Complete List of SPAC Bankruptcies
Every company that went public via SPAC and subsequently filed for bankruptcy. This list is updated regularly as the final wave of 2020-2021 vintage SPACs continues to fail.
Total Bankruptcies
59
Peak Value Lost
$169.8B
Avg Time to Failure
29 mo
Worst Sector
Blank Check
The SPAC Bankruptcy Epidemic
The SPAC boom of 2020-2021 sent hundreds of companies to public markets that had no business being there. The result has been an unprecedented wave of bankruptcies among recently-public companies. Over 59 companies that went public through SPAC mergers have now filed for Chapter 11 bankruptcy protection, with combined peak market capitalizations exceeding $169.8B.
What makes SPAC bankruptcies particularly devastating is their speed. The average SPAC-merged company that went bankrupt did so within 29 months of completing its merger — meaning investors who bought at the SPAC merger price had less than three years before their investment went to zero. Many failed even faster: Electric Last Mile Solutions went bankrupt within 8 months of its SPAC merger.
The bankruptcy rate among 2020-2021 vintage SPACs far exceeds that of traditional IPOs from the same period. While the exact rate depends on methodology, estimates suggest that 15-20% of completed SPAC mergers from the boom era have either gone bankrupt, delisted, or trade below $1 per share — a failure rate that would be considered catastrophic for any other capital markets product.
Bankruptcies by Sector
💡 Did You Know?
The fastest SPAC to go bankrupt was Quanergy Systems — just 9 months from merger to Chapter 11.
Bankruptcy Timeline
Every SPAC Bankruptcy
| # | Company | Sector | Peak Cap | Bankrupt | Months |
|---|---|---|---|---|---|
| 1 | Nikola NKLA | EV/Automotive | $28.0B | 2025-02-19 | 57 |
| 2 | Arrival SA ARVL | EV/Automotive | $13.0B | 2024-01-15 | 32 |
| 3 | WeWork WE | Real Estate | $9.4B | 2023-11-06 | 30 |
| 4 | Fisker FSR | EV/Automotive | $8.4B | 2024-06-17 | 49 |
| 5 | Cazoo Group CZOO | EV/Automotive | $8.0B | 2024-06 | 37 |
| 6 | Hyliion HYLN | EV/Automotive | $8.0B | 2023-06-01 | 37 |
| 7 | 23andMe ME | Healthcare | $6.0B | 2025-03-24 | 46 |
| 8 | NU Ride NRDE | Technology | $5.7B | 2023-06-27 | 37 |
| 9 | Embark Technology EMBK | Technology | $5.2B | 2022-12-01 | 18 |
| 10 | Lordstown Motors RIDE | EV/Automotive | $5.0B | 2023-06-27 | 37 |
| 11 | Cano Health | Healthcare | $4.7B | 2024-02-04 | — |
| 12 | Lilium NV LILM | Aerospace/Defense | $4.0B | 2024-10-30 | 42 |
| 13 | SunPower SPWR | Clean Energy | $4.0B | 2024-08-05 | — |
| 14 | Proterra PTRA | EV/Automotive | $3.7B | 2023-08-07 | 27 |
| 15 | Virgin Orbit VORB | Aerospace/Defense | $3.7B | 2023-04-04 | 22 |
| 16 | Virgin Orbit Holdings | Aerospace/Defense | $3.7B | 2023-04-04 | — |
| 17 | Cyxtera Technologies CYXT | Technology | $3.4B | 2023-06-04 | 24 |
| 18 | View VIEW | Real Estate | $3.0B | 2023-11 | 29 |
| 19 | Alta Mesa Resources, Inc. | Blank Check | $3.0B | 2019-09-11 | 16 |
| 20 | Bird Global BRDS | EV/Automotive | $2.5B | 2023-12-20 | 31 |
| 21 | CareMax | Blank Check | $2.5B | 2024-11-17 | 42 |
| 22 | Sonder Holdings SONDQ | Blank Check | $2.2B | 2024-11-08 | — |
| 23 | DermTech DMTKQ | Technology | $2.1B | 2024-06-03 | 73 |
| 24 | Heliogen HLGN | Clean Energy | $2.0B | 2023-07-24 | 26 |
| 25 | Lion Electric LEV | EV/Automotive | $2.0B | 2024-12-01 | 43 |
| 26 | Canoo GOEV | EV/Automotive | $2.0B | 2025-01-15 | 56 |
| 27 | Volta VLTA | EV/Automotive | $1.7B | 2023-02-14 | 21 |
| 28 | Eos Energy EOSE | Clean Energy | $1.7B | 2023-08-15 | 39 |
