2017
SPAC Market Year in Review
SPAC IPOs
34
Capital Raised
$10.1B
Avg Return
-15.0%
Bankruptcies
0
Market Context
2017 was the calm before the storm. SPACs were still a niche corner of the capital markets, mostly associated with small-cap companies and retail investors. The total of 34 IPOs raising $10 billion was unremarkable. However, seeds were being planted: Chamath Palihapitiya filed for his first SPAC (IPOA), signaling that Silicon Valley was about to discover blank-check companies. The broader market was strong, with the S&P 500 returning 22%, which would fuel the risk appetite that later drove the SPAC mania.
Key Events
•SPAC market still niche — only 34 IPOs raising $10B
•Chamath's IPOA files, signaling tech-focused SPACs are coming
•Traditional PE firms begin exploring SPAC structures
•Average SPAC size still relatively small at ~$300M
Notable IPOs
↗ Social Capital Hedosophia (IPOA)
↗ GS Acquisition Holdings
↗ Churchill Capital
Notable Failures
↘ Few notable failures yet — most 2017 SPACs still searching for targets