The SPAC market in June 2025

June 2025 produced 8 IPOs, 1 deal announced, 2 closed, 7 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

8 SPACs priced an IPO in June 2025, putting $1.6B into trust between them.

• Blue Water Acquisition Corp. III (BLUW), $263.4M
• Blue Acquisition Corp/Cayman (BACC), $209.3M
• Axiom Intelligence Acquisition Corp 1 (AXIN), $207.9M
• Pioneer Acquisition I Corp (PACH), $262.9M
• Oxley Bridge Acquisition Ltd (OBA), $262.8M
• Cantor Equity Partners III, Inc.
• LightWave Acquisition Corp. (LWAC), $224.0M
• FIGX Capital Acquisition Corp. (FIGX), $156.5M

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.

• Launch One Acquisition Corp. (LPAA), $249.8M

Approved by shareholders

2 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.

• Distoken Acquisition Corp, $7.6M
• JVSPAC Acquisition Corp., $61.5M

Closed

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

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

Wound up

7 vehicles ran out of time and returned $67.3M to shareholders. Liquidation is the ordinary outcome for a SPAC that never finds a target, not a failure of the structure.

• Perception Capital Corp. III, $17.9M
• Cartica Acquisition Corp, $16.8M
• Broad Capital Acquisition Corp, $1.2M
• Papaya Growth Opportunity Corp. I, $1.0M
• Concord Acquisition Corp II (CNDA), $100.6K
• Evergreen Corp, $26.7M
• byNordic Acquisition Corp (BYNO), $3.6M