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The SPAC market in September 2025

12 IPOs, 1 wound up in the U.S. SPAC market in September 2025, with trust sizes, targets and outcomes, compiled from SEC filings.

Published Oct 1, 2025 · Updated Sep 7, 2026 · SPACListing research desk

September 2025 produced 12 IPOs, 1 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 September 2025, putting $3.1B into trust between them.

  • GSR IV Acquisition Corp. (GSRF), $236.8M
  • Talon Capital Corp. (TLNC), $256.5M
  • Trailblazer Acquisition Corp. (BLZR), $283.2M
  • OTG Acquisition Corp. I (OTGA), $237.6M
  • Chenghe Acquisition III Co. (CHEC), $130.0M
  • Galata Acquisition Corp. II (LATA), $177.4M
  • Drugs Made In America Acquisition II Corp. (DMII), $513.9M
  • Emmis Acquisition Corp. (EMIS), $118.2M
  • FutureCrest Acquisition Corp. (FCRS), $295.4M
  • American Exceptionalism Acquisition Corp. A (AEXA), $354.5M
  • Bain Capital GSS Investment Corp. (BCSS), $473.2M
  • BTC Development Corp. (BDCI), $2.0M

Wound up

1 vehicle ran out of time and returned $27.5M to shareholders. Liquidation is the ordinary outcome for a SPAC that never finds a target, not a failure of the structure.

  • Embrace Change Acquisition Corp. (EMCGF), $27.5M

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.