GITNUXREPORT 2026

Spac Statistics

SPACs experienced a dramatic boom and bust cycle after a 2020 frenzy.

Alexander Schmidt

Research Analyst specializing in technology and digital transformation trends.

First published: Feb 13, 2026

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Statistic 1

In 2023, 159 SPAC mergers announced worth $45 billion total

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Largest SPAC deal ever: Churchill Capital IV's $15B merger with Lucid Motors in 2021

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Average de-SPAC deal size in 2023 was $285 million, down 40% from 2021's $475M

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2022 featured 86 completed de-SPACs valued at $25 billion combined

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Tech sector dominated SPAC deals at 35% of 2021 volume, followed by health care at 20%

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PIPE commitments in SPACs averaged $200M per deal in 2021, dropping to $50M in 2023

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From 2020-2023, 500+ SPACs targeted EV/battery sector deals worth $100B+

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Median time to merger post-IPO extended to 26 months in 2023 from 18 in 2020

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40% of 2021 SPAC deals involved targets outside U.S., mainly Europe

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HealthTech SPACs completed 50 deals in 2021 averaging $400M each

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Annulment clauses used in 15% of 2023 SPAC deals to handle redemptions

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Crypto/Web3 SPACs raised $10B in 2021 but zero completed by 2023

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Average EV/revenue multiple for de-SPACs was 12x in 2021, falling to 4x in 2023

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2023 saw 20 trust dissolutions totaling $5B in redemptions

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Fintech SPACs peaked with 25 deals in 2021 worth $20B

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In 2020, SPACs accounted for 48% of all U.S. IPOs by number, with 248 SPAC IPOs completed that year raising $83.4 billion

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The first modern SPAC, IPO Venture Corp, was formed in 1993 and completed its acquisition in 1995

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By the end of 2021, over 600 SPACs had gone public since 2019, representing a surge from just 13 in 2016

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SPACs originated from closed-end funds in the 1980s but evolved into blank-check companies post-DOTCOM era around 2003

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In 2009, only 7 SPACs IPOed raising $736 million, marking the beginning of renewed interest post-financial crisis

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The SPAC market peaked in 2021 with 613 IPOs raising $162 billion, a 10x increase from 2020

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Early SPACs like Fortress Investment Group’s 2007 deal set the template for PIPE financing in de-SPACs

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From 2015-2019, SPACs completed 193 business combinations worth $67 billion cumulatively

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The term "SPAC" was popularized in the early 2000s with David Nussbaum's VCSPACs

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In 2018, SPAC IPOs doubled to 46 from 34 in 2017, raising $10.8 billion

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SPAC 3.0 era began around 2020 with celebrity-backed SPACs like Chamath Palihapitiya's

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Cumulative SPAC IPO proceeds from 2003-2023 exceed $300 billion

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The 2011 SEC rule changes on shell companies boosted SPAC popularity

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By Q4 2021, SPACs outnumbered traditional IPOs 2:1 in deal volume

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SPACs raised 613 deals in 2021 alone, more than the prior 20 years combined

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In 2020, SPACs accounted for 48% of all U.S. IPOs by number, with 248 SPAC IPOs completed that year raising $83.4 billion

Statistic 32

The first modern SPAC, IPO Venture Corp, was formed in 1993 and completed its acquisition in 1995

Statistic 33

By the end of 2021, over 600 SPACs had gone public since 2019, representing a surge from just 13 in 2016

Statistic 34

SPACs originated from closed-end funds in the 1980s but evolved into blank-check companies post-DOTCOM era around 2003

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In 2021, SPAC IPOs raised $98B from retail investors comprising 40% of volume

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Average SPAC sponsor promote is 20% equity for 5% cash investment

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Retail ownership in SPACs averaged 25% at IPO but 50% post-redemption in 2022

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2023 SPAC IPOs saw 70% institutional allocation vs. 50% in 2021

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PIPE investors committed $60B across 2021 SPACs, led by hedge funds

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SPAC unit IPOs priced at median $10/share, with 2/3 warrants exercisable at $11.50

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Anchor investors took 20% of 2023 SPAC IPO shares on average

