Sources & Methodology
Transparency matters. Here's exactly where our data comes from and how we analyze it.
ð Primary Data Sources
SEC EDGAR
Our primary source for SPAC formation data. We track S-1 registration statements, DEFM14A proxy filings, 10-K/10-Q periodic reports, and 8-K current reports for all SPACs that went public since 2003.
6,769 SIC 6770 ("Blank Check") filings indexed âĒ Full-text search via EDGAR EFTS API
Academic Research
We cross-reference our findings with peer-reviewed research:
- âĒ Harvard Law School Forum on Corporate Governance â FTI Consulting SPAC performance analysis (July 2024)
- âĒ Yale Journal on Regulation â "Was the SPAC Crash Predictable?" (2023)
- âĒ University of Florida â Post-merger SPAC returns study (2012-2024)
- âĒ Klausner, Ohlrogge & Ruan â "A Sober Look at SPACs" (Stanford/NYU)
Industry Data
- âĒ SPAC Insider â IPO counts, gross proceeds, deal completions
- âĒ Woodruff Sawyer â Annual SPAC risk reports, D&O insurance data
- âĒ ARC Group â SPAC market resurgence analysis (2025)
- âĒ Bloomberg â Bankruptcy filings, market data
- âĒ S&P Capital IQ â Price data via FTI Consulting analysis
Bankruptcy & Legal
- âĒ PACER federal bankruptcy court filings
- âĒ Stanford Securities Class Action Clearinghouse
- âĒ SEC enforcement actions and settlements
- âĒ Department of Justice press releases (fraud cases)
ðŽ Our Methodology
SPAC Database
Our database currently tracks 46 SPACs in detail â selected to represent the full spectrum of outcomes: bankruptcies, zombies, survivors, and high-profile cases. Each entry includes verified trust sizes, peak/current prices, return calculations, sponsor information, key people, and detailed narratives sourced from SEC filings, court documents, and verified news reporting.
Return Calculations
Post-merger returns are calculated from the $10 SPAC IPO price to the most recent trading price (or $0 for bankrupt companies). We use closing prices and account for reverse splits. The "-62% average return" figure represents the simple average across our tracked universe.
Unique Computed Metrics
We've developed several proprietary analytical metrics:
- âĒ Dilution Score (0-100) â Measures cumulative shareholder dilution from sponsor promotes, warrants, PIPE investments, and earnout shares
- âĒ Hype-to-Reality Ratio â Compares projected revenue in SPAC presentation to actual achieved revenue
- âĒ Insider Profit Index (0-100) â Estimates value extraction by sponsors/executives vs retail shareholders
- âĒ Destruction Index â Composite score combining sector death rates, price trajectories, and time-to-bankruptcy
Key Statistics
Aggregate figures (total SPACs, total raised, bankruptcies) are compiled from SPAC Insider data cross-referenced with SEC EDGAR filings. The "85% trading below IPO price" and "79% unprofitable" figures come from the Harvard Law/FTI Consulting analysis of ~300 post-merger SPACs through mid-2024. The "$8B in bank fees" is estimated from the standard 5.5% underwriting fee applied to total SPAC capital raised.
âïļ Corrections & Updates
We take accuracy seriously. If you find an error or have additional data that should be included, please contact us. We update our database regularly as new bankruptcies, filings, and research become available.
Data last updated: March 21, 2026
SPACs Tracked
46
Detailed profiles
Articles
35+
Deep investigations
Tools
8
Interactive calculators
Data Files
21
Downloadable datasets
â ïļ Disclaimer
SPACGraveyard is an investigative journalism and data analysis project. Nothing on this site constitutes financial advice. All data is sourced from public records and verified research. We are not affiliated with any SPAC, sponsor, investment bank, or regulatory body. Our analysis represents our interpretation of publicly available data and academic research. Always consult a qualified financial advisor before making investment decisions.