⁍ Three blank-check companies, backed by venture investor Chamath Palihapitiya, are looking to raise a total of $2 billion through initial public offerings.

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⁍ A blank-check company backed by Palihapitiya merged with Virgin Galactic Holdings Inc in October last year.

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⁍ Another one founded by him is set to merge with SoftBank Group backed Opendoor Labs Inc.

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– Chamath Palihapitiya’s Social Capital Hedosophia Holdings IV plans to raise $350 million, $650 million, and $1 billion with its initial public offerings of stock and warrants on the New York Stock Exchange, Reuters reports. The blank-check company, one of three backed by Palihapitiya, merged with Virgin Galactic Holdings last year. The other two Palihapitiya blank-check companies—Social Capital Hedosophia Holdings V and VI—are set to merge with Opendoor Labs Inc., according to regulatory filings. blank-check companies, also known as special purpose acquisition companies (SPACs), use capital raised through an initial public offering to buy a private company, usually within two years. Bill Ackman’s SPAC Pershing Square Tontine Holdings Ltd raised $4 billion in its IPO in July, making it the largest SPAC IPO. SPAC acquisitions in 2020 have jumped to a record $27.4 billion, including debt, with a further $35.2 billion of deals announced and pending completion, according to SPAC Research. SPAC deals last year hit $24.8 billion.