On Tuesday, a new SPAC from VC and All-In podcast host Chamath Palihapitiya became a public company. “I want to temper retail investors’ involvement with my SPACs,” he posted on X and later posted again, “We designed it this way, almost entirely institutionally backed, because, as I have learned, these vehicles are not ideal for most retail investors. When launching this new SPAC this week, Palihapitiya still argued that SPACs are good for the startups, as well as their employees and early investor VCs. Early investors find it more challenging to reinvest capital in the next generation of startups.”But he also acknowledged that “it hasn’t been all roses.” Hence the warning to retail investors. The question remains though: With all that we know in 2025, should a startup choose to go public via SPAC, be it through Palihapitiya’s or any SPAC?