The SPAC market in January 2025

January 2025 produced 5 IPOs, 2 deals announced, 1 closed, 3 wound up across the U.S. blank-check market. Everything below comes from the filings themselves, and every vehicle named links to its own record.

New vehicles

5 SPACs priced an IPO in January 2025, putting $583.2M into trust between them.

• Cantor Equity Partners I, Inc. (CEPO), $211.2M
• Ribbon Acquisition Corp. (RIBB), $38.4M
• Columbus Acquisition Corp/Cayman Islands (COLA), $27.2M
• Drugs Made In America Acquisition Corp. (DMAA), $146.8M
• Stellar V Capital Corp. (Cayman Islands) (SVCC), $159.5M

Deals announced

2 vehicles signed a definitive business-combination agreement. An announcement starts the clock on a proxy, a shareholder vote and a redemption window, and a signed agreement is not a closed one.

• Black Spade Acquisition II Co, $156.9M
• Rising Dragon Acquisition Corp. (RDAC), $18.4M

Approved by shareholders

2 combinations went to a vote and passed. At that point the redemption window has run and what remains in trust is what the deal has to work with.

• Golden Star Acquisition Corp
• RF Acquisition Corp., $18.1M

Closed

1 de-SPAC completed in January 2025. The shell is gone and the target trades in its place.

• Chenghe Acquisition I Co., $45.8M

Wound up

3 vehicles ran out of time and returned $42.9M to shareholders. Liquidation is the ordinary outcome for a SPAC that never finds a target, not a failure of the structure.

• Mars Acquisition Corp., $22.8M
• Golden Star Acquisition Corp
• Coliseum Acquisition Corp., $20.1M