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SPAC Market Intelligence

The SPAC IPO market and the firms behind it, and what happened next: redemptions, deals completed and liquidations, and closings by sector, across every industry. The figures are compiled from SEC filings with the assistance of AI and may contain errors or omissions; where they differ from the filings, the filings prevail.

SPAC IPO market

SPAC IPOs on Nasdaq and the NYSE since 1 January 2021 in our reviewed dataset, read from the SEC filings.

SPAC IPOs since 2021
1,049
Raised since 2021
$243.6B
IPOs in 2026 to date
148
Raised in 2026 to date
$28.9B

Cohen & Company Capital Markets leads this year's bookrunner table, on 21 IPOs. Figures run to 16 October 2026; * marks the year to date.

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.

CompanyClosedCash at closingRedemptionsRevenue at closingRevenue nowShare price vs $10
ONE Nuclear Energy Inc.Nasdaq: ONEN · Power, grid and thermal infrastructure suppliersSome figures not cross-checked23 Sept 2026Not disclosed73%$0 (pre-revenue), FY2025$0 (pre-revenue)H1 2026Not yet tracked
Merlin, Inc.Nasdaq: MRLN · Frontier robotics and autonomy, Defense enablers and dual-use technology16 Mar 2026$146M90%$7.6M, FY2025$7.6MFY20250% vs FY2025Not 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.

Filings and press