About SPACGraveyard

SPACGraveyard tracks every SPAC from the 2020–2021 mania — the biggest speculative bubble in blank-check company history. Between 2020 and 2021, over 800 SPACs raised more than $250 billion from investors, promising a new era of democratized access to pre-IPO companies.

Most of those promises were broken. The average post-merger SPAC trades at $3.85 — a 62% loss from the $10 IPO price. Twenty-four companies have gone bankrupt. Nearly $95 billion in peak market cap has been destroyed. And the only consistent winners were the sponsors (who risked $25,000 for 20% of equity) and the banks (who earned $8 billion in underwriting fees regardless of outcome).

Why This Exists

This site exists to document what happened, provide data-driven analysis, and ensure this story isn't forgotten. The SPAC bubble wasn't just a market event — it was a transfer of wealth from retail investors to Wall Street insiders, enabled by regulatory gaps and celebrity hype.

Data Sources

  • SEC EDGAR filings (S-1, 10-K, 8-K)
  • SPAC Research and SPAC Track databases
  • Court bankruptcy filings (PACER)
  • Company press releases and earnings reports
  • Academic research on SPAC performance
  • News reporting from Bloomberg, Reuters, FT, WSJ

Methodology

Returns are calculated from the $10 SPAC IPO price to the most recent trading price (or $0 for bankruptcies/delistings). Market caps reflect peak valuations as reported. Bank fees are estimated based on the standard 5.5% underwriting fee structure (2% at IPO + 3.5% deferred). All data is updated regularly and sourced from public filings.

A Project by The Data Project

SPACGraveyard is built and maintained by The Data Project, dedicated to making financial data accessible and understandable.

Frequently Asked Questions

What is a SPAC?

A SPAC (Special Purpose Acquisition Company) is a shell company that raises money through an IPO with the sole purpose of acquiring a private company within 18–24 months. Investors buy shares at $10 without knowing which company will be acquired. The SPAC sponsor — who typically invests just $25,000 — receives 20% of the equity for finding and completing a deal. SPACs became the dominant IPO alternative in 2020–2021, raising over $250 billion.

How much money did investors lose in SPACs?

Retail investors lost an estimated $4.8 billion in direct SPAC-related losses between 2020 and 2024, according to Vanda Research data. The average post-merger SPAC share price is $3.85 — a 62% loss from the $10 IPO price. Additionally, over $95 billion in peak market capitalization has been destroyed across SPAC bankruptcies and delistings. The total economic damage, including opportunity costs, is likely significantly higher.

What are the biggest SPAC bankruptcies?

The largest SPAC bankruptcy by peak market cap is WeWork ($9.4B peak), followed by Nikola ($28B peak valuation, though much of that was pre-merger hype), Fisker ($8.4B), 23andMe ($6B), and Virgin Orbit ($3.7B). In total, 24 SPAC-merged companies have filed for bankruptcy as of 2025, with the average time from SPAC merger to bankruptcy filing being approximately 30 months.

Who made money from SPACs?

The consistent winners in SPACs were the sponsors (who received 20% of equity for ~$25,000 investment), investment banks (who earned approximately $8 billion in underwriting fees regardless of outcomes), PIPE investors (who negotiated preferential terms and exited early), and target company founders (who received liquidity at inflated valuations). Retail investors — who provided the actual capital — were the consistent losers, with an average return of -62%.

Are SPACs still happening?

Yes, SPACs are staging a modest comeback. After collapsing from 613 IPOs in 2021 to just 86 in 2022, the market has stabilized with smaller deal volumes and sizes. New SEC regulations finalized in 2024 eliminated the safe harbor for forward-looking projections and enhanced disclosures. Some sponsors have modified promotes to 10–15% or tied them to performance. However, the fundamental incentive problems — sponsor promotes, adverse selection, and bank fee structures — remain largely unchanged.