Size of SPAC IPOs in the U.S. 2003-2024
In 2021, SPAC IPOs in the United States raised almost twice as much as they raised in the previous year, reaching approximately 162 billion U.S. dollars. In 2022, proceeds of SPAC IPOs surpassed 2017 and 2018 levels, however remained significantly lower than the last two years. A special purpose acquisition company (SPAC) is a company with no business operations which is set up for the sole purpose of raising capital through an initial public offering with the goal of buying an existing company. 2020 was a significant year for SPACs with a dramatic increase in the number of IPOs.
