Iron Horse Acquisition Corp. II

What Iron Horse Acquisition Corp. II does

Iron Horse Acquisition Corp. II is a Delaware-incorporated special purpose acquisition company (SPAC) that completed its initial public offering on the Nasdaq Global Market in December 2025, raising approximately $230 million in gross proceeds through the sale of 23 million units at $10.00 per unit, with the underwriter (Cantor Fitzgerald) fully exercising its over-allotment option. The company's common stock trades under ticker IRHO and units under IRHOU. As a SPAC, Iron Horse II is a publicly traded shell whose sole operating purpose is to identify, acquire, or merge with a private operating company within a defined timeframe, thereby providing that target an alternative path to the public markets relative to a traditional IPO.

The franchise is positioned to pursue targets in the AI, music & entertainment, fashion, and consumer packaged goods (CPG) sectors. On April 21, 2026, Iron Horse II entered into a definitive Business Combination Agreement with Electra Vehicles, Inc. (d/b/a Electra AI), an AI-powered battery intelligence company, in a transaction valued at over $250 million including earn-out targets. Upon closing — expected in H2 2026 pending stockholder and regulatory approvals — the combined entity will operate as ELECTRA AI, Inc. and list on Nasdaq under ticker AIBR. The deal is supported by Cantor Fitzgerald and Roth Capital Partners on the financing side, with Latham & Watkins LLP representing Iron Horse II and Loeb & Loeb LLP representing Electra; Park Avenue Capital Group Corp. is advising Electra.

The company is led by CEO and Chairman Jose Antonio Bengochea (Harvard J.D./M.B.A., former Sony Global Business Development, founder of Bengochea Capital) and CFO and Director William Caragol (Washington & Lee, CPA, 30+ years with growth-stage public companies), with Lead Independent Director Tarron Hecox (Harvard MBA, AGCO Corporation) and Directors Daniel Becker (Princeton, AI/ML background at Lennar and Restaurant Brands International) and Thayer Wade (Harvard, co-founder of Epiphany Family Enterprises). The Iron Horse franchise previously completed a successful SPAC business combination with Iron Horse I in September 2025, establishing a one-deal track record as a sponsor. With 1–10 employees and a Toluca Lake, California mailing address, Iron Horse II operates as a lean SPAC sponsor entity with no operating revenue of its own.

Name

Iron Horse Acquisition Corp. II

Legal name

Iron Horse Acquisition II Corp.

Website

https://ironhorseacquisition.com

Company type

Public

Founded year

2025

Operating status

Operating

Headcount range

1–10 employees

Short description

Iron Horse Acquisition Corp. II is a Delaware-incorporated SPAC that raised $230 million in its December 2025 Nasdaq IPO and has signed a definitive agreement to merge with AI battery intelligence company Electra Vehicles to form ELECTRA AI on Nasdaq.

Ownership category

akta.pro rank

Product category

Special Purpose Acquisition Vehicle (SPAC) / Blank Check Company

NAICS

Other Financial Vehicles (525990)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Special purpose acquisition
• Blank check company
• Business combination services
• Go-public transactions
• SPAC IPO services

Headquarters

HQ city

Boca Raton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others

Distribution channels1 record

Marketing channels2 records

Core offering

Iron Horse Acquisition Corp. II is a special-purpose acquisition company (SPAC) that raised approximately $230 million through its December 2025 Nasdaq IPO by selling 23 million units at $10.00 per unit. The company's sole operating purpose is to identify and complete a business combination with one or more target companies; it has entered into a definitive agreement to merge with Electra Vehicles, Inc. (Electra AI), an AI-powered battery intelligence company, in a transaction valued at over $250 million with earn-out targets. Until the business combination closes, the company has no commercial operations beyond trust-account management and the pursuit of its target.

Product overview

Iron Horse Acquisition Corp. II is a special purpose acquisition company (SPAC) focused on identifying business combination targets in AI, music & entertainment, fashion, and CPG spaces. The company is not a product or service provider but rather a financial vehicle designed to take private companies public through merger transactions. The company completed its $230 million IPO in December 2025 and has a pending business combination with Electra Vehicles, Inc. (Electra AI), an AI-powered battery intelligence company.

