2021
SPAC Market Year in Review
SPAC IPOs
613
Capital Raised
$162.5B
Avg Return
-45.0%
Bankruptcies
3
Market Context
2021 was peak SPAC mania — 613 IPOs raising $162.5 billion, surpassing traditional IPOs for the first time. The absurdity peaked with deals like Lucid Motors ($90B implied valuation for a company delivering zero cars) and WeWork's SPAC resurrection. But cracks were widening: the SEC proposed new rules, redemption rates spiked as investors realized most SPAC targets were overvalued, and high-profile frauds like Lordstown and Electric Last Mile emerged. By Q4, the SPAC market was already cooling, but hundreds of blank-check companies were still desperately searching for targets, setting up the carnage of 2022-2023.
💡 Did You Know?
In 2021, more SPACs went public than traditional IPOs for the first time in history. 613 blank-check companies raised $162.5 billion.