The SPAC market in July 2025

July 2025 produced 13 IPOs, 7 deals announced, 4 closed, 16 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

13 SPACs priced an IPO in July 2025, putting $1.9B into trust between them.

• Cohen Circle Acquisition Corp. II (CCII)
• Indigo Acquisition Corp. (INAC), $118M
• 1RT Acquisition Corp. (ONCH), $179M
• NMP Acquisition Corp. (NMP), $119M
• Vendome Acquisition Corp I (VNME), $207M
• EQV Ventures Acquisition Corp. II (EVAC), $477M
• Origin Investment Corp I (ORIQ), $72.3M
• Globa Terra Acquisition Corp (GTERA), $181M
• VisionWave Holdings, Inc. (VWAV), $1.2M
• Silver Pegasus Acquisition Corp. (SPEG)
• Solarius Capital Acquisition Corp. (SOCA), $179M
• Pyrophyte Acquisition Corp. II (PAII), $208M

Deals announced

7 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.

• Ribbon Acquisition Corp. (RIBB), $38.4M
• Velos Acquisition I Corp. (VLOS), $312M
• Cayson Acquisition Corp (CAPN), $38.3M
• Silvia, Inc. (BRR)
• Cantor Equity Partners I, Inc. (CEPO), $211M
• Dynamix Corp (DYNC), $176M
• Melar Acquisition Corp. I/Cayman (MACI), $42.9M

Approved by shareholders

1 combination 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.

• Collective Audience, Inc., $5.7M

Closed

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

• JVSPAC Acquisition Corp., $61.5M
• Distoken Acquisition Corp, $7.6M
• VisionWave Holdings, Inc. (VWAV), $1.2M
• Profusa, Inc. (PFSA), $1.3M

Wound up

16 vehicles ran out of time and returned $492M to shareholders. Liquidation is the ordinary outcome for a SPAC that never finds a target, not a failure of the structure.

• Chi Special Acquisition Corp. (GDST), $5.9M
• Plum Acquisition Corp. III (PLMJF), $498K
• FutureTech II Acquisition Corp., $9.1M
• Hudson Acquisition I Corp., $25.5M
• Valuence Merger Corp. I (VMCAF), $5.9M
• AI Transportation Acquisition Corp, $63.1M
• Global Lights Acquisition Corp, $72.6M
• Libity, $487K
• Metal Sky Star Acquisition Corp (MSSAF), $60.8M
• Yotta Acquisition Corp (YOTA), $5.6M
• Cartesian Growth Corp II (RENEF), $38.4M
• ClimateRock (CLRCF), $5.6M

Deadlines that fell in the month

1 vehicle reached a combination deadline in July 2025. Each had to close, win an extension from shareholders, or return the money.

• Eureka Acquisition Corp (EURK), $33.5M