There’s a lot at stake with Southeast Asia’s most valuable startup Grab’s upcoming SPAC SPAC Special purpose acquisition company A SPAC is a listed entity whose sole purpose is to merge with or acquire another business and take it public. SPAC deals have fast become an IPO alternative for many companies merger with US investment firm Altimeter Capital. Not least because of the US$40 billion valuation that comes with the Nasdaq listing, making it the largest deal of its kind anywhere in the world.