SPAC and US IPO Activity

Year SPAC IPOs Total IPOs SPAC % SPAC Proceeds $M Total IPO Proceeds $M SPAC %
2025 116 180 64% 23,790 54,734 43%
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 1,540 365,709
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 148 31,603
Announced acquisition 94 15,101
Completed acquisition 787 184,367
Liquidated 511 134,638
Total 1,540 365,709
SPAC IPO pipeline 68 10,829

Recent SPAC IPO Performance

Symbol Name Price Unit Return
CEPV Cantor Equity Partners V 10.29 2.9%
WSTNU Westin 10.02 0.2%
DNMXU Dynamix III 10.14 1.4%
DYORU Insight Digital Partners II 10.16 1.6%
VACI/U Viking 10.09 0.9%
APXTU Apex Treasury 10.13 1.3%
LAFAU LaFayette 10.10 1.0%
MMTXU Miluna 10.00 0.0%
ALISU Calisa 10.00 0.0%
HAVAU Harvard 10.00 0.0%
LKSPU Lake Superior 10.15 1.5%
GIWWU GigCapital8 10.36 3.6%
AIIA/U AI Infrastructure 0.00 -1
RNGTU Range II 10.21 2.1%
YCY/U AA Mission II 10.12 1.2%

Top Performing SPACs

Symbol Name Price Unit Return
PRIM Primoris 127.00 3013%
VRT Vertiv 178.00 2235%
LMB Limbach Holdings 82.26 1159%
OKLO Oklo 101.68 917%
TGLS Tecnoglass 52.38 868%
ASTS AST SpaceMobile 63.61 797%
BLBD Blue Bird 50.75 604%
SYM Symbotic 68.00 580%
IONQ IonQ 55.54 566%
RKLB Rocket Lab 48.00 502%
MP MP Materials 47.35 493%
CERE Cerevel Therapeutics 44.98 461%
NAMS NewAmesterdam Pharma 36.50 348%
TWNK Hostess Brands 33.32 342%
SMR NuScale Power 30.50 300%
RGTI Rigetti 33.26 287%
QBTS D-Wave 27.47 228%
MIR Mirion Technologies 27.60 216%
SOFI SoFi 26.79 206%
DKNG DraftKings 25.60 203%
IMVT Immunovant 23.73 198%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
VRRM Verra Mobility 22.91 167%
IRDM Iridium 16.93 164%