SPAC and US IPO Activity

Year SPAC IPOs Total US IPOs SPAC % SPAC Proceeds $M US IPO Proceeds $M SPAC %
2025 38 57 67% 7,857 16,747 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 1,462 349,775
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 102 21,753
Announced acquisition 93 14,429
Completed acquisition 766 180,983
Liquidated 501 132,611
Total 1,462 349,775
SPAC IPO pipeline 40 5,968

Recent SPAC IPO Performance

Symbol Name Price Unit Return
EGHAU EGH 10.04 0.4%
IPODU Dune II 10.02 0.2%
CGCTU Cartesian Growth III 10.03 0.3%
GTENU Gorex X 10.13 1.3%
COPL/U Copley 10.01 0.1%
LCCCU Lakeshore III 10.06 0.6%
TACOU Berto 10.20 2.0%
CEPT Cantor Equity Partners II 11.29 12.9%
RDAGU Republic Digital 10.14 1.4%
DAAQU Digital Asset 10.35 3.5%
RAAQU Real Asset 10.05 0.5%
CHACU Crane Harbor 10.03 0.3%
IPCXU Inflection Point III 10.12 1.3%
TVACU Texas Ventures III 10.02 0.2%
TACHU Titan 10.04 0.4%

Top Performing SPACs

Symbol Name Price Unit Return
LMB Limbach Holdings 122.52 1803%
PRIM Primoris 70.73 1606%
TGLS Tecnoglass 85.07 1521%
VRT Vertiv 99.73 1191%
CERE Cerevel Therapeutics 44.98 461%
BLBD Blue Bird 39.72 438%
DKNG DraftKings 37.87 367%
IRDM Iridium 27.04 366%
SMPL Simply Good Foods 36.37 347%
TWNK Hostess Brands 33.32 342%
MLTX MoonLake Immunotherapeutics 39.43 294%
IONQ IonQ 33.29 287%
WSC Williams Scotsman 28.90 276%
ASTS AST SpaceMobile 26.63 242%
SOC Sable Offshore 26.14 235%
DJT Trump Media 25.99 232%
GRND Grindr 23.73 198%
CEP Cantor Equity Partners / Twenty One 29.78 198%
VRRM Verra Mobility 24.33 186%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
MGY Magnolia Oil & Gas 22.97 168%
SYM Symbotic 25.36 154%
RKLB Rocket Lab 21.49 148%
MP MP Materials 21.43 147%