SPAC and US Total IPO Activity

Year SPAC IPOs Total IPOs SPAC % SPAC Proceeds $M Total IPO Proceeds $M SPAC %
2026 157 232 68% 30,333 191,921 16%
2025 144 230 63% 30,394 77,365 39%
2024 57 133 43% 9,646 42,267 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 1,725 402,668
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 243 52,423
Announced acquisition 112 17,773
Completed acquisition 837 192,993
Liquidated 531 139,164
Total 1,723 402,353
SPAC IPO pipeline 93 11,922

Recent SPAC IPO Performance

Symbol Name Price Unit Return
FLSC Frazier Life II 10.49 4.9%
PAXGU Pine Tree 9.98 -0.2%
IVAI Ives Ultra AI 10.07 0.7%
PORT/U Southport II 9.92 -1.8%
BRRKU Bluerock II 9.98 -0.2%
LOVIU Live Oak VI 9.99 -0.1%
LEDRU Leader’s Advantage 9.96 -0.4%
HYAC/U Haymaker V 10.01 0.1%
TLACU Three Lions 9.98 -0.2%
IPHXU Inflection Point VIII 10.04 0.4%
JTTT JATT III 10.53 5.3%
SCATU Southern Cross II 10.03 0.3%
RNAQU Rainier 10.08 0.8%
NSAIU NorthStrive 10.04 0.4%
XTERU Karman Line 9.89 -1.1%
TBCVU Thunder Bridge V 9.91 -0.9%

Top Performing SPACs

Symbol Name Price Unit Return
VRT Vertiv 209.97 2661%
PRIM Primoris 72.87 1659%
IRDM Iridium 44.91 723%
BLBD Blue Bird 57.58 706%
LMB Limbach Holdings 48.28 615%
RKLB Rocket Lab 54.31 586%
TGLS Tecnoglass 37.81 576%
ASTS AST SpaceMobile 43.43 494%
CERE Cerevel Therapeutics 44.98 461%
MP MP Materials 41.99 422%
ROIV Roivant Sciences 33.62 347%
TWNK Hostess Brands 33.32 342%
SYM Symbotic 39.88 299%
OUST Ouster 30.23 296%
IONQ IonQ 33.26 287%
IMVT Immunovant 27.09 249%
OKLO Oklo 30.00 200%
MGY Magnolia Oil & Gas 24.75 192%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
NESR National Energy Services Reunited 19.30 132%
NAMS NewAmesterdam Pharma 20.20 131%
RSI Rush Street Interactive 18.75 124%
DKNG DraftKings 19.27 119%
BWMX Betterware 16.31 111%
PRCH Porch 17.70 108%