The SPAC market in April 2025

April 2025 produced 11 IPOs, 2 deals announced, 1 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

11 SPACs priced an IPO in April 2025, putting $2.4B into trust between them.

• Siddhi Acquisition Corp (Cayman Islands) (SDHI), $291.1M
• Sizzle Acquisition Corp. II (SZZL), $241.2M
• UY Scuti Acquisition Corp. (UYSC), $35.6M
• Soulpower Acquisition Corp. (SOUL), $262.2M
• Titan Acquisition Corp. (TACH), $290.7M
• New Providence Acquisition Corp. III/Cayman (NPAC), $315.5M
• Texas Ventures Acquisition III Corp (TVA), $236.6M
• Inflection Point Acquisition Corp. III (IPCX), $263.4M
• XANADU QUANTUM TECHNOLOGIES FORMER SPAC INC., $226.1M
• Lakeshore Acquisition III Corp. (LCCC), $72.1M
• Real Asset Acquisition Corp., $178.6M

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.

• PROFUSA, Inc. /OLD
• YHN Acquisition I Ltd (YHNA), $27.8M

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.

• SK Growth Opportunities Corp, $112.7M
• Bukit Jalil Global Acquisition 1 Ltd., $32.8M
• Focus Impact BH3 Acquisition Co, $13.8M

Closed

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

• SK Growth Opportunities Corp, $112.7M

Wound up

4 vehicles ran out of time and returned $84.1M to shareholders. Liquidation is the ordinary outcome for a SPAC that never finds a target, not a failure of the structure.

• Patria Latin American Opportunity Acquisition Corp., $55.6M
• bleuacacia ltd, $7.1M
• DP Cap Acquisition Corp I, $17.3M
• Marblegate Acquisition Corp., $4.1M