Constellation I (Davis Richard Charles)
#82 of 11750/100 from 1 resolved vehicle (1 closed, 0 failed), 17% of the raw 53 after small-sample shrink, completion credit gated ×0.83 by the measured post-close record. Confidence: low.
Sponsor DNA
what has happened before, with its sample size- Completion rate—n=1 resolved vehiclederived
- Liquidation rate—n=1 resolved vehiclederived
- Median post-close return—n=1 priced completed deSPACderived
- Median redemption66%n=4 redemption events with a stated ratederived
- Deals terminated0terminated dealscounted
- Extension votes on record4extension votescounted
3 of 6 statistics carry a figure for this sponsor. A rate is published from 3 resolved vehicles and a median from 3 observations: two points have no middle, and a rate over two can only be 0, 50 or 100. Counts have no threshold — a count is an observation, not an estimate.
Everything marked derived is arithmetic we did to rows we hold, not a figure any filing states.
What this panel will not tell you, and why (6)›
Score breakdown
every component, what it measured, and what it could not- Deal completion20% weightn=183/100
1/1 resolved vehicles closed a deal (100%); 0 liquidated, 0 terminated. Gated ×0.83 by measured post-close quality (33/100): closing deals that ended below trust value is not a completed job, so only 83% of the completion credit is earned. Full credit resumes at outcome quality 50/100 (the median deSPAC ending at trust value); the gate can never exceed 1×. Small sample — the shrink below keeps this near neutral.
- Liquidation / termination drag16% weightn=3100/100
0 liquidations and 0 terminations across 3 vehicles raised → 0% attrition (terminations 1.25×, stale shells 0.75×).
- Post-close outcome quality40% weightn=133/100
1 priced deSPAC vs trust value (prior vehicles against the $10.00 IPO baseline, in-DB vehicles against the trust they filed): median -99%, 0/1 still worth at least half of trust, 1 at under a tenth of it. Worst: SDST -99%. n=1, pulled toward neutral.
- Redemption behaviour10% weightn=439/100
Median 66% of public shares redeemed across 4 filed events (lower is better).
- Extension reliance8% weightn=433/100
4 extension votes across 2 in-DB vehicles (2.0 per vehicle; 3+ scores zero).
- Live fleet vs trust6% weightn=20/100
0/2 live vehicles trading at or above the trust value they filed.
- Measured weak recordflat penaltyn=1not measurable
Only 1 measured prior vehicle (median -99%) — one vehicle is an anecdote, not a record; the rule needs ≥2.
How the number is built: weighted mean of the six components above = 53, then pulled 83% of the way back to the neutral 50 for small sample size (1 resolved vehicle) = 50.
How the Sponsor Score worksoutcome-first weighting
The score answers one question: did this sponsor make money for the people who held through the merger? Not “did they get a deal signed”. Those are different questions, and most sponsor rankings quietly answer the second one.
So post-close outcome quality carries 40% — the realised return of every prior vehicle we can price from a primary filing, measured against the $10.00 trust baseline. Deal completion carries 20%, and it is gated: closing deals that ended below trust value only earns part of the completion credit, because closing is a precondition for a return, not a return. Liquidation and termination drag takes 16%, redemption behaviour 10%, extension reliance 8%, and what the tape says about the live fleet just 6% — a quote is an opinion, not evidence.
A component with no data is never guessed. It is held at the neutral 50 across its full weight and labelled “not measurable”. Dropping it and re-weighting the rest would quietly reward a sponsor for having no verifiable record — exactly backwards. The consequence: a sponsor with no post-close evidence at all cannot read above 71, and cannot be labelled a strong operator no matter how many deals it closed.
Experience never inflates the score. There is no “years in business” component. A first-time sponsor sits at exactly 50 and reads “unproven” with low confidence — new is not bad. Sample size only pulls a score toward or away from that neutral 50, so nobody is called great or terrible on one vehicle.
Every input is a row already in the database, sourced from SEC primary filings: prior vehicles verified on EDGAR, redemption results read out of 8-Ks, prices from public feeds. The arithmetic is deterministic — no model, no LLM, no judgement call. Research tooling, not investment advice.
Prior vehicles
1 SEC-verified — what happened to holders who stayed in| Vehicle | Outcome | Became | vs $10.00 | Today | Source |
|---|---|---|---|---|---|
| Global Partner Acquisition Corp IIIPO 2020 | Completed | Stardust Power Inc.SDST | -99.3% | Trading$0.67 · Aug 14, 2026 | 0001493152-24-027127 |
1 of 1 prior vehicle carry an honest post-close price, split-adjusted against the $10.00 trust baseline a holder gave up at the merger. Cash buyouts are read from the per-share consideration stated in the DEFM14A / SC 14D-9; a buyout no filing prices stays unpriced and stays out of the score. “Listing ended” means the quote stopped with no buyer — scored as a total loss because that is what the evidence says, but never printed as a percentage we cannot source.
Current fleet
the vehicles running todayData provenance & audit trail1 internal entry
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
Grouped from primary Section-16 data. In-DB vehicles: CSTAF, XTER — linked because they share a Section-16 officer (or the same sponsor-LLC CIK), not because their names rhyme. Prior blank-check vehicles, each outcome re-derived from that vehicle's own EDGAR submissions: • Global Partner Acquisition Corp II — DESPAC_COMPLETED → Stardust Power Inc. (SDST); attributed through Patel Chandra R, a PRINCIPAL (CEO/chair/president) of CSTAF; 8-K 2024-07-12 carries Item 2.01 and EDGAR renamed the CIK off "Global Partner Acquisition Corp II" to "Stardust Power Inc." Candidates whose EDGAR history was ambiguous were left out rather than guessed.
The Sponsor Score is a deterministic research heuristic over primary-sourced rows — never a recommendation, and never a prediction. It cannot tell you whether this sponsor’s next deal will work; it tells you, precisely and with its own uncertainty attached, what the last ones did.