SPAC and US IPO Activity

Year SPAC IPOs Total US IPOs SPAC % SPAC Proceeds $M US IPO Proceeds $M SPAC %
2025 22 41 54% 3,483 12,373 28%
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 1,446 345,401
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 96 19,120
Announced acquisition 89 13,805
Completed acquisition 762 180,297
Liquidated 499 132,179
Total 1,446 345,401
SPAC IPO pipeline 35 5,315

Recent SPAC IPO Performance

Symbol Name Price Unit Return
SZZLU Sizzle II 9.98 -0.2%
SOUL/U Soulpower 10.01 0.1%
SDHIU Siddhi 10.03 0.3%
UYSCU UY Scuti 10.08 0.8%
GSHRU Gesher II 10.02 0.2%
QSEAU Quartzsea 10.11 1.1%
NHICU NewHold III 10.05 0.5%
RAC/U Rithm 10.05 0.5%
FERAU Fifth Era 10.07 0.7%
LOKVU Live Oak V 10.10 1.0%
AACBU Artius II 10.07 0.7%
MAYAU Maywood 10.19 1.9%
ATIIU Archimedes II 10.09 0.9%
KFIIU K&F Growth II 10.09 0.9%
SVCCU Steller V 10.15 1.5%

Top Performing SPACs

Symbol Name Price Unit Return
PRIM Primoris 55.24 1219%
TGLS Tecnoglass 68.78 1196%
LMB Limbach Holdings 73.18 1013%
VRT Vertiv 67.54 762%
CERE Cerevel Therapeutics 44.98 461%
IRDM Iridium 26.05 346%
TWNK Hostess Brands 33.32 342%
BLBD Blue Bird 33.00 338%
SMPL Simply Good Foods 35.32 333%
DKNG DraftKings 32.28 292%
MLTX MoonLake Immunotherapeutics 38.79 288%
WSC Williams Scotsman 25.65 227%
MP MP Materials 24.90 194%
MGY Magnolia Oil & Gas 23.51 175%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
SOC Sable Offshore 22.15 175%
ASTS AST SpaceMobile 21.70 168%
VRRM Verra Mobility 22.86 166%
IONQ IonQ 23.31 163%
DJT Trump Media 18.31 117%
CLBT Cellebrite 19.00 115%
GRND Grindr 18.13 114%
NAMS NewAmesterdam Pharma 18.09 103%
OWL Blue Owl Capital 18.02 102%