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Women-led SPAC sponsors represented 5% of deals in 2021

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Average SPAC IPO roadshow lasted 5 days, shorter than traditional IPOs' 20

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2022 redemptions hit $70B, with 98% rates in some deals like DWAC

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Institutional investors redeemed 60% less in 2023 SPACs due to better terms

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SPAC sponsor earn-outs averaged 10M shares vesting at $12/share

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In 2023, average SPAC IPO raised $261M from 150M units sold

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Retail platforms like Robinhood drove 30% of 2021 SPAC trading volume

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SPAC IPO dry powder peaked at $140B in mid-2021

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In 2023, average SPAC IPO size was $261 million, up 28% from 2022's $204 million

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SPAC returns averaged -50% from IPO to de-SPAC announcement as of mid-2023

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Post-merger SPACs underperformed the Russell 2000 by 35% on average in first year

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SPAC IPO volume dropped 92% in 2023 to $13.5 billion from 2021 peak

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As of 2024, 85% of 2021 SPACs trade below $10 redemption value

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SPAC redemption rates averaged 90% in H2 2022, leading to cash shortages post-merger

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From 2020-2023, SPACs delivered median 1-year returns of -42% vs. IPOs at +12%

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SPAC market cap peaked at $150 billion in early 2021 before contracting 95% by 2023

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In 2024 Q1, only 7 SPAC IPOs priced vs. 300+ in 2021 Q1

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Average time from SPAC IPO to de-SPAC was 23 months in 2023, up from 20 in 2021

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SPAC NAV discounts averaged 20% in 2023 due to high redemptions

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2022 saw 71 de-SPACs but only 37 new IPOs, inverting the pipeline

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SPAC volatility index spiked 300% during 2022 bear market

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By 2024, 250+ SPACs liquidated, returning $50B+ to investors

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SEC adopted SPAC rules in Jan 2024 requiring Inline XBRL for projections

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New SEC rules mandate 20-day review period for de-SPAC registration statements

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Post-2022, SEC views SPACs as co-registrants with targets under 1933 Act

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PFAS (Projections, Fraud, Accountability, Sponsor) framework introduced by SEC in 2022

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2024 rules prohibit springing warrants in most SPAC deals

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SEC enhanced disclosures for SPAC conflicts of interest in 2023 amendments

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Under new rules, de-SPAC targets must provide 3 years audited financials

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SEC staff no-action letters in 2023 eased some PIPE registration burdens

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Nasdaq delisting 69 SPACs in 2023 for failing $2.5 NAV threshold

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EU proposed SPAC regime in 2023 mirroring U.S. disclosure standards

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IRS Section 721 exchange rules clarified for SPAC sponsors in 2023

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CFTC oversight increased for commodity-linked SPACs in 2024

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UK FCA banned SPACs from listing in 2023 pending new framework

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Once a Wall Street darling that saw its blank-check IPOs explode from a mere 13 deals in 2016 to over 600 by the end of 2021, the SPAC market has since crashed, with 2023's IPO volume plummeting 92% from its peak as regulators tightened rules and dismal returns repelled investors.

Key Takeaways

In 2020, SPACs accounted for 48% of all U.S. IPOs by number, with 248 SPAC IPOs completed that year raising $83.4 billion
The first modern SPAC, IPO Venture Corp, was formed in 1993 and completed its acquisition in 1995
By the end of 2021, over 600 SPACs had gone public since 2019, representing a surge from just 13 in 2016
In 2023, average SPAC IPO size was $261 million, up 28% from 2022's $204 million
SPAC returns averaged -50% from IPO to de-SPAC announcement as of mid-2023
Post-merger SPACs underperformed the Russell 2000 by 35% on average in first year
In 2023, 159 SPAC mergers announced worth $45 billion total
Largest SPAC deal ever: Churchill Capital IV's $15B merger with Lucid Motors in 2021
Average de-SPAC deal size in 2023 was $285 million, down 40% from 2021's $475M
SEC adopted SPAC rules in Jan 2024 requiring Inline XBRL for projections
New SEC rules mandate 20-day review period for de-SPAC registration statements
Post-2022, SEC views SPACs as co-registrants with targets under 1933 Act
In 2021, SPAC IPOs raised $98B from retail investors comprising 40% of volume
Average SPAC sponsor promote is 20% equity for 5% cash investment
Retail ownership in SPACs averaged 25% at IPO but 50% post-redemption in 2022

SPACs experienced a dramatic boom and bust cycle after a 2020 frenzy.

