SPAC Timeline: From Boom to Bust
The complete story of the SPAC bubble â from the quiet origins in 2019 through the insane peak of 2021 to the graveyard of 2024. Year by year, event by event, here's how 1,522 SPACs raised $362.7B and destroyed most of it.
Total SPAC IPOs
1,522
2003â2025
Peak Year
2021
613 IPOs, $162.5B raised
Total Bankruptcies
29
And counting
Avg Return
-62.0%
Post-merger average
The Quiet Beginning
59 IPOs
$13.6B raised
SPACs were still a niche product. Just 59 IPOs raised $13.6B. Few outside Wall Street paid attention. But the groundwork was being laid â low interest rates, easy money, and a regulatory environment that would enable the coming frenzy.
IPOs
59
Raised
$13.6B
Bankruptcies
0 (0 total)
The Explosion
248 IPOs
$83.4B raised
COVID stimulus, zero interest rates, and retail trading mania created the perfect SPAC storm. 248 SPACs raised $83.4B â a 6x increase from 2019. Nikola hit a $28B valuation with no real product. The mania was on.
IPOs
248
Raised
$83.4B
Bankruptcies
0 (0 total)
Key Events
Peak Insanity
613 IPOs
$162.5B raised
The absolute peak. 613 SPACs raised $162.5B in a single year. Celebrities launched SPACs. Companies with zero revenue went public at multi-billion valuations. Everyone knew it was unsustainable. Nobody could stop.
IPOs
613
Raised
$162.5B
Bankruptcies
0 (0 total)
Key Events
The Reckoning Begins
86 IPOs
$13.4B raised
Interest rates rose, the market turned, and reality set in. SPAC IPOs collapsed to 86, raising just $13.4B. De-SPACed companies began their death spiral. The first major bankruptcies arrived. Redemption rates hit 90%+.
IPOs
86
Raised
$13.4B
Bankruptcies
4 (4 total)
Key Events
The Graveyard Fills
31 IPOs
$4B raised
Just 31 SPAC IPOs â the market was essentially dead. Bankruptcies accelerated as cash-burning companies ran out of money. Class action lawsuits piled up. The SEC proposed sweeping new SPAC regulations.
IPOs
31
Raised
$4B
Bankruptcies
14 (18 total)
Key Events
The Aftermath
57 IPOs
$9.7B raised
A slight rebound in SPAC IPOs (57) suggested short memories, but the damage was done. Settlements exceeded $305M. Most 2020-2021 vintage SPACs traded as penny stocks. The bill had come due.
IPOs
57
Raised
$10.3B
Bankruptcies
3 (21 total)
Key Events
Lessons Unlearned?
71 IPOs
$20.8B raised
100 new SPAC IPOs raised $20.8B, suggesting the cycle may be starting again. But the graveyard of 2020-2021 era SPACs continues to grow, with more bankruptcies, delistings, and going-concern warnings.
IPOs
71
Raised
$12B
Bankruptcies
3 (24 total)
Key Events
SPAC IPO Volume: The Full Picture
Frequently Asked Questions
When did the SPAC bubble start?
The modern SPAC boom began in 2020, driven by COVID-era stimulus, zero interest rates, and retail trading mania. SPAC IPOs jumped from 59 in 2019 to 248 in 2020, then peaked at 613 in 2021.
When did the SPAC bubble burst?
The bubble began deflating in late 2021 and collapsed in 2022 when the Federal Reserve raised interest rates. SPAC IPOs fell 86% from 613 to just 86. Most de-SPACed companies had already begun their decline by mid-2021.
Are SPACs making a comeback?
There are signs of renewed activity â 100 SPAC IPOs in 2025 â but volumes remain far below peak levels. New SEC regulations and investor caution may limit the next cycle, though history suggests financial markets have short memories.