Ropes & Gray Advises on Gores Holdings X's $358.8 Million SPAC IPO
Deal News | May 06, 2025 | Ropes & Gray
Ropes & Gray has guided Gores Holdings X, Inc. through a record-setting initial public offering, raising $358.8 million in what is 2025's largest special purpose acquisition company (SPAC) IPO. Ropes & Gray served as legal counsel for Santander US Capital Markets, the IPO's underwriter, marking the third SPAC IPO advisory engagement by the law firm in recent weeks. Along with Gores Holdings X, Ropes & Gray also supported IPOs for Digital Asset Acquisition Corp. and Real Asset Acquisition Corp., each securing $172.5 million. Gores Holdings X, a blank check firm sponsored by The Gores Group, aims to engage in mergers or acquisitions. The advisory team from Ropes & Gray was led by capital markets partners Christopher Capuzzi and Paul Tropp.
Sectors
- Financial Services
- Legal Services
Geography
- United States – The SPAC IPO involves US-based entities like Santander US Capital Markets and takes place under the jurisdiction of the United States market.
Industry
- Financial Services – This industry deals with financial advisory services such as underwritings and IPOs, which are a central theme of the article.
- Legal Services – Ropes & Gray's role in legal advisement for the IPO places this article within the context of legal expertise and services.
Financials
- $358.8 Million – The total amount raised in Gores Holdings X's IPO, marking the largest SPAC IPO in 2025.
- $172.5 Million – Amount raised in each of the IPOs for Digital Asset Acquisition Corp. and Real Asset Acquisition Corp.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Gores Holdings X, Inc. | Target | Company | A special purpose acquisition company (SPAC) conducting an IPO to acquire or merge with other businesses. |
| Ropes & Gray | Legal Advisor | Company | Legal firm representing the underwriter in the IPO. |
| Santander US Capital Markets | Underwriter | Company | Acted as the underwriter for the Gores Holdings X, Inc.'s IPO. |
| The Gores Group | Sponsor | Company | The sponsor organization behind Gores Holdings X, focusing on strategic business combinations. |
| Christopher Capuzzi | Legal Advisor | Person | Capital markets partner at Ropes & Gray, led the advisory team. |
| Paul Tropp | Legal Advisor | Person | Capital markets partner at Ropes & Gray, part of the advisory team. |