| 29 | Pear Therapeutics | Healthcare | $1.6B | 2023-04-07 | — |
| 30 | Tattooed Chef TTCFQ | Blank Check | $1.6B | 2024-01-17 | 44 |
| 31 | Getaround GETR | EV/Automotive | $1.5B | 2024-06-07 | 25 |
| 32 | Electric Last Mile Solutions ELMS | EV/Automotive | $1.4B | 2022-06-13 | 13 |
| 33 | Enjoy Technology ENJY | Consumer | $1.2B | 2022-06-30 | 13 |
| 34 | IronNet Cybersecurity IRNT | Technology | $1.2B | 2023-09-29 | 28 |
| 35 | IronNet DFNS | Blank Check | $1.2B | 2023-10-11 | — |
| 36 | Wejo Group WEJO | Technology | $1.1B | 2023-03 | 21 |
| 37 | AppHarvest APPH | Industrials | $1.0B | 2023-07-24 | 26 |
| 38 | Fast Radius FSRD | Industrials | $900M | 2022-11-07 | 5 |
| 39 | Mondee Holdings MOND | Blank Check | $900M | 2024-08-12 | — |
| 40 | dMY Technology Group / IronNet DMYT | Technology | $800M | 2023-09-29 | 28 |
| 41 | QualTek Services | Blank Check | $800M | 2023-05-15 | 12 |
| 42 | Boxed | Blank Check | $700M | 2023-05-05 | — |
| 43 | Airspan Networks Holdings MIMOQ | Blank Check | $700M | 2023-05-26 | — |
| 44 | Pinstripes Holdings | Blank Check | $600M | 2024-09-16 | — |
| 45 | Enovis ENOV | Industrials | $500M | 2022-09-01 | 15 |
| 46 | Rosehill Resources | Blank Check | $500M | 2020-07-09 | 38 |
| 47 | Quanergy Systems QNGY | Technology | $400M | 2022-12-21 | 7 |
| 48 | Landsea Homes LSEA | Real Estate | $400M | 2023-05-15 | 24 |
| 49 | Clarus Therapeutics Holdings | Healthcare | $400M | 2023-06-20 | — |
| 50 | American Virtual Cloud Technologies | Technology | $400M | 2022-04-18 | -1 |
| 51 | Wag! Group Co. | Blank Check | $350M | 2024-06-03 | 0 |
| 52 | Greenland Acquisition GNLN | Consumer | $300M | 2023-04-01 | 47 |
| 53 | Movella Holdings MVLA | Blank Check | $300M | 2024-03-18 | 10 |
| 54 | Near Intelligence NIR | Technology | $200M | 2023-12-14 | 7 |
| 55 | Nogin | Blank Check | $200M | 2023-08-28 | — |
| 56 | ID Auto | EV/Automotive | $100M | 2024-01-15 | 44 |
| 57 | Financial Strategies Acquisition | Fintech | $0M | 2023-03-15 | — |
| 58 | Progress Acquisition | Blank Check | $0M | 2023-06-01 | — |
| 59 | Legacy Ejy | Blank Check | $0M | 2024-05-01 | — |
Why So Many SPACs Went Bankrupt
The wave of SPAC bankruptcies stems from a toxic combination of factors unique to the 2020-2021 era. First, the sheer volume of SPACs searching for targets — over 600 in 2021 alone — created intense competition for acquisition targets. This competition drove valuations to absurd levels and forced sponsors to merge with companies that would never have survived traditional due diligence.
Second, the types of companies that chose to go public via SPAC were disproportionately early-stage, pre-revenue, and cash-burning. Companies with strong fundamentals chose traditional IPOs or direct listings. SPACs attracted companies that needed the ability to make aggressive forward projections — projections that were protected by a safe harbor provision unavailable in traditional IPOs.
Third, the post-merger capital structure doomed many companies from day one. High redemption rates meant companies received far less cash than expected. PIPE investors often hedged their positions by shorting the stock. Warrant dilution further pressured prices. By the time a SPAC-merged company actually began operating as a public entity, it often had a fraction of its expected capital and a stock price already in decline.
The result is the largest wave of post-IPO bankruptcies in American market history. And it's not over — analysts expect additional bankruptcies through 2025 and into 2026 as the remaining zombie SPACs exhaust their cash reserves. The SPAC bankruptcy list will continue to grow.