SPAC and US IPO Activity

Year SPAC IPOs Total US IPOs SPAC % SPAC Proceeds $M US IPO Proceeds $M SPAC %
2025 17 33 52% 2,848 9,968 29%
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 1,441 344,766
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 92 18,715
Announced acquisition 92 14,280
Completed acquisition 758 179,592
Liquidated 499 132,179
Total 1,441 344,766
SPAC IPO pipeline 37 5,490

Recent SPAC IPO Performance

Symbol Name Price Unit Return
NHICU NewHold III 10.04 0.4%
RAC/U Rithm 10.02 0.2%
FERAU Fifth Era 10.03 0.3%
LOKVU Live Oak V 10.05 0.5%
AACBU Artius II 10.05 0.5%
MAYAU Maywood 10.10 1.0%
ATIIU Archimedes II 10.05 0.5%
KFIIU K&F Growth II 10.06 0.6%
FGMCU FG Merger II 9.75 -2.5%
SVCCU Steller V 10.12 1.2%
DMAAU Drugs Made in America 10.11 1.1%
COLAU Columbus 10.15 1.5%
HVIIU Hennessy VII 10.04 0.4%
PLMKU Plum IV 10.10 1.0%
RIBBU Ribbon 10.11 1.1%

Top Performing SPACs

Symbol Name Price Unit Return
PRIM Primoris 64.64 1453%
TGLS Tecnoglass 70.48 1230%
VRT Vertiv 89.20 1051%
LMB Limbach Holdings 75.00 1043%
CERE Cerevel Therapeutics 44.98 461%
IRDM Iridium 27.99 385%
DKNG DraftKings 39.00 382%
BLBD Blue Bird 34.88 366%
TWNK Hostess Brands 33.32 342%
SMPL Simply Good Foods 34.76 325%
WSC Williams Scotsman 30.46 299%
MLTX MoonLake Immunotherapeutics 39.10 291%
ASTS AST SpaceMobile 28.04 263%
SOC Sable Offshore 25.76 229%
MP MP Materials 26.99 222%
IONQ IonQ 25.14 185%
MGY Magnolia Oil & Gas 23.72 178%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
NAMS NewAmesterdam Pharma 23.34 173%
DJT Trump Media 20.51 150%
IMVT Immunovant 20.04 143%
VRRM Verra Mobility 20.83 139%
OWL Blue Owl Capital 19.88 127%
SYM Symbotic 22.40 124%