The SPAC market in May 2025

May 2025 produced 20 IPOs, 1 closed, 10 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

20 SPACs priced an IPO in May 2025, putting $4.3B into trust between them.

• Berto Acquisition Corp. (TACO), $314.1M
• Copley Acquisition Corp (COPL), $181.1M
• Republic Digital Acquisition Co (RDAG), $313.5M
• Cantor Equity Partners II, Inc.
• Gores Holdings X, Inc. / CI (GTEN), $374.1M
• COLLECTIVE ACQUISITION CORP. (CCAQ)
• EGH Acquisition Corp. (EGHA), $156.6M
• Perimeter Acquisition Corp. I (PMTR), $252.1M
• Thayer Ventures Acquisition Corp II (TVAI), $209.6M
• Columbus Circle Capital Corp. I, $253.8M
• Renatus Tactical Acquisition Corp I (RTAC), $252.4M
• WEN Acquisition Corp (WENN), $313.3M

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.

• Red Rock Acquisition Corp., $35.7M
• Finnovate Acquisition Corp., $10.4M
• Black Spade Acquisition II Co, $156.9M

Closed

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

• Bukit Jalil Global Acquisition 1 Ltd., $32.8M

Wound up

10 vehicles ran out of time and returned $368.0M to shareholders. Liquidation is the ordinary outcome for a SPAC that never finds a target, not a failure of the structure.

• GLOBALINK INVESTMENT INC., $1.1M
• Inception Growth Acquisition Ltd, $2.2M
• Target Global Acquisition I Corp., $20.7M
• Healthcare AI Acquisition Corp., $2.5M
• Kairous Acquisition Corp. Ltd, $10.6M
• Global Star Acquisition Inc., $4.4M
• Mountain & Co. I Acquisition Corp., $96.0M
• CF Acquisition Corp. VII, $98.9M
• Invest Acquisition Corp, $107.9M
• Pearl Holdings Acquisition Corp, $23.6M