SPAC IPO terms
How SPAC IPOs since 1 January 2021 have been structured, from the terms each prospectus states: what a unit carries, what goes into trust, how long the SPAC has to find a deal, and how much of the over-allotment sold.
SPAC IPO marketWarrants or rights
Share of each year's SPAC IPOs by what one unit carries besides the share. Units with rights went from 7% in 2021 to a peak of 58% in 2023, and 35% in 2026 to date.
| Period | Warrants | Rights | Warrants and rights | Shares only | IPOs |
|---|---|---|---|---|---|
| 2021 | 87% (518 of 596) | 2% (14 of 596) | 5% (29 of 596) | 6% (35 of 596) | 596 |
| 2022 | 57% (46 of 80) | 6% (5 of 80) | 36% (29 of 80) | 0% (0 of 80) | 80 |
| 2023 | 42% (13 of 31) | 35% (11 of 31) | 23% (7 of 31) | 0% (0 of 31) | 31 |
| 2024 | 54% (29 of 54) | 41% (22 of 54) | 0% (0 of 54) | 6% (3 of 54) | 54 |
| 2025 | 56% (79 of 140) | 38% (53 of 140) | 1% (2 of 140) | 4% (6 of 140) | 140 |
| 2026 to date | 57% (85 of 148) | 25% (37 of 148) | 10% (15 of 148) | 7% (11 of 148) | 148 |
By quarter
| Period | Warrants | Rights | Warrants and rights | Shares only | IPOs |
|---|---|---|---|---|---|
| 2021 Q1 | 91% (269 of 295) | 1% (2 of 295) | 2% (5 of 295) | 6% (19 of 295) | 295 |
| 2021 Q2 | 70% (43 of 61) | 7% (4 of 61) | 3% (2 of 61) | 20% (12 of 61) | 61 |
| 2021 Q3 | 84% (66 of 79) | 3% (2 of 79) | 9% (7 of 79) | 5% (4 of 79) | 79 |
| 2021 Q4 | 87% (140 of 161) | 4% (6 of 161) | 9% (15 of 161) | 0% (0 of 161) | 161 |
| 2022 Q1 | 70% (37 of 53) | 4% (2 of 53) | 26% (14 of 53) | 0% (0 of 53) | 53 |
| 2022 Q2 | 46% (6 of 13) | 0% (0 of 13) | 54% (7 of 13) | 0% (0 of 13) | 13 |
| 2022 Q3 | 43% (3 of 7) | 0% (0 of 7) | 57% (4 of 7) | 0% (0 of 7) | 7 |
| 2022 Q4 | 0% (0 of 7) | 43% (3 of 7) | 57% (4 of 7) | 0% (0 of 7) | 7 |
| 2023 Q1 | 36% (4 of 11) | 27% (3 of 11) | 36% (4 of 11) | 0% (0 of 11) | 11 |
| 2023 Q2 | 50% (3 of 6) | 33% (2 of 6) | 17% (1 of 6) | 0% (0 of 6) | 6 |
| 2023 Q3 | 67% (4 of 6) | 17% (1 of 6) | 17% (1 of 6) | 0% (0 of 6) | 6 |
| 2023 Q4 | 25% (2 of 8) | 63% (5 of 8) | 13% (1 of 8) | 0% (0 of 8) | 8 |
| 2024 Q1 | 17% (1 of 6) | 67% (4 of 6) | 0% (0 of 6) | 17% (1 of 6) | 6 |
| 2024 Q2 | 70% (7 of 10) | 20% (2 of 10) | 0% (0 of 10) | 10% (1 of 10) | 10 |
| 2024 Q3 | 67% (12 of 18) | 28% (5 of 18) | 0% (0 of 18) | 6% (1 of 18) | 18 |
| 2024 Q4 | 45% (9 of 20) | 55% (11 of 20) | 0% (0 of 20) | 0% (0 of 20) | 20 |
| 2025 Q1 | 35% (7 of 20) | 60% (12 of 20) | 0% (0 of 20) | 5% (1 of 20) | 20 |
| 2025 Q2 | 55% (24 of 44) | 41% (18 of 44) | 0% (0 of 44) | 5% (2 of 44) | 44 |
| 2025 Q3 | 66% (21 of 32) | 25% (8 of 32) | 3% (1 of 32) | 6% (2 of 32) | 32 |
| 2025 Q4 | 61% (27 of 44) | 34% (15 of 44) | 2% (1 of 44) | 2% (1 of 44) | 44 |
| 2026 Q1 | 66% (38 of 58) | 28% (16 of 58) | 2% (1 of 58) | 5% (3 of 58) | 58 |
| 2026 Q2 | 50% (27 of 54) | 26% (14 of 54) | 17% (9 of 54) | 7% (4 of 54) | 54 |
| 2026 Q3 | 59% (20 of 34) | 18% (6 of 34) | 15% (5 of 34) | 9% (3 of 34) | 34 |
| 2026 Q4 | 0% (0 of 2) | 50% (1 of 2) | 0% (0 of 2) | 50% (1 of 2) | 2 |
How much a unit carries
Warrants: the fraction of a warrant in each unit. Rights: the fraction of a share a unit's rights convert into.
