SPAC Heat Map
A visual overview of SPAC outcomes by sector and vintage year. The darker the red, the worse the outcome. Click any cell to see individual SPACs in that sector and year.
Legend:
Positive
Slight Loss
Big Loss
Bankruptcy
No SPACs
2019
2020
2021
2022
2023
2024
Aerospace/Defense
Agriculture
Blank Check
Clean Energy
Consumer
EV/Automotive
Emerging Markets
Energy
Financial Services
Fintech
Healthcare
Industrials
Media/Entertainment
Real Estate
Social Impact
Technology
Key Patterns
2021: The Peak
2021 saw the most SPAC mergers across nearly every sector. The sheer volume of deals meant less due diligence and more marginal companies going public.
EV: A Sea of Red
The EV sector is almost entirely red across all years. Of 25+ EV-related SPACs, the vast majority ended in bankruptcy or zombie status.
Rare Survivors
The few green cells — DraftKings, Rocket Lab, SoFi — stand out as exceptions that prove the rule. Most sectors, most years: red.