The market has already passed 2025
155 SPACs priced in 2026 to 3 November, against 143 in all of 2025. September had 5 and October 5 so far.
Market by monthSPAC Market Intelligence
Every SPAC IPO since 2021, every de-SPAC in our seven industries, and a plain reading of what the numbers say. Free, sourced to the filing.
Try:Cohen & Company Capital MarketsEllenoff Grossman & Schole LLPRights-only IPOs by yearRedemptions at extension votes
Data to 3 Nov 2026 · snapshot 14, approved by name
1,077 SPAC IPOs since 1 Jan 2021, read from their prospectuses and 8-Ks. Every figure is checked against the filing it comes from.
- SPAC IPOs, 2026 to date
- 155
- Already above 2025’s 143 for the full year
- Raised, 2026 to date
- $30.1B
- Median IPO $200M · 2025: $230M
- Still searching for a target
- 274
- SPACs that priced since 2021 with no agreement in force
- Deal announced, vote pending
- 131
- 32 of them from the 2021 cohort
- Median redemption at extension votes
- 45%
- 2026, across 78 votes · 2022: 85%
The SPAC market has passed 2025. Holders now stay in, and deals close faster.
- 01
- 02
Holders are staying in through extensions
The median redemption at an extension vote was 45% in 2026 (78 votes), against 85% in 2022. More of the trust survives to the merger vote.
Redemptions - 03
Deals that closed in 2026 got there faster
A median of 18 months from IPO to closing for 2026 closings, against 35 months for 2025 closings. 36 deals have closed this year.
Closings - 04
Rights are replacing warrants
25% of 2026 IPOs offered a right and no warrant (38 of 155), against 2% in 2021. Trust per unit is exactly $10.00 for 78% of deals.
IPO terms
Worked out from the approved snapshot 14: every figure above is a figure in the tables it links to. Nothing here is investment advice.
Find any SPAC
1,077 SPACs that priced since 2021 have a page of their own: terms, deadline, votes, outcome and the firms on each, every figure tied to its filing. The latest to price:
- 28 Oct 2026BHAV Acquisition Corp II$100M · 1 sh + 1 right (1/4)Searching
- 26 Oct 2026SPACCircle Acquisition Corp.$100M · 1 sh + 1 warrant + 1 right (1/2)Searching
- 15 Oct 2026TCGX Acquisition Corp. II$100M · Not statedSearching
- 13 Oct 2026Frazier Life Sciences Acquisition Corp. II$75M · Shares onlySearching
- 6 Oct 2026Pine Tree Acquisition Corp.$106M · 1 sh + 1 right (3/4)Searching
- 30 Sept 2026Southport Acquisition Corp. II$210M · 1 sh + ½ warrantSearching
SPAC IPO market
Every SPAC IPO on Nasdaq and the NYSE since January 2021. Switch the measure and the period; hover a column for its figures.
