The SPAC market in January 2025

January 2025 produced 9 IPOs, 3 deals announced, 3 closed, 4 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

9 SPACs priced an IPO in January 2025, putting $906M into trust between them.

• Cantor Equity Partners I, Inc. (CEPO), $211M
• Plum Acquisition Corp. IV (PLMK), $39.7M
• Ribbon Acquisition Corp. (RIBB), $38.4M
• ONE Nuclear Energy Inc. (ONEN), $200M
• Silexion Therapeutics Corp (SLXN)
• Columbus Acquisition Corp/Cayman Islands (COLA), $27.2M
• BOXABL Inc. (BXBL), $83.2M
• Drugs Made In America Acquisition Corp. (DMAA), $147M
• Stellar V Capital Corp. (Cayman Islands) (SVCC), $160M

Deals announced

3 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.

• VisionWave Holdings, Inc. (VWAV), $1.2M
• Black Spade Acquisition II Co, $157M
• Rising Dragon Acquisition Corp. (RDAC), $18.4M

Approved by shareholders

4 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.

• BM Technologies, Inc.
• Vincerx Pharma, Inc.
• Golden Star Acquisition Corp
• RF Acquisition Corp., $18.1M

Closed

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

• Rain Enhancement Technologies Holdco, Inc. (RAIN), $8.3M
• Chenghe Acquisition I Co., $45.8M
• Blaize Holdings, Inc. (BZAI), $47.6M

Wound up

4 vehicles ran out of time and returned $66.7M 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
• Slam Corp., $23.8M
• Coliseum Acquisition Corp., $20.1M