Chamath Launches Recursive SPAC of SPACs of SPACs After Fund of Funds Implodes into Mirror Universe
Then Immediately Hits the Road to Film Black-and-White Documentary About It
SILICON VALLEY (or possibly Burning Man) — Following the quiet death of the All-In Fund of Funds, Chamath Palihapitiya has returned with his boldest financial innovation yet: SPACception—a SPAC that launches other SPACs, each of which holds the equity rights to hypothetical future SPACs, contingent on LP vibes and algorithmic clout metrics.
“It’s like looking into a mirror at Supercuts and realizing there’s no haircut, just the illusion of hair being monetized,” Chamath explained. “Except the mirror costs $250 million and clears on Nasdaq.”
How It Works
SPAC-α raises $500 million to acquire dormant SPACs (SPAC-β, SPAC-γ…)
Each sub-SPAC exists solely to reference other SPACs and possibly reacquire each other on rotation.
SPAC-∞ (the “God SPAC”) governs the network but is unlisted, unregulated, and entirely metaphysical.
Documents filed with the SEC (via TikTok) describe the structure as a “decentralized optimism lattice held together by echoes of conviction.”
Investor Benefits
3/33/∞ fee structure
Carry paid in fractionalized LP memes
Early LPs get lifetime access to Chamath’s mirror dojo, where all due diligence is performed in silence while staring into your own eyes
Optional “belief-indexed” SPAC tokens that increase in value the more people nod during All-In episodes
Advisory Board
Chamath, Chief Recursive Architect
David Sacks, handles all legal documents via emoji
Jason Calacanis, “The Reflection Layer”
Friedberg, oversees “unstructured belief farming” all “seed stage” investment
Critics React
“This is what happens when capital has no friction,” said one burned LP, anonymously. “It’s not even a grift anymore. It’s a recursive asset hallucination.”
Another described the fund as “an ouroboros with a term sheet” and compared it to a Russian nesting doll filled with confidence and declining SPAC velocity.
The Real Vision
Chamath concluded the press event by gesturing toward a floor-length mirror in the center of the room.
“When you look into this mirror, ask yourself: What if the capital was the product? What if value is just exposure to exposure? That’s what we’re buying. That’s what we’re selling. That’s what we’re becoming.”
He then lit a scented candle labeled “Quantitative Belief Easing” and disappeared through a rotating wall of mirrors labeled “Due Diligence.”
Now this: after years of algorithmic arrogance and post-SPAC detachment, Conviction & Hum marks Chamath’s attempt at reinvention. It’s a raw, grayscale pilgrimage across post-capital America.
Gone are the Hawaiian shirts and liquidity memes; in their place, solemn glances at rusting factory towns, off-the-cuff monologues about second chances, and long drone shots of wind turbines set to slowed-down All-In intro music.
This is Chamath’s “get serious” moment—a self-funded search for authenticity, filmed through a wide lens of self-awareness and even wider sunglasses.
In the tradition of U2’s Rattle and Hum, the film frames Chamath as a capital markets frontman turning inward. He’s touring a nation disillusioned with pitch decks and promises, trying to find meaning beyond meme stocks and arbitrage.
It’s part documentary, part brand reboot, part apology tour by a man who once believed velocity was a virtue. What emerges is a portrait of a fallen icon looking for a new instrument—not just to raise money, but to matter again. And to feel something.
⚖️ Legal Disclaimer:
All of the above is satire. It is not real. There is no SPAC of SPACs. The quotes are fictional. The SPAC-of-SPACs described herein does not constitute an offer to sell securities, advice, or a coherent asset. All fees are denominated in future sentiment and may be reverse-vested in the event of a bad tweet. The documentary is not an apology, but it may contain scenes that feel like one. LPs shown in the film are unpaid and largely unaware they are being filmed. Any emotional resonance is accidental and should not be interpreted as ROI.