SPAC and US IPO Activity

Year SPAC IPOs Total US IPOs SPAC % SPAC Proceeds $M US IPO Proceeds $M SPAC %
2025 27 46 59% 4,864 13,754 35%
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 1,451 346,782
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 94 19,013
Announced acquisition 93 14,891
Completed acquisition 764 180,527
Liquidated 499 132,179
Total 1,450 346,610
SPAC IPO pipeline 40 5,972

Recent SPAC IPO Performance

Symbol Name Price Unit Return
CHACU Crane Harbor 9.98 -0.2%
IPCXU Inflection Point III 10.13 1.3%
TVACU Texas Ventures III 10.27 2.7%
TACHU Titan 10.03 0.3%
SZZLU Sizzle II 10.01 0.1%
SOUL/U Soulpower 10.00 0.0%
SDHIU Siddhi 10.07 0.7%
UYSCU UY Scuti 10.08 0.8%
GSHRU Gesher II 10.05 0.5%
QSEAU Quartzsea 10.12 1.2%
FERAU Fifth Era 10.08 0.8%
LOKVU Live Oak V 10.15 1.5%
NHICU NewHold III 10.06 0.6%
RAC/U Rithm 10.09 0.9%
AACBU Artius II 10.11 1.1%

Top Performing SPACs

Symbol Name Price Unit Return
PRIM Primoris 60.55 1351%
LMB Limbach Holdings 92.76 1327%
TGLS Tecnoglass 72.32 1266%
VRT Vertiv 87.21 1024%
CERE Cerevel Therapeutics 44.98 461%
BLBD Blue Bird 35.70 378%
TWNK Hostess Brands 33.32 342%
SMPL Simply Good Foods 35.23 331%
DKNG DraftKings 33.79 312%
MLTX MoonLake Immunotherapeutics 39.42 294%
IRDM Iridium 23.13 288%
DJT Trump Media 26.03 233%
IONQ IonQ 28.67 230%
WSC Williams Scotsman 25.08 219%
CEP Cantor Equity Partners / Twenty One 31.80 218%
ASTS AST SpaceMobile 23.71 198%
MP MP Materials 24.40 187%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
RKLB Rocket Lab 22.34 160%
GRND Grindr 21.07 159%
VRRM Verra Mobility 21.91 154%
MGY Magnolia Oil & Gas 21.76 152%
SOC Sable Offshore 19.82 140%
CLBT Cellebrite 19.75 125%