Top 3 SPAC Targets – Enterprise AI Managers
After a quiet stretch in the SPAC market, we pressed pause on this column. But with deal flow picking up, targets getting more creative, and sponsors back in hunting mode, it’s the right time to bring back one of our favorites: the Top 3 SPAC Targets. Read on to see who we picked for private targets among firms providing optimization and integration platforms for AI and LLMs into workflows.
Plenty of money has been pouring into AI data centers, but there are angles on the AI trade now emerging that have not yet attracted the same amount of attention. In many cases, this is because the needs they are meeting are so new.
Everything that goes into an AI data center – chips, other hardware and power to keep it on – are seeing surging demand. But each of those individual components have been available, in the market and understood by the investment community for some time.
What is less understood is how exactly all of this AI bandwidth can be efficiently integrated into broader corporate operations and how companies can manage their interaction with the new giants providing those AI tools. Uber (NASDAQ:UBER) recently made headlines when it revealed that not only had AI usage ballooned its R&D budget to $3.4 billion in 2025, but that it blew through the entire AI portion of that for 2026 in the first four months of the year.
The company found that the monthly API costs on AI tokens and the like had ranged from $500 to $2,000 per engineer as they increasingly relied on the Claude and Cursor to write code. If this is the new norm, every major company will need a strategy on how to keep pace without losing its grip on spending. And, companies that can offer platforms for managing those resources look to be big players in the AI economy.
Mintlify
One issue with pairing a SPAC with a company emerging in this space, is so many of them are so young.
Mintlify counts as one of the more seasoned players in this space having been founded in 2021. It has nonetheless moved quickly in developing an enterprise API that users can leverage for coding and web-building with the increased muscle of AI agents, and other optimizing software.
Many AI companies have turned to Mintlify themselves to optimize their workflows and it counts Perplexity, Anthropic and X among its clients. Mintlify has been aggressive in consolidating this market around it as well, and it acquired peer Helocone in March.
That deal brought Helicone’s team as well as its unique open source LLM observability platform under Mintlify’s wing. This includes the data from three years that Helicone spent monitoring AI usage at about 16,000 organizations. It will now put that to use in helping Mintlify’s platform retain AI-generated knowledge for clients and facilitate greater independent operations by AI agents.
Mintlify followed up that acquisition with a $45 million Series B that drew participation from a16z, Salesforce Ventures and Bain Capital among others. A SPAC deal could help Mintlify be even more nimble on the M&A front, while also potentially becoming a first-mover as the first pure-play AI manager in the public markets.
TrueFoundry
TrueFoundry is also from the 2021 vintage and it has built a platform that can integrate any of the growing number of agentic AI or LLM models into workflows.
The company’s users can also use dedicated Model Control Protocol (MCP) servers that can manage agent traffic, enforce rate limits and isolate workloads between individual teams or projects within an organization.
TrueFoundry users have reported reductions in cloud and token spend as high as -60% while also speeding up deployments by as much as 5x. The company has brought its platform upstream to the chip side as well, and it worked with NVIDIA (NASDAQ:NVDA) to optimize its own GPU utilization while engaging with AI clients.
Like Mintlify, it offers a free version of its platform for explorers and early builders, but with a pricier $499 per month subscription for small teams. Both companies customize pricing for larger enterprise clients, but TrueFoundry has a middle step of a $2,999 monthly subscription focused on what it considers to be its forte – maintaining strict data controls and AI spend accounting for organizations of varying size.
TrueFoundry is also likely already taking calls from investors since it has been over a year since its last capital raise, which brought in $19 million in February 2025. At the time of the raise, the company noted that it had quadrupled its customer base over the previous year.
Together AI
Together AI is also taking calls, and it may be the most ready for a dive all the way into the public markets.
Its customer base has swelled about 450,000 AI developers and company clients large and small, and its services have expanded to the point where it practically offers a company-in-a-box.
Like its two peers mentioned above, Together AI has designed many of its tools to be used by startups to supercharge the effectiveness of their small teams and get their business ideas into operation as quickly as possible.
But, Together AI takes things further by helping those companies design their local GPUs and co-selling the startups’ products and services through the broader Together AI ecosystem. The company even offers to help connect startup clients with the venture capital firms that Together AI has worked with in the past or that are a part of its network.
Together AI demonstrated the depth of that network when it raised a $305 million Series B in February 2025. The company reportedly hopes to go much bigger in this year’s raise, seeking an infusion of $1 billion at a valuation of $7.5 billion as of March.
There has not been news on that front for now two months, however, suggesting there could be an opening for a SPAC to offer to dual-track that effort. There is no shortage of SPAC teams that have mentioned AI as an area of interest for their searches.
And, a 7.5x revenue multiple might be a low floor in the public markets considering the direction of AI.