Market Overview

Trailing-window flows compare the current window against the immediately prior window of equal length. Forward-looking counts (upcoming votes, redemption deadlines) source from spac_event_dates and cover active SPACs only. Blank / “Unavailable” cells mean the primary source carries no value — never zero. Rising liquidations and redemptions are shown in red; rising issuance and yield in green.

Arb-Market Conditions

2 active redeemable SPACs with executable quotes · as of 2026-09-08

Below Trust

50% of universe

At / Above Trust

50% of universe

Median YTM

-12.3%

over 2 quoted SPACs

Median Discount

6.1%

1 − (ask / trust)

Median Spread

505 bps

1 thin / 1 valid

Trust Capital

$403.4M

$3.3M total $-ADV

Annualized yield (YTM) distribution2 SPACs · trust capital per bucket below bars

110

< 0%0–3%3–6%6–10%10–15%≥ 15%

annualized yield to maturity at NBBO ask

$173.4M————$230.0M

Price-to-trust distribution2 SPACs

110

< 95%95–97%97–99%99–101%101–103%≥ 103%

ask price ÷ trust per share — below 100% = discount to trust

$230.0M————$173.4M

Bid-ask spread distribution2 SPACs

210

< 5 bps5–1515–3030–5050–100≥ 100

NBBO spread in basis points

Cash-return schedule (next 12 months)1 SPACs · $173.4M trust

110

2026-112026-11

$173.4M

trust deadline month · trust capital per month shown below bars

Universe = active redeemable SPACs with a valid or thin NBBO ask, trust per share, and a future deadline. YTM = (trust/ask)^(365/days)−1; |YTM| > 200% quarantined. Spread from delayed-SIP NBBO. Trust capital = sum of trust_size per bucket. Cash-return schedule shows trust deadlines by month — the dates at which holders can redeem at trust or the SPAC must liquidate.

Weight by

Count IPO proceeds Trust capital Announced EV

re-weights the status mix, completion stats & redemption rate below

Compare

Off TTM Boom/Bust Custom

period-over-period deltas on headline flow metrics below

Period Comparison

Current TTMvsPrior 12mo

Issuance & Activity

IPOs priced

180vs 115+65 (+57%)

Deals announced

122vs 80+42 (+53%)

IPO proceeds172/112 w/ size

$32.5Bvs $20.7B+$11.9B (+57%)

Trust capital raised156/95 w/ trust

$29.9Bvs $17.4B+$12.6B (+72%)

Outcomes & Redemptions

Liquidations

13vs 27−14 (−52%)

Shareholder votes

446vs 363+83 (+23%)

Median redemption rate23/31 rated

5.3%vs 5.7%−0.4% (−8%)

Flow metrics scoped to each period's date range. IPOs/proceeds by ipo_date; announcements by announcement_date; liquidations by trigger_date; votes/redemptions by vote_date. Cohort filters (if active) restrict which SPACs count within each window. “—” = no data in the period.

