The Big3 basketball league, co-founded by Ice Cube, is preparing to go public through a special purpose acquisition company (SPAC) merger with Graf Global Corp at a $290 million valuation. This announcement came on June 12, 2026, and shares are expected to be traded later this year on the New York Stock Exchange or Nasdaq under the ticker TONT. The move aims to capitalize on Big3’s momentum, including a 25% ratings increase last season and expanded broadcasting partnerships across CBS, BET, Fubo Sports Network, and even streaming in China via Migu Video Co.

Ice Cube expressed his vision for Big3 to last 100 years and emphasized the league’s competitive nature, made up of former NBA talent who still have a strong drive to win. This season features players such as Lance Stephenson, Michael Beasley, Dwight Howard, and others, with standardized salary tiers and a profit-sharing model whereby players earn half of the league’s net profits post-playoffs. The league’s ninth season opened with a heated incident resulting in suspensions, highlighting the intensity and passion embedded in the competition.

A major factor motivating Big3 to pursue a public offering stems from challenges in raising outside capital, largely due to NBA restrictions on investments in competing men’s basketball leagues. The NBA prohibits team owners from investing in Big3, viewing it as a rival league, which has complicated Big3’s growth efforts. This restriction has even drawn attention from the U.S. Department of Justice, which reportedly began investigating potential anticompetitive practices by the NBA in 2023.

The decision to go public through a SPAC is timely in a year where such mergers are resurgent, despite mixed long-term performance of SPAC takeovers generally. University of Florida finance professor Jay Ritter noted that Big3’s deal could be successful because it is expected to provide significant cash infusion for the league’s expansion, differing from many SPAC mergers where investor redemptions limit available capital. Cofounder Jeff Kwatinetz sees this step as a tipping point for Big3 to leverage growing fan interest and increase its market presence amid evolving sports industry dynamics.