Warrants per unit, among units with warrants
| Period | 1/2 | 1/3 | 1/4 | 1/5 | One whole | Other |
|---|---|---|---|---|---|---|
| 2021 | 42% (231 of 547) | 23% (127 of 547) | 11% (60 of 547) | 11% (58 of 547) | 8% (46 of 547) | 5% (25 of 547) |
| 2022 | 54% (40 of 74) | 4% (3 of 74) | 0% (0 of 74) | 0% (0 of 74) | 38% (28 of 74) | 4% (3 of 74) |
| 2023 | 40% (8 of 20) | 10% (2 of 20) | 0% (0 of 20) | 0% (0 of 20) | 45% (9 of 20) | 5% (1 of 20) |
| 2024 | 76% (22 of 29) | 14% (4 of 29) | 3% (1 of 29) | 3% (1 of 29) | 3% (1 of 29) | 0% (0 of 29) |
| 2025 | 62% (50 of 81) | 21% (17 of 81) | 10% (8 of 81) | 1% (1 of 81) | 1% (1 of 81) | 5% (4 of 81) |
| 2026 to date | 38% (38 of 100) | 28% (28 of 100) | 12% (12 of 100) | 0% (0 of 100) | 15% (15 of 100) | 7% (7 of 100) |
Shares per unit from rights, among units with rights
| Period | 1/10 | 1/8 | 1/5 | 1/4 | Other |
|---|---|---|---|---|---|
| 2021 | 68% (26 of 38) | 8% (3 of 38) | 0% (0 of 38) | 3% (1 of 38) | 21% (8 of 38) |
| 2022 | 68% (21 of 31) | 6% (2 of 31) | 6% (2 of 31) | 0% (0 of 31) | 19% (6 of 31) |
| 2023 | 44% (8 of 18) | 6% (1 of 18) | 33% (6 of 18) | 0% (0 of 18) | 17% (3 of 18) |
| 2024 | 50% (11 of 22) | 5% (1 of 22) | 14% (3 of 22) | 5% (1 of 22) | 27% (6 of 22) |
| 2025 | 53% (29 of 55) | 7% (4 of 55) | 15% (8 of 55) | 0% (0 of 55) | 25% (14 of 55) |
| 2026 to date | 12% (6 of 52) | 8% (4 of 52) | 21% (11 of 52) | 46% (24 of 52) | 13% (7 of 52) |
Trust per unit
Dollars placed in trust for each $10.00 unit. Above $10.00 means the sponsor tops up the trust from its own private placement.
| Period | $10.00 | $10.01–10.10 | $10.11–10.20 | Over $10.20 | IPOs |
|---|---|---|---|---|---|
| 2021 · median $10.00 | 64% (379 of 596) | 12% (73 of 596) | 22% (132 of 596) | 2% (12 of 596) | 596 |
| 2022 · median $10.20 | 6% (5 of 80) | 18% (14 of 80) | 53% (42 of 80) | 24% (19 of 80) | 80 |
| 2023 · median $10.10 | 13% (4 of 31) | 42% (13 of 31) | 39% (12 of 31) | 6% (2 of 31) | 31 |
| 2024 · median $10.00 | 52% (28 of 54) | 48% (26 of 54) | 0% (0 of 54) | 0% (0 of 54) | 54 |
| 2025 · median $10.00 | 84% (117 of 140) | 16% (23 of 140) | 0% (0 of 140) | 0% (0 of 140) | 140 |
| 2026 to date · median $10.00 | 78% (116 of 148) | 22% (32 of 148) | 0% (0 of 148) | 0% (0 of 148) | 148 |
Time to complete a deal
Months from the IPO closing that the SPAC has to complete its business combination, before any extension.
| Period | 12 or fewer | 13–18 | 19–24 | Over 24 | IPOs |
|---|---|---|---|---|---|
| 2021 · median 24 | 13% (78 of 595) | 30% (177 of 595) | 57% (340 of 595) | 0% (0 of 595) | 595 |
| 2022 · median 15 | 48% (38 of 79) | 48% (38 of 79) | 4% (3 of 79) | 0% (0 of 79) | 79 |
| 2023 · median 12 | 65% (20 of 31) | 16% (5 of 31) | 19% (6 of 31) | 0% (0 of 31) | 31 |
| 2024 · median 24 | 13% (7 of 54) | 28% (15 of 54) | 59% (32 of 54) | 0% (0 of 54) | 54 |
| 2025 · median 24 | 4% (5 of 139) | 25% (35 of 139) | 71% (99 of 139) | 0% (0 of 139) | 139 |
| 2026 to date · median 24 | 14% (21 of 145) | 21% (31 of 145) | 64% (93 of 145) | 0% (0 of 145) | 145 |
Over-allotment
Whether the underwriters bought all, part or none of the extra units the over-allotment option allows.
| Period | Exercised in full | In part | Not exercised | IPOs |
|---|---|---|---|---|
| 2021 | 64% (384 of 596) | 28% (165 of 596) | 8% (47 of 596) | 596 |
| 2022 | 71% (57 of 80) | 24% (19 of 80) | 5% (4 of 80) | 80 |
| 2023 | 65% (20 of 31) | 19% (6 of 31) | 16% (5 of 31) | 31 |
| 2024 | 67% (36 of 54) | 17% (9 of 54) | 17% (9 of 54) | 54 |
| 2025 | 75% (103 of 137) | 15% (21 of 137) | 9% (13 of 137) | 137 |
| 2026 to date | 56% (81 of 145) | 25% (36 of 145) | 19% (28 of 145) | 145 |
Shares are of IPOs that had an option and a known outcome: 1,043 of 1,049.
Method and sources
How the figures are compiled
- Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
- Dated by. The date of the final prospectus.
- Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
- Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
- Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
- Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
- Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
- Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
- Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
- Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
- Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
- Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
- Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
- Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
- Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
- Coverage. 1,049 of the 1,057 SPAC IPOs read are counted; 8 wait on a figure still under review and 4 filings were excluded as not exchange-listed SPAC IPOs.
Compiled from SEC filings with the assistance of AI · figures as of 16 October 2026
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.