AI chipmaker Forge Nano to list via $1.6 billion SPAC deal

​Forge Nano, a US-based semiconductor ​equipment and advanced materials company, plans to go public ​through a $1.6 billion blank-check deal with Archimedes Tech SPAC Partners II, the companies announced on Tuesday.

The deal comes amid booming demand for AI chips in recent years ‌as companies ⁠ramp ⁠up spending on data centers and high-performance computing to support generative AI applications, benefiting ​chip firms and equipment makers across the supply chain.


Robust demand has boosted orders ​for advanced chips and the tools used to manufacture them, despite lingering worries over supply constraints and the industry's cyclical nature.

The deal is ​expected to generate gross proceeds of ⁠up to $342 ‌million, including $242 million held in the special purpose acquisition ​company's (SPAC) trust ​account.

A SPAC is a shell firm that ⁠raises capital through an IPO to merge with a private ​business, offering a quicker alternative than a traditional ​IPO.

SPAC mergers hit record levels in 2020 and 2021, with several Wall Street heavyweights - including billionaire investors Bill Ackman and Michael Klein - betting on them as the next big trend in listings.

However, activity slowed sharply in subsequent years as regulatory scrutiny increased and investors ‌soured on the once-popular vehicle.

Forge Nano is backed by several marquee investors, including Volkswagen, GM Ventures and LG Technology Ventures. It has also received a $100 ⁠million grant from the US Department of Energy.

Forge Nano said it will use the proceeds to scale US manufacturing of semiconductor tools and ​lithium-ion batteries and support expansion into high-growth markets such as pharmaceuticals, data centers and quantum computing.

The companies expect the SPAC deal to close in the second-half of 2026. The combined entity will trade on the Nasdaq under the ticker symbol 'NANO'.