The veteran dealmaker behind over $5 billion in SPAC vehicles is eyeing the AI infrastructure boom as the next frontier for blank-check deals
The woman Wall Street calls the “SPAC Queen” thinks she knows how AI data center companies will reach public markets, and it’s the same vehicle she’s been driving for nearly a decade.
Betsy Cohen, co-founder of Cohen Circle LLC, has been making the case that SPACs, or special purpose acquisition companies, represent a natural path for AI infrastructure firms that need public capital to fund their massive buildouts.
The SPAC veteran’s track record #
Since 2015, Cohen has sponsored at least nine SPACs, successfully bringing seven companies public between 2015 and 2021. Across various funding vehicles, Cohen Circle has raised over $5 billion in total.
The firm operated under the name FinTech Masala until late 2022, when it rebranded to Cohen Circle to signal a broader investment appetite beyond its original fintech focus. Betsy Cohen founded the firm alongside her son Daniel Cohen.
Cohen Circle Acquisition Corp. I completed its business combination with Kyivstar Group in August 2025, receiving SPACInsider’s Deal of the Year recognition. Cohen Circle Acquisition Corp. II was filed in May 2025, targeting up to $220 million with a fintech focus.
While Cohen is publicly discussing SPACs as a vehicle for AI data center firms, her firm’s actual deal history has been concentrated in fintech and technology companies. A review of publicly available records indicates that Cohen Circle’s SPAC activities have not yet specifically focused on AI data centers.
Why AI data centers and SPACs make sense together #
SPACs offer a faster alternative to traditional IPOs and allow target companies to present forward-looking financial projections to investors, something that is restricted in conventional public offerings. For AI data center firms that are pre-revenue or early-revenue but sitting on contracted pipelines, that ability to sell the future is worth a lot.
What this means for investors #
Investors should understand the risk profile here. SPAC-merged companies have historically underperformed the broader market in their first year of trading. An AI data center firm that goes public via SPAC still needs to deliver on its construction timelines, secure power purchase agreements, and sign hyperscaler contracts.
Cohen Circle’s existing portfolio skews heavily toward fintech, and the Cohen Circle Acquisition Corp. II filing from May 2025 maintains that focus. Whether Cohen actually deploys a future vehicle specifically toward an AI data center target remains to be seen.
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