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The SPAC market in April 2025

12 IPOs, 4 deals announced, 1 closed, 5 wound up in the U.S. SPAC market in April 2025, with trust sizes, targets and outcomes, compiled from SEC filings.

Published May 1, 2025 · Updated Oct 2, 2026 · SPACListing research desk

April 2025 produced 12 IPOs, 4 deals announced, 1 closed, 5 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

12 SPACs priced an IPO in April 2025, putting $2.6B into trust between them.

  • Siddhi Acquisition Corp (Cayman Islands) (SDHI), $291M
  • Sizzle Acquisition Corp. II (SZZL), $241M
  • UY Scuti Acquisition Corp. (UYSC), $35.6M
  • Soulpower Acquisition Corp. (SOUL), $262M
  • Titan Acquisition Corp. (TACH), $291M
  • New Providence Acquisition Corp. III/Cayman (NPAC), $315M
  • Texas Ventures Acquisition III Corp (TVA), $237M
  • Inflection Point Acquisition Corp. III (IPCX), $263M
  • XANADU QUANTUM TECHNOLOGIES FORMER SPAC INC., $226M
  • Digital Asset Acquisition Corp. (DAAQ), $180M
  • Lakeshore Acquisition III Corp. (LCCC), $72.1M
  • Real Asset Acquisition Corp., $179M

Deals announced

4 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
  • Kodiak AI, Inc. (KDK), $558M
  • Black Hawk Acquisition Corp (BKHA), $25.3M

Approved by shareholders

5 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, $113M
  • Bukit Jalil Global Acquisition 1 Ltd., $32.8M
  • Altus Power, Inc., $403M
  • MONEYLION INC., $350M
  • 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, $113M

Wound up

5 vehicles ran out of time and returned $85.0M 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
  • Mountain Crest Acquisition Corp. V (MCAG), $856K
  • Marblegate Acquisition Corp., $4.1M

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.