SPAC Warrant Graveyard
Warrants are the hidden weapon that amplified SPAC losses. When a SPAC stock falls below $11.50, its warrants become worthless — and over 65% of them did exactly that.
💡 What Are SPAC Warrants?
When a SPAC goes public, it issues units consisting of one share + a fraction of a warrant. Warrants give you the right to buy shares at $11.50 (the standard exercise price) within 5 years of the merger.
The problem: Warrants are leveraged bets. If the stock trades at $15, a warrant might be worth $3.50. But if the stock trades at $8, the warrant is worth $0 — it makes no sense to pay $11.50 for a share trading at $8.
Why it matters:Retail investors bought warrants separately on exchanges, sometimes paying $5-30+ for them. When SPAC stocks collapsed, warrants went to zero much faster. They're the single biggest source of total losses in the SPAC bubble.
Warrants Tracked
51
Est. Retail Losses
$6.9B
Expired Worthless
31 (61%)
Still Trading
4
⚠️ Key Finding: Warrants amplify SPAC losses because they have no floor value. When a stock trades below $11.50, warrants are worthless. Over 65% of SPAC warrants from 2020-2022 expired at or near zero.
Warrant Data — Sorted by Estimated Loss
| # | Company | Status | Exercise | Peak | Final | Warrants | Est. Loss |
|---|---|---|---|---|---|---|---|
| 1 | LCID Lucid Group | 📈 Still Trading | $11.50 | $45.00 | $0.85 | 41.4M | $1.8B |
| 2 | QS QuantumScape | ⏰ Expired | $11.50 | $40.00 | $0.50 | 14.1M | $557.0M |
| 3 | SPCE Virgin Galactic | 💀 Expired Worthless | $11.50 | $20.00 | $0.01 | 22.5M | $450.0M |
| 4 | LAZR Luminar Technologies | ⏰ Expired | $11.50 | $25.00 | $0.05 | 14.0M | $349.0M |
| 5 | RIDE Lordstown Motors | 💀 Expired Worthless | $11.50 | $20.00 | $0.00 | 13.8M | $276.0M |
| 6 | FFIE Faraday Future | 💀 Expired Worthless | $11.50 | $12.00 | $0.00 | 20.0M | $240.0M |
| 7 | PSFE Paysafe | ⏰ Expired | $11.50 | $8.00 | $0.01 | 30.0M | $240.0M |
| 8 | IRNT IronNet Cybersecurity | 💀 Expired Worthless | $11.50 | $30.00 | $0.00 | 7.5M | $225.0M |
| 9 | HYLN Hyliion Holdings | 💀 Expired Worthless | $11.50 | $22.00 | $0.02 | 10.0M | $220.0M |
| 10 | WKHS Workhorse Group | 💀 Expired Worthless | $11.50 | $25.00 | $0.01 | 8.5M | $212.0M |
| 11 | CLOV Clover Health | 💀 Expired Worthless | $11.50 | $9.50 | $0.01 | 22.5M | $210.0M |
| 12 | SKLZ Skillz | 💀 Expired Worthless | $11.50 | $12.00 | $0.00 | 15.0M | $180.0M |
| 13 | ME 23andMe | 💀 Expired Worthless | $11.50 | $7.00 | $0.00 | 22.5M | $157.0M |
| 14 | NKLA Nikola Corp | 💀 Expired Worthless | $11.50 | $30.00 | $0.01 | 23.9M | $143.0M |
| 15 | JOBY Joby Aviation | ⏰ Expired | $11.50 | $7.00 | $0.10 | 17.3M | $119.0M |
| 16 | PSNY Polestar Automotive | 💀 Expired Worthless | $11.50 | $4.50 | $0.02 | 24.6M | $110.0M |
| 17 | DM Desktop Metal | 💀 Expired Worthless | $11.50 | $10.00 | $0.00 | 10.0M | $100.0M |
| 18 | PTRA Proterra | 💀 Expired Worthless | $11.50 | $8.00 | $0.00 | 11.5M | $92.0M |
| 19 | CZOO Cazoo | 💀 Expired Worthless | $11.50 | $6.00 | $0.00 | 14.0M | $84.0M |
| 20 | APPH AppHarvest | 💀 Expired Worthless | $11.50 | $8.00 | $0.00 | 10.0M | $80.0M |
| 21 | WE WeWork | 💀 Expired Worthless | $11.50 | $5.00 | $0.00 | 15.0M | $75.0M |
| 22 | ACHR Archer Aviation | 📈 Still Trading | $11.50 | $5.00 | $0.30 | 15.0M | $70.0M |
| 23 | BODY Beachbody | 💀 Expired Worthless | $11.50 | $5.00 | $0.00 | 13.5M | $67.0M |
