01
Held In Trust
Every dollar raised in the IPO goes into a trust account held for shareholders, invested in an interest-bearing money-market fund.
A Closed-End Fund Built Like a SPAC.
IVAI runs a SPAC-like process inside an investment company’s structure, creating downside protection, yield, and optionality.
- Days Left in the Search Period
- —Days —Hrs —Min —Sec
- Redemption Value
- $10.00Per ShareAs of 09/30/26
Like a SPAC, You Can Redeem Before IVAI Invests
Illustrative only. “Redemption Value” means the quotient obtained by dividing (a) the assets in the Trust Account by (b) the number of unrestricted shares outstanding. The number of unrestricted shares includes all shares outstanding minus the shares held by affiliates that are subject to lock-up restrictions. The Tender Offer Policy requires the Fund to complete a tender offer for all shares held by unaffiliated persons at Redemption Value within twelve months of the IPO. Terms are governed in full by the Fund’s prospectus — see SEC EDGAR.
In the Meantime, the Trust Earns an Annualized 250bps Above the Money Market Yield
While the Adviser searches for the portfolio, your capital is not idle. The trust earns the prevailing money market yield plus an additional 250 basis points annualized, funded by the Adviser.
02
Costs Carried Separately
The sponsor funds a separate operating account. The vehicle’s costs are carried there, not taken out of the trust.
03
250bps a Year, Into the Trust
Throughout the search, the equivalent of 2.5% of principal a year moves from the operating account into the trust, on top of the interest it earns.
Illustrative only. Actual cash yields will vary with prevailing rates, and actual Redemption Value will vary with expenses incurred and interest earned. The sponsor contribution is not a return earned on your investment. It reflects a contractual commitment by the Adviser to contribute cash to the Company for deposit into the trust account prior to the tender offer. There can be no assurance as to the actual redemption price paid. This is not a projection of return, and it is not a guarantee. See the Fund’s prospectus on SEC EDGAR for the governing terms.
At the Tender, You Decide: Redeem, or Stay Invested
Within 12 months of the IPO, IVAI announces its proposed portfolio and runs a mandatory tender offer for its public shares at Redemption Value — before a dollar is invested.
Payoff At The Tender Offer Illustrative /// What a shareholder can receive vs. the trading price
If Shares Trade Below ~$10
You Redeem
Shareholders can tender for Redemption Value before IVAI makes any investments — their capital back, together with what the trust has earned, including the sponsor’s contribution.
If Shares Trade Above ~$10
You Hold or Sell
Shareholders would hold — or sell on the open market — rather than redeem. Capital that is not redeemed is invested in the proposed portfolio of private AI companies.
Illustrative only. “~$10” reflects Ives Ultra’s current estimate of Redemption Value during the search period; the precise figure will vary with expenses incurred and interest earned. IVAI may trade at, above, or below Redemption Value. If 12 months pass without a fitting portfolio, the tender offer happens anyway. A 20% promote applies to non-redeemed capital at investment. Past performance does not guarantee future results. See the prospectus on SEC EDGAR.
Frequently Asked Questions
What is IVAI?
Ives Ultra AI Opportunities Inc. (NYSE: IVAI) is a listed closed-end fund structured to invest in a targeted portfolio of minority interests in leading private, late-stage AI companies.
It is designed to give public market investors a liquid, exchange-listed way into private AI, without the frictions and restrictions of traditional private markets.
How is IVAI like a SPAC?
Like a SPAC, IVAI raises its capital first, holds it in trust, and gives every public shareholder the chance to take it back. Within 12 months of the IPO, IVAI announces its proposed portfolio and runs a mandatory tender offer for its public shares at Redemption Value, before any capital is invested.
Unlike a SPAC, which merges with a single company, IVAI is an investment company: it takes minority positions across a portfolio of private AI companies.
Where is my money before IVAI invests?
Every dollar raised in the IPO goes into a trust account held for shareholders, invested in an interest-bearing money-market fund. The vehicle’s costs are carried in a separate operating account funded by the sponsor, not taken out of the trust.
Throughout the search, the sponsor also contributes the equivalent of 2.5% of principal a year into the trust, on top of the interest it earns. That contribution is a contractual commitment by the Adviser, not a return on your investment.
What is Redemption Value?
What you can redeem for at the tender: the assets in the trust account divided by the number of unrestricted shares outstanding (all shares outstanding, less affiliates’ shares subject to lock-up).
IVAI posts the current Redemption Value on this website, at the top of this page, and updates it monthly.
What if I don’t like the proposed portfolio?
You can sell your shares on the open market, or redeem them at Redemption Value through the mandatory tender offer, which is open to all shareholders and happens before a dollar is invested.
If the shares trade above Redemption Value, selling may get you more; if they trade below it, redeeming pays Redemption Value.
What will IVAI invest in?
Minority positions in leading private AI companies across frontier labs, AI infrastructure, embodied AI, vertical AI and more.
The portfolio will not be determined until after the IPO. Companies shown on this site are illustrative only; the Fund has not conducted diligence on them, and their securities may not be available to it.
How do I buy IVAI?
IVAI trades on the New York Stock Exchange under the ticker IVAI, and can be bought through most brokerage accounts, like any listed stock.
Who manages IVAI?
Ives Ultra Capital Management LLC is the Fund’s investment adviser. Its board of managers is made up of Dan Ives, Jeff Leathers and Ed Leathers, CFA. Ed Leathers is the Fund’s President and Chief Executive Officer, and the sole member of the Adviser’s Investment Committee, which selects the Fund’s investments.
Summaries only, and qualified in their entirety by the Fund’s registration statement — see the prospectus on SEC EDGAR. This is not an offer to sell or a solicitation of an offer to buy any security.