SPAC and US IPO Activity

Year SPAC IPOs Total IPOs SPAC % SPAC Proceeds $M Total IPO Proceeds $M SPAC %
2025 107 171 63% 22,067 53,011 42%
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 1,531 363,985
* IPOs greater than $40M, excludes direct listings.

Summary of SPACs

  # Proceeds $M
Seeking acquisition 143 30,697
Announced acquisition 90 14,283
Completed acquisition 787 184,367
Liquidated 511 134,638
Total 1,531 363,985
SPAC IPO pipeline 72 11,229

Recent SPAC IPO Performance

Symbol Name Price Unit Return
LKSPU Lake Superior 10.04 0.4%
GIWWU GigCapital8 10.50 5.0%
AIIA/U AI Infrastructure 0.00 -1
YCY/U AA Mission II 9.99 -0.1%
RNGTU Range II 10.22 2.2%
KRSP/U Rice III 10.83 8.3%
BCSS/U Bain Capital GSS 10.40 4.0%
BDCIU BTC Development 10.40 4.0%
APACU StoneBridge II 10.06 0.6%
AEXA American Exceptionalism 11.66 16.6%
FCRS/U FutureCrest 10.60 6.0%
EMISU Emmis 9.98 -0.2%
LATAU Galata 10.05 0.5%

Top Performing SPACs

Symbol Name Price Unit Return
PRIM Primoris 136.12 3240%
VRT Vertiv 184.21 2318%
LMB Limbach Holdings 94.65 1357%
OKLO Oklo 126.40 1164%
TGLS Tecnoglass 60.00 1020%
ASTS AST SpaceMobile 72.73 933%
MP MP Materials 69.30 786%
RKLB Rocket Lab 64.40 720%
BLBD Blue Bird 56.00 683%
IONQ IonQ 60.97 633%
SYM Symbotic 68.36 584%
CERE Cerevel Therapeutics 44.98 461%
SMR NuScale Power 38.30 417%
RGTI Rigetti 40.57 378%
NAMS NewAmesterdam Pharma 36.28 345%
TWNK Hostess Brands 33.32 342%
DKNG DraftKings 34.70 324%
QBTS D-Wave 32.84 300%
SOFI SoFi 28.26 225%
IRDM Iridium 18.62 198%
VRRM Verra Mobility 24.66 190%
MGY Magnolia Oil & Gas 23.64 177%
ROIC Retail Opportunity Investments (ROI) 17.49 175%
WSC Williams Scotsman 22.12 174%