SPAC and US IPO Activity

Year SPAC IPOs Total US IPOs SPAC % SPAC Proceeds $M US IPO Proceeds $M SPAC %
2025 44 63 70% 9,109 17,999 51%
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 1,468 351,027
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 110 23,265
Announced acquisition 91 14,169
Completed acquisition 765 180,802
Liquidated 502 132,791
Total 1,468 351,027
SPAC IPO pipeline 38 5,357

Recent SPAC IPO Performance

Symbol Name Price Unit Return
WENNU Wen 10.44 4.4%
RTACU Renatus Tactical 11.75 17.5%
CCCXU Churchill X 10.47 4.7%
CCCMU Columbus Circle 10.14 1.4%
PMTRU Perimeter 10.20 2.0%
TVAIU Thayer Ventures II 10.06 0.6%
EGHAU EGH 10.10 1.0%
IPODU Dune II 10.02 0.2%
CGCTU Cartesian Growth III 10.02 0.2%
GTENU Gorex X 10.17 1.7%
COPL/U Copley 10.02 0.2%
LCCCU Lakeshore III 10.06 0.6%
TACOU Berto 10.23 2.3%
CEPT Cantor Equity Partners II 11.37 13.7%
RDAGU Republic Digital 10.26 2.6%

Top Performing SPACs

Symbol Name Price Unit Return
LMB Limbach Holdings 126.24 1862%
PRIM Primoris 75.00 1713%
TGLS Tecnoglass 86.64 1553%
VRT Vertiv 105.19 1264%
CERE Cerevel Therapeutics 44.98 461%
BLBD Blue Bird 40.09 444%
DKNG DraftKings 37.33 359%
SOC Sable Offshore 33.90 351%
TWNK Hostess Brands 33.32 342%
SMPL Simply Good Foods 35.61 336%
IRDM Iridium 25.21 329%
IONQ IonQ 36.15 323%
OKLO Oklo 40.84 308%
MLTX MoonLake Immunotherapeutics 39.20 292%
WSC Williams Scotsman 29.25 281%
CEP Cantor Equity Partners / Twenty One 37.60 276%
DJT Trump Media 25.01 218%
SMR NuScale Power 24.85 215%
ASTS AST SpaceMobile 24.73 213%
RKLB Rocket Lab 25.98 208%
GRND Grindr 23.70 198%
SYM Symbotic 28.35 184%
VRRM Verra Mobility 23.80 179%
ROIC Retail Opportunity Investments (ROI) 17.49 175%