SPAC and US IPO Activity

Year SPAC IPOs Total US IPOs SPAC % SPAC Proceeds $M US IPO Proceeds $M SPAC %
2025 71 105 68% 14,336 30,396 47%
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 1,495 356,254
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 128 26,419
Announced acquisition 87 14,557
Completed acquisition 774 181,918
Liquidated 506 133,360
Total 1,495 356,254
SPAC IPO pipeline 35 4,499

Recent SPAC IPO Performance

Symbol Name Price Unit Return
ONCHU 1RT 10.30 3.0%
EVAC/U EQV Ventures II 10.01 0.1%
CCIIU Cohen Circle II 10.17 1.7%
ORIQU Origin 10.01 0.1%
VNMEU Vendome 10.00 0.0%
INACU Indigo 10.07 0.7%
NMPAU NMP 9.98 -0.2%
CAEP Cantor Equity Partners III 10.44 4.4%
FIGXU FIGX Capital 10.01 0.1%
LWACU LightWave 10.01 0.1%
OBAWU Oxley Bridge 10.00 0.0%
YORKU Yorkville 11.03 10.3%
AXINU Axiom Intelligence 10.08 0.8%
PACHU Pioneer 10.01 0.1%
BSAAU Best 10.04 0.4%

Top Performing SPACs

Symbol Name Price Unit Return
LMB Limbach Holdings 144.75 2159%
PRIM Primoris 84.25 1944%
VRT Vertiv 127.80 1566%
TGLS Tecnoglass 75.52 1330%
BLBD Blue Bird 45.31 522%
ASTS AST SpaceMobile 43.94 502%
CERE Cerevel Therapeutics 44.98 461%
IRDM Iridium 31.81 461%
IONQ IonQ 45.77 443%
OKLO Oklo 53.16 432%
DKNG DraftKings 42.46 428%
MLTX MoonLake Immunotherapeutics 47.96 380%
RKLB Rocket Lab 38.81 379%
SMR NuScale Power 34.56 361%
SYM Symbotic 45.57 356%
TWNK Hostess Brands 33.32 342%
SMPL Simply Good Foods 31.83 286%
WSC Williams Scotsman 28.62 272%
MP MP Materials 30.31 266%
CEP Cantor Equity Partners / Twenty One 31.22 212%
VRRM Verra Mobility 25.21 198%
SOC Sable Offshore 22.80 184%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
MGY Magnolia Oil & Gas 23.39 174%