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Market review

The SPAC market in May 2025

23 IPOs, 1 deal announced, 2 closed, 12 wound up in the U.S. SPAC market in May 2025, with trust sizes, targets and outcomes, compiled from SEC filings.

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

May 2025 produced 23 IPOs, 1 deal announced, 2 closed, 12 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

23 SPACs priced an IPO in May 2025, putting $5.1B into trust between them.

  • Berto Acquisition Corp. (TACO), $314M
  • Copley Acquisition Corp (COPL), $181M
  • Republic Digital Acquisition Co (RDAG), $314M
  • Cantor Equity Partners II, Inc.
  • Factorial Energy Inc. (FAC), $286M
  • Gores Holdings X, Inc. / CI (GTEN), $374M
  • COLLECTIVE ACQUISITION CORP. (CCAQ)
  • EGH Acquisition Corp. (EGHA), $157M
  • Infleqtion, Inc. (INFQ), $424M
  • Perimeter Acquisition Corp. I (PMTR), $252M
  • Thayer Ventures Acquisition Corp II (TVAI), $210M
  • Columbus Circle Capital Corp. I, $254M

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.

  • SharonAI Holdings Inc. (SHAZ)

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, $157M

Closed

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

  • Liminatus Pharma, Inc. (LIMN)
  • Bukit Jalil Global Acquisition 1 Ltd., $32.8M

Wound up

12 vehicles ran out of time and returned $291M 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
  • TLGY ACQUISITION CORP (TLGYF), $6.5M
  • 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
  • Alpha Star Acquisition Corp (ALSAF), $815K
  • Mountain & Co. I Acquisition Corp., $96.0M
  • CF Acquisition Corp. VII, $98.9M
  • Invest Acquisition Corp, $23.5M
  • Pearl Holdings Acquisition Corp, $23.6M

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.