Boost Run to Go Public Through Merger with Willow Lane Acquisition Corp.

Boost Run Set to Go Public in $614 Million SPAC Deal, Targeting AI Cloud Infrastructure Boom

Boost Run, a Chicago-based provider of AI cloud infrastructure and high-performance computing (HPC), is poised to enter the public markets through a business combination with Willow Lane Acquisition Corp. (Nasdaq: WLAC), a special purpose acquisition company (SPAC). The deal, announced September 16, 2025, values the combined entity at $614 million on a post-money basis, assuming Willow Lane’s trust account is retained.

The merger arrives as demand for AI-specific computing solutions surges across enterprise, government, and regulated industries. Boost Run offers a bare-metal platform optimized for security and scalability, addressing the increasing need for application-specific outsourcing solutions. Their services span real-time inference, distributed training, Generative AI analytics, edge compute, and code generation.

“We believe entering the public markets can provide us with both the capital and access to competitive financing we need to accelerate our strategy and expand our share in focus areas,” said Andrew Karos, Founder and CEO of Boost Run. Karos brings a unique perspective to the AI infrastructure space, having previously co-founded algorithmic trading firm Blue Fire Capital, which generated over $500 million in revenues before being acquired by Galaxy Digital in 2020. His experience building and managing HPC infrastructure in the high-stakes world of algorithmic trading gives Boost Run a competitive edge.

The proposed business combination aims to capitalize on this momentum, with approximately $112 million slated to bolster Boost Run’s balance sheet. Management has earmarked these funds for strategic GPU purchases and continued software development. The goal is to expand into new data centers and enhance Boost Run’s automation layer to better serve the burgeoning market.

Financial Projections and Growth Strategy

Boost Run projects impressive revenue growth, targeting a year-over-year increase exceeding 250% from 2024 to 2025. Moreover, the company anticipates adjusted EBITDA margins above 75% and free cash flow margins in the high teens, highlighting the company’s capital efficiency and the solid unit economics underlying its business. By the end of 2026, Boost Run forecasts an annualized quarterly revenue run-rate approaching $275 million, while maintaining these robust profitability metrics.

Key Strategic Advantages

Several factors underpin Boost Run’s optimism. First, Karos’ established relationships with key partners, including Lenovo and TierPoint, provide access to scalable, certified compute capacity without incurring significant capital expenditure on data center infrastructure. This asset-light approach aligns well with the company’s focus on software innovation and service delivery. Also, Boost Run’s platform is built on 100% bare metal servers with real-time deployment and provisioning, delivering on-demand compute to customers seeking advanced security and sector-specific operator-level certifications.

Luke Weil, CEO and Chairman of Willow Lane, emphasized, “We believe that the demand outlook for AI cloud infrastructure is a meaningful long-term secular trend, and that the few winners will be those providers that have favorable access to top-tier data center providers and server suppliers, can build secure enterprise-grade solutions, and can deploy, price, and manage to a high return on invested capital and free cash flow margin.”

Investor Confidence and Deal Terms

Institutional investors signaled confidence in the merger, injecting $24.4 million into Willow Lane shares at $10.60 per share shortly after the transaction was announced. This purchase underscores the strong demand for and validation of Boost Run’s business and future prospects.

The transaction, expected to close in the fourth quarter of 2025, remains subject to customary closing conditions, including shareholder approval. Upon completion, the combined company will operate as Boost Run, Inc., trading on the Nasdaq under the ticker symbol BRUN, with its warrants trading under BRUN WS.

The success of Boost Run’s public debut will depend on its ability to execute its ambitious growth strategy in a competitive market which is becoming increasingly crowded, while maintaining the capital efficiency that has defined its early success. The company’s focus on regulated industries and its existing partnerships could provide a strong foundation for long-term growth.