The State of SPACs: 2026 Report
Last updated: 2026-03-24 · Tracking 1320 de-SPACed companies
A comprehensive overview of the SPAC market — from the 1,522 SPAC IPOs that raised $362.7B to the wreckage left behind. Performance by year, sector, status, and the numbers that define the era.
Total SPAC IPOs
1,522
Raised $362.7B
Peak Year
2021
613 IPOs
Avg Post-Merger Return
-0.1%
513 with price data
Bankruptcies
59
Total Trust Capital
$395.8B
across 1320 SPACs
Bank Fees Earned
$8.0B
Going Concern Warnings
44%
of de-SPACed companies
Status Breakdown
642
Delisted
49% of tracked
316
Zombie
24% of tracked
299
Survivor
23% of tracked
59
Bankrupt
4% of tracked
4
Acquired
0% of tracked
SPAC IPO Volume by Year
| Year | IPOs | Raised | Volume Bar |
|---|---|---|---|
| 2016 | 8 | $3.5B | |
| 2017 | 27 | $10.0B | |
| 2018 | 35 | $10.8B | |
| 2019 | 29 | $13.6B | |
| 2020 | 192 | $83.4B | |
| 2021 | 692 | $162.5B | |
| 2022 | 118 | $13.2B | |
| 2023 | 33 | $4.2B | |
| 2024 | 59 | $7.5B | |
| 2025 | 122 | $3.2B | |
| 2026 | 5 | $0.5B |
Performance by SPAC Year (Tracked SPACs)
| Year | SPACs | Avg Return | Survivors | Bankrupt |
|---|---|---|---|---|
| 2016 | 8 | +99.2% | 1 | 1 |
| 2017 | 27 | +34.7% | 5 | 3 |
| 2018 | 35 | +171.7% | 5 | 2 |
| 2019 | 29 | -11.5% | 4 | 3 |
| 2020 | 192 | +48.0% | 27 | 14 |
| 2021 | 692 | -26.4% | 53 | 32 |
| 2022 | 118 | -33.2% | 22 | 3 |
| 2023 | 33 | -2.9% | 13 | 1 |
| 2024 | 59 | +3.7% | 49 | 0 |
| 2025 | 122 | +1.0% | 116 | 0 |
| 2026 | 5 | -1.2% | 4 | 0 |
Performance by Sector
| Sector | SPACs | Avg Return | Bankruptcy Rate |
|---|---|---|---|
| Blank Check | 847 | -1.3% | 2% |
| Technology | 118 | +14.4% | 8% |
| Healthcare | 110 | -24.8% | 4% |
| Clean Energy | 63 | -43.8% | 5% |
| EV/Automotive | 34 | -90.8% | 41% |
| Aerospace/Defense | 27 | +16.3% | 11% |
| Industrials | 23 | -50.1% | 13% |
| Consumer | 23 | +238.7% | 9% |
| Media/Entertainment | 19 | -36.3% | 0% |
| Fintech | 13 | -58.3% | 8% |
| Financial Services | 11 | +215.4% | 0% |
| Real Estate | 9 | -85.7% | 33% |
| Social Impact | 9 | -99.6% | 0% |
| Emerging Markets | 8 | 0.0% | 0% |
| Energy | 5 | +139.9% | 0% |
| Agriculture | 1 | -88.9% | 0% |
Key Takeaways
The Losses
- • Average post-merger return: -55.0%
- • Estimated retail losses: $4.8B
- • Median redemption rate: 73%
- • 44% of de-SPACed companies received going concern warnings
Who Profited
- • Banks earned $8.0B in underwriting fees
- • Sponsors received 20% promotes worth billions
- • 1,522 SPAC IPOs raised $362.7B total
- • Peak year 2021: 613 IPOs in a single year