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Silicon Valley Acquisition Corp
Silicon Valley Acquisition Corp was a special purpose acquisition company led by Hollywood-turned-tech investor Harry Sloan, who brought decades of media...
Silicon Valley Acquisition Corp
Silicon Valley Acquisition Corp was a special purpose acquisition company led by Hollywood-turned-tech investor Harry Sloan, who brought decades of media and technology dealmaking experience to the blank-check vehicle. The SPAC raised approximately $250 million in its February 2021 IPO, positioning itself to pursue a target in the technology, media, and telecommunications sectors. Sloan, alongside co-founders Jeff Sagansky and Eli Baker, had previously launched multiple SPACs under the Silver Eagle and Soaring Eagle banners, building a repeat-player reputation in the blank-check market. The SPAC's defining transaction was the merger with Boston-based Ginkgo Bioworks, a synthetic biology company founded in 2008 by MIT graduates including Jason Kelly and Reshma Shetty. The deal, which closed in September 2021, valued Ginkgo at approximately $15 billion and provided the company with roughly $1.6 billion in gross proceeds. The transaction included a $775 million PIPE led by Baillie Gifford, Morgan Stanley Investment Management, and Putnam Investments, with existing Ginkgo backers Viking Global Investors and General Atlantic also participating. The combined entity began trading on the NYSE under the ticker DNA. Harry Sloan, who served as CEO of the SPAC, had previously founded SBS Broadcasting and chaired MGM, bringing a track record of navigating capital-intensive, asset-heavy businesses. The Ginkgo deal was marketed as a bet on bio-manufacturing infrastructure, with the company operating foundries that program cells to produce enzymes, materials, and therapeutics for partners across industries. The transaction occurred during peak SPAC issuance — over 600 SPACs launched in 2021 — and the post-merger performance saw Ginkgo's valuation contract sharply, with shares falling over 80% from de-SPAC highs within the subsequent year, reflecting the broader repricing of growth-stage names. Silicon Valley Acquisition Corp stands as a case study in SPAC-era dynamics: a repeat sponsor team with domain credibility in media-tech, a high-concept target in a frontier bioeconomy sector, and significant institutional PIPE participation — all transacting at a valuation that subsequent public-market discipline would substantially recut. The SPAC's architecture was standard for the era, with sponsor promote economics and a 24-month clock, but its legacy is tied entirely to Ginkgo's ongoing viability as a public company and the long arc of synthetic biology commercialization.
General information
Firm type
other
Year founded
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AUM
Undisclosed
Location
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Corporate office
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Frequently asked questions
Who ran investment decisions at Silicon Valley Acquisition Corp?
Harry Sloan served as Chairman and CEO of the SPAC, with Jeff Sagansky and Eli Baker as co-founders and board members. The trio had previously collaborated on multiple SPACs, including several Silver Eagle and Soaring Eagle vehicles. Sloan's background as founder of SBS Broadcasting and former MGM chairman gave the team a media and technology lens, though the ultimate target search landed firmly in biotech.
What was the main transaction completed by Silicon Valley Acquisition Corp?
The SPAC completed a business combination with Ginkgo Bioworks, a synthetic biology company founded by MIT synthetic biology pioneers including Jason Kelly. The deal closed in September 2021, valuing Ginkgo at approximately $15 billion and delivering roughly $1.6 billion in gross proceeds, including a $775 million PIPE anchored by Baillie Gifford and Morgan Stanley Investment Management. The combined entity trades as DNA on the NYSE.
How is Silicon Valley Acquisition Corp different from a traditional operating company?
It was structured strictly as a special purpose acquisition company — a shell entity with no operating business that raised capital in a February 2021 IPO for the sole purpose of merging with a private target. The SPAC had a standard 24-month deadline to identify and close a combination. Once the Ginkgo Bioworks deal closed, Silicon Valley Acquisition Corp ceased to exist as a separate legal entity, and all its capital and listing transferred to the combined company.
What happened to the SPAC's capital after the Ginkgo Bioworks merger?
The SPAC held approximately $250 million from its trust account, which combined with the $775 million PIPE and cash on Ginkgo's balance sheet resulted in roughly $1.6 billion in total gross proceeds to the combined entity. Ginkgo used the capital to scale its bio-foundry platform, which designs and programs cells for applications spanning agriculture, pharmaceuticals, and industrial chemicals. The SPAC's sponsors received founder shares under standard promote terms, subject to lock-up restrictions.
Why did Ginkgo Bioworks choose to go public via a SPAC rather than a traditional IPO?
Ginkgo was a capital-intensive business that had raised over $700 million in private funding from investors including Viking Global, General Atlantic, and Cascade Investment. A SPAC merger allowed the company to provide forward-looking revenue projections — something traditional IPOs restrict — and to bypass the roadshow gauntlet during a period when growth-story companies were commanding high valuations. The structure also enabled the inclusion of an earnout provision tied to post-merger share price performance.
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