Xsolla SPAC 1 is a newly incorporated Cayman Islands exempted blank check company, formed on September 16, 2025, for the purpose of effecting a business combination. The company has no operating history or revenues to date, with activities focused on organizational efforts and preparing for its Initial Public Offering (IPO). The IPO was consummated on January 30, 2026, raising $200,000,000 from 20,000,000 units at $10.00 per unit. An additional 419,385 units were sold on February 2, 2026, from a partial over-allotment option exercise, generating $4,193,850. A private placement of 400,000 units (and an additional 3,146 units on February 2, 2026) to Xsolla SPAC I LLC (the Sponsor) generated $4,000,000 (and $31,460 respectively). A total of $204,193,850 was placed in the Trust Account by February 2, 2026. The company intends to focus its search on high-growth sectors such as Video Games, Financial Technology (FinTech), Advertising Technology (Ad Tech), and Telecommunications, targeting businesses with an aggregate enterprise value between $500 million and $1 billion. Xsolla SPAC 1 reported a net loss of $76,662 for the period from September 16, 2025, through December 31, 2025. As of December 31, 2025, the company had no cash and a working capital deficit of $270,009. The underwriters forfeited the remaining unexercised balance of 2,580,615 over-allotment option Units on March 11, 2026, leading the Sponsor to surrender 860,205 founder shares. The company has up to 24 months from January 30, 2026, to consummate an initial business combination.