Redemption Votes — 2019

94 records

✕ Close

Symbol	Name	Vote Date	Type	Redemption Rate	Σ Redeemed	Outcome
GSMG	TKK Symphony Acquisition Corporation	2019-12-26	other	Unknown	Unknown	passed
GSMG	TKK Symphony Acquisition Corporation	2019-12-26	other	Unknown	Unknown	passed
GSMG	TKK Symphony Acquisition Corporation	2019-12-26	other	Unknown	Unknown	passed
GSMG	TKK Symphony Acquisition Corporation	2019-12-26	other	Unknown	Unknown	passed
GSMG	TKK Symphony Acquisition Corporation	2019-12-26	other	Unknown	Unknown	passed
GSMG	TKK Symphony Acquisition Corporation	2019-12-26	other	Unknown	Unknown	passed
GSMG	TKK Symphony Acquisition Corporation	2019-12-26	other	Unknown	Unknown	passed
CFFA	CF Finance Acquisition Corp.	2019-12-23	director_election	Unknown	Unknown	passed
CFFA	CF Finance Acquisition Corp.	2019-12-23	other	Unknown	Unknown	passed
GDYN	ChaSerg Technology Acquisition Corp	2019-12-20	director_election	Unknown	Unknown	—
GDYN	ChaSerg Technology Acquisition Corp	2019-12-20	other	Unknown	Unknown	—
HYMC	Mudrick Capital Acquisition Corporation	2019-12-20	other	Unknown	Unknown	passed
HYMC	Mudrick Capital Acquisition Corporation	2019-12-20	other	Unknown	Unknown	passed
NEBU	Nebula Acquisition Corp	2019-12-20	director_election	Unknown	Unknown	passed
NEBU	Nebula Acquisition Corp	2019-12-20	other	Unknown	Unknown	passed
KLDI	PIVOTAL ACQUISITION CORP	2019-12-18	director_election	Unknown	Unknown	passed
KLDI	PIVOTAL ACQUISITION CORP	2019-12-18	other	Unknown	Unknown	passed
KLDI	PIVOTAL ACQUISITION CORP	2019-12-18	other	Unknown	Unknown	passed
KLDI	PIVOTAL ACQUISITION CORP	2019-12-18	other	Unknown	Unknown	passed
FTAC	Fintech Acquisition Corp. III	2019-12-17	other	Unknown	Unknown	passed
FTAC	Fintech Acquisition Corp. III	2019-12-17	director_election	Unknown	Unknown	passed
ADN	AMCI Acquisition Corp	2019-12-16	other	Unknown	Unknown	passed
ADN	AMCI Acquisition Corp	2019-12-16	director_election	Unknown	Unknown	—
ATNF	KBL Merger Corp. IV	2019-12-06	extension	51.8%	$39.1M	passed
ATNF	KBL Merger Corp. IV	2019-12-06	director_election	Unknown	Unknown	passed
GFN	General Finance Corporation	2019-12-05	other	Unknown	Unknown	passed
GFN	General Finance Corporation	2019-12-05	other	Unknown	Unknown	passed
GFN	General Finance Corporation	2019-12-05	other	Unknown	Unknown	—
GFN	General Finance Corporation	2019-12-05	other	Unknown	Unknown	passed
KLR	GigCapital, Inc.	2019-11-25	other	Unknown	Unknown	passed
KLR	GigCapital, Inc.	2019-11-25	other	Unknown	Unknown	—
KLR	GigCapital, Inc.	2019-11-25	other	Unknown	Unknown	passed
KLR	GigCapital, Inc.	2019-11-25	other	Unknown	Unknown	passed
KLR	GigCapital, Inc.	2019-11-25	other	Unknown	Unknown	passed
ACEL	TPG Pace Holdings Corp.	2019-11-15	other	Unknown	Unknown	passed
ACEL	TPG Pace Holdings Corp.	2019-11-15	other	Unknown	Unknown	passed
ACEL	TPG Pace Holdings Corp.	2019-11-15	business_combination	Unknown	Unknown	passed
CIK0001731536	Trinity Merger Corp.	2019-11-14	other	Unknown	Unknown	passed
CIK0001731536	Trinity Merger Corp.	2019-11-14	adjournment	Unknown	Unknown	passed
CIK0001731536	Trinity Merger Corp.	2019-11-14	business_combination	Unknown	Unknown	passed
PACQ	Pure Acquisition Corp.	2019-10-10	director_election	Unknown	Unknown	passed
PACQ	Pure Acquisition Corp.	2019-10-10	other	Unknown	Unknown	passed
PACQ	Pure Acquisition Corp.	2019-10-10	extension	10.4%	Unknown	passed
KLR	GigCapital, Inc.	2019-09-26	other	Unknown	Unknown	—
KLR	GigCapital, Inc.	2019-09-26	director_election	Unknown	Unknown	passed
ACEL	TPG Pace Holdings Corp.	2019-09-20	extension	Unknown	$33.4M	passed