Differentiator

Problem solved

Functional benefit

Products and services

• SPAC IPO Units (IRHOU) and Common Stock (IRHO) Securities offering of 23,000,000 SPAC units (each consisting of one share of common stock and a fraction of a warrant) priced at $10.00 per unit, listed on Nasdaq under IRHOU with common stock under IRHO, available to institutional and retail public investors seeking exposure to the Iron Horse II business combination pipeline.
• SPAC Business Combination / Go-Public Transaction Service End-to-end SPAC business combination service for private operating companies, providing a defined-value path to becoming a publicly traded entity on Nasdaq without a traditional IPO. The franchise focuses on prospective targets in the AI, music & entertainment, fashion, and CPG spaces, offering an experienced management team, sponsor capital, and access to institutional investor networks.

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Electra Vehicles, Inc. (Electra AI)coreStrategic or Co-development Partner · 21 April 2026Iron Horse II has entered into a definitive Business Combination Agreement with Electra Vehicles, Inc. (d/b/a Electra AI), an AI-powered battery intelligence company. The transaction valued at over $250 million with earn-out targets will create the world's first publicly traded pure-play AI Battery Intelligence company. Expected to close in H2 2026 pending stockholder and regulatory approvals.
• Latham & Watkins LLPcoreImplementation/ SI/ Consulting PartnerLatham & Watkins LLP serves as legal counsel to Iron Horse II in the pending business combination with Electra AI.
• Loeb & Loeb LLPcoreImplementation/ SI/ Consulting PartnerLoeb & Loeb LLP serves as legal counsel to Electra (Electra AI) in the pending business combination.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• DA52 Acquisition Corp: A recent SPAC IPO of comparable scale to Iron Horse II, pursuing a single business combination. Direct comparable on size, sector-agnostic targeting, and trust/post-IPO share dynamics.
• Altimar Acquisition Corporation: A small-cap SPAC sponsor with multiple vehicles pursuing single business combinations. Comparable to Iron Horse II on structure, capital raise size, and use of premium underwriters.
• Chardan NexTech Acquisition 2 Corp. A Chardan-sponsored small-cap SPAC with comparable trust size and a tech/AI sector focus that overlaps with Iron Horse II's stated target verticals, making it a relevant peer on both size and theme.
• Forum Merger IV Corporation: A small-cap SPAC in the same broad size band as Iron Horse II, operating under a similar sector-flexible mandate. Comparable on trust size, single-deal dependency, and timeline to business combination.
• Pono Capital Two: A small-cap SPAC with a similar structure and capital raise to Iron Horse II, pursuing a single business combination. Comparable on size, Nasdaq listing mechanics, and target screening process.
• Equity Distribution Acquisition Corp. A small-cap, sector-agnostic SPAC of comparable trust size that completed its IPO in a similar timeframe to Iron Horse II. Useful as a near-term comparable for trust size, share structure, and de-SPAC dynamics.
• Cantor Fitzgerald SPAC vehicles (CF Acquisition Corp. series): Cantor Fitzgerald is the lead underwriter for Iron Horse II's IPO and operates a series of CF Acquisition Corp. SPAC vehicles with similar small-cap, sector-agnostic structures, making them direct comparables in size, sponsorship model, and target screening.
• ARYA Sciences Acquisition Corp IV: A Nasdaq-listed SPAC of comparable size and structure, focused on a defined sector thesis (health sciences). Useful comparable for understanding trust size, sponsor economics, and de-SPAC timing similar to Iron Horse II.
• Iron Horse Acquisition Corp. (Iron Horse I): The predecessor SPAC under the same Bengochea/Caragol sponsor team. Iron Horse I completed its business combination on September 30, 2025, providing a direct template for Iron Horse II's structure, sector focus, and execution model.

Broad incumbents

• Gores Holdings (The Gores Group): Gores is a long-running, multi-vehicle SPAC sponsor with significantly more capital and deal flow than Iron Horse. It is a broad incumbent in the same SPAC franchise model, though typically pursuing larger targets than Iron Horse II's sub-$1B focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/ironhorseacq

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Iron Horse Acquisition Corp. II