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The SPAC market in March 2025

3 IPOs, 7 wound up in the U.S. SPAC market in March 2025, with trust sizes, targets and outcomes, compiled from SEC filings.

Published Apr 1, 2025 · Updated Sep 7, 2026 · SPACListing research desk

March 2025 produced 3 IPOs, 7 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

3 SPACs priced an IPO in March 2025, putting $451.0M into trust between them.

  • NewHold Investment Corp. III (NHIC), $212.9M
  • Quartzsea Acquisition Corp (QSEA), $86.7M
  • Gesher Acquisition Corp. II (GSHR), $151.3M

Approved by shareholders

1 combination 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.

  • Iris Acquisition Corp, $2.0M

Wound up

7 vehicles ran out of time and returned $92.6M to shareholders. Liquidation is the ordinary outcome for a SPAC that never finds a target, not a failure of the structure.

  • Compass Digital Acquisition Corp. (CDAQF), $1.3M
  • Iris Acquisition Corp, $2.0M
  • Newbury Street Acquisition Corp, $21.9M
  • APx Acquisition Corp. I, $6.3M
  • Cactus Acquisition Corp. 1 Ltd, $652.0K
  • Integral Acquisition Corp 1, $4.1M
  • New Providence Acquisition Corp. II, $56.2M

Compiled automatically from SEC filings on the day after the month ended. Figures are as filed; where a disclosure could not be reconciled it is left out rather than estimated.

Written from public SEC filings and market practice. Not investment, legal or tax advice, and no substitute for the document in front of you.