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Silicon Valley Acquisition Corp
Silicon Valley Acquisition Corp. (SVAQ) is a special purpose acquisition company (SPAC) formed to identify, acquire, and scale transformative businesses across...
Silicon Valley Acquisition Corp
Silicon Valley Acquisition Corp. (SVAQ) is a special purpose acquisition company (SPAC) formed to identify, acquire, and scale transformative businesses across global growth sectors. The SVAQ team brings deep expertise across investment banking, capital markets, corporate strategy, and both traditional IPO and SPAC execution. We combine this foundation with a global network of investors, advisors, and operators to unlock hidden value for companies ready to access the public markets. SVAQ is led by Dan Nash, Co-Founder and former Head of Investment Banking at CCM. During his tenure, Mr. Nash built one of the fastest-growing SPAC and crypto investment-banking platforms on Wall Street—scaling to a $100M+ revenue run rate within four years of launch. He oversaw 113 announced or closed transactions, including 55 De-SPAC business combinations, and executed more than $48 billion in M&A and $14 billion in financing transactions. SVAQ pairs operational know-how with proven execution capabilities to help transformative businesses successfully enter and thrive in the public markets. Our mission is to be the trusted first-call SPAC partner for companies looking to access public markets in partnership with leading venture investors and advisors
General information
Firm type
other
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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