Chamath Palihapitiya, known as Wall Street’s “SPAC King,” has launched a new $345 million blank-check vehicle, the American Exceptionalism Acquisition Corp. A (AEXA), targeting AI, energy, defense, and decentralized finance companies. The SPAC is up 3% in early trading Tuesday, structured differently to improve returns and limit retail investor involvement.

Palihapitiya’s first wave of SPAC deals led to poor returns, with Virgin Galactic and Clover Health losing value. Opendoor, once a meme stock, is still below its record price. SPACs, or special purpose acquisition companies, raise capital to merge with private companies and take them public within two years.

Palihapitiya’s return to SPACs comes with a new structure for AEXA, avoiding warrants and tying his compensation to share price appreciation. AEXA allocated only 1.3% to retail investors, with 98.7% going to large institutions chosen by him. Palihapitiya, known for his political realignment and media platform, is betting on the resurgence of SPACs after a slowdown due to regulatory scrutiny and poor performance.

Read more at CNBC: One-time ‘SPAC King’ Palihapitiya launches new blank-check vehicle with plan to ‘temper’ retail fervor