationships and operational expertise with a particular focus on the media and entertainment (M&E) industry. The company plans to search globally for M&E target companies, specifically highlighting areas such as music, animation, and artificial intelligence (AI).
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- Business Combination Vehicle: A special purpose acquisition company (SPAC) formed to acquire or merge with one or more existing businesses, with a focus on the media & entertainment industry.
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Iron Horse Acquisitions II (IRHO) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its business purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. As of the provided description, the company has not yet selected any specific business combination target and its efforts have been limited to organizational activities and activities related to its offering.
Therefore, Iron Horse Acquisitions II (IRHO) does not currently have any major customers, as it is not yet operating a business that sells products or services to other companies or individuals.
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Jose Antonio Bengochea, Chief Executive Officer and Chairman
Mr. Bengochea is the Founder, Chief Executive Officer, and Chairman of the Board of Iron Horse Acquisitions Corp. II. He also served as the CEO and a director of Iron Horse I from November 2021 until its successful close on September 30, 2025. Mr. Bengochea is the Founder and CEO of Bengochea Capital LLC, an investment firm he founded in 2020 that focuses on frontier asset classes and global opportunities in media and entertainment, leveraging his network of industry executives and celebrities. Bengochea Capital has been a registered media entity with the Recording Academy for the 2023 and 2024 Grammy Awards and has been present at the Cannes Film Festival. Before founding Bengochea Capital, he was part of Sony's Global Business Development team in Los Angeles and previously served as a corporate attorney at Jenner & Block in New York City.
William Caragol, Chief Financial Officer and Director
Mr. Caragol is the Chief Financial Officer and a Director of Iron Horse Acquisitions Corp. II, and is also its co-founder alongside Mr. Bengochea. He previously served as the Chief Financial Officer and Chief Operating Officer of Iron Horse I since December 2023. Mr. Caragol possesses over 30 years of experience working with growth-stage companies. In 2018, he founded and is the Managing Director of Quidem LLC, a corporate strategic and financial advisory firm. Since July 2021, he has been the Chief Financial Officer of Mainz Biomed N.V. (NASDAQ: MYNZ), a molecular genetics diagnostic company. He also holds board positions at Worksport Ltd. and Janover, Inc., and was previously Chairman of the Board of Thermomedics, Inc.
Kenneth C. Winterbottom IV, General Counsel
Mr. Winterbottom is a highly experienced corporate and transactional attorney. Prior to joining Iron Horse II, he worked on the Iron Horse I IPO while at Zarren Law Group, LLC. Before Zarren, he practiced at Dechert LLP for many years, where he represented diverse clients in complex transactional matters, including public company acquisitions, global M&A deals, SPAC IPOs (including Iron Horse I's IPO), and "de-SPAC" transactions. He also possesses considerable expertise in corporate governance matters for publicly traded companies.
Tarron Hecox, Lead Independent Director
Mr. Hecox serves as the Lead Independent Director for Iron Horse Acquisitions Corp. II and has extensive public markets and operational experience. Since 2019, he has held various commercial roles at AGCO Corporation (NYSE: AGCO), a Fortune 500 company. Previously, Mr. Hecox worked with the Howard G. Buffett Foundation, William Blair & Company, and Parnassus Investments. He also co-founded Spartan Capital L.L.C. in 2017, a private fund focused on technology opportunities.
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- Failure to complete a business combination. As a blank check company, Iron Horse Acquisitions II's sole purpose is to effect a business combination. The company explicitly states it has not selected any specific business combination target nor engaged in any substantive discussions, indicating a primary risk that it may not be able to identify and successfully complete an initial business combination within the required timeframe.
- Intense competition for attractive acquisition targets. Iron Horse Acquisitions II intends to search globally for target companies, with a focus on the media & entertainment industry. This market is highly competitive, and the company may face significant challenges in identifying and securing a suitable business combination target against other SPACs, private equity firms, and strategic buyers.
- Dependence on the management team's ability to identify and execute a successful business combination. The success of Iron Horse Acquisitions II is heavily reliant on its management team's ability to leverage their established global relationships and operating experience to identify, evaluate, and negotiate a value-enhancing initial business combination. The failure of the management team to do so could adversely affect the company's ability to complete a merger.
