SPAC and US IPO Activity

Year SPAC IPOs Total US IPOs SPAC % SPAC Proceeds $M US IPO Proceeds $M SPAC %
2025 65 99 66% 13,011 29,071 45%
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 1,489 354,929
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 125 25,509
Announced acquisition 88 14,748
Completed acquisition 772 181,458
Liquidated 504 133,213
Total 1,489 354,929
SPAC IPO pipeline 38 5,201

Recent SPAC IPO Performance

Symbol Name Price Unit Return
CAEP Cantor Equity Partners III 10.65 6.5%
FIGXU FIGX Capital 10.00 0.0%
YORKU Yorkville 11.14 11.4%
LWACU LightWave 10.05 0.5%
OBAWU Oxley Bridge 10.01 0.1%
AXINU Axiom Intelligence 10.10 1.0%
PACHU Pioneer 10.01 0.1%
BSAAU Best 10.04 0.4%
BACCU Blue 10.04 0.4%
BLUWU Blue Water III 10.01 0.1%
JENA/U Jena II 10.28 2.8%
CHPGU ChampionsGate 10.17 1.7%
KCHVU Kochav Defense 10.18 1.8%
WTGUU Wintergreen 10.09 0.9%
CRAQU Cal Redwood 10.26 2.6%

Top Performing SPACs

Symbol Name Price Unit Return
LMB Limbach Holdings 140.10 2084%
PRIM Primoris 77.94 1786%
VRT Vertiv 128.73 1578%
TGLS Tecnoglass 77.36 1367%
ASTS AST SpaceMobile 46.77 544%
BLBD Blue Bird 42.50 480%
CERE Cerevel Therapeutics 44.98 461%
OKLO Oklo 55.80 458%
SMR NuScale Power 39.46 434%
DKNG DraftKings 42.84 433%
IRDM Iridium 30.38 433%
IONQ IonQ 43.05 409%
TWNK Hostess Brands 33.32 342%
RKLB Rocket Lab 36.00 342%
MLTX MoonLake Immunotherapeutics 42.19 322%
MP MP Materials 33.35 306%
SYM Symbotic 39.22 292%
SMPL Simply Good Foods 31.76 285%
WSC Williams Scotsman 26.99 247%
VRRM Verra Mobility 25.01 195%
GRND Grindr 22.70 183%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
CEP Cantor Equity Partners / Twenty One 27.25 173%
SOC Sable Offshore 21.90 171%