SPAC and US IPO Activity

Year SPAC IPOs Total US IPOs SPAC % SPAC Proceeds $M US IPO Proceeds $M SPAC %
2025 18 34 53% 2,973 10,093 29%
2024 57 133 43% 9,624 42,245 23%
2023 31 72 43% 3,848 25,148 15%
2022 86 118 73% 13,431 22,881 59%
2021 613 968 63% 162,503 334,650 49%
2020 248 450 55% 83,386 179,389 46%
2019 59 213 28% 13,600 72,200 19%
2018 46 225 20% 10,750 63,890 17%
2017 34 189 18% 10,048 50,268 20%
2016 13 111 12% 3,499 25,779 14%
2015 20 173 12% 3,902 39,232 10%
2014 12 258 5% 1,750 93,040 2%
2013 10 220 5% 1,447 70,777 2%
2012 9 147 6% 490 50,131 1%
2011 16 144 11% 1,110 43,240 3%
2010 7 166 4% 503 50,583 1%
2009 1 70 1% 36 21,676 0%
2008 17 47 36% 3,842 30,092 13%
2007 66 299 22% 12,094 87,204 14%
2006 37 214 17% 3,384 55,754 6%
2005 29 253 11% 2,161 61,941 3%
2004 12 268 4% 485 72,865 1%
2003 1 127 1% 24 49,954 0%
Total 1,442 344,891
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 92 18,610
Announced acquisition 92 14,210
Completed acquisition 759 179,892
Liquidated 499 132,179
Total 1,442 344,891
SPAC IPO pipeline 39 5,965

Recent SPAC IPO Performance

Symbol Name Price Unit Return
GSHRU Gesher II 10.03 0.3%
QSEAU Quartzsea 10.08 0.8%
NHICU NewHold III 10.07 0.7%
RAC/U Rithm 10.09 0.9%
FERAU Fifth Era 10.07 0.7%
LOKVU Live Oak V 10.06 0.6%
AACBU Artius II 10.10 1.0%
MAYAU Maywood 10.14 1.4%
ATIIU Archimedes II 10.09 0.9%
KFIIU K&F Growth II 10.06 0.6%
SVCCU Steller V 10.14 1.4%
FGMCU FG Merger II 9.77 -2.3%
DMAAU Drugs Made in America 10.12 1.2%
COLAU Columbus 10.15 1.5%
HVIIU Hennessy VII 10.08 0.8%

Top Performing SPACs

Symbol Name Price Unit Return
TGLS Tecnoglass 72.67 1273%
PRIM Primoris 57.39 1272%
LMB Limbach Holdings 78.14 1093%
VRT Vertiv 76.21 878%
CERE Cerevel Therapeutics 44.98 461%
IRDM Iridium 29.32 411%
DKNG DraftKings 36.75 352%
BLBD Blue Bird 33.87 351%
TWNK Hostess Brands 33.32 342%
SMPL Simply Good Foods 34.25 318%
MLTX MoonLake Immunotherapeutics 39.61 296%
WSC Williams Scotsman 29.10 279%
SOC Sable Offshore 26.13 234%
ASTS AST SpaceMobile 25.72 228%
MP MP Materials 26.30 212%
MGY Magnolia Oil & Gas 25.15 197%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
IONQ IonQ 23.63 167%
NAMS NewAmesterdam Pharma 22.15 157%
DJT Trump Media 20.04 143%
VRRM Verra Mobility 20.68 137%
OWL Blue Owl Capital 20.40 134%
CLBT Cellebrite 19.94 128%
RKLB Rocket Lab 19.89 127%