The SPAC from former Y Combinator president Sam Altman is trying to raise $400 million, instead of its initial $1 billion target. It's another sign that SPAC rage is cooling.
Sam Altman's SPAC recently slashed the amount of money it's raising to $400 million from $1 billion.
The 60% downsizing is another sign that the market for SPACs is cooling off.
One VC told Insider that more SPACs may need to slim down their offerings to find success.
In March, the SPAC launched with an intent to raise a $1 billion.
Klein, AltC's cosponsor, has launched eight SPACs, including one that announced a deal to acquire electric-vehicle maker Lucid Motors.
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