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Market Overview

2,213 SPAC records in coverage · 408 active · 776 deSPAC closed · 647 liquidated

Market Pulse

current state · trailing windows · click a card to drill in
IPO Pricings · 30d
5
−5 vs prior 30d
5 pricedas of 2026-09-01
IPO Pricings · 90d
19
−29 vs prior 90d
19 pricedas of 2026-09-01
Announced · trailing 30d
4
−5 vs prior 30d
4 dealsas of 2026-09-03
Announced · trailing 90d
22
−17 vs prior 90d
22 dealsas of 2026-09-03
Liquidations · trailing 30d
0
−2 vs prior 30d
0 wound upas of 2026-07-28
Liquidations · trailing 90d
5
+2 vs prior 90d
5 wound upas of 2026-07-28
Active trust capital
$65.6B
current active total
348 w/ trustas of 2026-09-06
IPO proceeds · 12mo
$32.5B
+$11.9B vs prior 12mo
172 pricedas of 2026-09-01
Upcoming votes · next 30d
1
next 30 days
1 scheduledas of 2026-07-14
Redemption deadlines · next 30d
1
next 30 days
1 dueas of 2026-07-14
Median executable yield
-12.3%
at executable ask
2 SPACsas of 2026-09-08
Median redemption · 90d
51.5%
−46.6pp vs prior 90d
6 votesas of 2026-09-08

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
1
50% of universe
At / Above Trust
1
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
CountIPO proceedsTrust capitalAnnounced EV
re-weights the status mix, completion stats & redemption rate below
Compare
OffTTMBoom/BustCustom
period-over-period deltas on headline flow metrics below

SPAC IPOs — 2026-08

10 records
✕ Close
SymbolNameSponsorStatusIPO Size
IPHXInflection Point Acquisition Corp. VIII—Searching$287.5M
TBCVThunder Bridge Capital Partners V, Ltd.—Searching$261.0M
PNAQPinnacle Acquisition CorpPAC Sponsor, LLCSearching$201.0M
THEOBOA Acquisition Corp. IIBet on America II Sponsor LLCSearching$125.0M
SCATSouthern Cross Acquisition II Corp.Southern Cross Acquisition II Sponsor Corp.Deal Announced$115.0M
FJDIARC Group Securities Acquisition IFDB ISearching$106.4M
EWAVEast West Ave Acquisition Corp.A, East West Ave LLCSearching$102.7M
TCGXTCGX Acquisition Corp.TCGX Sponsor, LLCSearching$75.0M
NSAIUNorthStrive Acquisition Corp I.—Searching—
OCLTOceanLight Acquisition CorpOceanLight Capital Sponsor Ltd.Searching—

Cumulative History

data through 2026-09-06
Weighted by announced ev. 54 of 2,213 records carry a usable announced EV — 2% coverage; the rest are excluded from the weighted totals, not counted as $0. All figures below are cumulative history unless a trailing window is stated.

Lifecycle Funnel

announced ev-weighted · cumulative reach · as of 2026-09-06
Filed
entered pipeline
$119.6B
100.0% of filed
54/2213 cov
↓Filed → IPO100.0%
IPO Priced
→ searching
$119.6B
100.0% of filed
54/1847 cov
↓IPO → Announcement100.0%
Announced
combination
$119.6B
100.0% of filed
54/1053 cov
↓Announcement → Vote96.7%
Voted
shareholder vote
$115.7B
96.7% of filed
49/944 cov
↓Vote → Close100.0%
Closed
deSPAC completed
$115.7B
96.7% of filed
49/776 cov
Liquidated
IPO → Liquidation
$240.0M
0.2% of priced
1/289 cov
Withdrawn
pre-IPO exit
$0.0
0.0% of filed
0/366 cov

Cumulative reach: each stage counts SPACs that ever reached at least that milestone (a closed deSPAC also counts under Announced and Voted). Stages are weighted by announced ev; each SPAC contributes its announced EV and rows without one are excluded (see per-stage coverage), not counted as $0. 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.

Announced EV in coverage
$119.6B
54/2,213 records carry a usable announced EV
Active — announced ev
$461.8M
0.4% of weighted cohort
Closed share of decided — announced ev
97%
$115.7B closed / $119.1B decided
Decided — announced ev
$119.1B
closed + liquidated

Universe by Status

announced ev-weighted · as of 2026-09-06 · click a segment to drill in
Completed$115.7B96.7%
Liquidated$3.5B2.9%
Deal Announced$461.8M0.4%
Searching$0.00.0%
Vote Scheduled$0.00.0%
Withdrawn$0.00.0%

“Unclassified” = post-IPO SPACs whose lifecycle status is not yet resolved from filings. Segments are weighted by announced ev; each SPAC contributes its announced EV and rows without one are excluded (see coverage above), not counted as $0. 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/mo2026-09

