SPACs are raising more money and outnumbering traditional IPOs, a review of Dealogic data shows. These “special-purpose acquisition companies” have raised $38.3 billion since the start of 2021, compared with $19.8 billion by traditional IPOs.
The chart below reveals how quickly the SPAC craze has grown. It shows the money raised by each U.S. IPO and each SPAC since the start of 2019, as tracked by Dealogic.
Some high-profile SPACs, such as those that later merged with Nikola and Virgin Galactic, don’t appear below because the blank-check companies involved went public before 2019.
Many of these SPACs have yet to identify a merger target, as indicated by those in pale green.
Health Sciences
Acquisitions Corp.,
merged with
Immunovant
Diamond Eagle
Acquisition Corp.,
merged with DraftKings
SPACs shaded pale green have yet to announce a target company to merge with.
Churchill Capital Corp. III,
merged with health-care-
services provider MultiPlan
Kensington Capital
Acquisition Corp.,
merged with
QuantumScape
Hedge fund
billionaire
William Ackman’s
Pershing Square
Tontine Holdings Ltd.
Foley Trasimene
Acquisition Corp. II,
merging with Paysafe
VG Acquisition Corp.
backed by British
billionaire Richard Branson,
merging with 23andMe
One of Chamath Palihapitiya’s
SPACs, merging with SoFi
Former NBA star Shaquille O’Neal’s
Forest Road Acquisition Corp.
131 SPACs have gone public so far this year.
Health Sciences
Acquisitions Corp.,
merged with
Immunovant
Diamond Eagle
Acquisition Corp.,
merged with
DraftKings
SPACs shaded pale green have yet to announce a target company to merge with.
Churchill Capital
Corp. III, merged with
health-care-services
provider MultiPlan
Kensington Capital
Acquisition Corp., merged
with QuantumScape
Hedge fund billionaire
William Ackman’s
Pershing Square
Tontine Holdings Ltd.
Foley Trasimene
Acquisition Corp. II,
merging with Paysafe
VG Acquisition Corp. backed by Richard Branson, merging with 23andMe
One of Chamath Palihapitiya’s SPACs, merging with SoFi
Former NBA star Shaquille O’Neal’s Forest Road Acquisition Corp.
131 SPACs have gone public so far this year.
Health Sciences
Acquisitions Corp.,
merged with
Immunovant
Diamond Eagle
Acquisition Corp.,
merged with
DraftKings
SPACs shaded pale green have yet to announce a target company to merge with.
Churchill Capital
Corp. III, merged
with health-care-
services provider
MultiPlan
Hedge fund
billionaire
William Ackman’s
Pershing Square
Tontine
Holdings Ltd.
Foley Trasimene
Acquisition Corp. II,
merging with
Paysafe
VG Acquisition
Corp., merging
with 23andMe
Former NBA star
Shaquille O’Neal’s
Forest Road
Acquisition Corp.
131 SPACs have gone public so far this year.
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