If there is a more expensive way for a company to raise money than through a special purpose acquisition company (Spac) it is hard to imagine.

About a quarter of company is given to the promoters of the Spac, which raises a blind pool of money from public market investors to find a target it can float through the Spac shell.

Lots of the targets have been in parts of the electric and autonomous vehicle sector but not all and so it will be interesting to see the choice of target for Rajeev Misra (pictured), head of the SoftBank Vision Fund, who said at the 2020 Milken Institute Global Conference he was preparing a Spac. A cynic might expect the target to be a portfolio company, such as WeWork or Oyo.

Misra said he would outline more plans in the next two weeks, according to cable news CNBC, having keynoted the GCV Digital Forum last month.

SoftBank Vision Fund’s managers would operate the Spac and it would reportedly include money from outside investors and Vision Fund 2, according to a source to CNBC. A SoftBank spokesman declined to comment to CNBC.

Misra helped raise almost $100bn for the SoftBank Vision Fund, but only had SoftBank named as a limited partner for the second fund after the group sold Arm to Nvidia and $21bn of T-Mobile stock to raise cash and lower its debts.

There has been more money raised via Spac than ever before this year, according to data provider Refinitiv. How long the Spac boom lasts depends on the well of goodwill among Spac investors.