Where $362.7 Billion Actually Went

Between 2019 and 2023, 1,522 SPACs raised $362.7 billion from investors. This diagram shows exactly where that money ended up — and why so little reached the companies it was supposed to fund.

The SPAC Money Flow

Hover over each flow to see dollar amounts and details. Widths are proportional to actual values.

SPAC IPOs$362.7B1,522 SPACsRedemptions$264.0B (72.8%)Operating Losses$48.1B (13.3%)PIPE Dilution — $15.0BRemaining Value — $20.3B

The Breakdown

Redemptions

$264B

73% median redemption rate — investors took their cash back before mergers closed

Operating Losses

$48.1B

Cash burned by de-SPACs that couldn't build sustainable businesses

PIPE Dilution

$15B

Institutional investors who got favorable terms, then often dumped shares

Bank Underwriting Fees

$8B+

5.5% fee earned regardless of outcome — banks never lose

Sponsor Promotes

$7.3B

1,522 sponsors paid ~$25K each for 20% equity — the ultimate asymmetric bet

Remaining Market Value

$20.3B

What public investors actually have left — roughly 5.6% of the original $362.7B

For Every $10 Invested

For every $10 a retail investor puts in, only ~$6.67 reaches the actual company. The rest goes to sponsors, banks, and deal costs. This is BEFORE the company even starts operating.

Sponsor Promote (20%)$2.00/share (20%)
Underwriting Fees (5.5%)$0.55/share (5.5%)
Warrant Dilution$0.50/share (5%)
Other Costs$0.28/share (2.8%)
Net to Company$6.67/share (66.7%)

Data sourced from SEC EDGAR filings, Yahoo Finance, and academic research.