SPAC and US IPO Activity

Year SPAC IPOs Total IPOs SPAC % SPAC Proceeds $M Total IPO Proceeds $M SPAC %
2025 104 168 62% 21,802 52,746 41%
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 1,528 363,720
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 142 30,633
Announced acquisition 89 14,312
Completed acquisition 786 184,137
Liquidated 511 134,638
Total 1,528 363,720
SPAC IPO pipeline 64 9,504

Recent SPAC IPO Performance

Symbol Name Price Unit Return
LKSPU Lake Superior 10.02 0.2%
GIWWU GigCapital8 10.20 2.0%
AIIA/U AI Infrastructure 0.00 -1
YCY/U AA Mission II 9.97 -0.3%
RNGTU Range II 10.10 1.0%
KRSP/U Rice III 10.83 8.3%
BCSS/U Bain Capital GSS 10.30 3.0%
BDCIU BTC Development 10.33 3.3%
APACU StoneBridge II 9.98 -0.2%
AEXA American Exceptionalism 11.39 13.9%
FCRS/U FutureCrest 10.57 5.7%
EMISU Emmis 10.02 0.2%
LATAU Galata 10.03 0.3%
CHECU Chenghe III 9.96 -0.4%
OTGAU OTG 10.11 1.1%

Top Performing SPACs

Symbol Name Price Unit Return
PRIM Primoris 138.50 3300%
VRT Vertiv 180.81 2272%
OKLO Oklo 172.10 1621%
LMB Limbach Holdings 92.13 1317%
ASTS AST SpaceMobile 91.50 1215%
MP MP Materials 98.45 1174%
TGLS Tecnoglass 63.19 1084%
IONQ IonQ 82.35 901%
RKLB Rocket Lab 67.25 758%
BLBD Blue Bird 55.10 669%
SYM Symbotic 70.76 608%
RGTI Rigetti 56.34 576%
SMR NuScale Power 45.29 522%
CERE Cerevel Therapeutics 44.98 461%
QBTS D-Wave 41.11 410%
NAMS NewAmesterdam Pharma 37.00 355%
TWNK Hostess Brands 33.32 342%
DKNG DraftKings 33.50 308%
SOFI SoFi 27.19 211%
IRDM Iridium 18.80 201%
SMPL Simply Good Foods 24.32 186%
VRRM Verra Mobility 24.03 182%
STEM Stem 23.68 177%
MIR Mirion Technologies 24.38 176%