Xsolla SPAC 1 prices downsized $200 million IPO, led by the founder of video game fintech Xsolla
IPO Overview
Xsolla SPAC 1, a blank check company led by executives from video game fintech Xsolla, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of one warrant exercisable at $11.50 per share. The company had originally filed in October 2025 with plans to raise $250 million.
The SPAC is led by Chairman Aleksandr “Shurick” Agapitov, the founder and CEO of global video game commerce company Xsolla, known for its Pay Station payment gateway. He is joined by CEO and Director Dmitry Burkovskiy, the CIO of Xsolla, and CFO and Director Rytis Joseph Jan, Xsolla’s SVP Global Strategic Initiatives & Government Relations.
The SPAC plans to target businesses with an aggregate enterprise value between $500 million and $1 billion, focusing on the video game industry, including distribution, payments, digital goods, and infrastructure, as well as fintech, adtech, and telecommunications.
Xsolla SPAC 1 plans to list on the Nasdaq under the symbol XSLLU. D. Boral Capital acted as sole bookrunner on the deal.
About the Company
We are a newly incorporated blank check company incorporated as Cayman Islands exempted company. We intend to seek to acquire one or more businesses with an aggregate enterprise value in excess of $500 million, determined in the sole discretion of our officers and directors according to reasonably acceptable valuation standards and methodologies, although a target entity with a smaller or larger enterprise value may be considered. While we may pursue an initial business combination in any business or industry, we intend to focus our search primarily on high-growth sectors that demonstrate strong secular tailwinds and structural transformation potential, including: Video Games, a large and rapidly growing industry with significant opportunities in distribution, payments, digital goods, and infrastructure, Financial Technology （FinTech）， companies enabling payments, embedded finance, and digital transactions across consumer and enterprise markets; Advertising Technology （Ad Tech）， platforms and infrastructure supporting digital advertising, user acquisition, and monetization; and Telecommunications, enabling infrastructure and platforms with opportunities to converge with gaming, media, and fintech ecosystems.