Inflection Point (Michael Blitzer)

#5 of 117

59/100Mixed recordmedium confidence

59/100 from 3 resolved vehicles (3 closed, 0 failed), 38% of the raw 73 after small-sample shrink. Confidence: medium.

Vehicles

1 in the live DB · 3 SEC-verified priors · computed by SpacBrain from cited rows, as of 2026-09-10

Resolved

3 closed · 0 liquidated · 0 terminated

Best priced exit

+100.0%

USAR vs the $10.00 baseline

Worst priced exit

-62.4%

MRLN vs the $10.00 baseline

Sponsor DNA

what has happened before, with its sample size

Completion rate100%n=3 resolved vehiclesderived
Of the 3 vehicles this sponsor has taken to a final outcome, 3 closed a business combination.
Liquidation rate0%n=3 resolved vehiclesderived
0 of those 3 returned the trust to holders and wound up without a deal.
Median post-close return+90.1%n=3 priced completed deSPACsderived
A holder who stayed through one of this sponsor's completed deals has ended up a median +90.1% against the $10.00 trust baseline they could have taken in cash, across the 3 vehicles we can price. Measured at the last close we hold, not at a fixed anniversary.
Median redemption—n=0 redemption events with a stated ratederived
No redemption event with a stated rate on record — absent, which is not the same as zero. Extraction covers part of the universe, so a low count is our coverage as much as the sponsor’s history.
Deals terminated0terminated dealscounted
No announced combination on this sponsor’s record has been terminated.
Extension votes on record0extension votescounted
No extension vote extracted for this sponsor. Extraction is partial across the universe, so this is an absence of rows, NOT evidence of zero extensions.

5 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)›

Median day-one move on announcement
PriceBar holds 2026-05-11 → 2026-08-17 only. Of 83 dated announcements across the whole universe, 16 fall on a day we hold a bar for a scored sponsor’s vehicle, spread over 14 sponsors — one sponsor reaches three observations. A bar that does not exist is not a 0% move.
Pre-vote move
Only 12 deals carry a vote date at all, and exactly 1 of them falls inside the PriceBar window. One observation is an anecdote with a decimal point.
Median time from IPO to announcement
42 IPO→announcement pairs exist, but only six sponsors have two and one has three. Enough for a statistic about the asset class; not for one about a sponsor, which is what this panel claims to be.
Median time from signing to close
Exactly 1 deal in the entire database is CLOSED and carries an announcement date. There is no 2nd observation anywhere to take a median over.
12-month post-deSPAC return
`SponsorPriorVehicle.postCloseReturnPct` is measured at the LAST close we hold, whenever that is — not on a 12-month anniversary. We hold no price history for the resulting companies, so the anniversary price does not exist. The median post-close return above is the honest version of this number and says what it is measured against.
Sponsor capital at risk
Nothing stores it. The only sponsor-economics column we hold is `Deal.promotePct` (founder shares as a percentage of post-IPO shares, on 34 deals under a scored sponsor), and that measures the equity the sponsor got nearly free — the opposite of the dollars it put in. Deriving at-risk capital from a promote percentage would be an invention with a citation stapled to it.

Score breakdown

every component, what it measured, and what it could not

Deal completion20% weightn=3100/100
3/3 resolved vehicles closed a deal (100%); 0 liquidated, 0 terminated. Not gated: measured post-close quality is 63/100, at or above the money-back mark, so the full completion credit is earned.
Liquidation / termination drag16% weightn=4100/100
0 liquidations and 0 terminations across 4 vehicles raised → 0% attrition (terminations 1.25×, stale shells 0.75×).
Post-close outcome quality40% weightn=363/100
3 priced deSPACs vs trust value (prior vehicles against the $10.00 IPO baseline, in-DB vehicles against the trust they filed): median +90%, 2/3 still worth at least half of trust, 0 at under a tenth of it. Worst: MRLN -62%. Best: USAR +100%.
Redemption behaviour10% weightnot measurable
No redemption events extracted for this sponsor yet (coverage is partial) — held neutral; absence of rows is NOT evidence of zero redemptions.
Held at the neutral 50 across its full 10% weight — missing data is never scored as a failure, but it never earns credit either.
Extension reliance8% weightnot measurable
No extension filings extracted for this sponsor — held neutral (partial coverage, not a clean record).
Held at the neutral 50 across its full 8% weight — missing data is never scored as a failure, but it never earns credit either.
Live fleet vs trust6% weightnot measurable
No priced live vehicle — held neutral.
Held at the neutral 50 across its full 6% weight — missing data is never scored as a failure, but it never earns credit either.
Measured weak recordflat penaltyn=3100/100
Median post-close return +90% across 3 measured prior vehicles — above the -80% weak-record threshold.

How the number is built: weighted mean of the six components above = 73, then pulled 63% of the way back to the neutral 50 for small sample size (3 resolved vehicles) = 59.

3 components are not measurable for this sponsor (redemption behaviour, extension reliance, live fleet vs trust) — 24% of the weight is a neutral placeholder rather than evidence. That is why the confidence chip reads medium.

