SPAC and US IPO Activity

Year SPAC IPOs Total IPOs SPAC % SPAC Proceeds $M Total IPO Proceeds $M SPAC %
2025 135 199 68% 29,378 60,322 49%
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 1,559 371,296
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 153 34,523
Announced acquisition 99 16,512
Completed acquisition 793 184,957
Liquidated 512 134,698
Total 1,557 370,691
SPAC IPO pipeline 77 11,911

Recent SPAC IPO Performance

Symbol Name Price Unit Return
ITHAU ITHAX III 9.98 -0.2%
TWLVU Twelve Seas III 9.98 -0.2%
BLRKU Bluerock 9.99 -0.1%
KBONU Karbon Capital 10.07 0.7%
MESHU Meshflow 10.00 0.0%
DSACU Daedalus 10.04 0.4%
LFACU Leapfrong 10.02 0.2%
NWAX/U New America 10.33 3.3%
SAC/U Safeguard 10.09 0.9%
AEAQU Activate Energy 10.01 0.1%
GPACU General Purpose 9.99 -0.1%
SBXE/U SilverBox V 10.10 1.0%
SCIIU SC II 10.06 0.6%
IGACU Invest Green 10.00 0.0%
HCACU Hall Chadwick 10.02 0.2%

Top Performing SPACs

Symbol Name Price Unit Return
PRIM Primoris 126.28 2994%
VRT Vertiv 160.45 2001%
LMB Limbach Holdings 71.00 979%
ASTS AST SpaceMobile 75.70 978%
TGLS Tecnoglass 53.21 884%
OKLO Oklo 87.94 779%
RKLB Rocket Lab 60.61 670%
MP MP Materials 56.65 617%
BLBD Blue Bird 50.00 593%
SYM Symbotic 60.65 507%
IONQ IonQ 50.06 497%
CERE Cerevel Therapeutics 44.98 461%
NAMS NewAmesterdam Pharma 37.23 358%
TWNK Hostess Brands 33.32 342%
DKNG DraftKings 35.42 334%
IMVT Immunovant 26.86 245%
SOFI SoFi 27.10 210%
QBTS D-Wave 25.99 208%
IRDM Iridium 18.95 204%
RGTI Rigetti 25.86 195%
MIR Mirion Technologies 25.23 187%
ROIV Roivant Sciences 22.54 181%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
MGY Magnolia Oil & Gas 22.79 166%