| 24 | BRDS Bird Global | 💀 Expired Worthless | $11.50 | $5.00 | $0.00 | 12.0M | $60.0M |
| 25 | ELMS Electric Last Mile Solutions | 💀 Expired Worthless | $11.50 | $6.00 | $0.00 | 10.0M | $60.0M |
| 26 | GOEV Canoo | 💀 Expired Worthless | $11.50 | $6.00 | $0.00 | 10.0M | $60.0M |
| 27 | LTCH Latch | 💀 Expired Worthless | $11.50 | $5.00 | $0.00 | 10.0M | $50.0M |
| 28 | HIPO Hippo Holdings | ⏰ Expired | $11.50 | $5.00 | $0.01 | 10.0M | $50.0M |
| 29 | VORB Virgin Orbit | 💀 Expired Worthless | $11.50 | $3.50 | $0.00 | 14.0M | $49.0M |
| 30 | ASTR Astra Space | 💀 Expired Worthless | $11.50 | $6.00 | $0.00 | 8.0M | $48.0M |
| 31 | TALK Talkspace | ⏰ Expired | $11.50 | $4.00 | $0.01 | 12.0M | $48.0M |
| 32 | BLDE Blade Air Mobility | ⏰ Expired | $11.50 | $5.50 | $0.05 | 8.8M | $47.0M |
| 33 | MULN Mullen Automotive | 💀 Expired Worthless | $11.50 | $3.00 | $0.00 | 15.0M | $45.0M |
| 34 | EMBK Embark Technology | 💀 Expired Worthless | $11.50 | $4.50 | $0.00 | 10.0M | $45.0M |
| 35 | UP Wheels Up | 💀 Expired Worthless | $11.50 | $3.50 | $0.00 | 12.0M | $42.0M |
| 36 | VLD Velo3D | 💀 Expired Worthless | $11.50 | $4.00 | $0.00 | 10.0M | $40.0M |
| 37 | VLTA Volta Industries | 💀 Expired Worthless | $11.50 | $4.00 | $0.00 | 10.0M | $40.0M |
| 38 | BARK BARK Inc | ⏰ Expired | $11.50 | $4.00 | $0.01 | 10.0M | $40.0M |
| 39 | ENJY Enjoy Technology | 💀 Expired Worthless | $11.50 | $2.50 | $0.00 | 8.0M | $20.0M |
| 40 | SATL Satellogic | ⏰ Expired | $11.50 | $2.50 | $0.01 | 8.0M | $20.0M |
| 41 | GETR Getaround | 💀 Expired Worthless | $11.50 | $2.00 | $0.00 | 8.0M | $16.0M |
| 42 | BETR Better Home & Finance | 💀 Expired Worthless | $11.50 | $1.50 | $0.00 | 10.0M | $15.0M |
| 43 | DKNG DraftKings | ✅ Redeemed | $11.50 | $55.00 | $28.00 | 20.7M | — |
| 44 | SOFI SoFi Technologies | ✅ Redeemed | $11.50 | $16.00 | $0.01 | 22.5M | — |
| 45 | GRAB Grab Holdings | ✅ Redeemed | $11.50 | $8.00 | $0.01 | 28.3M | — |
| 46 | MTTR Matterport | ✅ Redeemed | $11.50 | $8.50 | $0.01 | 14.9M | — |
| 47 | DJT Trump Media & Technology Group | 📈 Still Trading | $11.50 | $50.00 | $18.00 | 18.5M | — |
| 48 | RKLB Rocket Lab USA | ✅ Redeemed | $11.50 | $5.00 | $0.01 | 14.0M | — |
| 49 | ASTS AST SpaceMobile | 📈 Still Trading | $11.50 | $12.00 | $8.00 | 12.5M | — |
| 50 | OPEN Opendoor Technologies | ✅ Redeemed | $11.50 | $16.00 | $0.01 | 22.5M | — |
| 51 | RDW Redwire Corp | ✅ Redeemed | $11.50 | $3.50 | $0.01 | 8.0M | — |
💀 Expired Worthless
warrants that went to $0.00. Retail investors who bought these lost everything.
✅ Redeemed by Company
companies that redeemed warrants, typically forcing exercise or cashless conversion.
📈 Still Trading
warrants still active on exchanges. Most are deep out of the money.
📊 Methodology
Data Sources: SEC EDGAR S-1 filings (warrant terms), 10-K/10-Q XBRL data (warrant counts), and public market records (trading prices).
Exercise Price: Standard SPAC warrant exercise price is $11.50/share. Some SPACs have different terms — these are noted.
Estimated Loss: Calculated as (Peak Warrant Price × Total Warrants Outstanding). This represents the maximum value retail investors put at risk. Actual realized losses depend on individual purchase prices.
Limitations:Not all SPAC warrants are tracked. Warrant trading data for delisted SPACs is often unavailable from standard APIs (Yahoo Finance no longer serves warrant tickers). We're working on expanding coverage using SEC EDGAR full-text search and XBRL data.