InterPrivate Investment Partners V, Inc.

What they do

The company is a blank check or SPAC incorporated in the Cayman Islands for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It has neither engaged in any operations nor generated any revenues to date. Its only activities since inception have been organizational activities, preparing for its initial public offering, and identifying a target company for a business combination. It intends to use cash from its IPO and private placement, as well as its shares and debt, to complete a combination.

Revenue drivers

• Interest income on Trust Account — The company generates non-operating income in the form of interest earned on marketable securities held in its trust account. For the six months ended June 30, 2026, interest earned was $450,034.
• No operating revenue — The company has not generated any operating revenues and does not expect to until after completing a business combination.

Recent performance

For the three months ended June 30, 2026, the company reported net income of $315,745, consisting of $450,034 in interest income offset by $134,289 in general and administrative expenses. For the six months ended June 30, 2026, net income was $283,658, consisting of $450,034 in interest income offset by $166,376 in general and administrative expenses. As of June 30, 2026, total assets were $202.9 million, total liabilities were $8.6 million, and shareholder equity was negative $7.4 million. Cash and cash equivalents stood at $1.0 million.

Strategy

Management's primary focus is to identify and complete an initial business combination. The company intends to use cash from its IPO and private placement proceeds, as well as its shares and debt, to fund a combination. It expects to continue incurring significant costs in pursuit of its acquisition plans. On July 23, 2026, the company announced that holders of its units may elect to separately trade the Class A ordinary shares and warrants, which began on July 27, 2026. Management notes that the SEC's 2024 SPAC rules may materially affect its ability to negotiate and complete a business combination and may increase costs and time.

Risks

• No operating history or revenue — The company has neither engaged in any operations nor generated any revenues to date, and its only activities have been organizational and target search.
• Inability to complete a business combination — Management states it cannot assure that its plans to complete a business combination will be successful, and it expects to continue incurring significant costs in the pursuit.
• Regulatory impact of 2024 SPAC rules — The SEC's 2024 SPAC rules may materially affect the company's ability to negotiate and complete a business combination and may increase the costs and time related thereto.
• Market and economic conditions — Factors such as downturns in financial markets, inflation, fluctuations in interest rates, supply chain disruptions, and declines in consumer confidence could adversely affect results and the ability to complete a combination.

Outlook

Management does not expect to generate any operating revenues until after the completion of a business combination. The company will continue to incur expenses as a public company and for due diligence as it searches for a target. It expects to continue to incur significant costs in the pursuit of its acquisition plans. No specific timeline or likely target is disclosed.