SPAC and US Total IPO Activity

Year SPAC IPOs Total IPOs SPAC % SPAC Proceeds $M Total IPO Proceeds $M SPAC %
2025 141 227 62% 29,710 75,511 39%
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 1,565 371,628
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 159 34,855
Announced acquisition 99 16,512
Completed acquisition 793 184,957
Liquidated 514 135,303
Total 1,565 371,628
SPAC IPO pipeline 76 11,331

Recent SPAC IPO Performance

Symbol Name Price Unit Return
CCXIU Churchill XI 10.20 2.0%
IRHOU Iron Horse II 9.96 -0.4%
CRANU Crane Harbor II 10.05 0.5%
ITHAU ITHAX III 9.95 -0.5%
TWLVU Twelve Seas III 9.97 -0.3%
BLRKU Bluerock 10.01 0.1%
KBONU Karbon Capital 10.07 0.7%
MESHU Meshflow 10.01 0.1%
DSACU Daedalus 10.04 0.4%
LFACU Leapfrong 10.02 0.2%
AEAQU Activate Energy 10.00 0.0%
NWAX/U New America 10.37 3.7%
SAC/U Safeguard 10.10 1.0%
GPACU General Purpose 9.99 -0.1%

Top Performing SPACs

Symbol Name Price Unit Return
PRIM Primoris 122.95 2911%
VRT Vertiv 150.04 1862%
LMB Limbach Holdings 79.03 1107%
TGLS Tecnoglass 50.79 836%
ASTS AST SpaceMobile 61.99 772%
OKLO Oklo 76.40 664%
BLBD Blue Bird 51.75 619%
RKLB Rocket Lab 53.92 581%
MP MP Materials 51.90 554%
CERE Cerevel Therapeutics 44.98 461%
SYM Symbotic 56.03 460%
IONQ IonQ 46.89 457%
TWNK Hostess Brands 33.32 342%
DKNG DraftKings 34.00 315%
NAMS NewAmesterdam Pharma 33.68 311%
IMVT Immunovant 27.01 248%
ROIV Roivant Sciences 23.11 189%
SOFI SoFi 25.26 187%
QBTS D-Wave 24.12 183%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
MIR Mirion Technologies 23.01 159%
IRDM Iridium 16.62 157%
MGY Magnolia Oil & Gas 22.05 156%
RGTI Rigetti 22.74 155%