CIC	Capitol Investment Corp. IV	2019-07-16	other	Unknown	Unknown	passed
AESE	Black Ridge Acquisition Corp.	2019-07-09	other	Unknown	Unknown	passed
OMAD	One Madison Corp	2019-05-29	other	Unknown	Unknown	passed
OMAD	One Madison Corp	2019-05-29	adjournment	Unknown	Unknown	—
OMAD	One Madison Corp	2019-05-29	business_combination	44.7%	Unknown	passed
OMAD	One Madison Corp	2019-05-29	other	Unknown	Unknown	passed
OMAD	One Madison Corp	2019-05-29	other	Unknown	Unknown	passed
OMAD	One Madison Corp	2019-05-29	other	Unknown	Unknown	passed
OMAD	One Madison Corp	2019-05-29	other	Unknown	Unknown	passed
OMAD	One Madison Corp	2019-05-29	other	Unknown	Unknown	passed
OMAD	One Madison Corp	2019-05-29	other	Unknown	Unknown	passed
OMAD	One Madison Corp	2019-05-29	director_election	Unknown	Unknown	passed
OMAD	One Madison Corp	2019-05-29	other	Unknown	Unknown	passed
OMAD	One Madison Corp	2019-05-29	other	Unknown	Unknown	passed
OMAD	One Madison Corp	2019-05-29	other	Unknown	Unknown	passed
CIK0001712189	PLATINUM EAGLE ACQUISITION CORP.	2019-05-24	director_election	Unknown	Unknown	—
CIK0001712189	PLATINUM EAGLE ACQUISITION CORP.	2019-05-24	auditor_ratification	Unknown	Unknown	passed
INSE	Hydra Industries Acquisition Corp	2019-05-14	other	Unknown	Unknown	passed
INSE	Hydra Industries Acquisition Corp	2019-05-14	director_election	Unknown	Unknown	passed
INSE	Hydra Industries Acquisition Corp	2019-05-14	other	Unknown	Unknown	passed
FMGQ	FMG Acquisition Corp.	2019-05-07	other	Unknown	Unknown	passed
FMGQ	FMG Acquisition Corp.	2019-05-07	other	Unknown	Unknown	passed
FMGQ	FMG Acquisition Corp.	2019-05-07	director_election	Unknown	Unknown	passed
FMGQ	FMG Acquisition Corp.	2019-05-07	other	Unknown	Unknown	passed
HAYU	Haymaker Acquisition Corp.	2019-03-06	other	Unknown	Unknown	passed
HAYU	Haymaker Acquisition Corp.	2019-03-06	business_combination	Unknown	Unknown	passed
HAYU	Haymaker Acquisition Corp.	2019-03-06	other	Unknown	Unknown	passed
LTN	Union Acquisition Corp.	2019-02-27	charter_amendment	Unknown	Unknown	passed
LTN	Union Acquisition Corp.	2019-02-27	charter_amendment	Unknown	Unknown	passed
LTN	Union Acquisition Corp.	2019-02-27	business_combination	98.9%	$117.0M	passed
LTN	Union Acquisition Corp.	2019-02-27	business_combination	98.9%	$117.0M	passed
LTN	Union Acquisition Corp.	2019-02-27	business_combination	98.9%	$117.0M	passed
LTN	Union Acquisition Corp.	2019-02-27	adjournment	Unknown	Unknown	passed
LTN	Union Acquisition Corp.	2019-02-27	director_election	Unknown	Unknown	passed
LTN	Union Acquisition Corp.	2019-02-27	charter_amendment	Unknown	Unknown	passed
GTYH	GTY Technology Holdings Inc.	2019-02-14	other	Unknown	Unknown	passed
GTYH	GTY Technology Holdings Inc.	2019-02-14	other	Unknown	Unknown	passed
GTYH	GTY Technology Holdings Inc.	2019-02-14	business_combination	Unknown	Unknown	passed
GTYH	GTY Technology Holdings Inc.	2019-02-14	other	Unknown	Unknown	passed
GTYH	GTY Technology Holdings Inc.	2019-02-14	other	Unknown	Unknown	passed
GTYH	GTY Technology Holdings Inc.	2019-02-14	other	Unknown	Unknown	passed
GTYH	GTY Technology Holdings Inc.	2019-02-14	business_combination	Unknown	Unknown	passed
GTYH	GTY Technology Holdings Inc.	2019-02-14	other	Unknown	Unknown	passed
GTYH	GTY Technology Holdings Inc.	2019-02-14	other	Unknown	Unknown	passed
GTYH	GTY Technology Holdings Inc.	2019-02-14	other	Unknown	Unknown	passed
GTYH	GTY Technology Holdings Inc.	2019-02-14	other	Unknown	Unknown	passed
GTYH	GTY Technology Holdings Inc.	2019-02-14	other	Unknown	Unknown	passed
GTYH	GTY Technology Holdings Inc.	2019-02-14	other	Unknown	Unknown	passed

