SPACs gained massive popularity in 2021, drawing in celebrities and raising significant funds, but over 60% of them failed to complete mergers, damaging their reputation. In 2025, a resurgence has seen 61 blank check companies go public, raising $12.4 billion but without any completed mergers yet. This amount marks the highest since 2021, although it represents a dramatic fall from that year's success. Industry observers note a continuing demand for SPACs, which now appear to be taking a more sustainable approach amidst reduced celebrity involvement.
In 2021, SPACs saw massive involvement, with over 613 blank check companies raised $162.6 billion, but nearly 60% couldn't complete mergers, leading to skepticism.
As of June 2025, 61 blank check companies have gone public raising $12.4 billion, though assessment of their success is premature as acquisitions typically take months.
Despite the $12.4 billion raised pointing to a recovery, this is an 85% decline from 2021 levels, suggesting a more sustainable future for SPACs.
SPACs had 18 to 24 months to finalize a merger or would return funds, with only 39% of 2021’s cohort successfully completing this process.
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