Most special purpose acquisition vehicles aren't worth the attention if you're buying at face value—you typically need to wait for that brutal 90% drawdown before they become interesting. Valuation matters. That said, some sponsors break the mold. When a team has already delivered track records through previous SPAC launches, and you're looking at fundamentals that don't scream "overheated," it shifts the calculus. A company trading at 100x forward sales is objectively stretched, sure. But execution by credible operators sometimes changes the game. The thesis here isn't about chasing hype—it's about backing teams that have proven they can navigate these structures and actually build value. 📈