Cumulative History

data through 2026-09-06

Weighted by SPAC entity — a $50M and a $500M SPAC count equally. Use the toggle above to re-weight by capital. All figures below are cumulative history unless a trailing window is stated.

Lifecycle Funnel

count-weighted · cumulative reach · as of 2026-09-06

Filed

entered pipeline

2,213

100.0% of filed

n=2,213

↓Filed → IPO83.5%

IPO Priced

→ searching

1,847

83.5% of filed

n=1,847

↓IPO → Announcement57.0%

Announced

combination

1,053

47.6% of filed

n=1,053

↓Announcement → Vote89.6%

Voted

shareholder vote

944

42.7% of filed

n=944

↓Vote → Close82.2%

Closed

deSPAC completed

776

35.1% of filed

n=776

Liquidated

IPO → Liquidation

289

15.6% of priced

n=289

Withdrawn

pre-IPO exit

366

16.5% of filed

n=366

Cumulative reach: each stage counts SPACs that ever reached at least that milestone (a closed deSPAC also counts under Announced and Voted). Stages are count-weighted; a $50M and a $500M SPAC count equally — use the toggle above to re-weight by capital. Membership maps from current status values enriched by vote / EV evidence; it migrates to canonical lifecycle states once #16 lands. Conversion rates render “—” where a stage is unmeasurable under the active weight.

SPAC records in coverage

2,213

Σ IPO proceeds: $435.4B

Active SPAC entities

408

19.2% of cohort · 16 inactive shells excluded

Closed share of decided IPOs

55%

776/1423 decided · 647 liquidated

Decided cohort

1,423

closed + liquidated

Universe by Status

count-weighted · as of 2026-09-06 · click a segment to drill in

Deal Announced1798.1%

Vote Scheduled30.1%

“Unclassified” = post-IPO SPACs whose lifecycle status is not yet resolved from filings. Segments are count-weighted; a $50M and a $500M SPAC count equally. Status segments link to the Universe table filtered to that status.

SPAC IPO Pricings / Month

trailing 36 months (2023-10 → 2026-09) · 334 in window · data through 2026-09-01 · click a bar to drill in

28140

2023-10peak: 28/mo┊ outline = Prior 12mo2026-09

SPAC Liquidations / Month

trailing 36 months (2023-10 → 2026-09) · 106 in window · data through 2026-07-28 · click a bar to drill in

24120

2023-10peak: 24/mo┊ outline = Prior 12mo2026-09

Redemption Analytics

as of 2026-09-08 · rate from extracted public-share redemption_pct

Median Rate

25.5%

over 157 rated votes

Equal-Wtd Avg

41.2%

each vote counts once

Share-Wtd Avg

Unavailable

pending share norm. (#653/#654)

Σ Redeemed

$19.6B

257 votes w/ $ amount

Complete Obs

157

of 2,991 votes

Rate Coverage

5.2%

157/2,991 votes

Extension vs combination split

Extension votes90/303 rated

Median 19.1%

EW avg 32.0%

Σ $12.5B (158 w/ $)

