The SPAC Timeline
From niche financial vehicle to the biggest speculative mania since the dot-com bubble — and the devastating crash that followed. Explore the SPAC market year by year.
Years Covered
2017–2025
Peak Year
2021
Peak IPOs
613
Total Bankruptcies
48
2017
34 IPOs$10.1B raised-15.0% avg return
2018
46 IPOs$10.7B raised-12.0% avg return
2019
59 IPOs$13.6B raised-8.0% avg return
2020
248 IPOs$83.4B raised-25.0% avg return2 bankruptcies
2021
613 IPOs$162.5B raised-45.0% avg return3 bankruptcies
2022
86 IPOs$13.4B raised-62.0% avg return8 bankruptcies
2023
31 IPOs$3.8B raised-55.0% avg return15 bankruptcies
2024
57 IPOs$9.7B raised-48.0% avg return12 bankruptcies
2025
100 IPOs$20.8B raised-40.0% avg return8 bankruptcies