Idea Acquisition Corp. filed its quarterly report on Form 10-Q with the SEC on August 13, 2026, covering the quarter ended June 30, 2026, disclosing balance sheet and income statement details following its initial public offering.

Key Highlights

  • Trust Account Balance: Cash and marketable securities held in Trust Account totaled $354,671,436 as of June 30, 2026, compared to $0 at December 31, 2025.
  • Shares Outstanding: As of August 13, 2026, there were 35,000,000 Class A ordinary shares and 8,750,000 Class B ordinary shares issued and outstanding.
  • Redemption Value: The 35,000,000 Class A ordinary shares subject to possible redemption carried a redemption value of $10.13 per share as of June 30, 2026.
  • Net Income (Q2): The company reported net income of $2,853,878 for the three months ended June 30, 2026, driven primarily by $3,082,165 in interest earned on marketable securities held in Trust.
  • Net Loss (Six Months): For the six months ended June 30, 2026, the company reported a net loss of $1,554,886, which included share-based compensation expense of $6,182,319.
  • Founder Share Forfeiture: On March 27, 2026, the underwriters' over-allotment option expired unexercised, resulting in the forfeiture of 1,312,500 Founder Shares.
  • Deferred Underwriting Fee: A deferred underwriting fee payable of $14,000,000 was recorded on the balance sheet as of June 30, 2026.

Idea Acquisition Corp. Q2 2026 Financial Position After IPO

According to the filing, Idea Acquisition Corp. (NASDAQ:IACO) is a blank check company incorporated in the Cayman Islands and classified as a shell company. The company's total assets grew to $356,064,620 as of June 30, 2026, from $341,043 at December 31, 2025, a change the filing attributes primarily to the completion of its initial public offering and the placement of proceeds into a Trust Account. The Trust Account held $354,671,436 at the end of the quarter.

The filing reported total liabilities of $14,450,646 as of June 30, 2026, including $14,000,000 in deferred underwriting fees payable and $250,689 on a promissory note owed to a related party. Total shareholders' deficit stood at $(13,057,462), with an accumulated deficit of $(13,058,336). The company reported general and administrative costs of $228,287 for the three months ended June 30, 2026, and $370,703 for the six-month period. The six-month results also included share-based compensation expense of $6,182,319 and a change in overallotment liability of $326,700, which together contributed to the net loss of $1,554,886 for the half-year period.

The filing noted that preference shares, with 5,000,000 authorized, had none issued or outstanding as of June 30, 2026. Class B ordinary shares decreased from 10,062,500 at December 31, 2025 to 8,750,000 at June 30, 2026, following the forfeiture of 1,312,500 Founder Shares after the underwriters' over-allotment option expired unexercised on March 27, 2026. Basic and diluted net income per share for both Class A and Class B ordinary shares was $0.07 for the three months ended June 30, 2026, and a loss of $0.04 per share for the six months ended June 30, 2026, according to the filing.

What Was Disclosed

Idea Acquisition Corp. disclosed its unaudited condensed financial statements for the quarter and six months ended June 30, 2026, reflecting its post-IPO balance sheet, Trust Account holdings of $354,671,436, a six-month net loss of $1,554,886, and the forfeiture of 1,312,500 Founder Shares.