Estimated Total SPAC Investor Losses
$46,000,000,000
and counting…
Financial Forensics
Where $363 Billion Went to Die
1,320 SPACs tracked. 59 bankruptcies. $131B in peak market cap destroyed. The definitive investigation of the SPAC bubble — powered by SEC EDGAR data.
The Damage Report
Total Raised
$362.7B
2003–2025
Bankruptcies
59
And counting
Avg Post-Merger Return
-55.0%
From $10 SPAC price
Bank Fees Earned
$8.0B
They always win
Below IPO Price
85%
Of ~300 de-SPACed companies
Below $1/Share
29%
85 SPACs under a dollar
Unprofitable
79%
Still losing money
2021 Avg Loss
-67%
Worst vintage year ever
🪦 Latest from the Graveyard
Featured Investigation
SPAC Autopsy Reports
Forensic post-mortem analysis of the largest SPAC bankruptcies. Cause of death, contributing factors, and who walked away with money.
Read the autopsies →
Updated Weekly
SPAC of the Week
Every week we spotlight a different SPAC from the bubble era — the story behind the numbers, what went wrong, and who paid the price.
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Investigate
Latest Analysis
View all 56 articles →18 min
The De-SPAC Death Spiral
How redemption crises trigger cash crunches, dilution, and price collapse in a doom loop that kills post-merger SPACs.
15 min
Insurance for Nothing: The D&O Cost Explosion
D&O insurance costs exploded 10x for SPAC companies. $3.5 billion in total premiums — and many claims were denied anyway.
16 min
The SPAC Lawyers: $2.5 Billion in Fees
Law firms played both sides — structuring SPAC deals then suing when they failed. The legal industry's SPAC bonanza.
14 min
The Accounting Restatement Epidemic
600+ SPACs affected by SEC warrant reclassification. $875 million in compliance costs. The paperwork crisis nobody saw coming.
The Rise and Fall of SPACs
Explore the Full Investigation
1,320 SPAC profiles. 56 analysis articles. 8 interactive tools. All free, all open data.
The Weekly SPAC Autopsy
One deep-dive bankruptcy post-mortem every week. Plus new data drops, fresh analysis, and bankruptcy alerts as they happen.