KPET Ultra Paceline Corporation filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 13, 2026, reporting $233,825,777 held in its Trust Account and net income of $1,954,910 for the three months ended September 30, 2026.

Key Highlights

  • Trust Account balance: Investments held in Trust Account totaled $233,825,777 as of September 30, 2026, up from zero at December 31, 2025.
  • Q3 net income: The company reported net income of $1,954,910 for the three months ended September 30, 2026, driven primarily by $2,118,226 of interest earned on Trust Account investments.
  • Nine-month net income: Net income for the nine months ended September 30, 2026 was $3,534,303, against a loss of $7,011 for the period from inception (September 29, 2025) through September 30, 2025.
  • Class A shares subject to redemption: 23,000,000 Class A ordinary shares were subject to possible redemption at approximately $10.16 per share as of September 30, 2026.
  • Shares outstanding: As of November 13, 2026, there were 23,235,000 Class A ordinary shares and 5,750,000 Class B ordinary shares issued and outstanding.
  • Deferred underwriting fee: The company reported a deferred underwriting fee payable of $12,650,000 as of September 30, 2026.
  • Shareholders' deficit: Total shareholders' deficit was $(11,232,153) as of September 30, 2026, compared to $(38,391) at December 31, 2025.

KPET Ultra Paceline Reports Q3 2026 Financial Results as a SPAC in Search of a Business Combination

According to the filing, KPET Ultra Paceline Corporation (NYSE:KPET), a blank check company incorporated in the Cayman Islands, reported total assets of $235,168,656 as of September 30, 2026, the vast majority of which consisted of $233,825,777 held in its Trust Account. At December 31, 2025, total assets were $361,830 and no funds were held in trust, reflecting the company's IPO activity during the intervening period. The company disclosed it is classified as a shell company under Rule 12b-2 of the Exchange Act.

The filing disclosed that on April 15, 2026, the underwriter notified the company of its intent to exercise its over-allotment option in full, and on April 20, 2026, the underwriter purchased an additional 3,000,000 units. As a result, 750,000 Class B ordinary shares previously subject to forfeiture by the Sponsor are no longer subject to forfeiture. Additionally, on March 30, 2026, the company issued an aggregate of 120,000 founder shares to its three independent directors, with each director receiving 40,000 shares, at a purchase price of approximately $0.004 per share for an aggregate purchase price of $522. In connection with these issuances, the Sponsor surrendered an equal number of founder shares to the company for no consideration.

For the three months ended September 30, 2026, the company reported formation, general and administrative costs of $163,316 and interest earned on Trust Account investments of $2,118,226, resulting in net income of $1,954,910. Basic and diluted net income per share was $0.07 for both Class A and Class B ordinary shares for the quarter. Total current liabilities stood at $18,343 as of September 30, 2026, a sharp reduction from $400,221 at December 31, 2025. The accumulated deficit grew to $(11,232,752) from $(63,391) over the same period, according to the filing.

What Was Disclosed

KPET Ultra Paceline Corporation disclosed its unaudited condensed financial statements for Q3 2026, covering Trust Account balances, share redemption values, net income driven by trust interest, over-allotment exercise details, and the company's ongoing status as a shell company seeking a business combination.