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/mo2026-09

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
EV-wtd Avg
31.2%
8/157 carry a announced EV
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 yearIPO yearSponsorSectorUnderwriterDeal stageTrust size
Vote yearVotesw/ RateMedianEW AvgEV-wtd AvgΣ Redeemedw/ $
202630215/30222.5%50.4%Unknown$2.7B31
202540230/4022.3%16.1%Unknown$626.8M34
202443328/43319.6%25.5%Unknown$1.7B50
202360939/60962.4%59.3%Unknown$8.9B73
202230512/30545.5%49.6%Unknown$3.4B20
202145011/45088.5%78.0%26.4%$1.5B21
20201665/16611.6%27.9%34.4%$207.2M11
2019946/9475.4%67.3%28.6%$423.5M5
2018795/794.7%16.5%Unknown$19.3M5
2017305/305.0%12.5%Unknown$99.8M4
2016300/30UnknownUnknownUnknown$28.0M1
2015410/41UnknownUnknownUnknown$0.02
201490/9UnknownUnknownUnknownUnknown0
2013211/2158.1%58.1%UnknownUnknown0
201290/9UnknownUnknownUnknownUnknown0
201170/7UnknownUnknownUnknownUnknown0
201040/4UnknownUnknownUnknownUnknown0

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
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.
#EntityIPOsΣ ProceedsCompletionLiquidationMed. TTAMed. RedemptionPost-Close
1RMG Sponsor V, LLC4$2.0B—0.0%———
2HCM Investor Holdings3$828.0M100.0%n=10.0%6.8mon=2——
3RedOne Investment Limited3$195.3M100.0%n=20.0%12.8mon=348.0%n=1—
4Whale Management Corporation3$106.1M100.0%n=10.0%14.9mon=2——
5Drugs Made In America Acquisition LLC2$704.0M—0.0%15.1mon=1——
6Berto Acquisition Sponsor LLC2$615.3M—0.0%5.9mon=1——
7FirstMark Sponsor II LLC2$600.0M—0.0%———
8Eagle Equity Partners IV, LLC2$591.6M—0.0%———
9Mountain Lake Acquisition Sponsor LLC2$590.0M—0.0%8.7mon=2114.2%n=1—
10Altitude Acquisition Holdco LLC2$565.6M—0.0%———
11Foundry Crucible III, LLC2$550.0M—0.0%———
12Graf Acquisition Partners LLC2$525.0M—0.0%———
13Evolution Sponsor Holdings2$517.4M—0.0%0.0mon=2——
14Roman DBDR Tech Sponsor II LLC2$500.0M—0.0%———
15Inflection Point Holdings2$497.2M—0.0%4.0mon=1——
16Archimedes Tech SPAC Sponsors II LLC2$495.9M—0.0%14.2mon=1——
17Armada Sponsor II LLC2$478.5M—0.0%5.0mon=1——
18Siddhi Sponsor LLC2$476.0M—0.0%0.1mon=1——
19Pyrophyte Acquisition II LLC2$407.5M—0.0%52.7mon=1——
20Tekkorp JEMB LLC2$400.0M0.0%n=150.0%———
21Blue Water Acquisition III LLC2$382.3M—0.0%1.3mon=1——
22Tiga Sponsor II LLC2$361.0M—0.0%———
23Navigation Capital Holdings2$308.2M—0.0%———
24Range Capital Acquisition Sponsor II, LLC2$306.5M—0.0%———
25I-B Good Works 3, LLC2$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
025507510001224364860

Time to Close (deSPAC)

cumulative % of cohort completing a business combination · x: months since IPO
025507510001224364860
2025(n=146)2024(n=57)2023(n=32)2022(n=90)2021(n=616)2020(n=248)2019(n=58)
IPO Cohortn→ Announce→ Close→ Liquidate→ Vote→ Extend
202612256d18 · 15%*UnknownUnknown——
2025146187d73 · 50%369d10 · 7%*309d1 · 1%*——
202457355d46 · 81%528d15 · 26%*577d3 · 5%*——
202332434d30 · 94%657d13 · 41%*933d3 · 9%*——
202290614d65 · 72%789d46 · 51%671d18 · 20%*——
2021616476d401 · 65%669d244 · 40%*739d293 · 48%*——
2020248205d200 · 81%349d180 · 73%746d59 · 24%*——
201958474d44 · 76%603d54 · 93%1,087d2 · 3%*——
201846590d35 · 76%714d41 · 89%559d1 · 2%*——
201724599d17 · 71%673d21 · 88%755d3 · 13%*——
2016thin3502d2 · 67%Unknown648d2 · 67%——
201511522d7 · 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.