| Year | IPOs | Raised | Median size | Trust per unit |
|---|---|---|---|---|
| 2026 | 155 | $30.1B | $200M | $10.00 |
| 2025 | 143 | $30.2B | $230M | $10.00 |
| 2024 | 55 | $9.5B | $184M | $10.00 |
| 2023 | 31 | $3.8B | $69M | $10.10 |
| 2022 | 83 | $13.1B | $115M | $10.20 |
| 2021 | 610 | $161.9B | $239M | $10.00 |
| Quarter | IPOs | Raised | Median size | Trust per unit |
|---|---|---|---|---|
| 2026 Q4 | 5 | $481M | — | — |
| 2026 Q3 | 35 | $6.6B | — | — |
| 2026 Q2 | 54 | $9.8B | — | — |
| 2026 Q1 | 61 | $13.2B | — | — |
| 2025 Q4 | 44 | $9.2B | — | — |
| 2025 Q3 | 33 | $7.7B | — | — |
| 2025 Q2 | 46 | $9.9B | — | — |
| 2025 Q1 | 20 | $3.4B | — | — |
| 2024 Q4 | 21 | $3.6B | — | — |
| 2024 Q3 | 18 | $3.3B | — | — |
| 2024 Q2 | 10 | $1.8B | — | — |
| 2024 Q1 | 6 | $696M | — | — |
| 2023 Q4 | 8 | $911M | — | — |
| 2023 Q3 | 6 | $929M | — | — |
| 2023 Q2 | 6 | $1.1B | — | — |
| 2023 Q1 | 11 | $902M | — | — |
| 2022 Q4 | 7 | $615M | — | — |
| 2022 Q3 | 7 | $589M | — | — |
| 2022 Q2 | 15 | $2.0B | — | — |
| 2022 Q1 | 54 | $9.9B | — | — |
| 2021 Q4 | 163 | $33.1B | — | — |
| 2021 Q3 | 85 | $16.9B | — | — |
| 2021 Q2 | 64 | $13.9B | — | — |
| 2021 Q1 | 298 | $98.0B | — | — |
| Month | IPOs | Raised | Median size | Trust per unit |
|---|---|---|---|---|
| 2026-10 | 5 | $481M | $100M | $10.00 |
| 2026-09 | 5 | $1.1B | $210M | $10.05 |
| 2026-08 | 13 | $1.9B | $105M | $10.00 |
| 2026-07 | 17 | $3.7B | $212M | $10.00 |
| 2026-06 | 19 | $4.2B | $226M | $10.00 |
| 2026-05 | 18 | $2.4B | $125M | $10.05 |
| 2026-04 | 17 | $3.2B | $173M | $10.00 |
| 2026-03 | 11 | $1.9B | $173M | $10.00 |
| 2026-02 | 26 | $5.5B | $230M | $10.00 |
| 2026-01 | 24 | $5.8B | $253M | $10.00 |
| 2025-12 | 22 | $5.3B | $230M | $10.00 |
| 2025-11 | 10 | $1.8B | $173M | $10.00 |
| 2025-10 | 12 | $2.1B | $159M | $10.00 |
| 2025-09 | 16 | $4.0B | $240M | $10.00 |
| 2025-08 | 6 | $1.4B | $230M | $10.00 |
| 2025-07 | 11 | $2.3B | $200M | $10.00 |
| 2025-06 | 13 | $2.5B | $201M | $10.00 |
| 2025-05 | 20 | $4.5B | $241M | $10.00 |
| 2025-04 | 13 | $2.9B | $230M | $10.00 |
| 2025-03 | 4 | $560M | $113M | $10.02 |
| 2025-02 | 8 | $1.7B | $230M | $10.03 |
| 2025-01 | 8 | $1.1B | $161M | $10.03 |
| 2024-12 | 6 | $1.1B | $201M | $10.05 |
| 2024-11 | 6 | $827M | $146M | $10.01 |
| 2024-10 | 9 | $1.7B | $230M | $10.05 |
| 2024-09 | 5 | $628M | $60M | $10.05 |
| 2024-08 | 7 | $1.5B | $200M | $10.00 |
| 2024-07 | 6 | $1.2B | $230M | $10.00 |
| 2024-06 | 7 | $1.1B | $160M | $10.00 |
| 2024-05 | 3 | $690M | $288M | $10.00 |
| 2024-03 | 2 | $184M | $92M | $10.05 |
