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SPAC Share of U.S. IPOs

Blank-check company (SPAC) IPOs as a share of all U.S. IPOs each quarter, %

53.2% in Q3 2026+40.0 pp since Q3 2006
YTD1y2y5y10y20yAll
ForecastOffContinuationForesight™
Show · 1 ▾
U.S. recessionsShades the months the NBER dates as recession. U.S. charts only.5-year rangeThe highest and lowest readings of the last five years, as a band. One-series charts only.High and lowMarks the highest and lowest readings in the window shown.
Current·Data to Q3 2026

Plays the chart through its history. Pauses are where the data set a record or moved most.

Continuation · the recent trend, flattening · 1 year

Dashed: the projection from the latest reading. Shaded: the range about two in three outcomes land in. A projection, not a promise.

Counts of listings, not dollars raised. Funds and asset-backed issuers are in neither count.

How much of the U.S. IPO market is blank-check shells raising money for deals they have not yet found. A high share marks a speculative market.

What this chart reads

Sources

SPAC Share of U.S. IPOs. Source: U.S. Securities and Exchange Commission, EDGAR full and daily form indexes (sec.gov/Archives/edgar), company filing histories (data.sec.gov submissions) and EDGAR's bulk submissions file. Public domain: "Information presented on sec.gov is considered public information and may be copied or further distributed by users of the web site without the SEC's permission" (SEC website dissemination policy, sec.gov/about/privacy-information).

Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.

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