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SPAC league tables

The firms behind SPAC IPOs since 1 January 2021: bookrunners, the company's and the underwriters' counsel, and auditors, as each prospectus names them.

SPAC IPO market

Rankings

Bookrunners rank by proceeds, split equally among the bookrunners on each IPO. Counsel and auditors rank by number of IPOs.

2021 to date · 1,049 SPAC IPOs

Bookrunners

#FirmIPOsProceeds
1Cantor Fitzgerald & Co.123$29.5B
2Citigroup Global Markets Inc.124$26.9B
3Goldman Sachs & Co. LLC69$16.6B
4BTIG, LLC74$14.6B
5Credit Suisse Securities (USA) LLC62$12.4B
6Jefferies LLC56$10.5B
7Morgan Stanley & Co. LLC44$9.4B
8Cohen & Company Capital Markets57$9.2B
9BofA Securities, Inc.52$8.5B
10Deutsche Bank Securities Inc.43$8.3B

Company counsel

#FirmIPOsIPO proceeds
1Ellenoff Grossman & Schole LLP148$34.3B
2Loeb & Loeb LLP106$14.5B
3Kirkland & Ellis LLP86$27.9B
4White & Case LLP57$17.4B
5Greenberg Traurig, LLP43$9.2B
6Skadden, Arps, Slate, Meagher & Flom LLP33$10.2B
7Winston & Strawn LLP31$6.5B
8Davis Polk & Wardwell LLP28$7.3B
9Latham & Watkins LLP27$7.4B
10Weil, Gotshal & Manges LLP25$11.9B

Underwriters' counsel

#FirmIPOsIPO proceeds
1Ellenoff Grossman & Schole LLP143$32.2B
2Loeb & Loeb LLP81$13.0B
3Davis Polk & Wardwell LLP77$26.2B
4Skadden, Arps, Slate, Meagher & Flom LLP71$22.1B
5Ropes & Gray LLP65$22.6B
6White & Case LLP63$18.9B
7Kirkland & Ellis LLP63$15.6B
8Graubard Miller61$11.4B
9Paul Hastings LLP40$9.6B
10DLA Piper LLP (US)33$7.3B

Auditors

#FirmIPOsIPO proceeds
1WithumSmith+Brown, PC408$112.8B
2Marcum LLP333$81.9B
3MaloneBailey, LLP50$7.2B
4UHY LLP33$3.2B
5CBIZ CPAs P.C.28$5.2B
6BDO USA, LLP26$5.5B
7Grant Thornton LLP19$4.5B
8Adeptus Partners, LLC17$2.2B
9Friedman LLP17$1.2B
10Marcum Bernstein & Pinchuk LLP12$1.8B
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.