SPAC and US IPO Activity

Year SPAC IPOs Total IPOs SPAC % SPAC Proceeds $M Total IPO Proceeds $M SPAC %
2025 131 195 67% 28,578 59,522 48%
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 1,555 370,496
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 149 33,723
Announced acquisition 100 16,627
Completed acquisition 792 184,842
Liquidated 512 134,698
Total 1,553 369,891
SPAC IPO pipeline 81 12,711

Recent SPAC IPO Performance

Symbol Name Price Unit Return
DSACU Daedalus 10.06 0.6%
LFACU Leapfrong 10.02 0.2%
NWAX/U New America 10.32 3.2%
SAC/U Safeguard 10.06 0.6%
AEAQU Activate Energy 10.01 0.1%
GPACU General Purpose 10.00 0.0%
SBXE/U SilverBox V 10.07 0.7%
SCIIU SC II 10.05 0.6%
IGACU Invest Green 10.03 0.3%
HCACU Hall Chadwick 10.02 0.2%
ALUB/U Alussa Energy II 10.17 1.7%
BPACU Blueport 10.05 0.5%
EVOXU Evolution Global 10.06 0.6%
CRACU Crown Reserve 10.14 1.4%
TDWDU Tailwind 2.0 10.04 0.4%

Top Performing SPACs

Symbol Name Price Unit Return
PRIM Primoris 131.96 3137%
VRT Vertiv 178.65 2244%
LMB Limbach Holdings 73.44 1018%
ASTS AST SpaceMobile 73.18 940%
OKLO Oklo 103.41 934%
TGLS Tecnoglass 51.65 853%
MP MP Materials 59.88 660%
BLBD Blue Bird 51.68 618%
RKLB Rocket Lab 54.74 592%
IONQ IonQ 54.28 550%
SYM Symbotic 61.95 520%
CERE Cerevel Therapeutics 44.98 461%
TWNK Hostess Brands 33.32 342%
DKNG DraftKings 34.92 327%
NAMS NewAmesterdam Pharma 34.80 326%
QBTS D-Wave 28.30 239%
RGTI Rigetti 28.08 222%
SOFI SoFi 26.88 207%
MIR Mirion Technologies 25.55 191%
IMVT Immunovant 23.20 191%
IRDM Iridium 17.71 179%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
MGY Magnolia Oil & Gas 22.84 166%
SMR NuScale Power 21.38 163%