Luxury electric vehicle startup Lucid Motors went public after consolidation with “blank-check” firm Churchill Capital Corp IV, in the biggest deal yet between a SPAC and an electric car organization.

The deal left the organization with a market capitalization of $9.17 billion, as of this writing, and will give more than $4 billion in cash to Lucid Motors. The transaction will be utilized to extend Lucid’s Arizona factory, the organization said, which it eventually hopes to be capable of producing 365,000 vehicles every year.

Lucid is attempting to contend straightforwardly with Tesla. Peter Rawlinson, the CEO of Lucid, built up the Model S car while working at Tesla from 2009 to 2012. Tesla, the most significant automaker in the world by market capitalization, sells the Model S, an electric luxury sedan that begins at $73,990, with long-range variations additionally having a range of a little more than 500 miles.

CCIV is a specific reason acquisition organization, or SPAC, which is a shell corporation that has the sole motivation behind purchasing or converging with a private company to take it public without a traditional initial public offering. Numerous organizations have decided to open up to the world over the previous year through SPACs rather than traditional IPOs, which commonly welcome more scrutiny from the two investors and regulators.

Lucid’s consolidation has been broadly envisioned, driving up the cost of CCIV shares over 470% since the beginning of 2021. After the deal was reported, CCIV’s offer cost tumbled over 40%.

Lucid is the furthest down the line electric automaker to go public through a SPAC consolidation.

EV start-ups Arrival, Nikola and Fisker have all taken advantage of investors’ apparently endless appetite for SPACs.

SPACs raised $76 billion a year ago, a sixfold increment from 2019.

“A few years ago, SPACs were a relatively sleepy corner of the marketplace. That’s not the case anymore,” said David Gallers, co-founder and managing partner of Wealthspring, a firm that invests in SPACs. “Billion dollar unicorns are now embracing it.”