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Capital Allocation Decisions for Iron Horse Acquisitions II (IRHO)
-
Share Issuance
- Iron Horse Acquisitions II completed its Initial Public Offering (IPO) on December 18, 2025, by selling 23 million units at $10.00 per unit, generating gross proceeds of $230 million.
- The IPO included the full exercise of the underwriter's over-allotment option for 3 million units.
- Simultaneously with the IPO, the company issued 570,000 Private Placement Units at $10.00 per unit, resulting in gross proceeds of $5.7 million.
-
Inbound Investments
- The company received $230 million in gross proceeds from its Initial Public Offering.
- An additional $5.7 million was generated from the private sale of Private Placement Units.
- Following the IPO and private placement, $230 million was placed into a Trust Account, intended for a future business combination.
-
Share Repurchases
- Iron Horse Acquisitions II has not engaged in any equity repurchase programs.
-
Outbound Investments
- As a blank check company, Iron Horse Acquisitions II has not yet made any outbound strategic investments in other companies, as its primary purpose is to complete a business combination.
-
Capital Expenditures
- Iron Horse Acquisitions II has not engaged in any significant capital expenditures, with its activities limited to organizational efforts and the IPO process, and no current operations or revenue generation.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.98 |
| Mkt Cap | 0.3 |
| Rev LTM | 0 |
| Op Inc LTM | -1 |
| FCF LTM | -1 |
| FCF 3Y Avg | - |
| CFO LTM | -1 |
| CFO 3Y Avg | - |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | - |
| Rev Chg 3Y Avg | - |
| Rev Chg Q | - |
| QoQ Delta Rev Chg LTM | - |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| 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 | - |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.01 | -0.01 | -0.00 | 0.01 | -0.02 | 0.00 |
| Up Beta | 0.03 | -0.01 | 0.00 | 0.01 | -0.00 | 0.01 |
| Down Beta | 0.02 | 0.02 | 0.02 | -0.06 | -0.04 | -0.01 |
| Up Capture | -5% | -3% | 0% | 2% | 1% | 0% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 4 | 9 | 17 | 33 | 33 | 33 |
| Down Capture | -2% | -1% | -3% | -2% | -1% | -1% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 7 | 12 | 16 | 25 | 25 | 25 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IRHO | |
|---|---|---|---|---|
| IRHO | 1.6% | 2.0% | 0.14 | - |
| Sector ETF (XLF) | 13.2% | 14.6% | 0.63 | 0.8% |
| Equity (SPY) | 23.5% | 12.9% | 1.37 | -0.6% |
| Gold (GLD) | 25.3% | 28.3% | 0.79 | -14.1% |
| Commodities (DBC) | 32.4% | 19.8% | 1.30 | -12.6% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | -9.1% |
| Bitcoin (BTCUSD) | -43.6% | 43.0% | -1.21 | -2.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IRHO | |
|---|---|---|---|---|
| IRHO | 0.3% | 2.0% | 0.14 | - |
| Sector ETF (XLF) | 11.3% | 18.4% | 0.47 | 0.8% |
| Equity (SPY) | 13.2% | 17.2% | 0.59 | -0.6% |
| Gold (GLD) | 17.9% | 18.5% | 0.78 | -14.1% |
| Commodities (DBC) | 8.0% | 19.6% | 0.31 | -12.6% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | -9.1% |
| Bitcoin (BTCUSD) | 10.0% | 53.0% | 0.38 | -2.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IRHO | |
|---|---|---|---|---|
| IRHO | 0.2% | 2.0% | 0.14 | - |
| Sector ETF (XLF) | 13.7% | 22.1% | 0.57 | 0.8% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | -0.6% |
| Gold (GLD) | 11.8% | 16.2% | 0.59 | -14.1% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | -12.6% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | -9.1% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | -2.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Multi-Sector Holdings Resources |
| McKinsey & Company Insights |
| Harvard Business Review |
| ValueWalk |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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