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
24
Peak Value Lost
$94.8B
Avg Time to Failure
28 mo
Worst Sector
EV
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 24 companies that went public through SPAC mergers have now filed for Chapter 11 bankruptcy protection, with combined peak market capitalizations exceeding $94.8B.
What makes SPAC bankruptcies particularly devastating is their speed. The average SPAC-merged company that went bankrupt did so within 28 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/Trucks | $28.0B | 2025-02-19 | 56 |
| 2 | WeWork WE | Real Estate | $9.4B | 2023-11-06 | 28 |
| 3 | Fisker FSR | EV | $8.4B | 2024-06-17 | 44 |
| 4 | Hyliion HYLN | EV/Trucks | $8.0B | 2023-06-01 | 33 |
| 5 | 23andMe ME | Biotech/Genomics | $6.0B | 2025-03-24 | 45 |
| 6 | Embark Technology EMBK | Autonomous | $5.2B | 2023-03-01 | 18 |
| 7 | Lordstown Motors RIDE | EV | $5.0B | 2023-06-27 | 33 |
| 8 | Proterra PTRA | EV/Bus | $3.7B | 2023-08-07 | 25 |
| 9 | Virgin Orbit VORB | Space | $3.7B | 2023-04-04 | 16 |
| 10 | Bird Global BRDS | Mobility | $2.5B | 2023-12-20 | 24 |
| 11 | Lion Electric LEV | EV/Truck | $2.0B | 2024-12-01 | 49 |
| 12 | Canoo GOEV | EV | $2.0B | 2025-01-15 | 50 |
| 13 | Eos Energy EOSE | Energy Storage | $1.7B | 2023-08-15 | 34 |
| 14 | Volta VLTA | EV Charging | $1.7B | 2024-03-15 | 30 |
| 15 | Electric Last Mile Solutions ELMS | EV | $1.4B | 2022-06-13 | 12 |
| 16 | Enjoy Technology ENJY | Tech/Retail | $1.2B | 2022-06-30 | 11 |
| 17 | IronNet Cybersecurity IRNT | Cybersecurity | $1.2B | 2023-09-29 | 24 |
| 18 | AppHarvest APPH | AgTech | $1.0B | 2023-07-24 | 24 |
| 19 | Fast Radius FSRD | Manufacturing | $900M | 2022-11-07 | 10 |
| 20 | Enovis (fka Colfax) ENOV | Industrial | $500M | 2022-09-01 | 14 |
| 21 | Landsea Homes LSEA | Real Estate | $400M | 2023-05-15 | 22 |
| 22 | Quanergy Systems QNGY | Tech/LiDAR | $400M | 2023-02-15 | 9 |
| 23 | Greenland Acquisition GNLN | Cannabis | $300M | 2023-04-01 | 42 |
| 24 | Near Intelligence NIR | Software | $200M | 2023-12-14 | 9 |
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.