Zapata Computing's Debut Plunge After Andretti's SPAC Merger

Artificial intelligence startup Zapata Computing Holdings Inc. experienced a 58% plunge in its debut following a merger with former IndyCar driver Michael Andretti's blank-check firm. The deal brought the company public, but despite this, the vast majority of public investors opted out. Shares of Zapata AI, based in Boston, dropped to $5.70 each on its first trading day after merging with Andretti Acquisition Corp. This decline is part of a recent trend of volatility for firms that went public via special-purpose acquisition companies, as most investors withdrew their cash from the deal.