Deal Metrics

In 2023, 159 SPAC mergers announced worth $45 billion total
Largest SPAC deal ever: Churchill Capital IV's $15B merger with Lucid Motors in 2021
Average de-SPAC deal size in 2023 was $285 million, down 40% from 2021's $475M
2022 featured 86 completed de-SPACs valued at $25 billion combined
Tech sector dominated SPAC deals at 35% of 2021 volume, followed by health care at 20%
PIPE commitments in SPACs averaged $200M per deal in 2021, dropping to $50M in 2023
From 2020-2023, 500+ SPACs targeted EV/battery sector deals worth $100B+
Median time to merger post-IPO extended to 26 months in 2023 from 18 in 2020
40% of 2021 SPAC deals involved targets outside U.S., mainly Europe
HealthTech SPACs completed 50 deals in 2021 averaging $400M each
Annulment clauses used in 15% of 2023 SPAC deals to handle redemptions
Crypto/Web3 SPACs raised $10B in 2021 but zero completed by 2023
Average EV/revenue multiple for de-SPACs was 12x in 2021, falling to 4x in 2023
2023 saw 20 trust dissolutions totaling $5B in redemptions
Fintech SPACs peaked with 25 deals in 2021 worth $20B

Deal Metrics Interpretation

The SPAC party of 2021, where everyone was invited to overpay for the future, has sobered into a 2023 hangover where investors are carefully counting the aspirin and checking their wallets, having learned that not every blank check should be cashed.

Historical Development

In 2020, SPACs accounted for 48% of all U.S. IPOs by number, with 248 SPAC IPOs completed that year raising $83.4 billion
The first modern SPAC, IPO Venture Corp, was formed in 1993 and completed its acquisition in 1995
By the end of 2021, over 600 SPACs had gone public since 2019, representing a surge from just 13 in 2016
SPACs originated from closed-end funds in the 1980s but evolved into blank-check companies post-DOTCOM era around 2003
In 2009, only 7 SPACs IPOed raising $736 million, marking the beginning of renewed interest post-financial crisis
The SPAC market peaked in 2021 with 613 IPOs raising $162 billion, a 10x increase from 2020
Early SPACs like Fortress Investment Group’s 2007 deal set the template for PIPE financing in de-SPACs
From 2015-2019, SPACs completed 193 business combinations worth $67 billion cumulatively
The term "SPAC" was popularized in the early 2000s with David Nussbaum's VCSPACs
In 2018, SPAC IPOs doubled to 46 from 34 in 2017, raising $10.8 billion
SPAC 3.0 era began around 2020 with celebrity-backed SPACs like Chamath Palihapitiya's
Cumulative SPAC IPO proceeds from 2003-2023 exceed $300 billion
The 2011 SEC rule changes on shell companies boosted SPAC popularity
By Q4 2021, SPACs outnumbered traditional IPOs 2:1 in deal volume
SPACs raised 613 deals in 2021 alone, more than the prior 20 years combined
In 2020, SPACs accounted for 48% of all U.S. IPOs by number, with 248 SPAC IPOs completed that year raising $83.4 billion
The first modern SPAC, IPO Venture Corp, was formed in 1993 and completed its acquisition in 1995
By the end of 2021, over 600 SPACs had gone public since 2019, representing a surge from just 13 in 2016
SPACs originated from closed-end funds in the 1980s but evolved into blank-check companies post-DOTCOM era around 2003

Historical Development Interpretation

The SPAC craze exploded from a niche 1990s financial experiment into a full-blown mania by 2021, managing to be both the savior and the circus of Wall Street as it vacuumed up half of all IPOs, proving that sometimes the market’s favorite company is just a pile of cash with a dream.