Combination votes67/339 rated

Median 58.1%

EW avg 53.6%

Σ $7.2B (99 w/ $)

Other proposals0/2349 rated

Median Unknown

EW avg Unknown

Σ Unknown (0 w/ $)

Redemption-rate distribution157 rated votes

57290

0102030405060708090≥100

redemption rate (%) — lower bound of each 10-point bucket

Group byVote year IPO year Sponsor Sector Underwriter Deal stage Trust size

Vote year	Votes	w/ Rate	Median	EW Avg	Σ Redeemed	w/ $
2026	302	15/302	22.5%	50.4%	$2.7B	31
2025	402	30/402	2.3%	16.1%	$626.8M	34
2024	433	28/433	19.6%	25.5%	$1.7B	50
2023	609	39/609	62.4%	59.3%	$8.9B	73
2022	305	12/305	45.5%	49.6%	$3.4B	20
2021	450	11/450	88.5%	78.0%	$1.5B	21
2020	166	5/166	11.6%	27.9%	$207.2M	11
2019	94	6/94	75.4%	67.3%	$423.5M	5
2018	79	5/79	4.7%	16.5%	$19.3M	5
2017	30	5/30	5.0%	12.5%	$99.8M	4
2016	30	0/30	Unknown	Unknown	$28.0M	1
2015	41	0/41	Unknown	Unknown	$0.0	2
2014	9	0/9	Unknown	Unknown	Unknown	0
2013	21	1/21	58.1%	58.1%	Unknown	0
2012	9	0/9	Unknown	Unknown	Unknown	0
2011	7	0/7	Unknown	Unknown	Unknown	0
2010	4	0/4	Unknown	Unknown	Unknown	0

Rate = extracted public-share redemption rate (vote-level). Median / averages are computed only over votes that carry a rate — see the per-group coverage; low coverage means the statistic reflects a small sample, not the whole market. Σ Redeemed is a distinct, typically smaller population (votes with an extracted dollar amount). Blank cells read Unknown, not zero. Share-weighted averaging is gated on public-share normalization (#653/#654) and is not fabricated in the interim.

Upcoming Catalysts

next 12 months · 37 events · as of 2026-07-14

October 2026 · 5

Oct 12

Termination

IXAQ

Termination deadline

Est.

34 days

Oct 14

Termination

HAIA

Termination deadline · 1 extension(s) so far

Est.

36 days

Oct 24

Termination

OACC

Termination deadline

Est.

7 wk

Oct 25

Termination

CHAR

Termination deadline

Est.

7 wk

Oct 26

Termination

DTSQ

Termination deadline

Est.

7 wk

November 2026 · 2

Nov 1

Termination

NTWO

Termination deadline

Est.

8 wk

Nov 21

Termination

XRPN

Termination deadline

Est.

11 wk

December 2026 · 4

Dec 15

Termination

ALSA

Termination deadline

Est.

14 wk

Dec 20

Termination

SHAP

Termination deadline

Est.

15 wk

Dec 21

Termination

GDST

Termination deadline

Est.

15 wk

Dec 21

Termination

GSHR

Termination deadline

Est.

15 wk

January 2027 · 4

Jan 1

Termination

SDHI

Termination deadline

Est.

16 wk

Jan 7

Termination

CEPO

Termination deadline

Est.

17 wk

Jan 16

Termination

PLMK

Termination deadline

Est.

19 wk

Jan 17

Termination

HVII

Termination deadline

Est.

19 wk

February 2027 · 3

Feb 1

Termination

BCAR

Termination deadline

Est.

21 wk

Feb 12

Termination

BPAC

Termination deadline

Est.

22 wk

Feb 15

Termination

RACY

Termination deadline

Est.

23 wk

March 2027 · 2

Mar 3

Termination

NHIC

Termination deadline

Est.

