SPAC King Chamath Palihapitiya is set for a massive payday following NVIDIA Corp.’s (NASDAQ:NVDA) $20.6 billion deal with rival semiconductor company, Groq.

Early Investor To Big Exit

Palihapitiya's Social Capital was among Groq's earliest backers, investing $10 million in 2017 and adding another $52.3 million the following year, a move that gave the firm close to one-third ownership of the stealth hardware startup at the time.

In addition to being a major early investor, Palihapitiya served on the company’s board since the very beginning, before stepping down in 2021.

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Groq went on to raise several additional funding rounds, most recently securing $750 million at a valuation of $6.9 billion earlier this year.

The company has since been backed by several other prominent investors, including BlackRock Inc. (NYSE:BLK), Neuberger Berman, Samsung Electronics Co. (OTC:SSNLF), Disruptive and Cisco Systems ...