Calm Seas Acquisition Corp. ($CSEA.U) just filed for a $300M IPO. It's a Cayman Islands blank check company — no target selected, no operations, no revenue. Just a trust account waiting for a deal.

The math: 30M units at $10.00, implying a $401M valuation. CCM is underwriting. Like all SPACs, the real story isn't the raise — it's what happens after. Use of proceeds: $300M sits in trust for a business combination. Another $300K covers legal, accounting, and travel for deal-hunting. $400K goes to D&O insurance premiums. The risk worth flagging: founder shares vote on any deal, and the sponsor will back it regardless of how public shareholders vote. You may not even get a say on the combination you're funding. Bottom line: a pre-revenue shell with a recovering-but-mixed SPAC market behind it. No target, no management details, no track record to judge. $CSEA.U is a bet on the team finding something — not on anything they've built yet.

The math: 30M units at $10.00, implying a $401M valuation. CCM is underwriting. Like all SPACs, the real story isn't the raise — it's what happens after.