Blank-check companies are returning to Wall Street as a wave of mega-IPOs from SpaceX, Anthropic and OpenAI creates an opening for smaller firms seeking a faster, less competitive path to public markets.
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SPACs stage a comeback as $56.8 billion in dry powder fuels deals
A flood of expected blockbuster IPOs this year is creating an opening for SPACs as smaller companies seek to capitalize on a favorable market without having to compete for investor attention against the likes of SpaceX, Anthropic and OpenAI, analysts, market experts and industry insiders told Reuters.
"A parade of mega-IPOs could make life harder for smaller issuers with the giant names soaking up headlines, analyst attention, institutional bandwidth, and a meaningful share of available capital," said Michael Ashley Schulman, a partner at financial advisers Cerity Partners. "A SPAC could open a quick side entrance."
Globally, 44 SPAC mergers have been announced this year worth $36.9 billion, up from 33 deals worth $15 billion at this point last year, Dealogic data showed. Some 359 SPACs are sitting on $56.8 billion in capital that has already been raised and is waiting to be deployed, according to data compiled by SPAC Research. The IPOX SPAC index has gained 16.43% in 2026, outpacing the S&P 500's 9.73% advance.
The resurgence marks a reversal for blank-check companies, which were largely written off after a pandemic-era boom saw hundreds rush to market, only for many to struggle finding acquisition targets or delivering poor returns. Now, a more mature SPAC market is emerging at a time when mega-IPOs are expected to command an outsized share of investor capital and attention.
SPACs Offer Speed and Certainty
Special-purpose acquisition companies allow private companies to reach public markets by merging with a listed shell company rather than pursuing a traditional IPO. The most likely candidates for SPAC deals are energy, defense, critical minerals, nuclear, space and crypto sectors, along with smaller international firms seeking access to U.S. capital markets, three experts said.
Michelle Gasaway, a partner at the capital markets practice of law firm Skadden, Arps, said there is more interest in SPAC transactions today than two years ago. She cited the flexibility in timing and the ease of negotiating a valuation instead of chancing it with everyday investors on the public markets. That makes it "appealing for companies that do not want to compete for attention in a crowded IPO market," she said.
Elon Musk's SpaceX kicked off the mega-IPO wave with a record-breaking offering last week that valued it at roughly $1.8 trillion. AI rivals Anthropic and OpenAI have also confidentially filed for U.S. listings expected later this year, setting the stage for one of the busiest periods for marquee offerings in recent memory.
"If sentiment is there, a SPAC can be a very efficient way to go public. It can happen in a matter of weeks, and you can raise capital in a matter of days," said Dynamix CEO Andrejka Bernatova, who has raised about $630 million for SPACs.
Recent deals underscore the renewed activity. In March, Controlled Thermal Resources agreed to go public through a $4.7 billion SPAC merger, while Taiwanese battery maker ProLogium Technology struck a $3.8 billion blank-check deal.
Capital Under Pressure to Deploy
U.S. SPAC issuance rebounded sharply in 2025, with 145 blank-check companies going public, the highest annual total since 2021, according to Dealogic. Another 107 SPACs have listed on U.S. exchanges so far in 2026 through June 15, up sharply from 57 over the same period a year earlier. Most of those vehicles have roughly two years to find acquisition targets before they must liquidate and return capital to investors.
A banking industry source said discussions around potential SPAC mergers have grown markedly this year, as companies seeking valuations below $3 billion increasingly explored both SPACs and traditional IPOs as paths to going public.
The resurgence has drawn prominent sponsors back to the market, including Chamath Palihapitiya, dubbed Wall Street's "SPAC king" for his high-profile deals during the boom. To be sure, high redemption rates remain a potential obstacle, with some SPAC deals closing with proceeds below target as investors pull money from the SPAC's trust account after a merger is announced.
The $56.8 billion in unspent capital creates a powerful incentive for sponsors to complete deals before their liquidation deadlines. With the IPO pipeline dominated by trillion-dollar names, blank-check companies may offer the only viable route to public markets for a broad swath of smaller firms this year.
This article is for informational purposes only and does not constitute investment advice.
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