25 wk

Mar 5

Termination

GSRF

Termination deadline

Est.

25 wk

April 2027 · 3

Apr 1

Termination

UYSC

Termination deadline

Est.

29 wk

Apr 2

Termination

SZZL

Termination deadline

Est.

29 wk

Apr 24

Termination

NPAC

Termination deadline

Est.

33 wk

May 2027 · 4

May 5

Termination

GTEN

Termination deadline

Est.

34 wk

May 7

Termination

SAGU

Termination deadline

Est.

34 wk

May 8

Termination

OTAI

Termination deadline

Est.

35 wk

May 23

Termination

CRAQ

Termination deadline

Est.

37 wk

June 2027 · 3

Jun 26

Termination

LWAC

Termination deadline

Est.

42 wk

Jun 30

Termination

SWSS

Termination deadline

Est.

42 wk

Jun 30

Termination

YORK

Termination deadline

Est.

42 wk

July 2027 · 3

Jul 3

Termination

EURK

Termination deadline

Est.

43 wk

Jul 8

Termination

AACP

Termination deadline

Est.

43 wk

Jul 31

Termination

PUCK

Termination deadline

Est.

47 wk

August 2027 · 4

Aug 4

Termination

HCMA

Termination deadline

Est.

47 wk

Aug 7

Termination

VECA

Termination deadline

Est.

48 wk

Aug 18

Termination

AACI

Termination deadline

Est.

49 wk

Aug 21

Termination

CEPF

Termination deadline

Est.

50 wk

Loading catalysts…

Forward market catalysts within 365 days, sourced from spac_event_dates and universe — the same primary tables behind the calendar. Each date derives from a DB column; none are fabricated. Filed = the date carries a filing source; Est. = a modelled/estimated date, not filing-confirmed. Terminal SPACs are excluded. Symbols link to the SPAC page.

Counterparty Leaderboards

as of 2026-09-06

Ranked by SPACs advised. Every metric is bottom-up from the same filings the entity-profile pages read — blank cells read Unknown, never zero. Each rate carries its sample size (n) so thin entities are obvious. Only entities with a real IPO count are ranked.

#	Entity	IPOs	Σ Proceeds	Completion	Liquidation	Med. TTA	Med. Redemption	Post-Close
1	RMG Sponsor V, LLC	4	$2.0B	—	0.0%	—	—	—
2	HCM Investor Holdings	3	$828.0M	100.0%n=1	0.0%	6.8mon=2	—	—
3	RedOne Investment Limited	3	$195.3M	100.0%n=2	0.0%	12.8mon=3	48.0%n=1	—
4	Whale Management Corporation	3	$106.1M	100.0%n=1	0.0%	14.9mon=2	—	—
5	Drugs Made In America Acquisition LLC	2	$704.0M	—	0.0%	15.1mon=1	—	—
6	Berto Acquisition Sponsor LLC	2	$615.3M	—	0.0%	5.9mon=1	—	—
7	FirstMark Sponsor II LLC	2	$600.0M	—	0.0%	—	—	—
8	Eagle Equity Partners IV, LLC	2	$591.6M	—	0.0%	—	—	—
9	Mountain Lake Acquisition Sponsor LLC	2	$590.0M	—	0.0%	8.7mon=2	114.2%n=1	—
10	Altitude Acquisition Holdco LLC	2	$565.6M	—	0.0%	—	—	—
11	Foundry Crucible III, LLC	2	$550.0M	—	0.0%	—	—	—
12	Graf Acquisition Partners LLC	2	$525.0M	—	0.0%	—	—	—
13	Evolution Sponsor Holdings	2	$517.4M	—	0.0%	0.0mon=2	—	—
14	Roman DBDR Tech Sponsor II LLC	2	$500.0M	—	0.0%	—	—	—
15	Inflection Point Holdings	2	$497.2M	—	0.0%	4.0mon=1	—	—
16	Archimedes Tech SPAC Sponsors II LLC	2	$495.9M	—	0.0%	14.2mon=1	—	—
17	Armada Sponsor II LLC	2	$478.5M	—	0.0%	5.0mon=1	—	—
18	Siddhi Sponsor LLC	2	$476.0M	—	0.0%	0.1mon=1	—	—
19	Pyrophyte Acquisition II LLC	2	$407.5M	—	0.0%	52.7mon=1	—	—
20	Tekkorp JEMB LLC	2	$400.0M	0.0%n=1	50.0%	—	—	—
21	Blue Water Acquisition III LLC	2	$382.3M	—	0.0%	1.3mon=1	—	—
22	Tiga Sponsor II LLC	2	$361.0M	—	0.0%	—	—	—
23	Navigation Capital Holdings	2	$308.2M	—	0.0%	—	—	—
24	Range Capital Acquisition Sponsor II, LLC	2	$306.5M	—	0.0%	—	—	—
25	I-B Good Works 3, LLC	2	$269.6M	—	0.0%	24.7mon=1	—	—

