SPAC and US IPO Activity

Year SPAC IPOs Total US IPOs SPAC % SPAC Proceeds $M US IPO Proceeds $M SPAC %
2025 33 52 63% 5,899 14,789 40%
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 1,457 347,817
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 99 19,979
Announced acquisition 93 14,701
Completed acquisition 764 180,527
Liquidated 501 132,611
Total 1,457 347,817
SPAC IPO pipeline 38 5,792

Recent SPAC IPO Performance

Symbol Name Price Unit Return
TACOU Berto 10.15 1.5%
LCCCU Lakeshore III 10.01 0.1%
DAAQU Digital Asset 10.23 2.3%
RAAQU Real Asset 10.11 1.1%
CHACU Crane Harbor 10.01 0.1%
IPCXU Inflection Point III 10.18 1.8%
TVACU Texas Ventures III 10.01 0.1%
TACHU Titan 10.04 0.4%
SZZLU Sizzle II 10.02 0.2%
SOUL/U Soulpower 10.02 0.2%
SDHIU Siddhi 10.08 0.8%
UYSCU UY Scuti 10.19 1.9%
GSHRU Gesher II 10.06 0.6%
QSEAU Quartzsea 10.13 1.3%
FERAU Fifth Era 10.12 1.2%

Top Performing SPACs

Symbol Name Price Unit Return
LMB Limbach Holdings 95.01 1363%
PRIM Primoris 59.97 1337%
TGLS Tecnoglass 71.27 1245%
VRT Vertiv 89.25 1052%
CERE Cerevel Therapeutics 44.98 461%
BLBD Blue Bird 35.60 376%
CEP Cantor Equity Partners / Twenty One 45.80 358%
SMPL Simply Good Foods 36.11 343%
TWNK Hostess Brands 33.32 342%
MLTX MoonLake Immunotherapeutics 43.00 330%
IRDM Iridium 24.19 309%
DKNG DraftKings 33.47 308%
IONQ IonQ 27.95 221%
DJT Trump Media 24.70 213%
WSC Williams Scotsman 24.68 213%
ASTS AST SpaceMobile 23.44 194%
MP MP Materials 24.63 190%
GRND Grindr 22.78 184%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
RKLB Rocket Lab 22.10 156%
VRRM Verra Mobility 21.80 152%
MGY Magnolia Oil & Gas 20.53 135%
CLBT Cellebrite 20.18 131%
SOC Sable Offshore 18.66 122%