The SPAC Boom & Bust Timeline
From euphoria to extinction — every major event in the SPAC era, mapped. Click any event to expand.
Peak Year
2021
613 SPACs
Peak Capital
$162.5B
Raised in 2021
2023 IPOs
31
95% decline from peak
Key Events
19
Tracked milestones
SPAC IPO Volume (2017–2025)
Peak: 613 SPACs in 2021 raising $162.5B
2020-01
SPAC boom begins
2020-06
Nikola hits $28B
2020-09
Hindenburg targets Nikola
2021-01
GameStop/meme stock mania
2021-02
Chamath plans IPOG-IPOZ
2021-06
613 SPACs in 2021
2021-11
Bubble starts popping
2022-03
SEC proposes SPAC rules
2022-06
Banks pull back
2022-06
First EV SPAC bankruptcy
2023-01
Redemption rates hit 95%
2023-12
21 bankruptcies in 2023
2024-01
SEC finalizes SPAC rules
2024-06
Fisker goes bankrupt
2024-12
15 SCA settlements = $305M
2025-01
Canoo dies with zero revenue
2025-02
Nikola finally bankrupt
2025-03
23andMe bankrupt
2025-07