SPAC investors this week made a big bet on the MAGA economy.Or at least a big bet that some other investors believe in the MAGA economy.Driving the news: Colombier Acquisition Corp. III raised $260 million in its IPO, above its $250 million target, and a source tells me that it will end up with around $300 million after underwriters exercised the greenshoe.Colombier is led by Omeed Malik, managing partner of 1789 Capital — the Florida-based venture capital firm where Donald Trump Jr. is a partner.Trump Jr. is a director on the SPAC, as are Fox News Channel host Laura Ingraham, onetime "SPAC King" Chamath Palihapitiya, and former U.S. Senate candidate Blake Masters.Zoom in: Colombier's prior SPACs merged with Public Square, an e-commerce marketplace that promotes sellers with conservative values, and online firearms retailer GrabAGun.Both have performed miserably. Public Square is trading below a buck per share, while GrabAGun closed Wednesday just shy of $3 per share.Masters and Trump Jr. are on both companies' boards.Behind the scenes: So how did a SPAC sponsor with that sort of track record manage to outperform its own expectations?The basic answer is that SPAC IPO investors rarely play for the long term, and SPAC sponsors are more akin to investment banks than private equity firms.Both Public Square and GrabAGun shares popped after their mergers closed, hitting around $36 and $17 respectively. SPAC investors who bought at $10 per share were often the sellers, leaving others holding the bag.The cynical take is that MAGA retail investors got left holding the bag and will again. The counter is that Colombier is now operating in a MAGA-led economy, and thus will be able to seek out stronger targets.The big question: Colombier III has around two years until it needs to complete a merger, and it's quite possible that Democrats will control at least one house of Congress by 2027.If that happens and the SPAC hasn't yet closed its merger, it's possible that there will be fewer secondary buyers.1789, which is said to now manage around $2 billion, seems to be telling its own investors not to worry — Trump controls the executive branch through the end of 2028, which means he still makes many of the rules.The bottom line: The first two Colombier SPAC IPOs priced into Biden's economy, raging against the machine. This one is part of the system.Editor's note: This story has been updated with additional details throughout, and to remove a reference to a regulatory filing in connection with the upsized raise. The upsized amount has not yet been filed with the SEC.