Financial Forensics
Where $250 Billion Went to Die
The definitive forensic investigation of the SPAC bubble: bankruptcies, insider profits, celebrity disasters, and the bankers who got rich anyway.
Total Raised
$354.5B
2003–2025
Bankruptcies
24
And counting
Avg Post-Merger Return
-62.0%
From $10 SPAC price
Bank Fees Earned
$8.0B
They always win
The $10 Cliff 📉
Every SPAC starts at $10. The average post-merger price? $3.85. That's a -62.0% return for retail investors who held through the merge.
See the full breakdown →🔍 Investigate
Dig into the wreckage
💰 Follow the Money
Who profited from the bubble
🧪 Deep Dives
Unique analysis and visualizations
Live Loss Counter
Watch $200B+ in losses tick upward in real time
💀Destruction Index
Computed analytics no one else has
🗺️Sector Heat Map
Which sectors, which years, how bad
🏆SPAC Scorecard
Every SPAC ranked by 6 different metrics
🚀The Boom
Interactive timeline of the mania
📉The $10 Cliff
Every SPAC starts at $10. Few stay.
🔄Reverse Splits
Mullen: 1 for 90,000
🧟Zombies
Still listed. Barely alive.
Recent Bankruptcies
View all →Latest Analysis
View all →22 min
What Is a SPAC? The Complete Guide
Everything you need to know about Special Purpose Acquisition Companies — how they work, why they became popular, and why most investors lose money.
2026-03-21
16 min
What If You'd Just Bought the S&P 500?
$10K in SPACs in 2021 became ~$3,800. The same $10K in the S&P 500 became ~$12,500. The opportunity cost nobody talks about.
2026-03-20
17 min
Reddit and the SPAC Retail Army
How r/SPACs grew to 200K+ members, fueled the 'buy the rumor' culture, and amplified the mania that cost retail investors billions.
2026-03-19
18 min
International SPACs: Did the Rest of the World Learn?
The SPAC boom went global — Amsterdam, London, Singapore, Hong Kong. Did tighter regulations abroad produce better outcomes?
2026-03-18
The Rise and Fall of SPACs
Explore More
Explore the Full Investigation
Dive into individual SPAC profiles, sponsor track records, bank fee data, and the tools that help you understand what really happened.