Churchill Capital Corp XIII has completed its initial public offering, raising gross proceeds of $414 million after Citigroup fully exercised its over-allotment option. The special purpose acquisition company (SPAC), founded by Michael Klein of M. Klein and Company, LLC, sold a total of 41,400,000 units at $10.00 per unit. The capital raised is designated for effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in any industry. The closing marks the successful market debut for the entity, which aims to identify a target business combination using the trust-held funds.

The units began trading on the Nasdaq Global Market under the symbol "XIIIU" on July 31, 2026. Each unit comprises one Class A ordinary share and one-tenth of one redeemable warrant. Once the securities begin separate trading, the Class A ordinary shares will trade under the symbol "XIII" and the warrants under "XIIIW." Each whole warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share. The registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (SEC) on July 30, 2026.

Citigroup acted as the sole book-running manager for the offering. The final transaction included 5,400,000 additional units issued pursuant to the full exercise of the over-allotment option, increasing the total units offered from the initial 36,000,000 to 41,400,000. Of the proceeds received from the consummation of the initial public offering and the exercise of the over-allotment option, $414,000,000 was placed in trust, representing $10.00 per unit sold in the public offering.

Offering Details

What the Numbers Show

The full exercise of the over-allotment option by Citigroup signals strong investor demand, allowing Churchill Capital Corp XIII to raise the maximum possible capital of $414 million rather than the initially planned $360 million. This additional liquidity provides greater flexibility in pursuing larger or more complex business combination targets. The placement of the entire $414 million into trust ensures that the net proceeds are preserved until a target is identified, adhering to standard SPAC structures that protect investor capital until a definitive agreement is reached. The fixed exercise price of $11.50 for warrants offers investors leveraged exposure to the future equity value of the combined entity post-business combination.