The SPAC market in September 2025

September 2025 produced 13 IPOs, 5 deals announced, 3 closed, 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

13 SPACs priced an IPO in September 2025, putting $3.3B into trust between them.

• General Fusion Group Ltd. (GFUZ), $235M
• GSR IV Acquisition Corp. (GSRF), $237M
• Talon Capital Corp. (TLNC), $256M
• Trailblazer Acquisition Corp. (BLZR), $283M
• OTG Acquisition Corp. I (OTGA), $238M
• Chenghe Acquisition III Co. (CHEC), $130M
• Galata Acquisition Corp. II (LATA), $177M
• Drugs Made In America Acquisition II Corp. (DMII), $514M
• Emmis Acquisition Corp. (EMIS), $118M
• FutureCrest Acquisition Corp. (FCRS), $295M
• American Exceptionalism Acquisition Corp. A (AEXA), $355M
• Bain Capital GSS Investment Corp. (BCSS), $473M

Deals announced

5 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.

• PRESIDIO PRODUCTION Co (FTW)
• Infleqtion, Inc. (INFQ), $424M
• BEST SPAC I Acquisition Corp. (BSAA), $1.7M
• Hadron Energy, Inc. (HDRN), $214M
• Eagle Nuclear Energy Corp. (NUCL)

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.

• Hall of Fame Resort & Entertainment Co, $12.3M

Closed

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

• Angel Studios, Inc. (ANGX), $438K
• Semnur Pharmaceuticals, Inc. (SMNR), $548K
• Kodiak AI, Inc. (KDK), $558M

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