SPAC Scorecard & Rankings
Every SPAC in our database, ranked by the metrics that matter most. From worst returns to fastest bankruptcies, highest dilution to biggest insider profits â find out which SPACs top each category of failure.
| # | Company |
|---|---|
| 1 | NikolaNKLA |
| 2 | WeWorkWE |
| 3 | FiskerFSR |
| 4 | HyliionHYLN |
| 5 | 23andMeME |
| 6 | Embark TechnologyEMBK |
| 7 | Lordstown MotorsRIDE |
| 8 | ProterraPTRA |
| 9 | Virgin OrbitVORB |
| 10 | Bird GlobalBRDS |
These SPACs delivered the worst returns to investors who bought at the merger price. A -100% return means the company went bankrupt and the stock became worthless.
How We Rank SPACs
Dilution Score (0-100)
Measures cumulative shareholder dilution from sponsor promotes, warrants, PIPE investments, earnout shares, and other mechanisms. A score of 99 means extreme dilution where insiders extracted maximum value.
Hype-to-Reality Ratio
Compares projected revenue in the SPAC merger presentation to actual revenue achieved. A ratio of 340x (Lordstown) means the company projected 340 times more revenue than it ever generated.
Insider Profit Index (0-100)
Estimates how much value sponsors, executives, and early investors extracted compared to retail shareholders. Factors in sponsor promote timing, insider selling patterns, and compensation relative to company performance.
Peak Market Cap
The highest market capitalization reached, representing the maximum paper wealth that was subsequently destroyed. Nikola's $28B peak remains the most dramatic example.