Ice Cube's Big3 targets $290M valuation in SPAC listing
What's the deal? Ice Cube's Sherman Oaks-based 3-on-3 basketball league, BIG3Dealroom has a profile for this one. Try Dealroom →, plans to go public by merging with Texas SPAC Graf Global CorpDealroom has a profile for this one. Try Dealroom →. The deal implies a roughly $290 million pre-money valuation and would rename the business Big3 Basketball Holdings, Inc., listing under the ticker TONT.
The parties have signed a definitive business combination agreement, with a listing expected on the New York Stock Exchange, NYSE American, or Nasdaq in the fourth quarter of 2026. All existing equity is expected to roll into common stock at close.
What's the endgame? Cofounders O'Shea "Ice Cube" Jackson and Jeff Kwatinetz frame the listing as a way to open ownership to more backers and speed the league's global ambitions. Kwatinetz cited media rights, sponsorship, and licensing as growth areas, and said BIG3 is exploring markets in Asia and has discussed games in London, Toronto, and the Bahamas.
Why now? BIG3 tipped off its ninth season on June 20 at the Intuit Dome in Los Angeles, with its championship set for August in Charlotte. The league points to an average CBS audience of more than 550,000 viewers and over a billion social media impressions last season as evidence of momentum.
The terms: A Form 8-K filed with the Securities and Exchange Commission states that closing requires at least $50 million in net cash proceeds from Graf's trust after redemptions, plus customary approvals. Graf's trust held roughly $249 million as of June 10, 2026, and its shareholders must vote to extend the deadline to complete the combination.
Post-merger leadership is expected to stay in place: Ice Cube as chief executive officer, Kwatinetz as chairman, Sean Bannon as president, and Clyde Drexler as commissioner.
What could go wrong? Closing hinges on a registration statement being declared effective by the SEC, exchange approvals, and shareholder votes. Investors will watch SPAC redemptions and the extension vote closely, as heavy redemptions could threaten the $50 million cash floor.
The signal: If completed, the deal would rank among the first examples of a full US sports league going public, rather than a single team or media partner. It tests whether public markets will back a niche, personality-driven league that has yet to match major US sports in audience or terms fees — a template others may follow if trading holds, or a cautionary tale if it doesn't.
Read more: Hoodline
Image credit: benjieordonez