| 2024-02 | 3 | $454M | $184M | $10.00 |
| 2024-01 | 1 | $57.5M | $57.5M | $10.00 |
| 2023-12 | 3 | $198M | $69M | $10.00 |
| 2023-11 | 4 | $644M | $120M | $10.03 |
| 2023-10 | 1 | $69M | $69M | $10.10 |
| 2023-09 | 1 | $100M | $100M | $10.05 |
| 2023-08 | 1 | $75M | $75M | $10.10 |
| 2023-07 | 4 | $754M | $190M | $10.10 |
| 2023-06 | 2 | $173M | $86.3M | $10.15 |
| 2023-05 | 3 | $434M | $115M | $10.10 |
| 2023-04 | 1 | $500M | $500M | $10.10 |
| 2023-03 | 4 | $241M | $58.8M | $10.20 |
| 2023-02 | 5 | $460M | $69M | $10.20 |
| 2023-01 | 2 | $201M | $101M | $10.19 |
| 2022-12 | 3 | $207M | $69M | $10.18 |
| 2022-11 | 1 | $57.5M | $57.5M | $10.18 |
| 2022-10 | 3 | $350M | $66M | $10.20 |
| 2022-09 | 3 | $231M | $63.2M | $10.15 |
| 2022-08 | 4 | $358M | $87M | $10.25 |
| 2022-06 | 3 | $394M | $97.8M | $10.20 |
| 2022-05 | 6 | $1.0B | $186M | $10.19 |
| 2022-04 | 6 | $587M | $98.8M | $10.20 |
| 2022-03 | 10 | $1.4B | $115M | $10.15 |
| 2022-02 | 19 | $3.1B | $144M | $10.20 |
| 2022-01 | 25 | $5.5B | $192M | $10.15 |
| 2021-12 | 49 | $9.6B | $200M | $10.15 |
| 2021-11 | 60 | $12.7B | $230M | $10.20 |
| 2021-10 | 54 | $10.8B | $207M | $10.15 |
| 2021-09 | 31 | $6.6B | $230M | $10.10 |
| 2021-08 | 30 | $5.3B | $154M | $10.00 |
| 2021-07 | 24 | $5.1B | $200M | $10.00 |
| 2021-06 | 32 | $6.7B | $211M | $10.00 |
| 2021-05 | 19 | $4.0B | $222M | $10.00 |
| 2021-04 | 13 | $3.1B | $253M | $10.00 |
| 2021-03 | 109 | $36.1B | $288M | $10.00 |
| 2021-02 | 98 | $35.8B | $300M | $10.00 |
| 2021-01 | 91 | $26.1B | $276M | $10.00 |
Data to 3 Nov 2026 · snapshot 14 · Median size and trust per unit are not given by quarter, as medians can’t be added up.
What happened to each year’s SPACs
Of the 610 SPACs that priced in 2021, 310 (51%) liquidated and 237 (39%) completed a merger. Younger SPACs are mostly still searching or have a deal pending.
Figures
| IPO year | SPACs | Merger completed | Deal announced | Searching | Liquidated | Under review |
|---|---|---|---|---|---|---|
| 2021 | 610 | 237 (39%) | 32 (5%) | 30 (5%) | 310 (51%) | 1 (0%) |
| 2022 | 83 | 43 (52%) | 11 (13%) | 8 (10%) | 21 (25%) | 0 (0%) |
| 2023 | 31 | 14 (45%) | 7 (23%) | 6 (19%) | 4 (13%) | 0 (0%) |
| 2024 | 55 | 18 (33%) | 22 (40%) | 13 (24%) | 2 (4%) | 0 (0%) |
| 2025 | 143 | 19 (13%) | 39 (27%) | 83 (58%) | 1 (1%) | 1 (1%) |
| 2026 | 155 | 1 (1%) | 20 (13%) | 134 (86%) | 0 (0%) | 0 (0%) |
De-SPAC results
De-SPACs that closed since 1 January 2024 in our seven industries: what they raised, how much was redeemed, whether they had revenue at closing, and how they are doing now.
