2019
SPAC Market Year in Review
SPAC IPOs
59
Capital Raised
$13.6B
Avg Return
-8.0%
Bankruptcies
0
Market Context
2019 was the inflection point. The Virgin Galactic and DraftKings SPAC mergers proved that SPACs could attract exciting, brand-name companies. Suddenly, SPACs weren't just for obscure small-caps — they were a legitimate alternative to traditional IPOs. This attracted more sponsors, more capital, and more retail attention. The Nikola SPAC merger also began in 2019, setting the stage for what would become the SPAC era's most notorious fraud. 59 IPOs raised $13.6 billion, but the real story was the quality of targets improving — or so it seemed.
Key Events
•59 SPAC IPOs raise $13.6B — growth accelerating
•Virgin Galactic SPAC merger captures mainstream attention
•DraftKings SPAC deal validates the structure for high-profile targets
•Nikola SPAC merger begins — would later become the biggest fraud
•SPAC arbitrage funds multiply, providing reliable IPO demand
Notable IPOs
↗ Virgin Galactic (SCH)
↗ DraftKings (DEAC)
↗ Nikola (VTIQ)
↗ Replay Acquisition
Notable Failures
↘ Multiple 2017-vintage SPACs liquidate without deals