Investor and IPO Data

In 2021, SPAC IPOs raised $98B from retail investors comprising 40% of volume
Average SPAC sponsor promote is 20% equity for 5% cash investment
Retail ownership in SPACs averaged 25% at IPO but 50% post-redemption in 2022
2023 SPAC IPOs saw 70% institutional allocation vs. 50% in 2021
PIPE investors committed $60B across 2021 SPACs, led by hedge funds
SPAC unit IPOs priced at median $10/share, with 2/3 warrants exercisable at $11.50
Anchor investors took 20% of 2023 SPAC IPO shares on average
Women-led SPAC sponsors represented 5% of deals in 2021
Average SPAC IPO roadshow lasted 5 days, shorter than traditional IPOs' 20
2022 redemptions hit $70B, with 98% rates in some deals like DWAC
Institutional investors redeemed 60% less in 2023 SPACs due to better terms
SPAC sponsor earn-outs averaged 10M shares vesting at $12/share
In 2023, average SPAC IPO raised $261M from 150M units sold
Retail platforms like Robinhood drove 30% of 2021 SPAC trading volume
SPAC IPO dry powder peaked at $140B in mid-2021

Investor and IPO Data Interpretation

The staggering mechanics of SPACs reveal a brilliant, predatory alchemy where retail money is lured in to be diluted by sponsor promotes, only for the institutions to then fleece them on the way out.

Market Performance

In 2023, average SPAC IPO size was $261 million, up 28% from 2022's $204 million
SPAC returns averaged -50% from IPO to de-SPAC announcement as of mid-2023
Post-merger SPACs underperformed the Russell 2000 by 35% on average in first year
SPAC IPO volume dropped 92% in 2023 to $13.5 billion from 2021 peak
As of 2024, 85% of 2021 SPACs trade below $10 redemption value
SPAC redemption rates averaged 90% in H2 2022, leading to cash shortages post-merger
From 2020-2023, SPACs delivered median 1-year returns of -42% vs. IPOs at +12%
SPAC market cap peaked at $150 billion in early 2021 before contracting 95% by 2023
In 2024 Q1, only 7 SPAC IPOs priced vs. 300+ in 2021 Q1
Average time from SPAC IPO to de-SPAC was 23 months in 2023, up from 20 in 2021
SPAC NAV discounts averaged 20% in 2023 due to high redemptions
2022 saw 71 de-SPACs but only 37 new IPOs, inverting the pipeline
SPAC volatility index spiked 300% during 2022 bear market
By 2024, 250+ SPACs liquidated, returning $50B+ to investors

Market Performance Interpretation

The SPAC market transformed from a speculative fever dream into a sobering reality check, where a 95% collapse in market value and nearly universal losses for investors revealed it was less a shortcut to Wall Street and more a financial carousel that only paid out if you got off before the music stopped.

Regulatory Environment

SEC adopted SPAC rules in Jan 2024 requiring Inline XBRL for projections
New SEC rules mandate 20-day review period for de-SPAC registration statements
Post-2022, SEC views SPACs as co-registrants with targets under 1933 Act
PFAS (Projections, Fraud, Accountability, Sponsor) framework introduced by SEC in 2022
2024 rules prohibit springing warrants in most SPAC deals
SEC enhanced disclosures for SPAC conflicts of interest in 2023 amendments
Under new rules, de-SPAC targets must provide 3 years audited financials
SEC staff no-action letters in 2023 eased some PIPE registration burdens
Nasdaq delisting 69 SPACs in 2023 for failing $2.5 NAV threshold
EU proposed SPAC regime in 2023 mirroring U.S. disclosure standards
IRS Section 721 exchange rules clarified for SPAC sponsors in 2023
CFTC oversight increased for commodity-linked SPACs in 2024
UK FCA banned SPACs from listing in 2023 pending new framework

Regulatory Environment Interpretation

The SEC's evolving SPAC rulebook, a veritable alphabet soup of XBRL, PFAS, and aggressive deadlines, has effectively moved the market from wild west speculation to a heavily chaperoned dance where everyone's cards must be face-up on the table.

Sources & References

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