SPAC and US IPO Activity

Year SPAC IPOs Total IPOs SPAC % SPAC Proceeds $M Total IPO Proceeds $M SPAC %
2025 114 178 64% 23,490 54,434 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 1,538 365,409
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 146 31,303
Announced acquisition 94 15,101
Completed acquisition 787 184,367
Liquidated 511 134,638
Total 1,538 365,409
SPAC IPO pipeline 67 10,629

Recent SPAC IPO Performance

Symbol Name Price Unit Return
CEPV Cantor Equity Partners V 10.50 5.0%
WSTNU Westin 10.03 0.3%
DNMXU Dynamix III 10.14 1.5%
DYORU Insight Digital Partners II 10.17 1.7%
VACI/U Viking 10.10 1.0%
APXTU Apex Treasury 10.12 1.3%
LAFAU LaFayette 10.10 1.0%
MMTXU Miluna 9.99 -0.1%
ALISU Calisa 10.01 0.1%
HAVAU Harvard 9.99 -0.1%
LKSPU Lake Superior 10.26 2.6%
GIWWU GigCapital8 10.31 3.1%
AIIA/U AI Infrastructure 0.00 -1
RNGTU Range II 10.17 1.7%
YCY/U AA Mission II 10.12 1.2%

Top Performing SPACs

Symbol Name Price Unit Return
PRIM Primoris 129.44 3074%
VRT Vertiv 191.14 2410%
LMB Limbach Holdings 84.00 1187%
OKLO Oklo 122.16 1122%
TGLS Tecnoglass 56.00 940%
ASTS AST SpaceMobile 70.37 898%
SYM Symbotic 78.94 689%
RKLB Rocket Lab 56.90 620%
BLBD Blue Bird 51.36 613%
IONQ IonQ 58.64 604%
MP MP Materials 55.42 601%
CERE Cerevel Therapeutics 44.98 461%
SMR NuScale Power 38.32 417%
NAMS NewAmesterdam Pharma 38.88 380%
RGTI Rigetti 38.19 349%
TWNK Hostess Brands 33.32 342%
QBTS D-Wave 32.06 289%
SOFI SoFi 30.02 247%
DKNG DraftKings 27.92 234%
MIR Mirion Technologies 28.55 228%
IMVT Immunovant 24.07 204%
IRDM Iridium 17.86 182%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
VRRM Verra Mobility 22.78 165%