The IPO Buzz: Leapfrog Acquisition (LFACU) Raises $125 Million

Leapfrog Acquisition Corp.  (LFACU), a SPAC focused on the energy supply chain and critical minerals, raised $125 million on Thursday night, Dec. 4, 2025. The Leapfrog Acquisition deal consisted of 12.5 million units at $10.00 each, which are expected to start trading today – Friday, Dec. 5, 2025 – on the NASDAQ. Each unit is composed of one share and one-half of one redeemable warrant.

BTIG was the sole book-runner.

Leapfrog Acquisition, based in Summit, New Jersey, intends to focus on identifying a business combination target with a specific position in the international supply chain and critical minerals sectors, according to the prospectus.

Strategic energy supply chains include companies that control essential links in energy production, processing, and distribution networks. These businesses possess assets that are difficult to replicate due to geographic advantages, regulatory barriers, or specialized infrastructure requirements, the prospectus said.

“Strategic and critical minerals encompass materials essential for energy transition, defense applications, and advanced manufacturing, where supply concentration and technical barriers create competitive moats for well-positioned companies,” Leapfrog Acquisition said in the prospectus.

CEO Matthew R. Pollard has more than 30 years of experience as a senior executive and investment banker, with expertise in direct investment, private equity, and infrastructure development across Asia. Since January 2014, he has served as the founder and managing director of Capital Partners Group, a Singapore-based investment banking firm focused on capital raising and M&A advisory in the energy and infrastructure sectors.

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