Here are the 10-Q quarterly reports from Inflection Point Acquisition Corp. III Units (IPCXU) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow IPCXU and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full IPCXU filings page.
Inflection Point Acquisition Corp. III is a Cayman Islands SPAC that had $265.1 million in total assets as of June 30, 2026, including $263.4 million of cash and marketable securities in its Trust Account. Cash outside the trust was $761,627, and shareholders’ deficit was $14.5 million, reflecting accretion of Class A shares to redemption value.
For the six months ended June 30, 2026, the company reported net income of $3.54 million, driven by $4.64 million of dividend income on trust investments, partially offset by $1.10 million of formation and operating costs. The SPAC has entered into a Business Combination Agreement with Air Water and arranged multiple PIPE financings at Air Water level, including tranches of $28.5 million and $31.0 million of preferred shares and warrants. Shareholders approved the Air Water transaction on July 29, 2026, with redemption requests for 24,548,661 Class A shares.
Management discloses substantial doubt about the company’s ability to continue as a going concern because of limited liquidity outside the Trust Account and the requirement to complete a business combination by April 28, 2027 (the “Completion Window”) or liquidate. Significant deferred underwriting fees of $12.0 million and deferred legal fees of $3.25 million are payable only if a business combination closes.
Inflection Point Acquisition Corp. III reported net income of $1,681,317 for the quarter ended March 31, 2026, mainly from $2,308,055 of dividend income on funds held in its SPAC trust, partially offset by $626,738 of formation and operating costs. Cash outside the trust was $834,598, while cash and marketable securities in the Trust Account totaled $261,298,144, backing 25,300,000 Class A shares subject to redemption.
The company highlighted its pending business combination with Air Water Ventures, structured via a two-step merger into PubCo, and detailed multiple PIPE financings, including approximately $28.5M and $31.0M Air Water preferred-share and warrant subscriptions and additional $5.0M and $15.0M commitments. Management disclosed substantial doubt about the company’s ability to continue as a going concern if a business combination is not completed within the April 28, 2027 completion window, though no liquidation adjustments were recorded.