- Deals tracked
- 9
- Median redemptions
- 88%
- Under $1M revenue at closing
- 44%
- Median share price vs $10
- —
| Company | Closed | Cash at closing | Redemptions | Revenue at closing | Revenue now | Share price vs $10 |
|---|---|---|---|---|---|---|
| ONE Nuclear Energy Inc.Nasdaq: ONEN · Power, grid and thermal infrastructure suppliers | 23 Sept 2026 | Not disclosed | 73% | $0 (pre-revenue), FY2025 | $0 (pre-revenue)H1 2026 | Not yet tracked |
| Exascale Labs Holdings Inc.Nasdaq: XLAB · Enterprise software and production AI | 27 Aug 2026 | Not disclosed | 96% | $14.8M, FY2026 | $14.8MFY20260% vs FY2026 | Not yet tracked |
| Pasqal Holding SANasdaq: PSQL · Enterprise software and production AI | 27 Aug 2026 | $278M | 91% | €16.5M, FY2025 | €16.5MFY20250% vs FY2025 | Not yet tracked |
| Boost Run Inc.Nasdaq: BRUN · Enterprise software and production AI | 8 May 2026 | Not disclosed | 0% | $26.9M, FY2025 | $56.4MLTM to 30 Jun 2026+110% vs FY2025 | Not yet tracked |
| Xanadu Quantum Technologies LimitedNasdaq: XNDU · Enterprise software and production AI | 26 Mar 2026 | $302M | 88% | $4.6M, FY2025 | $4.6MFY20250% vs FY2025 | Not yet tracked |
| Horizon Quantum Holdings Ltd.Nasdaq: HQ · Enterprise software and production AI | 19 Mar 2026 | $120M | 85% | $39K, FY2025 | $39KFY2025 | Not yet tracked |
| Merlin, Inc.Nasdaq: MRLN · Frontier robotics and autonomy, Defense enablers and dual-use technology | 16 Mar 2026 | $146M | 90% | $7.6M, FY2025 | $7.6MFY20250% vs FY2025 | Not yet tracked |
| Eagle Nuclear Energy Corp.Nasdaq: NUCL · Power, grid and thermal infrastructure suppliers, Specialty materials and critical-minerals supply chain | 24 Feb 2026 | $34.6M | 98% | $0 (pre-revenue), FY2025 | $0 (pre-revenue)FY2025 | Not yet tracked |
| Oklo Inc.NYSE: OKLO · Power, grid and thermal infrastructure suppliers, Specialty materials and critical-minerals supply chain | 9 May 2024 | $276M | 42% | $0 (pre-revenue), FY2023 | $0 (pre-revenue)FY2025 | Not yet tracked |
How the figures are compiled
- Which deals. De-SPACs we identify in SEC filings that closed on or after 1 January 2024 in one of our seven target industries, including any that have since been delisted. No deal is left out for its performance.
- Cash at closing. Cash the company received at closing, before expenses: the trust cash it kept, after redemptions and after anything paid out of the trust to others such as forward-purchase prepayments, plus PIPE, convertible notes or other money funded at closing. Amounts paid out of the trust, financing raised for the deal before closing, and commitments not yet funded are shown separately on each deal page and are not included.
- Redemptions. Public shares redeemed across every extension and closing vote, net of any reversals, divided by the public shares outstanding after the IPO. Vote-by-vote percentages are never added together.
- Revenue at closing. Revenue in the last full fiscal year before closing, from the audited figures in the merger filing. A company that reported none shows “$0 (pre-revenue)”. “Under $1M revenue” appears only where the filings place revenue under $1 million without stating the figure.
- Revenue now. The latest fiscal-year or trailing-twelve-month revenue in the company's most recent 10-K or 10-Q, with its period. It is compared with revenue at closing only when both cover a full year; part-year figures are shown without a change.
- Share price. End-of-day close of the common shares from a named market-data provider, restated for splits and reverse splits, compared with $10.00, the standard SPAC unit price. Warrants and rights are left out. It is a price comparison, not a total return.
- Sources and checks. Every figure cites the filing it comes from and is checked against it, and against the company's tagged financial data where the SEC has it. A figure we publish without that check is marked “Not cross-checked” on its deal page. Filings-based figures are refreshed after each new 10-Q or 10-K.
- Limitations. Records are compiled with the assistance of AI and may contain errors or omissions; they have not been audited. Where a record differs from the filings, the filings prevail.
League tables
The firms behind SPAC IPOs: bookrunners, counsel and auditors, ranked by money raised or IPOs. Open a firm for its record year by year.
Filings and press
Filings and press
- 2 Oct 2026TAVI 8-K: Purchase and Sponsor Handover Agreement (opens in a new tab)
- 13 Jul 2026TAVI and Vita Inclinata Technologies sign a non-binding letter of intent (opens in a new tab)
- 17 Dec 2024TAVI: separate trading of shares and rights from 20 December (opens in a new tab)
- 12 Dec 2024TAVI: full exercise of the over-allotment option (opens in a new tab)
- 6 Dec 2024TAVI: closing of $100M initial public offering (opens in a new tab)
- 3 Dec 2024TAVI: pricing of $100M initial public offering (opens in a new tab)
- 8 Feb 2024Oxus and Borealis Foods complete their business combination (opens in a new tab)
- 24 Feb 2023Borealis Foods to go public through a business combination with Oxus (opens in a new tab)
For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.