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

3 SEC-verified — what happened to holders who stayed in

Vehicle	Outcome	Became	vs $10.00	Today	Source
Inflection Point Acquisition Corp IIPO 2021	Completed	Intuitive MachinesLUNR	+90.1%	Trading$19.01 · Aug 14, 2026	0001193125-26-330778
Inflection Point Acquisition Corp IIIPO 2023	Completed	USA Rare EarthUSAR	+100.0%	Trading$20.00 · Aug 14, 2026	0001213900-26-081091
Inflection Point Acquisition Corp IV (→ Bleichroeder I)IPO 2024	Completed	Merlin IncMRLN	-62.4%	Trading$3.75 · Aug 14, 2026	0001213900-26-056230

3 of 3 prior vehicles 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 today

IPHXInflection Point Acquisition Corp. VIII—Searching

Research profile

synthesized from SEC filings + sourced research

Inflection Point — Michael Blitzer's franchise (also files under Bleichroeder). Prior-vehicle track record (SEC-verified via formerNames): (1) Inflection Point Acquisition Corp I COMPLETED → Intuitive Machines (LUNR, Nasdaq). (2) Inflection Point II COMPLETED → USA Rare Earth (USAR, Nasdaq). (3) Inflection Point IV — renamed Bleichroeder Acquisition Corp I — COMPLETED → Merlin Inc (MRLN, Nasdaq, 2026). Vehicles III/V/VI/VIII currently in-deal or searching. Net: 3 completed deSPACs, all still listed (recent, generally holding). Emerging strong record. Sources: SEC EDGAR submissions API (formerNames) + full-text search, efts.sec.gov.

— research profile — Inflection Point is a SPAC sponsor platform led by Michael Blitzer, who serves as Founder and Managing Partner of Inflection Point Asset Management and is also the founder and Co-CEO of Kingstown Capital Management, a multi-billion-dollar asset manager he established in 2006 with a client base that includes some of the world's largest endowments and foundations. Blitzer began his Wall Street career at J.P. Morgan Securities in 1999 and subsequently worked at Gotham Asset Management, the investment fund founded by Joel Greenblatt. Over 18 years at Kingstown, he oversaw investments across public and private equities, SPACs, PIPEs, and derivatives, building deep experience in disruptive growth industries. He is joined by partners Kevin Shannon (co-founder of Inflection Point Management) and Adam Saks (CFO), along with strategic advisors including Lieutenant General (Ret.) William J. Liquori, who focuses on aerospace and defense. Blitzer controls the sponsor entities across the Inflection Point vehicle complex, including IPF, Inflection Point Asset Management, and Inflection Point GP I LLC.

Its first, Inflection Point Acquisition Corp. (IPAX), raised approximately $330 million in September 2021 and merged with space exploration company Intuitive Machines (LUNR) in February 2023, a deal valued at roughly $1.15 billion. That transaction has been a standout performer, with LUNR trading at $15.78 per share at last close and generating a return of approximately 92% from the $10 offer price, with a 52-week range spanning $2.65 to $136.00. Inflection Point Acquisition II merged with rare earth miner USA Rare Earth (USAR) in March 2025, delivering approximately 60% from the offer price. Inflection Point Acquisition III (IPCX), which raised $220 million in April 2025, announced a planned merger with atmospheric water generation company Air Water Ventures and was trading modestly above $10 at roughly +2%. Additional vehicles include Inflection Point Acquisition V (IPEX), which is merging with GoWell Energy Technology; Inflection Point Acquisition VI (IPFX), which raised $220 million in March 2026 and is merging with logistics and space company Quantum Space in a reported $1.2 billion transaction backed by a $300 million PIPE; and IPDX, which merged with Merlin (MRLN) in March 2026. The latest vehicle, Inflection Point Acquisition VIII (IPHXU), filed in August 2026 to raise up to $250 million targeting technology-enabled businesses in North America and Europe.

Blitzer's track record reflects a consistent strategy of targeting companies at the intersection of national security, critical infrastructure, and disruptive technology, with a particular emphasis on aerospace, defense, rare earths, and space exploration. His insider trading activity shows significant personal investment in his portfolio companies, including purchases of 100,000 shares of USA Rare Earth at $21.44 in January 2026 and 241,080 shares of Intuitive Machines at approximately $9.09 in November 2025, alongside substantial option awards and exercises across…

1 sentence withheld from the text above. It stated a vehicle count (at least eight vehicles) that does not reconcile with the record we counted: 4 vehicles — 1 in the live database and 3 SEC-verified prior vehicles. Neither side has been corrected here, and the stored research is unchanged; a count we cannot reconcile is not a count we will publish.

Data 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.

Inflection Point (Michael Blitzer) — sponsor record

NOTE-SEAL2026-08-15

Raw SEC identifiers lifted out of the public prose above (the sentences are unchanged); verbatim, each shown with the words it followed: "…es): (1) Inflection Point Acquisition Corp I (CIK 0001844452)" · "…ines (LUNR, Nasdaq). (2) Inflection Point II (CIK 0001970622)" · "…arth (USAR, Nasdaq). (3) Inflection Point IV (CIK 0002028707)"

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.