Modular building startup Boxabl, founded in 2017 and based in Las Vegas, plans to list in the U.S. via a $3.5 billion merger with special purpose acquisition company FG Merger II. Known for its foldable 361-square-foot “Casita” homes, priced from $19,999, Boxabl designs and manufactures modular housing units that aim to provide affordable, scalable, and timely housing solutions. The deal, which will see FG Merger issue 350 million shares to Boxabl, is expected to expand the company’s production capacity, support growing demand, and strengthen investment in research and development. Boxabl, which has raised more than $230 million to date, has also turned to crowdfunding to attract small investors and adopted a bitcoin treasury strategy.
SPAC mergers allow companies to bypass some of the scrutiny associated with traditional IPOs. The merger comes amid record-high housing prices in June 2025, driven by elevated interest rates and limited supply, highlighting the need for innovation in the housing market. “The institutional appetite for SPAC IPOs has never really gone away, but what’s changed recently is that we’re seeing more sponsors willing to fulfill that demand,” said Richard Humphrey, Partner at SPAC Research. He added, “The regulatory agencies are less hostile to the SPAC market than their immediate predecessors.”
