/The SPAC Boom, Visualized

The SPAC Boom, Visualized

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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