SPAC and US IPO Activity

Year SPAC IPOs Total IPOs SPAC % SPAC Proceeds $M Total IPO Proceeds $M SPAC %
2025 89 143 62% 18,335 42,349 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 1,513 360,253
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 134 28,380
Announced acquisition 87 14,403
Completed acquisition 783 183,292
Liquidated 509 134,178
Total 1,513 360,253
SPAC IPO pipeline 59 9,234

Recent SPAC IPO Performance

Symbol Name Price Unit Return
BLZRU Trailblazer 10.04 0.4%
TLNCU Talon 9.99 -0.1%
GSRFU GSR IV 10.08 0.8%
SVACU Spring Valley III 10.03 0.3%
KOYNU CSLM Digital III 10.04 0.4%
MBVIU M3-Brigade VI 10.01 0.1%
CEPF Cantor Equity Partners IV 10.16 1.6%
HVMCU Highview 10.08 0.8%
MKLYU McKinley 9.98 -0.2%
SSEAU STARRY SEA 10.06 0.6%
QUMSU Quantumsphere 10.08 0.8%
HCMAU HCM III 10.15 1.5%
BCARU D. Boral ARC 10.00 0.0%
APADU A Paradise 10.03 0.3%
PAII/U Pyrophyte II 10.05 0.5%

Top Performing SPACs

Symbol Name Price Unit Return
PRIM Primoris 122.10 2890%
VRT Vertiv 135.00 1662%
LMB Limbach Holdings 105.50 1531%
TGLS Tecnoglass 70.58 1232%
OKLO Oklo 82.25 723%
BLBD Blue Bird 57.96 712%
MP MP Materials 63.43 707%
RKLB Rocket Lab 52.85 566%
IONQ IonQ 55.01 559%
CERE Cerevel Therapeutics 44.98 461%
DKNG DraftKings 43.98 448%
MLTX MoonLake Immunotherapeutics 53.70 437%
ASTS AST SpaceMobile 38.78 424%
SMR NuScale Power 36.25 386%
SYM Symbotic 47.74 377%
TWNK Hostess Brands 33.32 342%
SMPL Simply Good Foods 27.20 224%
NAMS NewAmesterdam Pharma 26.85 220%
SOFI SoFi 26.48 202%
VRRM Verra Mobility 24.59 190%
WSC Williams Scotsman 23.01 188%
SOC Sable Offshore 23.00 188%
IRDM Iridium 17.91 183%
MGY Magnolia Oil & Gas 23.80 179%