Showing the top 25 of 34 rankable sponsor groups (≥2 SPACs advised); 487 tracked overall, single-SPAC entities excluded from ranking. Completion = closed ÷ (closed + liquidated), among resolved SPACs only. Liquidation = liquidated ÷ all associated SPACs. TTA = median IPO→announcement gap. Redemption = median extracted public-share redemption rate; only 91 SPACs carry a rate, so most entities read Unknown. Post-Close = median last price vs the $10 trust reference for closed deSPACs; price coverage is thin (8 tickers), so this column is Unknown for nearly all entities — by design, not zero.

Cohort & Survival

time-to-event by IPO-year cohort · as of 2026-09-06

Each duration is a real day-count between two DB dates on the same SPAC. Curves show the share of a cohort that has reached each event by month since IPO — a survival view of whether the current cohort is closing faster or slower than prior cycles. Young cohorts are right-censored: most members have not had the event yet, so their medians reflect only the earliest movers and read low.

Time to Announcement

cumulative % of cohort with a combination announced · x: months since IPO

Time to Close (deSPAC)

cumulative % of cohort completing a business combination · x: months since IPO

2025(n=146)2024(n=57)2023(n=32)2022(n=90)2021(n=616)2020(n=248)2019(n=58)

IPO Cohort	n	→ Announce	→ Close	→ Liquidate	→ Vote	→ Extend
2026	122	56d18 · 15%*	Unknown	Unknown	—	—
2025	146	187d73 · 50%	369d10 · 7%*	309d1 · 1%*	—	—
2024	57	355d46 · 81%	528d15 · 26%*	577d3 · 5%*	—	—
2023	32	434d30 · 94%	657d13 · 41%*	933d3 · 9%*	—	—
2022	90	614d65 · 72%	789d46 · 51%	671d18 · 20%*	—	—
2021	616	476d401 · 65%	669d244 · 40%*	739d293 · 48%*	—	—
2020	248	205d200 · 81%	349d180 · 73%	746d59 · 24%*	—	—
2019	58	474d44 · 76%	603d54 · 93%	1,087d2 · 3%*	—	—
2018	46	590d35 · 76%	714d41 · 89%	559d1 · 2%*	—	—
2017	24	599d17 · 71%	673d21 · 88%	755d3 · 13%*	—	—
2016thin	3	502d2 · 67%	Unknown	648d2 · 67%	—	—
2015	11	522d7 · 64%	715d8 · 73%	1,176d2 · 18%*	—	—

Grouped by IPO year. Each cell is the median day-count to the event over cohort members that reached it, with the reached share (incidence) below; faint medians are right-censored (<50% of the cohort has reached the event) and read biased-low. Blank cells are Unknown, never 0 days. → Vote and → Extend need canonical event dates (spac_event_dates, 278 rows, as of 2026-07-14) and render Unavailable until backfill (#713). 14 earlier cohorts (pre-2015, 87 SPACs, n too small) omitted from the table.