The SPAC market in March 2025

March 2025 produced 4 IPOs, 1 deal announced, 1 closed, 11 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

4 SPACs priced an IPO in March 2025, putting $451M into trust between them.

• NewHold Investment Corp. III (NHIC), $213M
• MKDWELL Tech Inc. (MKDW)
• Quartzsea Acquisition Corp (QSEA), $86.7M
• Gesher Acquisition Corp. II (GSHR), $151M

Deals announced

1 vehicle 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.

• Terrestrial Energy Inc. /DE/ (IMSR)

Approved by shareholders

3 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.

• Iris Acquisition Corp, $2.0M
• Perception Capital Corp. IV, $4.0M
• Hyzon Motors Inc., $226M

Closed

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

• USA Rare Earth, Inc. (USAR), $269M

Wound up

11 vehicles ran out of time and returned $136M to shareholders. Liquidation is the ordinary outcome for a SPAC that never finds a target, not a failure of the structure.

• Arogo Capital Acquisition Corp., $286K
• Aura Fat Projects Acquisition Corp, $403K
• Compass Digital Acquisition Corp. (CDAQF), $1.3M
• Iris Acquisition Corp, $2.0M
• Newbury Street Acquisition Corp, $21.9M
• Fortune Rise Acquisition Corp, $36.3M
• AltEnergy Acquisition Corp (AEAE), $6.2M
• APx Acquisition Corp. I, $6.3M
• Cactus Acquisition Corp. 1 Ltd (CCTSF), $652K
• Integral Acquisition Corp 1, $4.1M
• New Providence Acquisition Corp. II, $56.2M