Boxabl Ignites SPAC Market, Goes Public at $3.5B Valuation

A year after revealing its intentions, Boxabl is out of the private box and into the public trading sphere.

The Las Vegas-based modular housing startup started trading on the Nasdaq Monday after combining with FG Merger II Corp., a special purpose acquisition company, Inman reported. The merger agreement was reached in August 2025, but shareholders didn’t approve the deal until last month; it closed Friday.

The combined company began trading under the BXBL ticker on Monday. Shares quickly surged 20 percent, though they declined by roughly the same amount during the first few hours of trading Tuesday.

The public entry valued the company at $3.5 billion. Existing shareholders were issued 350 million shares at a value of $10 per share.

SPACs, or blank-check firms, soared during the pandemic but have fallen out of favor amid increased regulatory oversight and underwhelming post-merger stock performance. They are often viewed as a shortcut to public markets that avoids the rigorous scrutiny of traditional IPOs.

Boxabl said that going public will help it receive greater access to capital so it can expand production and development of its prefabricated building system. Co-founders Paolo Tiramani and his son, Galiano, will remain in charge.

Boxabl builds modular units in a factory and ships them to sites, marketing them primarily as accessory dwelling units. The firm, founded in 2017, says it’s raised $230 million from more than 50,000 investors, receiving a major boost when Elon Musk said he lived in one of its homes.

It sells its “Casita” tiny home at $60,000, though that’s before shipping, installation and site work.

The firm was the subject of a 2023 SEC investigation into its securities marketing tactics. The probe closed with no enforcement action and details were never made public.

A former employee, Yanni Tassev, was charged by the SEC in 2024 with allegedly defrauding investors out of $1.6 million by selling fake Boxabl shares. The SEC recorded a default judgment against Tassev several months ago.

— Holden Walter-Warner