SPAC and US IPO Activity

Year SPAC IPOs Total IPOs SPAC % SPAC Proceeds $M Total IPO Proceeds $M SPAC %
2025 119 183 65% 24,320 55,264 44%
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 1,543 366,239
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 145 31,004
Announced acquisition 97 15,795
Completed acquisition 787 184,136
Liquidated 512 134,698
Total 1,541 365,634
SPAC IPO pipeline 77 12,520

Recent SPAC IPO Performance

Symbol Name Price Unit Return
ALUB/U Alussa Energy II 10.05 0.5%
BPACU Blueport 10.05 0.5%
EVOXU Evolution Global 10.12 1.2%
CRACU Crown Reserve 10.09 0.9%
TDWDU Tailwind 2.0 10.04 0.4%
CEPV Cantor Equity Partners V 10.22 2.2%
WSTNU Westin 10.04 0.4%
DNMXU Dynamix III 10.10 1.0%
DYORU Insight Digital Partners II 10.11 1.1%
VACI/U Viking 10.05 0.6%
APXTU Apex Treasury 10.08 0.8%
LAFAU LaFayette 10.04 0.4%
MMTXU Miluna 10.01 0.1%
ALISU Calisa 10.04 0.4%
HAVAU Harvard 10.01 0.1%

Top Performing SPACs

Symbol Name Price Unit Return
PRIM Primoris 118.00 2788%
VRT Vertiv 164.37 2053%
LMB Limbach Holdings 68.68 941%
OKLO Oklo 96.68 867%
TGLS Tecnoglass 45.57 731%
ASTS AST SpaceMobile 58.16 715%
MP MP Materials 58.38 640%
BLBD Blue Bird 50.35 598%
IONQ IonQ 48.89 482%
CERE Cerevel Therapeutics 44.98 461%
SYM Symbotic 52.95 430%
RKLB Rocket Lab 42.55 429%
NAMS NewAmesterdam Pharma 38.91 380%
TWNK Hostess Brands 33.32 342%
DKNG DraftKings 29.37 253%
SOFI SoFi 26.15 198%
IMVT Immunovant 23.69 198%
RGTI Rigetti 25.62 192%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
MIR Mirion Technologies 23.86 170%
SMR NuScale Power 21.57 166%
QBTS D-Wave 22.72 165%
MGY Magnolia Oil & Gas 22.69 164%
VRRM Verra Mobility 22.36 160%